Consolidated Spire Ventures Ltd.  is a junior Canadian exploration company dedicated to the pursuit and exploration of gold, silver and other mineral deposits in Canada and North America, such as the recent acquisition of the 100% mineral interest in 164,072 contiguous acres in an area prospective for lithium, located about 30kms south-southeast of Fox Creek, Alberta within the Devonian Leduc Formation.

 ***Update: 2010 drilling program to commence, see map for info.***

The phase I drill program will consist of approximately 1,500 metres in 12 to 14 diamond drill holes. Several new areas in the South Discovery Zone will be tested, following up on results of the November and December 2009 infill soil grid. The results were very encouraging with individual values up to 1.2 g/t Au within a gold-in-soil anomaly up to 400m wide and spanning a northeast-southwest strike length of approximately 700m. The South Discovery Zone is part of a gold-in-soil anomaly extending nearly 2km in total strike length.

 

Other phase 1 drilling is designed to test the continuity of gold mineralization intersected in South Discovery, in 2006 and 2007. Those programs included drill intercepts such as 50.6 metres of 1.36 grams per tonne gold in DDH 2006-21, 66.8 m of 0.90 g/t gold in DDH 2007-02, 96.5 m of 0.74 g/t gold in DDH 2007-0545.6m of 0.94g/t gold in DDH 2007-03. Diamond drilling during 2006 and 2007 in a small portion of the South Discovery Zone anomaly yielded some of the widest intervals of gold mineralization on the property. Should sufficient continuity exist, the results will be used to estimate an initial, NI 43-101-compliant resource for the South Discovery zone.

 

The Company announced in October 2009, that the TSX Venture Exchange had given final approval for the Option Agreement dated July 20, 2009 with Altair Ventures Incorporated (“Altair”) (TSX-V: AVX) of Vancouver, British Columbia.  The Agreement with Altair has a two-phase option to earn an initial 70% interest in the Prospect Valley Gold Property, near Merritt  BC,  by spending a total of $6 million in exploration and issue 7 million shares over four years to Spire.  Altair can then earn an additional 20% interest upon:  (a) delivering a Bankable Feasibility Study with respect to the Property; and (b) making such additional cash and share payments in such amounts as may be negotiated and settled by the parties in writing at a later date, for a total 90% interest in the Prospect Valley Gold Property.

The 107.9 sq km, Prospect Valley Property is located approximately 3 hours driving time from Vancouver and is within the Spences Bridge Gold Belt.  It is a potential low grade, bulk mineable type gold target.  The property is road-accessible and in close proximity to good infrastructure from Merritt, BC.  The Prospect Valley Gold Property hosts a low sulphidation epithermal gold system with quartz vein stockwork type mineralization.  To date, over 13 target areas have been identified in the claim block.  The majority of the targets are located in the centre of the claim block along a prominent north-northeast trending linear zone that includes the Discovery South Zone, the Discovery North Zone, the Ridgeline Target, the South East Target, the Crown Target, the NW Dome and NE Extension Zone.

The Company is encouraged by the previous years of diamond drilling results, trenching results, geological mapping and prospecting carried out on the Prospect Valley Property.  October 2008 saw completion of road construction to the North and South Discovery Zones on the Property.  The completion of this additional 5.5 km road provides quick low cost access for exploration on the Discovery Zones. The exploration program, depending on weather, financings and market conditions, would cover the Discovery Zones, extensions of the North Discovery Zone – Northwest Dome Zone, Northeast Extension, and Northeast Trend Target Zone.  Other areas are the Ridgeline Target and the Crown Target.  The exploration programs could include mechanical trenching, possible short hole exploration RC drilling and diamond drilling

The primary objective for the current (fall 2009) ground work program is to prioritize drill targets, both within the Discovery Zones and for gold showings in numerous other areas of the property, such as the NW Dome, the Ridgeline Target, the Northeast Extension, the Southeast Trend Target and the Crown Target. This current phase will include trenching, soil & rock sampling and a re-evaluation of drill targets.

The next phase in the 2010 field exploration programs is planned to include diamond drilling in the Discovery Zones and to test other targets identified by the current program.