Mining News: News Nuggets: Palmer expansion slated for 2015

Constantine Metal Resources Ltd. Jan. 26 reported final drill results and summarized key advancements of the 2014 exploration program at its Palmer copper-zinc-gold-silver project in Southeast Alaska. Two of the newly reported holes, CMR14-64 and CMR14-65, intersected the massive sulfide electromagnetic plate target of the South Wall zone. Hole 64 cut 4.1 meters grading 0.55 percent copper, 4.98 percent zinc, 21.1 grams per metric ton silver, 0.16 g/t gold and hole 65 cut 11.3 meters grading 0.30 percent copper, 3.95 percent zinc, 27.2 g/t silver, 0.23 g/t gold along the western, up-dip edge of the South Wall expansion area. Constantine says the wide-spaced drilling completed in 2014 has confirmed the target is developing into a sizeable new zone with excellent potential for expansion. The third hole, CMR14-67, cut 3.9 meters grading 0.19 percent copper, 5.11 percent zinc, 92.5 g/t silver, 0.37 g/t gold at the Palmer project’s RW zone, a flat-lying continuation of the nearly vertical South Wall zone . The company says hole 67 substantially expands the RW zone footprint, and extends the total unfolded length of continuous RW-South Wall mineralization to more than 1,500 meters. The 2014 program at Palmer involved 9,796 meters of drilling in 16 exploration holes and one geotechnical hole. Constantine says the results from drilling completed in 2010, 2013 and 2014 will be incorporated in a new resource estimate for Palmer to be initiated in early 2015. Dowa Metals & Mining Co. Ltd. has the option to earn a 49 percent joint venture interest in Palmer by investing US$22 million over four years. Through 2014, the second year of its option agreement, the Tokyo-based smelting and mining company has spent roughly US$10 million at Palmer. Dowa has notified Constantine of its intent to continue its participation in their partnership at Palmer, with this year’s budget and program scope to be finalized early in 2015.

- Shane Lasley

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