VANCOUVER, British Columbia, Oct. 19, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Cons. Spire" or "the Company") (TSX-V:CZS) is pleased to announce that diamond drill holes, DDH-2007-01, 02 and 03 have now been completed at the Prospect Valley Property, near Merritt, BC, Canada. Drill hole DDH-2007-04 is currently being drilled.
Assay results for DDH-2007-01 are expected in the next few days and results for DDH-2007-02, 03 and 04 are expected within the next few weeks. These results will be released as soon as they are received. To date, approximately 500m of drilling has been completed and all drill holes have intercepted wide quartz stockwork mineralized zones.
The Company is highly encouraged by the fact that the drilling program results are very consistent with the current geological interpretation of the North and South Discovery Zones on the PV Property. All expected mineralized zones have been intersected and the intensity of quartz veining is much stronger than seen previously.
The mineralized stockwork zones are comprised of at least 3 stages of quartz veining ranging in width from less than a centimeter to several meters wide. Also, areas of intense brecciation with quartz flooding are common. Quartz stringers, veinlets and veins contain fine grained disseminated pyrite with rare arsenopyrite.
Quartz vein stockwork mineralization in DDH-2007-01 is observed to be continuous from surface to 63.67m. Mineralization in DDH-2007-02 is observed from 5.82m to 72.7m and in DDH-2007-03 is from 13.72m to 63.57m. Crossing some of the mineralized zones are one or two younger non-mineralized andesitic dikes that range from approximately 1m up to 3m wide.
The initial drill program in the Discovery South Zone has targeted a wide mineralized gold zone that was discovered and outlined by trenching. The Company is very excited about drilling into these new untested areas where it is believed most of the mineralization is hosted.
Drill Core 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.
Cons. Spire currently has several active projects in Canada and Mexico.
The 100% Cons. 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, and the 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.
Other Mexico projects
Cons. 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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