VANCOUVER, Nov. 24 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce that the recently completed underground program at the La Blanca gold zone on its Caldera property has revealed the existence of three distinct gold zones with grades of up to 5.01 g/t Au over four metres, 4.55 g/t Au over 14 metres, and 2.45 g/t Au over 18 metres. These zones were interpreted from assay results of continuous panel chip samples taken along one wall of the entire new workings and data from previous campaigns.
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. The recently completed program of 190 metres of drifting focused on one small area named the La Blanca mine.
Samples from the 2008 program were assayed using standard atomic absorption (AA) procedures followed by gravimetric procedures for samples with AA assays greater than 10 g/t Au. The initial 34 samples taken in the 2009 program were treated similarly to the 2008 samples. On comparing assays to amounts of visible gold from panning the Company decided to initiate a program of pulps and metallics assay techniques to determine a more accurate gold content in the samples. Rejects from the initial 34 samples and the remaining 60 samples were all assayed using the pulps and metallics method. As a further check, two panels were re-sampled on site, divided at the laboratory into 50 gram splits and each split was assayed by atomic absorption followed by gravimetric finish if enough sample remained. On the first of these two samples the original AA gravimetric assay returned 18.85 g/t Au and the average of the seven splits is 4.55 g/t Au. The second of these samples originally assayed 0.707 g/t Au and the average of the 10 splits is 9.08 g/t Au. The results of this test work indicate the erratic distribution of gold within the mineralized area.
The Company is immediately undertaking a new bulk sampling analysis of the existing underground workings to potentially get more representative gold assays over what appears to be a bulk mineable target. Additionally, Network is planning a significant follow-up drill program to further delineate the depths and strike lengths of the gold-hosting structures.
Analysis of the current assays led Network's geologists to conclude that La Blanca gold breccia zone contains at least three distinct zones of gold mineralization; specifically the Gold Internal Zone, the Gold External Zone, and the Central Zone.
The Gold Internal Zone
Located at the north end of La Blanca silica breccia zone, the Gold Internal Zone correlates in part with historical workings and delineates a zone interpreted to be at least 70 metres long by 15 metres wide. The strike and down dip extension is unknown and will be tested with drilling. The average grade of panel samples along the strike of the zone is 2.42 g/t Au. Individual samples within the zone assay up to 9.24 g/t Au. Out of a total of 41 samples, 31 exceeded 0.1 g/t Au.
The Gold External Zone
Located on the western side of La Blanca silica breccia zone and also correlating in part with historical workings this zone is at least 50 metres long by 10 metres wide and open along strike and to depth. The average grade of panel samples (37 samples) through this zone is 1.08 g/t Au. Individual samples within the zone ranged from 0.08 g/t Au to 2.74 g/t Au.
The Central Zone
The Central Zone is located in or near the Main adit and is difficult to interpret and correlate accurately at this time. The Central Zone contains two sections - one represented by two samples averaging 5.01 g/t Au (four metres) and a second represented by nine samples (18 metres) of lower grade material averaging 0.37 g/t Au. The exact orientation of this zone is unknown.
"We are very excited about the results from our recent exploration program at La Blanca and are eager to test this area at depth and along strike," states senior geologist Marco Fernandez-Concha. "Our intention is to determine the extent of this gold system."
The Caldera property lies in the western Andes of northern Chile, at an average elevation of 2600 metres, and lies approximately 120 kilometres northeast of the city of La Serena, The property is easily accessible by primary and secondary roads. La Blanca gold zone occurs in the southwestern portion of the Caldera property, and has the potential to host both open-pit and underground resources. The property also contains significant porphyry copper-gold targets currently being evaluated by the Company.
This field program was managed by Senior Marco Fernandez-Concha, an experienced South American geologist. Samples from this program were placed in tamper proof bags and delivered by Company personnel to the ALS Chemex laboratory in La Serena. This press release has been approved by Ken Thorsen, P.Eng., a Director of the Company and the Company's Qualified Person, as defined by NI 43-101.
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