VANCOUVER, Aug. 17 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to provide an update on its estimated 2500 metre diamond drill program at its Caldera property in the mineral-rich Huasco Province of Northern Chile. The program is designed to test various gold and copper prospects at the property.
Four holes totaling approximately 700 metres have been completed in the La Blanca mine area and nearby gold targets-all hosted by silica breccia pipes. The La Blanca gold prospect, one of several gold targets on the property, encompasses a 1.4 km by 400 metre area of historical artisanal gold workings. An underground drifting program totaling 190 metres completed in 2009 at the La Blanca mine defined three gold zones the highlights of which included an average of 2.45 g/t Au over 18 metres, with individual samples of up to 9.24 g/t Au taken over two meter panel samples (see news release dated November 24, 2009.)
Two holes in this year's program have been targeted into the silica breccia pipe to further test the strike and dip length of this zone. A third hole has also been completed approximately 620 metres NE of La Blanca to test another silica breccia pipe exposed by artisanal workings on the eastern slope of the Caldera hill. A fourth hole, located 570 metres NE of the third hole tested another silica breccia zone exposed in trenches and historical artisanal workings in the area known as the Resguardo mine.
These holes (varying in depth from 130 - 215 meters) are now complete and the program has moved onto the adjacent copper-gold porphyry targets.
All core selected for sampling is divided into three meter intervals and split in half, with one portion bagged in tamper proof bags and delivered by Company personnel to the ALS Chemex laboratory in La Serena, Chile where they will be analyzed by procedure Au-SCR22 ("metallics" or screen fire assay ) and ME-ICP 41 (35 element ICP) methods. The remaining core is returned to its core tray and stored at the Company's core storage facility located in Cachiyuyo, Chile.
"Given last year's underground drifting results at the La Blanca mine on our Caldera property, we felt it necessary to initiate our drill program at our most promising gold targets," stated Network's senior geologist, Marco Fernandez-Concha. "As we move through our drill program, we'll have time to assess the results from the first four gold holes and plan a course of action for further drilling in the La Blanca mine area. The proposed current financing (see News Release dated August 4, 2010) has allows for a buffer of unallocated funds to expand the drill program later this year, should our geological team deem it worthwhile."
For a map showing the distribution of drill holes at Caldera, please visit the following link at our website: www.networkexploration.com/caldera/drillholes2010.pdf
This press release has been approved by Bob Friesen, a director of the Company and the Company's Qualified Person.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Network Exploration Ltd. is a mineral exploration Company engaged in the acquisition and exploration of base and precious metal properties in North and South America. For additional information, contact the Company at 604 638-7363 (toll free 866 637-5138) or visit the Company's website: www.networkexploration.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Forward looking Statements. This news release has been prepared by management. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements.
SOURCE Network Exploration Ltd.
For further information: For further information: Network Exploration Ltd., 604-638-7363, toll-free 1-866-637-5138