Consolidated Spire Ventures Ltd. has received a new batch of analytical results for trench No. 2-07 located in the Discovery South zone. These analytical results complete the total number of samples taken from trench No. 2-07.
The current trenching, mapping and sampling program is continuing and analytical results will be made available as soon as they are received.
SUMMARY OF ANALYTICAL RESULTS FOR TRENCH NO. 2-07
Width of quartz Gold Silver
stockwork zone (g/t) (g/t)
87.30 metres 0.50 1.87
incl.
32.60 metres 0.69 4.38
14.1 metres 1.13 7.29
10.90 metres 1.46 9.69
These latest results are very encouraging as mineralization at or near the surface are generally depleted of gold due to the effect of extensive leaching. Higher gold values generally occur below the zone of surface depletion. The analytical results confirm the presence of a significant-sized gold stockwork zone which is in the process of being expanded by trenching along a north-northeast trend. So far, approximately 200 metres along strike have been confirmed to have continuity. Detailed geological mapping is continuing and shows quartz float fragments to extend for several hundred metres.
The results of the exploration program at the Discovery South zone will assist in preparing, soon after, a comprehensive diamond drill program scheduled to start in late August. Before drilling, the company will have mapped and sampled the trenches to optimize the drill program success.
The company expects that by drilling deep below this stockwork zone, which comprises quartz veins, quartz stockwork veins, stringers and breccia zones, gold grades may significantly increase over considerable widths. This is based on the current understanding that the near-surface gold mineralization is high in the epithermal system. Sampling has now been completed for the remainder of trench No.3-07 and analytical results are pending. Trench No. 4-07 has recently been sampled and trenches No. 5-07 and 6-07 are being dug. The spacing between trenches is approximately 50 metres with widths ranging from 50 metres to 90 metres along strike, which is expected to be more than 500 metres in the Discovery South zone.
The company believes it has discovered a low-grade gold bulk-minable target of significance. Taking into account a strike length of 500 metres to 800 metres, an average width of 50 metres to 70 metres, a depth of 200 metres to 300 metres and an SG of approximately 2.4, a tonnage ranging from 12 million to 40.32 million tonnes can be estimated. An average gold grade range of 0.9 g/t to 1.25 g/t would give a potential ranging from 350,000 to 1.6 million ounces of gold. This would be in the Discovery South area only, though there are other areas such as Discovery North that may hold an even larger potential as seen in a large soil anomaly in that zone.
Investors are cautioned that the potential quantity and grade indicated above is conceptual in nature. It has been provided only for illustration purposes. At this time, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the discovery of these mineral resources.
Rock chip channel samples are prepped and analyzed at the Eco Tech Laboratory in Kamloops, B.C., Canada. Eco Tech Laboratory is an ISO 9001-certified and accredited facility. All work is being conducted following the procedures and standards outlined under National Instrument 43-101. All sample batches sent to the lab include standards, blanks and duplicate samples. A quality assurance and quality control (QA/QC) program is in place. More sample results will be reported as soon as they are received. The qualified person for this news release is Victor Jaramillo, PGeo, and exploration manager for Consolidated Spire Ventures Ltd.
Spire currently has several active projects in Canada and Mexico.
The 100-per-cent Spire-owned Prospect Valley gold property is a large gold open-pit and vein-type target located near Merritt, B.C., Canada. It is in close proximity to good infrastructure and is located south of the Highland Valley porphyry copper district and immediately west of the Craigmont copper skarn deposit. Geological fieldwork indicates that there has been little erosion on the property.
The recently acquired Yago gold/silver property is located in the state of Nayarit, Mexico, on the Pacific Coast, approximately 50 kilometres north of the city of Tepic. Currently, this property is the subject of an option agreement with Almaden Minerals Ltd., whereby Spire can earn a 60-per-cent interest. The property comprises 16 claims that total 2,731 hectares and lies within the coastal lowlands of the west coast of Mexico.
Other Mexico projects
Spire has recently staked four new properties of over 76,800 hectares of prime exploration ground on a recently recognized epithermal gold/silver district. The staked ground comprises four properties which are located in the north and northwest of the El Oro-Tlalpujahua gold/silver belt in the states of Guanajuato and Michoacan, Mexico. Spire intends to initially explore these properties and farm out the properties to joint venture partners to offset further exploration costs. In the state of Oaxaca, the Campanario gold/silver property is a bulk-tonnage gold target located approximately 25 kilometres southwest of Oaxaca City, Mexico. Currently this property is the subject of an option agreement with Almaden Minerals Ltd.
FOR INFORMATION OR INVESTOR RELATIONS
CONTACT THE COMPANY AT (604) 662-7455
WEBSITE www.spireventures.com
ON BEHALF OF THE BOARD
“Brian Buchanan”
President and Director
This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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