Consolidated Spire Ventures Ltd. (“the Company” or “Spire”) is pleased to report that permits have been received and exploration crews have been mobilized to immediately begin geological fieldwork at the Prospect Valley Gold Property.
One of the main objectives of the 2008 field program will be to complete infill diamond drilling in the Discovery Zone in order to define resources as per CIM definitions. Shortly after, the Company expects to prepare a NI 43-101 compliant report that will provide a resource estimate. For this purpose a 4 x 4 road, approximately 3kms long, will be built as soon as possible to gain access to the Discovery Zone. This road will be used to gain quick access at significantly lower costs to this year’s exploration targets for geological work including geological mapping, trenching and diamond drilling. Geological fieldwork has also begun at the Bonanza Zone, just south of the Discovery Zone trend. This zone is accessible along logging roads and is approximately a 45-minutes drive from Merritt.
An Assessment Report dated January 2003, prepared by Almaden Minerals, on the PV Property describes the work that was previously done in the Bonanza Zone. The report mentions extensive quartz vein float spread along a NNE trend approximately 1km long by 500m wide and the host rock to be amygdaloidal basalts. The report indicates that significant gold mineralization, … up to 43.34g/t gold, has been found to date in numerous occurrences of as yet unsourced quartz vein and breccia float. These occurrences exhibit classic textures typical of low sulphidation epithermal gold vein systems such as: crustiform-colloform banded chalcedony enveloping druses and/or comb-textured layers of crystalline quartz, cockade breccia fragments, and drusy quartz. Observed forms of mineralization include massive multiphase veins, various quartz-matrix breccias, stockworks and pyritic silica ... Much of the gold-bearing quartz float is sub angular.
The above paragraph describes a significant zone with gold mineralization, very similar to that observed in the Discovery Zone. As such, fieldwork in this area is a priority and will consist of detailed geological mapping, trenching and, depending on field results, a diamond drill program.
The Prospect Valley Gold Property, hosts a low sulphidation epithermal gold system with quartz vein stockwork type mineralization, located near Merritt, BC, Canada. To date, over 13 target areas have been identified in the claim block. The majority of the targets are located in the centre of the claim block along a prominent north-northeast trending linear zone that includes the Bonanza Zone, the Discovery South Zone and the Discovery North Zone.
The 2007 diamond drill program confirmed the presence of a gold-bearing low-sulphidation type epithermal stockwork mineral system hosted within a hanging wall sequence of amygdaloidal basalt, andesitic basalt and andesite.
Quartz veins, hydrothermal alteration and gold mineralization at the Discovery South and North Zones are concentrated in the hanging wall of the Early Fault Zone and are dominated by sheeted to stockwork microcrystalline quartz veins and veinlets and disseminated + vein pyrite over an area approximately 2.5km long by 140m to 230m wide. This extensive area of quartz veins comprises the “target area” for favourable gold mineralization.
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Consolidated Spire Ventures Ltd.
News Release
May 27, 2008
Page 2
Amygdule mineral fillings are usually laterally zoned relative to the Early Fault Zone. Proximal to the Early Fault Zone, the amygdules are replaced by druzy quartz, pyrite, and locally iron-oxide (after pyrite). At moderate distances away from the Early Fault Zone, the amygdules are replaced by calcite with lesser quartz ± chlorite ± pyrite.
A major development in 2007 was the identification of a structure called the Early Fault Zone (EFZ) that appears to be the main conduit control for the gold mineralization at the Discovery South and North Zones. This structure is 1m to 12m thick (true thickness), dips moderately to the southwest at 30º to 45º, and may be traced consistently in drill holes from the Discovery South to the Discovery North Zones for over 1.7km in strike length.
To date, most of the 2006 and 2007-diamond drill programs have returned consistent, strongly anomalous to locally economic widths and grades of gold +/- silver mineralization. Hole DDH 2006-21 contained 50.6m grading 1.36g/t gold and hole DDH 2007-02 contained 66.82m averaging 0.90g/t gold and 5.86g/t silver. These results are of considerable significance, and demonstrate an excellent geological potential for a low-grade bulk mineable target at the Discovery Zone.
Rock samples will be prepped and analyzed by an ISO 9001 certified and accredited facility. All work is being conducted following the procedures and standards outlined under NI 43-101. All sample batches sent to the lab will include standards, blanks and duplicate samples.
A quality assurance and quality control (QA/QC) program is in place. The Qualified Person for this news release is Mr. Victor Jaramillo, P.Geo. and Exploration Manager for Consolidated Spire Ventures Ltd.
Investors are invited to visit the Consolidated Spire Ventures Ltd. Investor Hub at www.agoracom.com/ir/Consolidatedspire where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to CZS@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
If you are not currently on the CZS updates list, please send in your email address to info@spireventures.com or call 604-662-7455 with the best method to keep you informed. We will send out regular updates and news releases to everyone who asks to be on the list.
FOR INFORMATION OR INVESTOR RELATIONS
CONTACT THE COMPANY AT (604) 662-7455
or www.agoracom.com/ir/Consolidatedspire
WEBSITE www.spireventures.com
ON BEHALF OF THE BOARD
“Brian Buchanan”
President and Director
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