VANCOUVER, British Columbia, Aug. 17, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Spire") (TSX-V:CZS) is pleased to provide an update on exploration work at the Yago Property. Phase I drilling was planned for 3,000m, but due to a slow start and diverse technical problems by the drill contractor, a total of only 945m were drilled before the start of the rainy season in July. As such, a total of only ten short drill holes ranging from 35m to 160m long were drilled. The deeper drill holes remain to be drilled later in the year after the rainy season.
In spite of the difficult fractured terrain, most of the core recovery was above 90%. All drill holes intercepted quartz veins ranging from 0.80m to 2.40m (true width). The Company believes that the quartz veins intercepted by the diamond drill program mostly lie within the upper level of the epithermal gold/silver system. Deeper drilling is expected to reach the boiling zone where gold tends to increase in content.
Highlights of the drilling program to date are shown in the table below:
Drill Hole From To Width Gold Silver
No. (m) (m) (m) (g/t) (g/t)
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DDH-07-M01 137.15 138.6 1.45 1.01 2.10
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DDH-07-M02 100.8 101.8 1.00 0.24 8.50
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DDH-07-S01 34.6 37 2.40 0.73 152.09
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DDH-07-S03 23.1 24 0.90 0.43 64.10
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DDH-07-S04 36.6 37.5 0.90 1.29 49.00
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The remainder of Phase I exploration at Yago will continue with deep drilling at the Esperanza Vein and the Sagitario Veins discovered to the south of the property. Also, trenching in the Sagitario Area will continue to define new drill targets as there are several other veins that need to be explored.
The discovery of silver rich gold quartz veins in the Sagitario Area is very exciting. Sampling consisted of taking chip rock channel samples across the vein width. Highlights of the trenching include:
Sagitario Vein Trench Results
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Trench Sample Vein Width Gold Silver
No. (m) (g/t) (g/t)
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TS1-1A 754439 Sagitario 1 0.80 1.08 199
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TS2-1 754450 Sagitario 2 1.10 0.89 192
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TS2-1 754451 Sagitario 2 1.10 2.24 551
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TS2-2 7544470 Sagitario 2 1.30 4.71 441
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TS2-3 754473 Sagitario 2 1.80 4.13 171
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TS2-5 754488 Sagitario 2 0.20 1.625 25.2
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The Sagitario-1 Vein has shown a continuity of approximately 300m along strike in 12 trenches and remains open to the north and south. The vein strikes 005 to 010 degrees and has a width that ranges from 0.94m to 4.10m and dips 65 to 80 degrees SE. It is composed of light grey quartz, amethyst quartz banding and open space filling quartz crystals.
The Sagitario-2 Vein has shown a continuity of approximately 200m along strike in 6 trenches and remains open to the northeast and southwest. The vein strikes 030 to 045 degrees and has a width that ranges from 0.85m to 3.0m and dips 65 to 70 degrees SE. It is composed of dark grey quartz, amethyst quartz banding and breccia zones.
To date this represents surface exploration on only two of the veins in this area, out of a total of 10 veins that have already been identified.
Rock chip channel samples are prepped at the ALS Chemex Lab facility in Guadalajara and shipped to the ALS Chemex Lab in Vancouver, Canada for analysis. 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 Victor Jaramillo, P.Geo., Exploration Manager, Consolidated Spire Ventures Ltd.
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.
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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