VANCOUVER, British Columbia, Dec. 6, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Spire") (TSX-V:CZS) is pleased to announce that it has received analytical results for the first four drill holes, DDH-2007-01-02-03 and -04, drilled at the Discovery South Zone at the Prospect Valley Property, Merritt, BC, Canada. Analytical results for holes DDH-2007-05 to -10 will be released once received. In all drill holes, significant quartz stockwork veining has been intercepted. The mineralized zones are silicified with stringers and veinlets of quartz and fine grained disseminated pyrite.
Drill Holes DDH-2007-01 and DDH-2007-02 were drilled approximately 85m NW from last year's drill hole DDH-2006-21 which intersected a very similar quartz veinlet stockwork zone that returned 50.6m with 1.36g/t gold, including 24.4m of 2.03g/t gold. DDH-2007-01 returned 61.4m with 0.7g/t gold and 4.7g/t silver. DDH-2007-02 returned 32.2m with 1.4g/t gold and 9.7g/t silver.
Drill Hole DDH-2007-03 was drilled approximately 40m north of drill holes -01 and -02 and intersected a similar quartz stockwork zone across 44.7m with 1.0g/t gold and 5.9g/t silver.
Drill Hole DDH-2007-04 was drilled approximately 40m north of drill hole -03 and intersected a similar quartz stockwork zone cut by a cross fault. It returned 10.1m with 0.73g/t gold and 1.0g/t silver.
Highlights for the first four drill holes include (all assays are weighted averages):
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Drill Hole From To Length Gold Silver
Number (m) (m) (m) (g/t) (g/t)
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DDH-2007-01 2.6 63.9 61.4 0.7 4.7
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includes: 6.1 44.3 38.2 0.8 6.0
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10.5 29.3 18.8 0.9 6.4
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17.1 29.3 12.2 1.1 7.1
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DDH-2007-02 5.9 38.1 32.2 1.4 9.7
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includes: 14.6 38.1 23.5 1.8 11.0
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14.6 30.5 15.9 1.9 16.0
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DDH-2007-03 4.1 48.8 44.7 1.0 5.9
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includes: 9.60 26.21 16.6 1.2 6.8
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DDH-2007-04 33.5 39.6 10.1 0.73 1.0
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Taking into account a strike length of 1,500m to 2,500m (Discovery North and South Zones), an average width of 50m to 100m, a depth of 70m to 150m and an s.g. of approximately 2.4, a tonnage ranging from approximately 13 to 90 million tonnes can be estimated. Considering an average grade range of 1.25g/t to 2.0g/t gold, that would give a potential ranging from approximately 500,000 to 6 million ounces of gold. This potential is for the Discovery South and North areas only, though there are other areas such as the NW Dome Zone and the NE Zone that appear to hold an even larger potential as seen in a large soil and magnetic anomaly, and from recent geological mapping and trenching in those zones.
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.
The table below shows systematic analytical results for drill hole DDH-2007-02. Gold values continue throughout the full length of this hole. Similar gold grade continuity is observed in all holes drilled thus far at the PV Property. Grade continuity is a very positive aspect for a potential low grade gold and high tonnage type target.
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Drill Hole From To Length Gold Silver
Number (m) (m) (m) (g/t) (g/t)
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DDH-2007-02 5.9 6.7 0.8 0.9 9.6
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DDH-2007-02 6.7 7.8 1.1 0.8 12.7
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DDH-2007-02 7.8 8.3 0.5 0.6 4.7
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DDH-2007-02 8.3 8.9 0.6 0.3 4.2
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DDH-2007-02 8.9 9.5 0.5 1.5 8.5
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DDH-2007-02 9.5 10.5 1.0 0.7 9.1
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DDH-2007-02 10.5 11.4 0.9 0.2 2.2
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DDH-2007-02 11.4 12.6 1.2 0.1 2.3
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DDH-2007-02 12.6 13.8 1.1 0.2 3.9
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DDH-2007-02 13.8 14.6 0.9 0.4 5.3
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DDH-2007-02 14.6 15.6 0.9 1.5 11.2
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DDH-2007-02 15.6 16.7 1.1 1.4 9.2
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DDH-2007-02 16.7 17.6 0.9 1.7 10.4
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DDH-2007-02 17.6 18.6 1.0 2.8 9.3
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DDH-2007-02 18.6 19.1 0.6 1.4 12.2
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DDH-2007-02 19.1 20.4 1.3 1.8 12.7
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DDH-2007-02 20.4 21.3 0.9 2.2 15.8
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DDH-2007-02 21.3 22.7 1.4 3.5 18.8
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DDH-2007-02 22.7 23.5 0.8 2.0 16.4
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DDH-2007-02 23.5 25.2 1.7 2.1 11.1
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DDH-2007-02 25.2 26.3 1.1 0.7 10.7
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DDH-2007-02 26.3 27.4 1.2 2.2 17.0
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DDH-2007-02 27.4 28.8 1.3 0.8 9.9
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DDH-2007-02 28.8 30.5 1.7 2.1 14.7
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DDH-2007-02 30.5 31.8 1.4 0.3 3.9
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DDH-2007-02 31.8 33.0 1.2 1.0 6.6
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DDH-2007-02 33.0 34.3 1.2 2.7 12.9
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DDH-2007-02 34.3 35.8 1.6 1.1 6.6
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DDH-2007-02 35.8 37.0 1.2 2.7 7.7
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DDH-2007-02 37.0 38.1 1.1 1.3 5.3
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Length = 32.2 1.4 9.7
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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 the hanging wall of a normal fault zone that trends NNE for several kilometers and, at places, is displaced by post mineral transverse faults. Such may be the case between the Discovery South and Discovery North Zones.
Drill Core samples are being 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. The Qualified Person for this news release is Spire's Exploration Manager, Mr. Victor Jaramillo, P.Geo.
Victor Jaramillo, P.Geo. will record a "Beyond The Press Release" segment on the Company's official Investor Relations Site at http://www.agoracom.com/ir/Consolidatedspire, in which the above developments will be discussed in detail. The recording is expected to be available on December 6th 2007.
Investors are invited to visit the Consolidated Spire 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.
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 low sulphidation gold epithermal system, with quartz vein stockwork type mineralization, located near Merritt, BC, Canada. A diamond drill program is currently under way along the main mineralized zone. Previous drilling at Prospect Valley intersected mainly the western edge of this mineralized system. Recent trenching and drill results have confirmed wide anomalous gold zones typically found near surface and along a northeast trend for over 3kms. The Company feels that the current exploration program, current & planned drilling on the Prospect Valley Gold Property are extremely important toward outlining this large mineralized trend with excellent potential to become an open pit - low cost target.
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. (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.
Mexico Projects in the states of Guanajuato and Michoacan
Spire has four new properties of over 76,800 hectares of prime exploration ground on a recently recognized epithermal gold/silver district. The Company recently 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. The Buenavista Property is one of the four new 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. It is the intentions of Spire to explore and farm out the other three properties to joint venture partners.
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) ("Almaden"), is currently on hold.
FOR INFORMATION OR INVESTOR RELATIONS
CONTACT THE COMPANY AT (604) 662-7455 or Toll Free: 1-877-700-1644
WEBSITE www.spireventures.com or
www.agoracom.com/ir/Consolidatedspire
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.