VANCOUVER, July 25, 2012 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce that in preparation for its planned diamond drill program on its Picha copper-silver property in southern Peru, their Project Geologist Marco Fernandez Concha completed the final drill site selections at 7 of the drill targets discussed in its press release dated March 21, 2012.
Final site selection and examinations are required to become familiar with the geological setting of the target areas and the topography to ensure accessibility to proposed drill locations and select specific collar sites and orientations. In addition to these preparations, the Cobremani showing, one of the main copper mineralized sites on the property, was detail sampled by Marco Fernandez-Concha for both verification purposes and determination of approximate orientation of the mineralized area.
Five of the initial seven targets to be drilled from these sites are closely associated with significant IP anomalies (Nos 1,2, and 5, as interpreted by Pezzot - see abovementioned press release). During the property visit, Marco Fernandez-Concha noted anomaly No. 5 as having "a NNE-SSW strongly altered and limonitic structure of 20m wide". He also noted two of the targets (Cobremani and Maricate) have associated visible copper mineralization, strong copper soil geochemistry in the area, but no anomalous IP response.
Cobremani is considered to be one of the main mineralized showings on the property and has been the site of previous small-scale mining activity that includes trenches and shallow shafts and declines that may date back to Spanish colonial times. According to Folk1, who authored the Company's recent National Instrument 43-101 report, Cobremani has a surface footprint of approximately 100m x 80m and consists of a set of steeply dipping quartz (chalcedony) veinlets striking about 060o, and is associated with some flat veinlets and small, possibly hydrothermal breccia bodies. Observed minerals include malachite, azurite, chrysocolla, tenorite and iron oxides within zones of clay and chlorite alteration. The project geologist detail sampled all the accessible workings in this area, which yielded the following results:
|%Cu||Ag ppm (g/t)|
|107401||347,748||8,218,872||3.00 x 0.20||2.02||2.4|
|107402||347,754||8,218,884||3.00 x 0.20||0.73||3.1|
|107403||347,756||8,218,880||3.00 x 0.20||3.78||12.2|
|107404||347,746||8,218,929||1.00 x 0.20||0.28||20.4|
|107405||347,755||8,218,941||3.00 x 0.20||3.46||31.0|
|107406||347,756||8,218,937||3.00 x 0.20||0.28||43.0|
|107407||347,757||8,218,934||3.00 x 0.20||0.49||2.3|
|107408||347,758||8,218,932||3.00 x 0.20||1.79||94.3|
|107409||347,760||8,218,930||3.00 x 2.00||0.19||4.9|
|107410||347,800||8,218,955||0.80 x 0.20||0.79||8.1|
|107411||347,805||8,218,945||1.00 x 0.20||0.55||1.1|
|107412||347,806||8,218,942||1.00 x 0.20||0.69||1.6|
|107413||347,800||8,218,938||1.10 x 0.20||0.69||1.2|
All samples noted above were taken by Marco Fernandez-Concha. They consisted of continuous chip sampling within individually marked sample "channels", the sizes of which are noted in the table. Mr. Fernandez-Concha also supervised their transportation by Company personnel to the prep lab of Certimin C.A., in Juliaca, about 75km northeast of Picha; which were in turn forwarded to their full facility assay lab in Lima for analysis in the form of a 38-element ICP package. Besides the copper and silver analyses noted in the above table, some of the other, more significant elements associated with Cobremani resulted in: gold (all <0.005 ppm), arsenic (40 - 2245 ppm), mercury (<1 - 5 ppm), molybdenum (1 - 57 ppm), lead (32 - 411 ppm), antimony (<5 - 6 ppm) and zinc (88 - 161 ppm).
The Picha Copper-Silver Project is located in the Moquegua Region of Southern Peru, about 120 kilometers east of the city of Arequipa. The planned diamond drilling campaign will test select targets derived from all of the Company's accumulated geological, geochemical, and geophysical data. The Company expects to start drilling as soon as possible after receiving approval from the Peruvian government.
Cautionary Statement and Qualified Person
This press release has been read and approved by Bob Friesen, P. Geo, a director of the Company and the Company's Qualified Person.
(1) Peter G. Folk, P. Eng; Report on the Picha Property Located in Department of Moquegua, General Sanchez Cerro Province, Peru; September 17, 2011
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.
ON BEHALF OF THE COMPANY
Chief Executive Officer
Forward-Looking Statements: This news release contains forward-looking statements regarding the future success of the business of the Company that is subject to risk and uncertainties. Examples of such forward-looking statements include, but are not limited to, statements concerning the Company's option of the Picha Project and exploration activities at the Picha project and generally, government regulation of exploration and mining operations, indications and benefits of exploration, drilling test work and engineering assessments, environmental risks, title disputes or claims, and the Company's intention to raise additional capital and financing. These forward-looking statements involve known and unknown risk and uncertainties that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. These risks include risks related to the option agreement, key personnel, competition, risks related to newly acquired businesses, the uncertainty of timing or approval of permitting and licensing requirements, uncertainty of social and community requirements, uncertainty and dilution as a result of additional financing and the ability of the Company to service its current and future debt obligations, as well as the risk factors described in the Company's Management Discussion and Analysis filed on SEDAR at www.sedar.com and the risks described in any Management Information Circular of the Company. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
SOURCE: Network Exploration Ltd.
For further information:
please contact Moises Uribe, CFO at 604-638-7363, or visit the Company's website at www.networkexploration.com