VANCOUVER, April 2, 2012 /CNW/ - Network Exploration Ltd. (the "Company") (TSX-V: NET) is pleased to announce that it has developed preliminary drill targets for its upcoming drill program at the Company's Picha Copper-Silver Project located Moquegua Region of Southern Peru. The initial diamond drilling campaign is designed to test Picha's top 14 targets as derived from all of the Company's accumulated geological, geochemical, and geophysical data. Drilling is expected to commence as soon as possible after the submitted permits receive approval from the Peruvian government.
The first group of 5 drill targets are largely geochemical anomalies identified during earlier surface sampling programs by the Company's partner, Lara Exploration (TSX-V:LRA). Three of these targets are located in the Picha 2 claim block and target the highest copper (up to 12% from a chip sample) and silver showings (up to 77 g/t also from a chip sample) within this claim block's large 3100m x 500m north/south geochemical anomaly. These named sites include Cobremani (silicified breccias and limonite stockworks), Maricate (on the corridor of veins related to a weak argillic alteration) and Fundicion (series of small copper veins). The other two targets are located in the Picha 7 claim block. Specifically, drilling at Cumbre Coya will test the argillic alteration following NNW-SSE structural trend and drilling at Ventilla will test historical mine workings coincident with one of the strongest IP anomalies. The Cumbre Coya showing gave strong silver values from chip sampling up to 127 g/t, with lead values up to 27% and zinc values up to 1.1%. The Ventilla showings gave exceptionally strong lead values from chip sampling up to 23%.
The second group of eight drill targets are derived from the recently completed IP/magnetic survey by Val d'Or Geophysics (see press release dated March 14, 2012). These include the four main IP targets in the Picha 2 and 3 claim blocks - i.e., (C1) the large porphyry related anomaly (500m x 300m), (C2) the anomaly on western ridge of Rio San Antonio Valley showing coincident chargeability and resistivity highs at the top of a circular pipe-like magnetic body, (C3) the near surface extension of large chargeable mass at depth, and (C4) the elongated anomaly along the Rio San Antonio valley floor. Also included in this group of targets is the linear resistivity anomaly (R2) located along western ridge of the northerly striking portion of the Rio San Antonio valley, connecting the C-2 and C-3 chargeability anomalies.
"This initial diamond drill program will enable the Company to test our preliminary high-priority targets on Picha and allow for the evaluation and development of Phase 2 targets." states President and CEO Mr. Alexander Helmel.
A map of these preliminary targets can be found at the following link: http://www.networkexploration.com/docs/pichadrill1.jpg
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.
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.
For further information:
please contact Moises Uribe, CFO at 604-638-7363, or visit the Company's website at www.networkexploration.com