VANCOUVER, British Columbia, Dec. 11, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Spire") (TSX-V:CZS) is pleased to provide an update on the significance of drill results and geological work to date at the Prospect Valley Property. Geological data indicates the Company has discovered a low grade gold bulk mineable target of considerable size that may range between 500,000 to 6 million ounces of gold as indicated below.
Geological mapping, surface trenching, soil gold anomalies, mag surveys and diamond drilling do confirm the existence of an elongated gold mineralized belt in the Discovery Zone with widths that range from approximately 50m to 100m wide, a continuity (length) along strike ranging from approximately 1,500m to 2,500m and a depth, as indicated by diamond drilling, ranging from 70m to 150m. Using a specific gravity (s.g.) of 2.4, a tonnage ranging from approximately 13 million to 90 million tonnes can be estimated. Also, 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 would be 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. Mineralization remains open to the south and north Discovery Zone along a NNE trend and to depth.
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.
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.
In the previous News Release dated December 6, 2007 analytical results were given for the first 4 holes all drilled in the Discovery South Zone. Analytical results are still pending for 6 additional drill holes.
Highlights of selected intervals for the first four drill holes include:
---------------------------------------------------------- Drill Hole From To Width Gold Silver Number (m) (m) (m) (g/t) (g/t) ---------------------------------------------------------- DDH-2007-01 25.90 27.43 1.53 2.25 12.90 ---------------------------------------------------------- DDH-2007-02 21.30 22.70 1.40 3.50 18.80 ---------------------------------------------------------- DDH-2007-03 9.60 10.81 1.21 2.48 8.30 ---------------------------------------------------------- DDH-2007-03 16.78 17.95 1.17 2.47 9.70 ---------------------------------------------------------- DDH-2007-03 20.79 21.85 1.06 2.56 14.10 ---------------------------------------------------------- DDH-2007-03 24.38 25.16 0.78 3.70 15.30 ---------------------------------------------------------- DDH-2007-04 35.72 36.58 0.86 2.70 1.70 ----------------------------------------------------------
A quality assurance and quality control (QA/QC) program was in place during the field program. The Qualified Person for this news release is Spire's Exploration Manager, Mr. Victor Jaramillo, P.Geo.
Victor Jaramillo, P.Geo. has recorded 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 are discussed in more detail.
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.
FOR INFORMATION OR INVESTOR RELATIONS
CONTACT THE COMPANY AT (604) 662-7455
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.
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