Cons. Spire Announces Exploration Continues at Prospect Valley, Merritt BC and a $250,000 Private Placement
Consolidated Spire Ventures Ltd. (“Spire” or “the Company”) is pleased to report that Altair Ventures Inc. (Altair) is continuing exploration on the Prospect Valley epithermal gold property in southern BC, with the objective of generating new targets for drill testing. Prospector Ed Balon, who discovered a quartz boulder grading 43.3g/t gold in the Bonanza Valley area in the southwest part of the property, has been hired by Altair to evaluate several geophysical and geochemical anomalies, as well as zones of silicification within and outside of the Discovery Zone. Depending upon the results of this phase of fieldwork, follow-up work will consist of trenching, detailed sampling, geophysics and drilling. Results will be released as they become available.
In early 2010, 11 diamond drill holes successfully demonstrated the continuity of gold mineralization intersected in the South Discovery Zone (SDZ) in 2006 and 2007. The SDZ occurs in the hanging wall of (above) a moderately dipping fault, with the gold grade typically increasing downward toward the fault. On some sections, the gold grade also appears to be increasing in a down-dip direction. Higher gold grades appear to be associated with increased silicification and disseminated pyrite.
The SDZ is part of a geochemical and geophysical anomaly extending nearly 2km in total strike length and up to 400m wide. While it has the potential to host a significant low grade, bulk tonnage epithermal gold system, many other untested targets exist on the property. The presence of high-grade boulders suggests the potential to host bonanza grade gold-quartz veins. The current field program is designed to follow up on these other areas in order to advance them to the drill stage as quickly as possible.
In addition, the Company announces that it has arranged a non-brokered private placement of 5,000,000 common shares at $0.05 per share for gross proceeds of $250,000. A finder’s fee will be payable in accordance with the policies of the TSX Venture Exchange. The terms of the private placement are subject to approval by regulatory authorities. The proceeds of this private placement will be used for general working capital purposes.
The Prospect Valley Gold Project is only 30km south of the world class Highland Valley Copper Mine, and sits within a complex tectonic zone that is interpreted to have provided channels for the introduction of widespread gold mineralization. Altair has an option to earn up to a 90% interest in the 107.9 sq km Prospect Valley Property, situated within the Spences Bridge Gold Belt, approximately four hours driving time from Vancouver and one hour west of Merritt, BC. The Qualified Person for the Prospect Valley Project is Mr. Warner Gruenwald, P.Geo. and VP Exploration for Altair Ventures Inc.
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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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