Tommy
11 years ago
$CNSNF - CONSTANTINE TO SELL INTEREST IN TRAPPER GOLD PROPERTY TO OCEAN PARK VENTURES
http://www.constantinemetals.com/news/index.php?&content_id=196
Vancouver, BC – Constantine Metal Resources Ltd. (TSX Venture – CEM) ("Constantine" or the "Company") is pleased to announce it has entered into an agreement (the “Agreement”) with Ocean Park Ventures Corp. (“Ocean Park”) to sell its interest in the Trapper Gold Property (“Property”) following a consolidation of Ocean Park’s outstanding shares. Upon completion of a 10 for 1 consolidation Constantine will be issued common shares equivalent to 15% of the issued and outstanding common shares of Ocean Park.
Garfield MacVeigh, President and CEO states: “This arrangement with Ocean Park allows them to focus on the exploration of the Trapper project while Constantine maintains a significant non-participating interest and royalty. Currently we are focused on our flagship Palmer project where we have two drills operating on a 4000 meter drill program as part of the Dowa Metals & Mining option, and our gold projects in Ontario which includes the Golden Mile project that is being explored under a joint venture option with Teck Resources.”
Under the terms of the Agreement, additional post-consolidation share issuances due to Constantine include (1) 250,000 shares upon Ocean Park entering into a joint venture in respect of exploration of the Property, (2) 250,000 shares on or before the date which is twelve months from completion of the consolidation, (3) 1,000,000 shares upon completion of a National Instrument 43-101 compliant resource estimate on the Property, indicating not less than 1,000,000 ounces of gold equivalent, and (4) 2,000,000 shares upon completion of a positive feasibility study on the Property.
Constantine will receive a 0.5% Net Smelter Royalty ("NSR") on commercial production from the Property and the right to acquire an additional 0.5% NSR on commercial production from the Property on payment of $250,000 to Ocean Park. Additionally, Constantine will have a right of first refusal to acquire a 1.5% NSR in the event Ocean Park acquires such a royalty from the underlying property holder.
The Trapper Gold Project is located 120 kilometres northwest of Telegraph Creek, British Columbia adjacent to Brixton Metals’ active high-grade copper-gold-silver Thorn Property. Ocean Park entered an into an option agreement with Constantine on November 29, 2010 to acquire up to a 70% interest in the Trapper project.
The Agreement is subject to the approval of the TSX Venture Exchange. All share issuances will be subject to a four month hold period, in accordance with applicable securities laws and the policies of the Exchange.
About the Company
Constantine is a mineral exploration company with multiple active projects located in premier North American mining environments. In addition to the flagship Palmer copper-zinc-silver-gold VMS Project, which Constantine is advancing with Dowa Metals and Mining who can earn a 49% interest by spending US$22 million over four years, other major projects include; (1) the 100% owned Timmins area Munro-Croesus Project a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario and includes strategically located claims immediately along trend from the Fenn-Gib gold deposit (1.35 million ounces indicated and 0.75 million ounces inferred); (2) the large Golden Mile property in the Timmins gold camp that is optioned to Teck Resources Ltd. who can earn up to 66% by spending $5M; and (3) the 50/50 Joint Venture with Carlin Gold Corporation exploring an approximately 800 sq. km land position in an emerging new Carlin-type gold district in Yukon. Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
“Garfield MacVeigh”
President
Poker101
13 years ago
news out
CONSTANTINE-CARLIN YUKON JV DEFINES 6.5 KM LONG
GOLD AND ARSENIC SOIL ANOMALY
- Additional Reconnaissance Gold Anomalies Discovered -
September 6, 2011
Constantine Metal Resources Ltd. (“Constantine”) (TSX Venture - CEM) and Carlin Gold Corporation (“Carlin”) (TSX Venture - CGD) jointly (the "Companies") are pleased to report initial results from follow-up work and new gold anomalies from reconnaissance sampling on Yukon gold properties of the Constantine-Carlin 50/50 Joint Venture (the “JV”). The JV is exploring for Carlin-type gold deposits in Yukon’s Selwyn Basin, and controls 4,967 claims in twelve gold property areas totaling approximately 1,000 square kilometers. Approximately 12,000 soil, silt and rock samples have been collected to date as part of a $1.2 million exploration program.
TUT Property
Initial laboratory data at the TUT property has confirmed and expanded a previously announced coincident gold and arsenic soil anomaly (see news release dated August 9, 2011). The anomaly, which spans 6.5 kilometers in length and ranges from 300 to 1200 meters in width, is defined by soils with greater than 100 ppm arsenic and greater than 20 ppb gold (Figure 1). Individual soil samples within this area are as high as 2809 ppb (2.81 grams per tonne gold) and 58652 ppm (5.87 percent) arsenic. On-site XRF analysis of detailed infill grid samples has defined a greater than 1000 ppm arsenic core to the anomaly that is 1.5 kilometers in length and 500 meters in width. Gold assays for over 1600 infill soil grid and rock chip samples are pending. Seven mineralized grab samples from initial prospecting within the 1000 ppm arsenic core anomaly area range from 2.01 grams per tonne gold to greater than 10 grams per tonne gold, with an average grade of 5.21 grams per tonne gold (overlimit assay is pending for sample exceeding upper analytical limit of 10 g/t)*. The core of the soil anomaly correlates with a zone of altered and heavily fractured rhyolite dikes that are commonly associated with quartz-arsenopyrite veining. Dikes within the zone average 35 to 50 meters in width and are located near the outer edge of a contact metamorphic aureole, approximately one kilometer outboard of a Cretaceous-age quartz monzonite stock.
Other separate areas on the TUT property receiving follow-up evaluation include a zone of gold-in-soil values encountered on a reconnaissance soil traverse six kilometers west of the above described anomaly. This zone is defined by anomalous gold-in-soil values ranging from 56 ppb to 163 ppb gold over a distance of approximately one kilometer and is the focus of additional grid sampling, prospecting and mapping.
X Block Property
Initial sampling at the JV’s X Block property has encountered several areas with anomalous gold and arsenic, with associated thallium and mercury that are the focus of detailed follow-up work. Separate soil samples have returned values of up to 4248 ppb (4.25 grams per tonne) gold, 9756 ppm arsenic, 13.6 ppm thallium and 9.3 ppm mercury. The geological setting of these anomalous sample areas is within the lower Paleozoic strata and structures targeted in the initial staking.
The TUT and X Block properties are located 35 and 55 kilometers respectively from the North Canol Road, and 140 kilometers northeast of the community of Ross River. An established winter road route passes near the edge of both properties.
Bob Thomas, VP Exploration for Carlin, comments: “We are very encouraged by these initial results. It is still early in the evaluation of the data, much of which is pending for assay, but our grassroots discovery of new gold occurrences clearly supports our regional targeting concepts. Fieldwork has confirmed many of the prospects are in settings permissive for Carlin-type mineralization; however, results at the TUT property indicate the added potential for discovery of intrusive-associated gold deposits within the 1000 square km JV land package, similar in style to the large multi-million ounce gold deposits that characterize the Tintina Gold Belt such as Donlin Creek, Fort Knox, Livengood and Dublin Gulch.”
Permit Approval and Future Plans
The Companies are also pleased to report receipt of Yukon Mining Land Use Class III permit approval. The approval, which is valid for a term of five years, allows ongoing exploration that includes drilling on the JV’s twelve Yukon gold properties. Current work on the properties is designed to advance soil and rock anomalies into drill targets for the 2012 field season.
The JV continues to follow-up on the XRF arsenic data and the laboratory data as it is received. Gold assay results have been received for approximately one-quarter of all samples collected to date. Additional information, including maps, photos, and a video update is available on the web (http://constantinemetals.com/projects/yukon/ and www.carlingold.com).
About Constantine
Constantine is a gold and copper exploration company that, in addition to controlling a major land position in Yukon, has multiple active projects located in premier North American exploration environments. These are highlighted by the 100% owned Palmer Project, located in a very accessible part of southeast Alaska, that is host to a NI43-101 compliant 4.12 million tonne inferred resource grading 2.01% copper, 4.79% zinc, 0.30 g/t gold and 31 g/t silver (using an NSR cut-off of US$75/t; see news release dated January 20, 2010), the 100% owned Timmins area Munro-Croesus Project that includes a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario, and the Trapper Gold Project in northern British Columbia that is optioned to Ocean Park Ventures Ltd. who are carrying out a $4.9 million, 10,000 meter drill program on the property in 2011.
About Carlin
Carlin is a gold exploration company focused in Nevada and Yukon. Carlin owns 100% of three properties in Nevada, all of which represent Carlin-type gold targets. The Cortez Summit property is located within the Cortez gold trend between the past producing Horse Canyon and Buckhorn gold mines owned by Barrick Gold Corporation. Barrick’s new Cortez Hills mine is located 4 miles west of Cortez Summit. This mine and other Barrick operations in the district produced 1.14 million ounces of gold in 2010 (Barrick 2010 Annual Report). Geological, geochemical and geophysical assessment of the Cortez Summit property has resulted in definition of several priority drill targets. A drill permit application is in progress.
The JDS property is 12 miles southeast of Cortez Summit along the southeast extension of the Cortez gold trend near the southernmost Paleozoic carbonate window in the trend. The Willow property is located in northeast Nevada, northwest of the new Long Canyon gold discovery in the Pequop Mountains, which is part of the recently completed Newmont Mining Corporation acquisition of Fronteer Gold Inc., a $C2.3 billion transaction.
On Behalf of Constantine Metal Resources Ltd.
“Garfield MacVeigh”
President
On Behalf of Carlin Gold Corporation
“K. Wayne Livingstone”
President
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
Phone: 250-335-2011
Email: bob@constantinemetals.comor Email: info@constantinemetals.com
www.constantinemetals.com
or
Jim MacDonald, Torry Hills Capital
Phone: 858-456-7300
Email: jm@sdthc.com
* Mineralized grab samples refers to samples assaying greater than 0.5 grams per tonne gold. Average of seven samples utilizes a value of 10 grams per tonne for one sample that exceeds the upper analytical limit of 10 gram per tonne.
Note:
Soil and silt samples are pre-screened with an on-site XRF geochemical analyzer prior to submission to assay laboratory, and while unable to determine gold content, the instrument does provide a reliable indication of the tenor of important pathfinder elements and base metals that allows for ‘real time’ decisions in the field. Soil and silt sample preparation and XRF analysis is performed on the project site under the supervision of a qualified geologist. All soil and silt samples are dried and sieved to -80 mesh, with a nominal 5 gram split prepared in specialized sample cups for pre-screen analysis with a handheld Niton XL3t 900 model XRF analyzer. A quality assurance program is in place that includes routine analysis of standards to check XRF data quality. The remaining fine fraction is shipped by air to Acme Analytical Laboratories, Vancouver BC for gold and multi-element analysis by ICP-MS following digestion by Agua Regia. Arsenic determined by XRF has been compared against ICP-MS arsenic data from Acme Analytical Laboratories for the 2865 soil samples for which assay results have been received to date and these data demonstrate excellent correlation with an R squared value of 0.986.
Darwin Green P.Geo, Vice President for Constantine Metal Resources Ltd. and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release. Robert Thomas CPG, Vice President for Carlin Gold Corporation and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release on behalf of Carlin Gold Corporation.
Forward looking statements: This news release includes certain “forward-looking information within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements")” concerning the Companies’ plans for their properties, operations and other matters. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, "forecast", “expect”, "potential", "project", "target", "schedule", budget" and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact, including, without limitation, statements regarding the Companies’ planned sampling program, drilling permit applications, potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital to the Companies and their joint venture partners, government regulation of exploration operations, environmental risks, reclamation, title, statements with respect to the future price of gold and other metals, and future plans and objectives of the Companies are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Companies’ expectations include regulatory approval, actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms to the Companies and their joint venture partners, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Companies with securities regulators. Although the Companies have attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. The Companies undertake no obligation to update these forward-looking statements other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Poker101
13 years ago
news out! this thing shot up.
CONSTANTINE?S PARTNER REPORTS UPDATE ON 25 HOLE DRILL PROGRAM
AT TRAPPER GOLD PROJECT, BRITISH COLUMBIA
August 23, 2011
Constantine Metal Resources Ltd. (TSX Venture ? CEM) ("Constantine" or the "Company") is pleased to provide an update on Ocean Park Ventures Corp.’s ("Ocean Park") drill program currently being conducted on the Company’s 100% owned Trapper Gold project, northern British Columbia. The drilling is part of a 100% partner funded $4.9 million Phase I exploration budget announced in July of this year. Ocean Park has the right to earn a 70% interest in the project by spending $9.75 million in work expenditures and issuing certain cash and share payments to Constantine.
Ocean Park reports that over 2,600 meters of diamond drilling have been completed in 13 of 25 planned diamond drill holes. Twelve of thirteen drill holes have intersected 1 to 3 zones of sulphide mineralization associated with intense carbonate and/or silica alteration over widths of between 5 and 97 metres. Description of the targets and visually identified mineralization is summarized below; assay results are pending for all drill holes. For further details, including maps and photos of visible gold in core, see Ocean Park’s website www.oceanparkventures.com.
Target Description:
Multiple mineralized structures occur within a 5+ kilometre east-west trending target. The first 13 drill holes are a fence test across the indicated 300 to 400 metre width of the target zone, drilled to test for the source of a strong gold plus lead-in-soil geochemical anomaly.
Current drilling has only partially tested a 200 metre strike length of a multi-kilometre soil and bedrock anomaly.
17 mineralized intercepts with greater than 1% sulphide mineralization have been identified to date with an average drill indicated width of 28.2 metres.
Visible gold identified in drill hole TG-11-011, see Ocean Park website for photographs.
Precious metal mineralization appears to be associated with carbonate alteration and silica stockworks, plus base metal sulphides and sulphosalts.
A second drill is being mobilized to the project.
Geochemical surface sampling at Trapper has demonstrated that gold is associated with the sulphides pyrite, galena, sphalerite and chalcopyrite, plus sulphosalt minerals. Eight surface samples returned to date from the main trend that assay 0.5 g/t gold or higher have returned an average of 2.92 g/t gold, 18.98 g/t silver, 0.73% lead and 0.85% zinc.
Drilling has encountered significant zones of over 1% sulphide mineralization with drill indicated widths ranging from a few metres to in excess of 90 metres. Within these zones vein densities range from less than 1 per metre to densely overlapping and crosscutting stockworks over significant widths. Visible gold mineralization displaying up to 1 mm flakes has been observed in one drill hole, TG-11-011, within a 10 cm interval in an 82.4 metre interval of intense carbonate-silica intercept with significant lead-dominant base metal veining. Host rocks are lapilli tuff and diorite with rare plagioclase porphyry and basalt dikes.
Drilling, geological mapping and geochemical sampling are in progress at the Trapper Gold project. A ground based induced polarization (IP) geophysical survey, an airborne electromagnetic survey, and an extensive expansion to the historic soil geochemical grid have also been completed this year.
About the Company
Constantine is a gold and copper exploration company that, in addition to the 100% partner funded $4.9MM Trapper Gold project, has multiple active projects located in premier North American exploration environments. These are highlighted by the 100% owned Palmer Project, located in a very accessible part of southeast Alaska, that is host to a NI43-101 compliant 4.12 million tonne inferred resource grading 2.01% copper, 4.79% zinc, 0.30 g/t gold and 31 g/t silver (using an NSR cut-off of US$75/t; see news release dated January 20, 2010), the 100% owned Timmins area Munro-Croesus Project that includes a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario, and a 50/50 Joint Venture with Carlin Gold exploring a 1000 km2 land position in an emerging new Carlin-type gold district in Yukon.
Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
“Garfield MacVeigh”
President
Investor relations enquiries please contact:
R.E. (Bob) Jeffery
Phone: 250-335-2011
Email: bob@constantinemetals.com or Email: info@constantinemetals.com
or
Jim MacDonald, Torrey Hills Capital
Phone: 858-456-7300, Email: jm@sdthc.com
Notes:
Darwin Green, VP Exploration for Constantine, and a qualified person as defined by Canadian National Instrument 43-101, has reviewed the information contained in this news release.
Forward looking statements: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements").” Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, "forecast", “expect”, "potential", "project", "target", "schedule", budget" and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding expected completions of financings and the use of proceeds thereof, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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