Network Exploration Issues Update on La Blanca gold exploration
Network Exploration (NET : TSX Venture Exchange) has released the following update on it’s 2009 work program on the Caldera gold-copper property in Chile. Early channelling uncovered 5.82 g/t gold over 12 meters from the surface. The recent drifting program is intended to tunnel through the discovery zone, connecting adits from previous mining operations.
It should be noted this is the first systematic exploration effort on the property using modern mining techniques. In the past, locals dug gold right from the surface, indicating the presence of an extensive gold system. It is this system that Network is working toward understanding.
Apart from the current focus on La Blanca gold target, the company will also be planning an extensive drill program to test the copper porphyry, widespread across the 24 square kilometer property.
Chile is one of the world’s top producers and exporters of copper, and NET’s property lies right in the middle of a rich gold-copper belt. They are 60km away from Barrick’s massive Pascua Lama deposit, which is expected to produce 750,000 oz gold per year for over 10 years, with a 17 year mine life.
With a market capitalization of only $3.6 million, we believe shares of NET have considerable upside potential from current levels as the company moves forward with the development of the Caldera project.
Network Exploration finishes sampling at La Blanca
Ticker Symbol: C:NET
Network Exploration finishes sampling at La Blanca
Network Exploration Ltd (C:NET)
Shares Issued 59,550,222
Last Close 9/22/2009 $0.05
Wednesday September 23 2009 - News Release
Mr. Alexander Helmel reports
CALDERA DRIFT PROGRAM COMPLETE
Network Exploration Ltd. has completed 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.
2009 Canjex Publishing Ltd.
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