VANCOUVER, British Columbia, Oct. 2, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Spire") (TSX-V:CZS) is pleased to announce that the 2007 diamond drill program at the Prospect Valley Property, Merritt, BC, Canada, is to commence this week. Drill crews and equipment have been mobilized. Full Force Diamond Drilling Ltd of Peachland, BC will complete the drill program, which will initially consist of approximately 3,000m using NQ2 size core. The Discovery South Zone, the Discovery North Zone and the Dome Zone are the main target areas for the 2007 diamond drill program. The first drill pads have been constructed and Valley Helicopters will provide a Bell-407 helicopter with a lift capacity of up to 2,400 pounds that will expedite the relocation of the drill from pad to pad.
During the summer of 2007, an aggressive trenching program, detailed geological mapping and sampling in the Discovery South Zone and the Discovery North Zone outlined a major new gold discovery on the Discovery South Zone. More recently, a new gold mineralized zone (NW Dome Zone) has been identified. The NW Dome Zone is located approximately 400m north of the Discovery North Zone and is open in all directions. Last year drill hole No.4 in the Discovery North Zone intercepted along 27.2m in a mineralized zone that returned 1.24g/t gold, including 12.80m of 1.95g/t gold. The main core of this zone will be drill tested this year.
The drill program in the Discovery South Zone has targeted the wide mineralized gold zone that was discovered and outlined by trenching. As such, the Company is very excited about diamond drilling into these new untested areas where it is believed most of the mineralization is hosted. Highlights of the trenching in this zone include:
Trench 02-07 -- 32.5m @ 0.82g/t gold and 5.69g/t silver,
includes 17.1m @ 1.27g/t gold and 8.92g/t silver
Trench 03-07 -- 20.0m @ 0.94g/t gold and 2.24g/t silver,
includes 7.0m @ 1.08g/t gold and 2.66g/t silver
Trench 04-07 -- 35.30m @ 0.82g/t gold and 3.13g/t silver,
includes 11.90m @ 1.60g/t gold and 4.88g/t silver
Mechanized trenching is programmed to continue on the Discovery North Zone and in the NW Dome Zone. Hand dug trenches in the NW Dome Zone have identified quartz veins and stockwork veining similar to that found in the Discovery Zones. This summer's program has provided a much better understanding of the geology and the gold mineralization in the Prospect Valley Property.
Rock chip channel samples will be 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 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) ("Almaden"), 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.
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