ical database of the project area and for infrastructure planning. “Last year’s US $2.2 million Palmer program was very success- ful in advancing our understand- ing of the South Wall offset geology and expanding our environmental knowledge of the Project,” Garfield MacVeigh, president and CEO of Constantine said. “The 2021 drill focused work program at Palmer will allow us to explore for the faulted offset of the thick high-grade South Wall zone, upgrade the resource with- in the thickest portion of the South Wall zone and provide import- ant information to guide the planned underground explo- ration that will be a major step towards advancing the Project to feasibility.” Palmer is a high-grade volcanogenic massive sul- phide-sulphate (“VMS”) proj- ect located in a very accessi- ble part of coastal Southeast Alaska, with road access to the property and within 60 kilometers of the year-round deep-sea port of Haines. Min- eralization 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. In 2019, the Company re- ported a positive Preliminary Economic Assessment (“PEA”) for the Project with a post- tax NPV of US $266 million. The PEA outlined the potential for a low capex, low operat- ing cost, high margin under- ground mining operation with attractive environmental at- tributes. Metal prices used for the PEA were copper $2.82/ pound zinc $1.22/pound, silver $16.26/oz, gold $1296/oz, and barite $220/tonne . Exploration work at Palmer has continued to grow the re- source estimate to its current size of *4.68 million tonnes indicated grading 5.23 percent zinc,1.49 percent copper, 30.0 g/t silver, 0.30 g/t gold and 9.6 million tonnes inferred grad- ing 4.95 percent zinc , 0.59 percent copper, 69.3 g/t silver, 0.39 g/t gold. VMS deposits are known to occur in clus- ters, and with at least 25 sep- arate base metal and/or barite
occurrences and prospects on the Project, there is abundant potential for discovery of multiple deposits. Constantine is a mineral explo- ration company led by an experi- enced and proven technical team with a focus on the Palmer base metal project being advanced as a joint venture between Constantine (50.04percent) and Dowa Metals & Mining Co., Ltd. (49.96 percent), with Constantine as operator. In September 2019, Constantine successfully spun-out its gold as- sets into HighGold Mining Inc. that included the high-grade Johnson
project in south-central Alaska and the Munro-Croesus Gold proper- ty which is renowned for its high- grade mineralization in the Tim- mins area, Ontario. In 2020, the 100 percent owned Big Nugget Gold project, locat- ed only 8 kilometers east of our flagship Palmer CMJV Project, was recognized as a potential gold lode source area, immediately upstream from the +80,000-ounce Porcupine Gold Placer operations and is as an attractive drill target opportunity. See www.constantinemetals.com for more information.
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Changing the way business is done in Alaska
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April 2021
The Alaska Miner
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