Constantine and Carlin Option Three Yukon Properties to Fireweed Zinc
VANCOUVER, British Columbia, March 27, 2018 (GLOBE NEWSWIRE) -- Constantine Metal Resources Ltd. (TSX-V:CEM) ("Constantine") and Carlin Gold Corporation (TSX-V:CGD) (“Carlin”) are pleased to announce signing of a Letter Agreement (“Agreement”) granting Fireweed Zinc Ltd. (“Fireweed”) the Option to Purchase a 100% interest in three properties (namely MC, MP and Jerry) totaling 624 claims in the Mac Pass area, Yukon. Total consideration for Fireweed to acquire a 100% interest in the properties includes an aggregate of CDN $500,000 in cash, and issuance of 300,000 common shares in the capital of Fireweed, to be paid over three years. The claims were staked in 2011 under the Constantine Carlin Joint Venture (“CCJV”), and all option payments and royalties will be split 50% payable to Constantine and 50% payable to Carlin.
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The Agreement includes net smelter return royalty (“NSR”) rights retained by Constantine and Carlin, consisting of a 0.5% NSR on base metals and silver and a 2.0% NSR on all other metals. An additional payment of CDN $750,000 is payable upon Fireweed producing an indicated resource of 2.0 million tonnes on the optioned properties.
The CCJV controls an additional ten (10) properties in the greater Mac Pass area, totaling 1,835 claims and approximately 37,700 hectares that are available for sale or option (Figure 1). These include multiple early-stage gold prospects with high tenor gold-in-soil anomalies. Gold exploration activity has recently picked up in Yukon’s Selwyn Basin, with two separate option agreements announced in 2017 by Newmont and Barrick with junior explorers that include over CDN $100 million in combined total earn-in expenditures. For additional information please visit Constantine’s website (www.constantinemetals.com).
About Constantine
Constantine is a mineral exploration company led by a proven technical team with a focus on premier North American mining environments. In addition to the Company’s flagship copper-zinc-silver-gold Palmer VMS Project, Constantine also controls a portfolio of high-quality, 100% owned, gold projects in the Timmins camp, Ontario. This includes the large, well located Golden Mile Property in Timmins and the Munro Croesus Gold Property that is renowned for its exceptionally high-grade past production. Management is committed to providing shareholder value through discovery, meaningful community engagement, environmental stewardship, and responsible mineral exploration and development activities that support local jobs and businesses. Please visit Constantine’s website (www.constantinemetals.com) for more detailed company and project information.
About Carlin
Carlin Gold Corporation’s primary focus is on gold exploration in Nevada, USA, where it controls three 100% owned properties. All three properties contain Carlin-style targets and are available for option. The Cortez Summit property consists of 142 unpatented claims centrally located on the Cortez Trend, which contains a major gold endowment that exceeds 45 million oz. total gold produced, reserves and resources (Nevada Bureau of Mines and Geology annual mineral reports, Barrick annual reports). The JDS property consists of 77 unpatented claims located approximately 13 miles southeast of Cortez Summit and three miles east of NuLegacy Gold’s Iceberg discovery. The Willow property consists of 89 unpatented claims located in northeast Nevada, northwest of the Long Canyon gold discovery in the Pequop Mountains, owned by Newmont Mining Corporation. For additional information please visit Carlin’s website www.carlingold.com
On Behalf of Constantine Metal Resources Ltd.
“Garfield MacVeigh”
President & CEO
For further information please contact:
Garfield MacVeigh, President or Darwin Green, VP Exploration
Phone: 604-629-2348. Email: info@constantinemetals.com
On Behalf of Carlin Gold Corporation
“K. Wayne Livingstone”
President & CEO
For further information please contact:
K Wayne Livingstone, President & CEO
Phone: 604-638-1402
Notes:
Forward looking statements: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements").” Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, "forecast", “expect”, "potential", "project", "target", "schedule", budget" and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the option agreement with Fireweed Zinc Ltd., the CCJV’s mineral properties and other future plans, objectives or expectations of Constantine and Carlin are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Constantine’s and Carlin’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by Constantine and Carlin with securities regulators. Although Constantine and Carlin have attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8c6edc3b-c1fc-4f4b-8939-03db451be213