Constantine boosts resource at Palmer with second deposit
Constantine Metal Resources (TSXV: CEM; US-OTC: CNSNF) has boosted the overall tonnage at its Palmer polymetallic project in southeast Alaska by 43% with a maiden resource for the project’s AG zone.
The AG zone, located 3 km from the main Palmer deposit, contains 4.25 million inferred tonnes grading 4.64% zinc, 0.12% copper, 0.96% lead, 119.5 grams silver, 0.53 gram gold and 34% barite, or 9.04% zinc equivalent, for 435 million lb. zinc, 11 million lb. copper, 90 million lb. lead, 16.4 million oz. silver, 72,500 oz. gold and 1.48 million tonnes barite, or 848 million lb. zinc equivalent.
The total Palmer project now contains 4.67 million indicated tonnes grading 5.23% zinc, 1.49% copper, 30.8 grams silver, 0.3 gram gold and 23.9% barite, or 10.21% zinc equivalent, for 1.05 billion lb. zinc equivalent as well as 9.59 million inferred tonnes grading 8.87% zinc equivalent for 1.87 billion lb. zinc equivalent.
The company based the AG resource on 10,766 metres it drilled in 29 holes since discovering the deposit in 2017. It says a study it performed on the barite market determined that recovering the commodity seemed to improve the project’s overall economics.
Palmer is a volcanogenic massive sulphide-sulphate joint venture project between Constantine and Dowa Metals and Mining. Constantine owns 51% of the project and is its operator. The project is located less than 60 km from the Haines deep sea port.
Shares of Constantine are currently trading 45¢ with a 52-week range of 42¢ to 86¢. The company has a $20 million market capitalization.
This story first appeared on The Northern Miner