Zinc

[Tackler]

Constantine drills 5.12 m of 10.86% zinc in RW zone

2006-10-23 06:15 ET - News Release

Mr. Garfield MacVeigh reports

CONSTANTINE INTERSECTS 10.86% ZINC OVER 5.12 METERS IN PALMER PROJECT DRILLING

Constantine Metal Resources Ltd. has released partial analytical results from the recently completed portion of the phase 1 drill program on its high-grade, polymetallic massive sulphide Palmer project near Haines, Alaska.

Two of the three holes completed intersected high-grade zinc values in the RW zone. Hole CMR06-01 intersected 5.12 metres grading 10.86 per cent zinc, 0.13 per cent lead, 0.23 per cent copper, 0.134 gram per tonne gold and 44.4 grams per tonne silver, while hole CMR06-02 contained 19.5 per cent zinc over 0.79 metre of which 0.37 metre was recovered. An underlying pyrite-sphalerite stringer zone in hole CMR06-02 assayed 1.02 per cent zinc over 16.61 metres. Hole CMR06-01 is located 60 metres north of the near-surface oxidized intersection in hole RMC98-03 and is the first hole to confirm the interpretation that the leached and oxidized near-surface mineralization represents high-grade sulphide mineralization. This highlights the potential of the RW and Main zones oxide elsewhere. Hole CMR06-02 is located an additional 50 metres north of hole CMR06-01, and establishes a minimum north-south extent of the RW zone oxide and sulphide mineralization on this section of 220 metres. The RW zone is now indicated over a total east-west extent of 800 metres and a 375-metre north-south distance. More drilling is required to determine the continuity of mineralization within this area and to expand on the extent of the mineralization that remains open.

Drill hole CMR06-02 tested for the stratigraphically lower and deeper Main zone horizon, and intersected two-metre-wide intervals of stringer mineralization and alteration that may represent this zone. Hole CMR06-03 tested the RW horizon 120 metres west of hole CMR06-01 and contained an interval of rhyolite hosted massive pyrite stringers within the RW horizon. Analytical results for the lower portion of hole CMR06-02 and all of hole CMR06-03 are pending.

The phase 1 drilling program started in early August, concurrent with the completion of the company's IPO and listing on the TSX Venture Exchange and was terminated on Sept. 14, 2006. Only 829 metres of the planned 2,400-metre phase 1 drill program was completed prior to terminating the program prematurely due to poor drill productivity.

Surface geology and soil sampling were completed over selected parts of the property to establish and refine additional drill targets. Some of this work was directed to identifying lower elevation targets that will allow an extended drill season in 2007. After receipt of all analytical results, the company will further report on the geological interpretation and potential for the various zones within the Palmer project area. The 2006 drilling has confirmed the presence of potentially ore grade mineralization indicated in prior drilling and outcrop, and continues to outline the significance of the Glacier Creek prospect -- one of several high-quality prospects on the Palmer property.

The company is currently reviewing other precious and base metal projects in Canada and Alaska.

Samples of drill core were cut by a diamond-blade rock saw, with half of the cut core placed in individual sealed polyurethane bags and half placed back in the original core box for permanent storage. Samples were shipped by air freight in sealed woven plastic bags to ALS-Chemex laboratories, North Vancouver. ALS Chemex laboratories operate according to the guidelines set out in ISO/IEC Guide 25. Gold was determined by fire-assay fusion of a 30-gram subsample with atomic absorption spectroscopy (AAS). Various metals, including silver, gold, copper, lead and zinc, were analyzed by inductively-coupled plasma (ICP) atomic emission spectroscopy, following multiacid digestion. The elements copper, lead and zinc were determined by ore grade assay for samples that returned values over 10,000 parts per million by ICP analysis.