Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the "Company") is pleased to announce the discovery of gold mineralization on Constantine's 100% owned Horseshoe claims that are part of the Munro Croesus property.
The new gold showing area, referred to as the "Horseshoe Zone", has been recently identified by Constantine and is located immediately west and adjacent to Lake Shore Gold's 2.1 million ounce Fenn-Gib deposit. The Horseshoe Zone is exposed in an area of very limited outcrop and as currently defined consists of several small isolated outcrops protruding through muskeg over an approximately 75 meter long (north-south) by 55 meter wide (east-west) area. Outcrops are pervasively gold mineralized and silica-pyrite+/-albite+/-magnetite altered. The character of the alteration and mineralization are strikingly similar to that described in the 43-101 technical report for the neighbouring Fenn-Gib deposit and may represent a western extension or satellite zone to the deposit, which is described by Lake Shore Gold as open to the west and drilled to within a few hundred meters of Constantine claims. Similarities with the Fenn-Gib deposit include the bulk-tonnage tenor of the gold mineralization (0.5 to 1.5 grams per tonne gold), an approximately 1:1 gold to silver ratio and gold primarily associated with disseminated pyrite in altered variolitic volcanics. Nine representative character samples collected by Constantine range from 0.14 to 1.27 grams per tonne gold. The mineralization is located on the Horseshoe claims, a block of 8 claim units (129 hectares) that are excluded from the Teck property rights agreements, and are 100% owned and controlled by Constantine. Stripping and channel sampling is being planned to better characterize the extent and grade continuity of this significant new gold occurrence.
The Horseshoe Zone is located in proximity to Pipestone fault, an important structure known to control gold mineralization at several gold deposits within the region, including the neighbouring 2.1 million ounce Fenn-Gib gold deposit. Constantine's Munro-Croesus project area covers an approximately seven kilometer length of this key structural corridor. Please refer to the updated website maps at www.constantinemetals.com.
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August 8, 2012 (Source: Marketwire)
Disclosure: Constantine Metal Resources (CEM.V or CNSNF) is a Vulture Bargain Candidate of Interest (VBCI) and is our Vulture Bargain #6. Members of the GGR team are actively accumulating and hold long positions in the company.