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|2/11/2008 6:12:22 PM ET ||News Release Index |
|Consolidated Spire Ventures Updates New Geological Potential And Provides Additional 2007 Drill Results
|VANCOUVER, British Columbia, Feb. 11, 2008 - Consolidated Spire Ventures Ltd. ("Spire")(TSX-V: CZS) is pleased to provide, following a review from the BC Securities Commission, a new revised and more conservative geological potential for the Discovery South and North Zones at the Prospect Valley Property, near Merritt, BC. This new geological potential is for a bulk mineable-low grade type gold quartz stockwork target. |
Detailed geological mapping, surface trenching, soil gold anomalies, mag surveys and 33 diamond drill holes have confirmed an elongated NNE trending gold mineralized belt. It dips approximately 55 to 65 degrees to the west as determined from drill hole cross-sections and surface geological mapping. Its true width (thickness) will be determined shortly.
The mineralized belt is silicified with stringers and veinlets of quartz and fine grained disseminated pyrite. Geological data shows that the mineralization is confined within the hanging wall of a normal fault zone that trends NNE for several kilometres.
Geological and analytical data from drill holes show mineralization to be generally continuous from surface, or near surface, down to a vertical depth of approximately 95m. For example, drill hole DDH-2007-05 drilled along an interval of 96.52m returned an average grade of 0.74g/t gold, drill hole DDH-2007-02 drilled along an interval of 66.82m returned an average grade of 0.90g/t gold, and drill hole DDH-2006-21 drilled along an interval 50.6m returned an average grade of 1.36g/t gold.
The Company is also pleased to provide an update on recently received analytical results for the remaining five drill holes (DDH-2007-06 to 10) drilled in the Discovery North Zone last year.
Drill Hole DDH-2007-06 returned, along a length of 81.71m, an average of 0.33g/t gold, and was drilled approximately 30m west of DDH-2006-04 (27.2m @ 1.24g/t gold). Drill hole DDH-2007-07 returned, along 5.56m, an average of 0.84g/t gold, and was drilled 50m west of drill hole DDH-2006-12 (9.1m @ 0.55g/t gold).
Drill hole DDH-2007-08 returned, along a length of 18.57m, an average of 0.47g/t gold (includes 17.79m @ 0.57g/t gold) and tested mineralization in the northernmost area of the Discovery North Zone. Drill hole DDH-2007-09 returned, along a length of 24.49m, an average grade of 0.48g/t gold and tested mineralization 80m west of DDH-2006-07 (20.5m @ 0.62g/t gold). Drill hole DDH-2007-10 was drilled beside the previous hole at a -80 degree inclination and returned along a length of 3.29m, an average of 0.25 g/t gold. Most of the drill holes drilled last year in the Discovery North Zone were aimed at testing the extent of the mineralization to the west of the known mineralized area. True widths have yet to be determined for these intersects.
The new revised geological potential in the Discovery Zone considers surface widths that range from approximately 50m to 150m wide, a surface continuity (length) along strike ranging from approximately 1,400m to 2,500m and a depth, as indicated by diamond drilling, ranging from 50 to 90 vertical meters. Using an average specific gravity (s.g.) of 2.4, a tonnage range from approximately 1.2 to 81 million tonnes can be estimated. Considering an average grade range of 0.80g/t to 1.40g/t gold, that would give a geological potential ranging from approximately 310,000 to 3.7 million ounces of gold.
The above geological potential is for the Discovery South and North areas only. There are other areas such as the NW Dome Zone and the NE Zone that appear to hold an additional geological potential as seen from coincidental soil geochemistry anomalies, magnetic anomaly data, and from recent geological mapping and trenching in those zones. Mineralization remains open to the south and north of the Discovery Zone along a NNE trend.
Cautionary statement: 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.
A quality assurance and quality control (QA/QC) program was in place during last year's field program. The Qualified Person for this news release is Spire's Exploration Manager, Mr. Victor Jaramillo, P.Geo.
Expenditures for the Prospect Valley Gold Property project were partially funded through a private placement by MineralFields Group (a division of Pathway Asset Management), a Toronto-based mining fund. Information about MineralFields Group is available at http://www.mineralfields.com
Spire currently has several active projects in Mexico.
Spire has staked four properties in the states of Guanajuato and Michoacan, Mexico consisting of over 76,800 hectares of prime exploration ground on a recently recognized epithermal gold/silver district:
Los Agustinos (31,690 ha), Buenavista (9,200 ha), Las Joyas (32,067 ha), and Santo Niņo (3,930 ha).
Spire recently announced it signed a letter of intent with Terra Firma Resources Inc. whereby Terra Firma can acquire up to a 70% interest in Spire's Buenavista Property project, Mexico by incurring expenditures. The Buenavista Property is currently undergoing a regional exploration program including detailed geological mapping, trenching and sampling. It is the intentions of Spire to explore and farm out the other three properties to joint venture partners.
The Yago Gold/Silver Property is located in the state of Nayarit, Mexico, on the Pacific coast, approximately 50kms north of the city of Tepic. A second year drill program is planned to continue diamond drilling on the Esperanza, Magnolia and Sagitario veins. Currently, this property is the subject of an option agreement with Almaden Minerals Ltd. (AMM-TSX), whereby Spire can earn a 60% interest. The property comprises 16 claims that total 2,731 hectares and lies within the coastal lowlands of the West Coast of Mexico.
FOR INFORMATION OR INVESTOR RELATIONS
CONTACT THE COMPANY
AT (604) 662-7455
ON BEHALF OF THE BOARD
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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