Constantine Metal Resources Ltd. ("Constantine" or the "Company") is pleased to announce 2017 plans for the Palmer VMS Project, Alaska ("Palmer" or "Project"). A budget of US$7.0 million has been approved that includes plans for 7000 meters of drilling.
With the formation of the joint venture (see news release dated January 5, 2017) a new multi-year plan for advancing the Palmer Project has been developed. The plan includes a dual focus of exploring for new resources across the district-scale property and expanding and upgrading the current inferred copper-zinc polymetallic resource of 8.1 million tonnes grading 12.6% zinc equivalent* to evaluate the Project's mine potential.
The majority of 2017 drilling is dedicated to discovery of new mineral deposits. The balance is for expansion and upgrade of the existing South Wall-RW Zone resource, and geotechnical studies. Palmer is host to numerous high-quality prospects with large hydrothermal alteration zones and high-grade base and precious metal mineralization exposed at surface - most of which have never been drilled. Property-wide airborne geophysical surveying, geological mapping and prospecting work are also included in the summer exploration plans. Program start-up is scheduled for early June.
Other works include additional road construction, engineering and environmental studies, and evaluation of a potential exploration drift for the purpose of continued drill expansion and drill definition on the deeper portion of the existing resource.
Garfield MacVeigh, President and CEO states, "2017 marks an exciting new chapter for the Palmer Project and our shareholders as we commence a major drill program to test some of the many high-quality prospects at Palmer. This is the first drill program of any real size to test property-wide targets and will also be the first airborne electromagnetic survey to be flown over the entire property. Meanwhile, we continue to systematically advance the exploration and assessment of the high-grade RW and South Wall Zones. The Company is well positioned in 2017 with permits, partnership, and capital to advance and build value"
The Palmer Project is a joint venture between Constantine (51%) and Dowa Metals & Mining Alaska, Ltd (49%). The joint venture started 2017 with a cash balance of US$2.0M. Constantine's pro rata share of project funding for 2017 totals US$2.55M.
Appointment of Vice President Community and External Affairs
The Company is also pleased to announce Ms. Elizabeth Cornejo will be assuming an expanded role as Vice-President, Community and External Affairs. Ms. Cornejo brings more than 10 years of experience in mineral exploration, project management, land management, permitting, and external relations. Ms. Cornejo holds a M.Sc. in Earth Science from Carleton University and has worked with Constantine since 2009 in various technical and corporate capacities, most recently as the Company's Manager of Exploration & Community.
About the Palmer Project
Palmer is an advanced stage, high-grade volcanogenic massive sulphide (VMS) project, with an Inferred Mineral Resource of 8.1 million tonnes grading 1.41% copper, 5.25% zinc, 0.32 g/t gold and 31.7 g/t silver*. The Project is being advanced as a joint venture between Constantine (51%) and Dowa (49%), with Constantine as operator. The project is located in a very accessible part of coastal Southeast Alaska, with road access to the edge of the property and within 60 kilometers of the year-round deep sea port of Haines. Mineralization at Palmer occurs within the same belt of rocks that is host to the Greens Creek mine, one of the world's richest VMS deposits. VMS deposits are known to occur in clusters and with at least 25 separate base metal and/or barite occurrences and prospects on the property, there is abundant potential for discovery of multiple deposits at Palmer.