Vancouver, B.C., March 12, 2009 - Consolidated Spire Ventures Ltd. (“the Company” or “Spire” CZS-TSX.V) is pleased to report that exploration crews have been mobilized to immediately begin geological fieldwork at the Prospect Valley Gold Property. October 2008 saw completion of road construction to the North and South Discovery Zones. This newly completed 5.5km road will be used to gain quick access, at significantly lower costs, to this year’s exploration targets for geological work including geological mapping, trenching and diamond drilling on the Discovery Zones.
The Company is encouraged by the previous years of diamond drilling results, trenching results, geological mapping and prospecting carried out on the Prospect Valley Property. With the completion of the access road to the Discovery Zones in late 2008, the Company anticipates an exploration program beginning in the early spring of 2009 depending on weather, financings and market conditions. The exploration program would cover the Discovery Zones, extensions of the North Discovery Zone – Northwest Dome Zone, Northeast Extension, and Northeast Trend Target Zone. Other areas are the Ridgeline Target and the Crown Target. The exploration program would include diamond drilling on these areas with specific priority given to a definition drilling program to outline a possible NI 43-101 compliant inferred gold/silver resource on the Discovery Zones. The other targets have good possibilities of increasing the overall gold/silver mineralization potential on the Prospect Valley Property.
The Company anticipates the following:
- Metallurgy and sample heap leach tests;
- Two phase diamond drill program;
- First phase - 4-hole diamond drilling – approx 1,200m – to target open areas in Discovery North and South Zones;
- Second phase - 30-hole diamond drilling – approx 10,000m – to target the Discovery North and South Zones at depth, the NE Extension, NE Trend and NW Dome;
- Detailed geological mapping, trenching & sampling on most prospective targets;
- Outlining a possible resource definition drill program.
One of the main objectives of the 2009 field program will be to complete infill diamond drilling in the Discovery Zones in order to define resources as per CIM definitions. Shortly after, the Company expects to prepare a NI 43-101 compliant report that will provide a resource estimate.
Presently the Merritt Exploration crews will obtain representative mineralized samples from drill core and reject material to conduct heap leach metallurgical tests to determine the recoverability of gold. Kinross Gold Corp will be participating in the sample collection process.
The Prospect Valley Gold Property hosts a low sulphidation epithermal gold system with quartz vein stockwork type mineralization, located near Merritt, BC, Canada. To date, over 13 target areas have been identified in the claim block. The majority of the targets are located in the centre of the claim block along a prominent north-northeast trending linear zone that includes the Bonanza Zone, the Discovery South Zone and the Discovery North Zone.
A major development in 2007 was the identification of a structure called the Early Fault Zone (EFZ) that appears to be the main conduit control for the gold mineralization at the Discovery South and North Zones. This structure is 1m to 12m thick (true thickness), dips moderately to the southwest at 30º to 45º, and may be traced consistently in drill holes from the Discovery South to the Discovery North Zones for over 1.7km in strike length.
To date, most of the diamond drill programs have returned consistent, strongly anomalous to locally economic widths and grades of gold +/- silver mineralization. Hole DDH 2006-21 contained 50.6m grading 1.36g/t gold and hole DDH 2007-02 contained 66.82m averaging 0.90g/t gold and 5.86g/t silver. These results are of considerable significance and demonstrate an excellent geological potential for a low-grade, bulk mineable target at the Discovery Zones.
Rock samples will be prepped and analyzed by 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 will 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 Consulting Geologist for Consolidated Spire Ventures Ltd.
The 107.9 sq km, 100%-owned Prospect Valley Property is located approximately 3 hours driving time from Vancouver and is within the Spences Bridge Gold Belt. It is a potential low grade, bulk mineable type gold target. The property is road-accessible and in close proximity to good infrastructure from Merritt, BC.
Investors are invited to visit the Consolidated Spire Ventures Ltd. Website at www.spireventures.com or the Investor Hub at www.agoracom.com/ir/Consolidatedspire where they can post questions and receive answers. 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.
If you are not currently on the CZS updates list, please send in your email address to info@spireventures.com or call 604-662-7455 with the best method to keep you informed. We will send out regular updates and news releases to everyone who asks to be on the list.
FOR INFORMATION OR INVESTOR RELATIONS CONTACT THE COMPANY AT
(604) 662-7455 or www.agoracom.com/ir/Consolidatedspire
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
