VANCOUVER, B.C., Aug. 14, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Spire") (TSX-V:CZS) is pleased to announce that additional analytical results have been received for Trenches No. 2-07, No. 3-07 and No. 4-07 located in the Discovery South Zone.
There remains one more trench to be dug in the South Discovery Zone before the drill program starts in early September. Trenches No. 5-07 and No. 6-07 have recently been sampled and Trench No. 7-07 will be dug in the following days. Detailed geological mapping has been completed for this zone and additional trench analytical results will be made available as soon as they are received. A summary of analytical results (includes new sample intervals) for Trenches No. 2-07, No. 3-07 and No. 4-07 is as follows:
Trench 2-07
Width (m) Gold (g/t) Silver (g/t)
32.5 0.82 5.7
includes:
17.1 1.27 8.9
and
14.10 1.52 10.63
Trench 3-07
Width (m) Gold (g/t) Silver (g/t)
20 0.94 2.2
includes:
7 1.08 2.7
Trench 4-07
Width of Vein & Gold Silver
Stockwork Zone (m) (g/t) (g/t)
35.3 0.82 3.13
includes:
11.90 1.60 4.88
These latest results are very encouraging as mineralization at or near the surface is generally depleted of gold due to the effect of extensive leaching. Higher gold values are generally expected below the zone of surface depletion.
The above analytical results confirm the presence of a significant sized gold stockwork zone which is in the process of being expanded by trenching along a NNE trend. So far, approximately 270m along strike have been confirmed to have continuity with an average width range of approximately 50m to 90m. Detailed geological mapping is ongoing in the North Discovery Zone and shows, thus far, a similar stockwork and vein mineralization as that seen in the Discovery South Zone, but with possible larger dimensions.
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.
The Company believes it has discovered a low grade gold bulk mineable target of significance characterized by NNE trending quartz veins within stockwork gold mineralization. Detailed surface geological mapping shows that the mineralization is confined within a horst block which trends NNE and at places is displaced by post mineral transverse faults. Such may be the case between the South and the North Discovery Zones. Otherwise, stockwork mineralization continues along a strong soil anomaly for at least 2kms.
Taking into account a strike length of 500m to 800m, an average width of 50m to 70m, a depth of 200m to 300m and an s.g. of approximately 2.4, a tonnage ranging from 12,000,000 to 40,320,000 tonnes can be estimated. Considering an average gold grade range of 0.9 g/t to 1.25 g/t, that would give a potential ranging from 350,000 to 1,600,000 ounces of gold. This would be in the Discovery South area only, though there are other areas such as Discovery North that may hold even a larger potential as seen in a large soil anomaly and from recent geological mapping of that zone.
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.
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 NI 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 Mr. Victor Jaramillo, P.Geo. and Exploration Manager for Consolidated Spire Ventures Ltd.
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 www.mineralfields.com.
Spire currently has several active projects in Canada and Mexico.
The 100% Spire owned Prospect Valley Gold Property is a large gold open pit and vein type target located near Merritt, BC, 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 field work 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 50kms north of the city of Tepic. Currently, this property is the subject of an option agreement with Almaden Minerals Ltd. (TSX:AMM), 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.
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 Mexico, 25kms east of the city of Oaxaca, the Campanario Gold/Silver Property, subject of an option agreement with Almaden Minerals Ltd. (TSX:AMM), is currently on hold.
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.