Source Press: Consolidated Spire Validates Gold Claims
May 01 2008 - 11:00AM
Marketwired
TORONTO (PINKSHEETS: CZSVF) filed its NI 43-101 Report on the
Prospect Valley gold property near Merritt, British Columbia with
Canadian regulators Wednesday, validating its prior estimates of up
to 3.7 million ounces of recoverable gold.
Dow Jones' Brian Truscott noted in an April 9th story, "What
makes this event rather unusual is the kind of geology this
Canadian gold and silver exploration junior is sitting on: a
low-sulphidization stockwork system that could one day lend itself
to a high-tonnage, low-cost, open-pit, low-grade gold operation
devoid of the normal contaminants often found in BC mines, such as
lead, zinc and copper." While Truscott pegged Consolidated Spire's
attributes, the company drew crowds at the PDAC 2008 convention in
Toronto where AXcess News' Alan Fein noted in a story earlier in
March that "several major mining companies met with CZS executives
to discuss the company's gold properties."
CZS' President, R. Brian Buchanan, told AXcess News "that the
Company had no intentions of mining the property itself, saying it
was best left up to more experienced and well capitalized
companies."
Now that the NI43-101 Assessment has been filed, Buchanan will
be moving towards those developments. But in reading the
Assessment, I noted that a two-month drilling program comprised of
six holes was planned on the Bonanza Zone where earlier drilling
work had been completed. Sources close to the Company told Source
Press that in completing that work, Cons. Spire Ventures would see
a higher geological potential and move as much as 500,000 ounces of
gold into a higher classification bracket. Setting definable
classification of its gold could add millions in value to CZS'
shares.
Gold futures moved higher Wednesday, closing at $877 after the
U.S. Central Bank cut its rate for overnight loans to banks by a
quarter point. The move cut the dollar's value which helped boost
gold prices. Should gold prices remain buoyed over $600 an ounce,
Buchanan's chances of cutting a deal with a major mining company to
take over development of Consolidated Spire Ventures gold property
remains strong. When CZS first started exploring the Spences Bridge
Gold Belt, gold was less than $250 an ounce. "It was economical
then," said Buchanan, "so you can imagine the interests now."
CZS recently completed a $750,000 private placement and has the
capital to follow through on the geologist's recommendations in the
Assessment for drilling six more holes on the Bonanza Zone. Eight
additional drill holes were recommended in the Assessment on the
Discovery Zone, which if combined with the first drilling
recommendation is most likely to occur this year. That makes the
likelihood of Consolidated Spire Ventures raising additional
capital a probable outcome.
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Contact: Eric Stevenson 775-882-8381 Email Contact
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