Constantine Metal Resources Ltd. ("Constantine" or the "Company") is pleased to report on the recently completed five hole, 1182 meter, drill program at the Company's 100% owned Golden Mile property ("Golden Mile" or "the Property") in Timmins, Ontario.
Golden Mile is a large, 68 square kilometer property located 9 kilometers northeast of Goldcorp's multi-million ounce Hoyle Pond deposit and covers the projection of the Pipestone Fault System on the north margin of the Timmins gold camp that has produced more than 55 million ounces of gold.
Drilling confirmed the presence of a major structure interpreted to be a western extension of the Pipestone fault, which is associated with important gold mineralization along trend to both the east and west of the Golden Mile property. Strongly altered ultramafic rock units were intersected in contact with a graphitic shear zone and pyritic sediments in the two drill holes designed to test the interpreted structural contact. Notably, neither the structure nor the altered ultramafics intersected in these drill holes had been previously identified on government geology maps. The drilling yielded some weakly anomalous gold and management is encouraged by the identification of an important structure, alteration with associated pathfinder geochemistry, veining and permissive rock units known to be important hosts for mineralization within the Timmins gold camp.
The Golden Mile property is located in an excellent geological and structural setting within the high-grade Timmins gold camp, and has received only limited historic drilling owing to extensive overburden cover. These new drill holes, which tested only a small portion of the project area, provide important data for further targeting and exploration of the property.
The exploration program was funded by Teck Resources Limited ("Teck") pursuant to an Option and Joint Venture Agreement (see news release dated May 9, 2012 for Agreement terms). Teck has notified Constantine they are relinquishing their rights to earn an interest in the Golden Mile project, and the Option and Joint Venture Agreement has been terminated. Constantine would like to thank Teck for funding approximately $1.4 million in exploration expenditures on the project over the past two years. This work has provided an excellent stepping stone for future advancement and discovery on the large, well located land package.
About the Company
Constantine is a mineral exploration company with a focus on premier North American mining environments. In addition to the flagship Palmer copper-zinc-silver-gold VMS Project located in Alaska that is being advanced in partnership with Dowa Metals & Mining Co., Ltd., Constantine has a pipeline of other quality projects that includes: (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 Lake Shore Gold Corp.'s 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; and (3) the 50/50 Joint Venture with Carlin Gold Corporation exploring a >600 sq. km land position in an emerging new Carlin-type gold district in Yukon. Since 2011, there has been over $10 million spent by partners exploring Constantine's projects. 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