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Constantine Metal Resources Ltd V.CEM


Primary Symbol: CNSNF

Constantine Metal Resources Ltd is a base and precious metal exploration company focused on its Alaska polymetallic project, Palmer. The company's flagship Palmer VMS Project, located near Haines in Southeast Alaska, is road-accessible and hosts two NI 43-101 compliant resources. The Palmer Project is a Joint Venture partnership between Constantine and Dowa Metals & Mining Co Ltd with the company as an operator.


OTCQX:CNSNF - Post by User

Post by Krishak5on Jul 24, 2019 2:51pm
79 Views
Post# 29955798

NI43-101 Technical Report for the Johnson Tract Project.

NI43-101 Technical Report for the Johnson Tract Project.The 121 page report by Brodie Sutherland, (SEDAR June 27,2019), shows the value of this project by documenting results of the historic 27,317 meters of drilling performed from 1981 - 1997 at an estimated cost of $12,290,000. In section 6 of the report the metal content of the Johnson Tract Project is reported. Anaconda (1981-1985) came up with a mineral resource of 1,413,862 tons grading 0.278oz/t gold + 5.85% Zn, 0.7% Cu, and 0.62% Pb. Value of gold = 1,413,862 X 0.278 = 393,054 oz X $1421/oz = $558,529. Westmin Resources (1993-1997) had a mineral resource of 1,035 million tons at 10.05g/t au, + 7.63g/t Ag, 8.83% Zn, 0.75% Cu, and 1.13% Pb. Value of gold = 1,035 X 10.05 = 10,400,000g = 366,843oz X $1421 = $521,283. So gold worth more than $billion was found by Anaconda and Westmin, and this value does not include the value of zinc, copper, silver and lead, neither does it include the value of the metals found in 11,414meters of drilling by Hunt, Ware, and Proffett from 1985-1993. To be sure a "mineral resource" is not as exact as an NI 43-101, as Sutherland says: "The mineral resource is reported as historical information only. It was prepared prior to establishment of NI 43-101 guidelines and reporting standards, has not been independently verified, and should not be relied upon as accurate or representative." This is precisely why Constantine re-analyzed 426 drill core samples that were used to calculate the early mineral resources. No significant differences were found between the assay results of the re-sampled drill cores compared to the original material (NR. June 28,2019). This re-sampling procedure gives Constantine the means to generate an NI 43-101 for the Johnson Tract Project both RAPIDLY AND COST EFFECTIVELY. In his Executive Summary Sutherland estimates the cost of achieving this critical milestone at a modest $1.8M: "This drilling would be completed in support of generating the first NI43-101 compliant resource estimate for the deposit. There is also significant potential to discover additional mineralized zones within the greater Johnson Tract Project. The recommended work plan includes an initial Phase 1 budget totalling $1.8M USD, consisting of 1500m of drilling, environmental, metallurgical, and geophysical studies as well as resource estimation work and technical report preparation."
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