Constantine Metal Resources (CEM.V) has announced its partner Dowa Metals and Mining has approved a $6.2M exploration budget for the Palmer VMS project in Alaska and paid a $250,000 option fee to Constantine. The amount of the exploration budget shouldn’t really come as a surprise, as Dowa has to spend $22M in just four years to gain a 49% interest in the Palmer project. Three drill rigs will be used, and drilling is expected to start in early June this year.
This year’s drill program will be focused on expanding the South Wall and RW massive sulphide zones, which are open laterally and to depth, and we expect the current resource estimate of just 4.75 million tonnes to increase considerably after this year.
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Disclosure: The author holds no position in Constantine Metal Resources. Please see our disclaimer for current positions.
