CIRI Signs Letter Agreement for Lease Rights to Johnson Tract Mineral Deposit

The Johnson Tract camp in Lake Clark National Park and Preserve. Photo courtesy of Constantine Metal Resources.

On June 19, Constantine Metal Resources, a Canadian mineral exploration company, signed a letter agreement with CIRI to study a gold and zinc-rich deposit on CIRI-owned land in Lake Clark National Park and Preserve. Known as the Johnson Tract, the property was conveyed to CIRI under the terms of the Alaska Native Claims Settlement Act of 1971 and the Cook Inlet Land Exchange of 1976. As part of its land selection, CIRI was granted special rights that entitle it to transportation and port easements through park lands for the development of the Johnson Tract.

The two companies are working to finalize terms of a 10-year lease with a renewal option, which includes annual and escalating lease payments for CIRI until production is achieved. Upon completion of a feasibility study and a decision to construct a mine, CIRI has a right to participate in the project and receive net smelter return royalties on gold and base metals.

Constantine is no stranger to mineral exploration in Alaska – the company’s flagship project is the Palmer copper-and-zinc prospect in the Chilkat Valley near Haines, Alaska. A two-rig, 10,000-meter drill program commenced at that site in June.

“Johnson Tract is an exceptional gold asset, and we are excited about the chance to explore and advance the project for the mutual benefit of CIRI and Constantine in a manner consistent with CIRI’s cultural values,” Constantine President and CEO Garfield MacVeigh said in a statement.

“CIRI is pleased to work with Constantine on the Johnson Tract project,” said CIRI President and CEO Sophie Minich. “CIRI prides itself on projects that deliver economic benefits to our shareholders while respecting and preserving the land. With Constantine’s excellent reputation for responsible mineral exploration and development activities, as well as its established track record in Alaska, we know we have chosen the ideal partner.”

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