Consolidated Spire Ventures Ltd.

Consolidated Spire Ventures Ltd.

August 01, 2006 12:14 ET

Consolidated Spire Ventures Plans for Fall Drill Program on Prospect Valley Gold Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 1, 2006) - Consolidated Spire Ventures Ltd. ("Spire") (TSX VENTURE:CZS) is pleased to announce the recent completion of the summer stage diamond drill program on the 107 sq. km Prospect Valley Gold Property located 30kms west of Merritt, BC. The Spire property is located within the recently recognized Spence's Bridge Gold Belt optioned from Almaden Minerals Ltd. (TSX:AMM).

The most recent phase of the 2006 diamond drill program was carried out from July 6 - 20, 2006. A total of 882.4m were drilled with the completion of 6 drill holes, RM2006-18 to RM2006-23. Drill holes RM2006-18 and RM2006-19 provided in-fill drill data between drill holes RM2006-13, 14 and drill holes RM2006-15, 16, 17. Drill hole RM2006-20 extended the RM zone 200m to the northeast of drill holes RM2006-01 and RM2006-02, which were drilled in May, 2006. Drill holes RM2006-21 and RM2006-22, 23 were drilled at the RMX zone, extending the epithermal zone 100m and 200m respectively, to the southwest of drill holes RM2006-15, 16 and 17. Further drilling at the present time has been temporarily suspended due to forest fire hazards and the lack of available surface water required for the drilling work.

The drill program to date has drill-defined the RM/RMX epithermal quartz-vein/alteration system for 1.5kms, with extensions indicated to both the northeast and southwest. Geological interpretation of the RM/RMX epithermal zone is currently underway in anticipation of a fall drill program which will test deeper and strike-extending mineral target areas.

Drill core assay intervals have been submitted for the 6 drill holes (holes 18 -- 23) with results to be presented in an upcoming news release upon receipt of all assays for the latest drill program.

Several of the more significant assay sections for drill holes RM2006-01 to RM2006-17 include:

RM2006-04 91.0-101.5m (10.5m) 2.17 g/t Au
(includes 3 m of 4.2 g/t Au)

RM2006-05 46.0-48.0m (2.0m) 2.02 g/t Au
58.0-60.1m (2.1m) 3.23 g/t Au
111.6-121.3m (9.7m) 1.14 g/t Au

RM2006-06 25.5-26.2m (0.7m) 9.54 g/t Au
(with visible gold)

RM2006-15 52.1-55.0m (2.9m) 1.85 g/t Au
72.5-77.1m (4.6 m) 2.03 g/t Au
80.3-81.2m (0.9m) 3.34 g/t Au
82.0-85.6m (3.6m) 2.41 g/t Au

RM2006-16 83.1-86.6m (3.5 m) 2.10 g/t Au

All samples from the drill program were split with one-half the core submitted to Acme Analytical Laboratories of Vancouver, B.C. for analysis. All samples are analyzed by 32-element ICP-AES, with samples anomalous in gold (greater than 100 parts per billion) submitted for standard fire assay.

Recent petrographic work from drill core sections, indicate that the new gold discovery zones are still high within the epithermal system. Epithermal gold deposits are typically vertically zoned from surface to approximately 1km in depth. The current Spire drill program has only tested the RM/RMX zone to 100m or less in vertical depth, suggesting very good potential for the discovery of deeper and much larger feeder systems, which are expected to contain higher and more extensive gold-silver values.

The petrographic work also indicates that the main mineralized epithermal system is hosted within andesitic volcanic rocks, which are generally intermediate between andesites and basalts, suggesting a bimodal volcanic environment. The strongest areas of silicification and quartz veining are often associated with brecciation and strong pervasive alteration consisting of potassic feldspar, ankerite, kaolinite, sericite and chlorite.

The RM/RMX epithermal mineral system appears to be closely related to a persistent through-going fault structure of approximately 3 to 5m width. The epithermal system lies above the fault (hanging-wall), whereas the rock type lying immediately below the fault (foot-wall) consists of an unaltered impervious fine-grained porphyritic andesite unit.

Planning is underway to mobilize a larger drill rig to carry out deeper drilling in the near future. The epithermal gold mineral zones have now been traced along 1.5kms of strike and may represent an outline of a near surface resource. A study of the resource potential is currently underway and will be considered and evaluated during further drilling on the RM/RMX gold system. Diamond drilling on the RM/RMX epithermal gold zone has demonstrated bulk-tonnage mining potential.

Final assay results for the recently completed 5-hole diamond drill program on the NIC epithermal zone are currently being received by the company. Results for this program are anticipated to be released within the next one to two weeks.

Mr. Greg Thomson, P.Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101 is responsible for the technical information in this news release.

About Consolidated Spire Ventures Ltd. At present Spire is actively exploring on two projects: the Prospect Valley Gold Property near Merritt, British Columbia, Canada and the Campanario Gold-Silver Property, Oaxaca State, Mexico.


Brian Buchanan, President and Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Consolidated Spire Ventures Ltd.
    Brian Buchanan
    President and Director
    (604) 662-7455
    (604) 683-1055 (FAX)
    Consolidated Spire Ventures Ltd.
    Investor Relations
    (604) 669-2151 or (604) 662-3004 Local #107