VANCOUVER, Sept. 23 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce the completion of its underground development and sampling program in the La Blanca gold mine workings at its Caldera project in Chile.
Network's President, Alexander Helmel and Senior Mining Advisor, Robert Friesen recently returned from a 7-day visit to the Caldera work site. While on site Mr. Helmel and Mr. Friesen were able to physically observe the work completed and the work in progress under the Phase I gold exploration program. Both were satisfied that Network's South American team is proceeding to explore the Caldera property in a professional, logical and cost-effective manner.
Mr. Friesen summarized the trip as follows, "While I have been on Network's Board of Directors for a couple of years, this was my first opportunity to actually visit the Caldera property. I was impressed by the geological setting, the mineralized occurrences, and proximity to extensive mining infrastructure locally."
The Company is now happy to report that the Phase 1 gold exploration program outlined in our May 13, 2009 news release has been completed. Specifically, the Company's geological team has completed 95 metres of crosscutting through the mineralized silica breccia stockwork, together with three associated drifts totaling 90 metres in three separate test areas. All underground development work was designed to test the thickness and continuity of mineralization of the gold-hosting silica breccia stockwork at the 2600 meter elevation, within an area of historic drilling and underground development that had shown the structure to host significant mineralization (e.g., 5.82 g/t gold over 12 meters - see news release of June 3, 2008). Surface and underground mapping indicates the overall dimensions of the breccia stockwork to be approximately 100 meters thick by 300 meters of strike length and a minimum tested dip length of 60 meters, which is open at depth. The silica breccia stockwork is hosted in a quartz-sericite altered andesite that rims the southwestern side of the main copper-gold bearing granodiorite porphyry system.
Ninety-four underground wall samples were taken along the entire length of the new underground workings. They have been submitted to 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.
Senior geologist Mr. Fernandez-Concha stated, "We are currently commencing development of an exploration plan and requisite budget for a Phase II program based on current copper and gold results and will incorporate pending gold results when they become available."
The La Blanca mine area has been identified as a gold target at the southwestern end of the main Caldera copper-gold porphyry system and lies approximately 1.5 km southwest of the property's copper target. Network's geologists will use the data from this exploration program and previous programs to determine the next step in the exploration process for both the gold and the copper targets.
Results from sampling program will be released soon after they have been received and interpreted by Network staff.
Network Exploration Ltd. is a mineral exploration Company committed to building shareholder value through the acquisition 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.
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
SOURCE Network Exploration Ltd.
For further information: For further information: Network Exploration Ltd., (604) 638-7363, toll free 1-866-637-5138