Constantine appoints Siemoneit as project manager

Jun 6, 2022

2022-06-06 11:13 ET – News Release

Mr. Garfield MacVeigh reports

CONSTANTINE ANNOUNCES PALMER PROJECT MANAGER/SENIOR ENGINEER FOR THE PALMER COPPER-ZINC-SILVER-GOLD PROJECT, SOUTHEAST ALASKA

Constantine Metal Resources Ltd. has appointed Ernst (Ernie) Siemoneit to the position of Palmer project manager/senior engineer for the Palmer copper-zinc-silver-gold project in southeast Alaska.

Mr. Siemoneit is based in Fairbanks, Alaska, and brings over 30 years of combined experience in management, mining engineering and operations with deep knowledge of underground mine design, engineering support, mine system reporting and continuous improvement processes. His experience includes managing technical and financial teams, contractors for mine engineering, underground development, mine construction, facilities commissioning, preproduction development, and production ramp-up. Mr. Siemoneit was most recently the chief mining engineer at the Pogo gold mine located east-southeast of Fairbanks, Alaska, with Northern Star Resources. At Pogo, he led a site projects team of four engineers supporting improvements and expansion of the Pogo mine to a 300,000-ounce-per-year gold producer.

“We are very pleased to welcome Ernie Siemoneit, a very talented and experienced Alaskan professional engineer, to manage and lead the Palmer project to feasibility,” commented Constantine president and chief executive officer Garfield MacVeigh. “Ernie’s broad depth of underground experience at a time that the Palmer project is preparing for underground exploration and feasibility will be of tremendous value to Constantine Mining LLC, a joint venture between Constantine Metal Resources Ltd. and Dowa Metals & Mining Co. Ltd.”

Mr. Siemoneit commented: “I am grateful to be chosen by Constantine’s upper management team to lead the Palmer project in the current feasibility process. As an Alaskan, former commercial fisherman and miner, I understand the need for planning and conducting ourselves in a way that delivers best practices for work safety, community understanding and environmental protection. Great teamwork and communication effort are required to build on past experience and make the Palmer project a success. I look forward to being a major part of this exciting and challenging process over the next several years.”

About Palmer

Palmer is a high-grade volcanogenic massive sulphide-sulphate (VMS) project located in a very accessible part of coastal southeast Alaska, with road access to the project and within 60 kilometres of the year-round deep-sea port of Haines.

In 2019, the company reported a positive preliminary economic assessment for the project with a posttax net present value (7 per cent) of $266-million (U.S.) (see company news release dated June 3, 2019). The 2019 PEA was amended, and replaced by, a technical report dated March 7, 2022, and entitled “Amended NI 43-101 Technical Report Palmer Project Alaska, USA,” and filed on SEDAR on March 11, 2022 (see March 11, 2022, news release). The amended PEA outlined the potential for a low-capex (capital expenditure), low-operating-cost, high-margin underground mining operation with attractive environmental attributes. Metal prices used were copper at $2.82 per pound, zinc at $1.22 per lb, silver at $16.26 per ounce, gold at $1,296 per oz and barite at $220 per tonne.

The amended PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that amended PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Exploration work at Palmer has outlined 4.68 million tonnes of indicated resources grading 5.23 per cent zinc, 1.49 per cent copper, 30 grams per tonne silver, 0.30 g/t gold and 9.6 million tonnes of inferred resources grading 4.95 per cent zinc, 0.59 per cent copper, 69.3 g/t silver, 0.39 g/t gold. Volcanogenic massive sulphide deposits are known to occur in clusters, and with at least 25 separate base metal and/or barite occurrences and prospects on the project, there is abundant potential for discovery of multiple deposits.

Qualified person statement

The technical information in this news release has been reviewed and approved by Michael Vande Guchte, PGeo, vice-president, exploration, for Constantine Metal Resources and a qualified person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects.

About Constantine Metal Resources Ltd.

Constantine is a mineral exploration company led by an experienced and proven technical team with a focus on the Palmer copper-zinc-silver-gold-barite project being advanced as a joint venture between Constantine and Dowa Metals & Mining Co., with Constantine as operator.

In 2019, Constantine successfully spun out its gold assets into HighGold Mining Inc. that included the high-grade Johnson Tract project in south-central Alaska and the Munro-Croesus gold property which is renowned for its high-grade mineralization in the Timmins area, Ontario.

In 2020, the 100-per-cent-owned Big Nugget gold project, located eight kilometres east of the company’s flagship Palmer project, was recognized as a potential gold lode source area, immediately upstream from the historic Porcupine gold placer operations, and is an attractive drill target opportunity.

In 2021, Constantine announced the acquisition of the Bouse Cu-Au property in southwest Arizona and the Hornet Creek Cu-Au property in west-central Idaho, and earlier this year announced the acquisition of the Yuma King Cu-Au property in southeast Arizona.

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.

We seek Safe Harbor.

https://www.constantinemetals.com/