Constantine Metal Resources has completed the sale of mineral claims in the Timmins area to Lake Shore Gold Corp., a wholly owned subsidiary of Tahoe Resources.
Constantine has received CDN $4.5 million cash and a 100 per cent interest in the Munro claim that is contiguous to Constantine’s Munro-Croesus claims.
The mineral claims that have been sold, known as the Horseshoe, Four Corners and the Meunier add-on claims, are located adjacent to Lake Shore’s Fenn-Gib gold project, located 60 kilometres east of Timmins.
They do not include Constantine’s neighboring Munro Croesus Gold Property, which is renowned for its exceptionally high-grade past production, or the Golden Mile Property, which collectively represent a rare opportunity to control an extensive, high potential land position in the prolific Timmins gold camp.
Constantine has retained a 1 per cent net smelter return royalty (NSR) on the Horseshoe claims, which are located a few hundred meters west-northwest of the Fenn-Gib gold resource. Constantine also retains the rights to NSR buy-down provisions associated with the underlying property agreements on all of the properties sold to Lake Shore.
Constantine’s principal asset is the high-grade Palmer Project in coastal Southeast Alaska.
