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Canada
Prospect Valley Property, British Columbia
The Prospect Valley Gold Property in Merritt BC, Canada, is a potential low grade, bulk mineable type gold target with quartz vein stockwork type mineralization. The property is road-accessible and in close proximity to good infrastructure from Merritt, BC. Spire optioned the property to Altair Ventures Incorporated, 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.
Spire 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 5.5 km road provides quick low cost access for exploration work including diamond drilling on the Discovery Zones. Other potential exploration programs, depending on weather, financings and market conditions, would cover the 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 would include mechanical trenching, short hole exploration RC drilling and diamond drilling.
The samples were submitted to Florin Analytical Services, LLC of Reno, Nevada. This is a certified and accredited lab facility, which is part of the Kappes, Cassiday and Associates group of metallurgical services companies.
Recently, in March 2009 the Merritt exploration crews obtained representative mineralized samples from drill core and reject material to conduct heap leach metallurgical tests to determine the recoverability of gold. Kinross Gold Corp. participated in the sample collection and testing process.
The Company reported on April 29th, 2009, trial cyanide leach assay results from 30 gold-mineralized samples consisting of core reject materials have been completed. The results show that of the 30 mineralized samples, the majority of which contain variable amounts of pyrite, 17 samples returned gold recoveries above 72%. Of these, 9 samples gave gold recoveries above 90%, 5 samples between 80 to 90% recovery, and 3 samples returned 72 to 80% gold recovery. The remaining 13 samples gave gold recoveries below 72%.
The samples were submitted to Florin Analytical Services, LLC of Reno, Nevada. This is a certified and accredited lab facility, which is part of the Kappes, Cassiday and Associates group of metallurgical services companies.
The positive gold recoveries from this analytical work are significant, as it shows gold recoveries that are within industry requirements for this type of mineralization. The next step will be to take a representative bulk sample to complete column cyanide metallurgical tests. These trial test results make the PV Property more attractive as a potential large-tonnage, low-grade target.
The Company is encouraged by these initial cyanide leach analytical results and from previous years of diamond drilling and trenching results, geological mapping, and prospecting carried out on the Prospect Valley Property. Detailed geological mapping, surface trenching, soil gold anomalies, mag surveys and 33 diamond drill holes were drilled in 2006/2007 confirming an elongated NNE trending gold mineralized belt.The 2007 diamond drill program completed a total of 10 drill holes for a total of 1,775.35m. Most of the drill holes drilled last year in the Discovery North Zone were aimed at testing the extent of the mineralization to the west of the known mineralized area. True widths have yet to be determined for these intersects.
Detailed geological mapping, surface trenching, soil gold anomalies, mag surveys and 33 diamond drill holes were drilled in 2006/2007 confirming an elongated NNE trending gold mineralized belt. The 2007 diamond drill program completed a total of 10 drill holes for a total of 1,775.35m. Most of the drill holes drilled in 2007 in the Discovery North Zone were aimed at testing the extent of the mineralization to the west of the known mineralized area.
DDH-2007-01 returned across 61.4m, 0.7g/t gold and 4.7g/t silver. DDH-2007-02 returned across 66.82m, 0.90 g/t gold and 9.7g/t silver. Drill Hole DDH-2007-03 was drilled approximately 40m north of drill holes -01 and -02 and intersected a similar quartz stockwork zone across 44.7m with 1.0g/t gold and 5.9g/t silver.
Drill Hole DDH-2007-04 drilled approximately 40m north of drill hole -03, intersected a similar quartz stockwork zone cut by a fault zone. It returned across 32.56m 0.36 g/t gold, which includes a 10.1m interval with 0.73g/t gold and 1.0g/t silver.
Drill Hole DDH-2007-05 intersected a quartz vein across 1.33m with 12.20g/t gold and 24.30g/t silver. Drill Hole DDH-2007-06 returned, along a length of 81.71m, an average of 0.33g/t gold, and was drilled approximately 30m west of DDH-2006-04 (27.2m @ 1.24g/t gold). Drill hole DDH-2007-07 returned, along 5.56m, an average of 0.84g/t gold, and was drilled 50m west of drill hole DDH-2006-12 (9.1m @ 0.55g/t gold).
Drill hole DDH-2007-08 returned, along a length of 18.57m, an average of 0.47g/t gold (includes 17.79m @ 0.57g/t gold) and tested mineralization in the northernmost area of the Discovery North Zone. Drill hole DDH-2007-09 returned, along a length of 24.49m, an average grade of 0.48g/t gold and tested mineralization 80m west of DDH-2006-07 (20.5m @ 0.62g/t gold). Drill hole DDH-2007-10 was drilled beside the previous hole at a -80 degree inclination and returned along a length of 3.29m, an average of 0.25 g/t gold. Most of the drill holes drilled last year in the Discovery North Zone were aimed at testing the extent of the mineralization to the west of the known mineralized area. True widths have yet to be determined for these intersects.
A recently revised geological potential in the Discovery Zone considers surface widths that range from approximately 50m to 150m wide, a surface continuity (length) along strike ranging from approximately 1,400m to 2,500m and a depth, as indicated by diamond drilling, ranging from 50 to 90 vertical meters. Using an average specific gravity (s.g.) of 2.4, a tonnage range from approximately 1.2 to 81 million tonnes can be estimated. Considering an average grade range of 0.80g/t to 1.40g/t gold that would give a geological potential ranging from approximately 310,000 to 3.7 million ounces of gold.
The above geological potential is for the Discovery South and North areas only. There are other areas, such as the NW Dome Zone and the NE Zone that appear to hold an additional geological potential as seen from coincidental soil geochemistry anomalies, magnetic anomaly data, and from recent geological mapping and trenching in those zones. Mineralization remains open to the south and north of the Discovery Zone along a NNE trend.
***Cautionary statement: Investors are cautioned that the potential quantity and grade indicated above is conceptual in nature. It has been provided only for illustration purposes. At this time, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the discovery of these mineral resources.
The Summer 2006 drill program completed holes DDH-06-01 to DDH-06-23 for a total of 3,734m drilled on the Discovery Gold Zone. DDH-06-21 returned 45.7m of 1.57 g/t gold. The drill program confirmed an epithermal quartz-vein/alteration system along this zone, which extends at least 1.5kms, with the mineralization open to extension to the northeast and southwest. Numerous significant gold and silver drill hole intercepts were obtained throughout the 2006 diamond drill program.
In April 2006 Spire announced that an Induced Polarization (IP) geophysical survey had been completed on the Discovery area of the Prospect Valley Gold Property. The program consisted of 27 lines at an average length of 1.66km per line at 100m spacing totaling 44.95km IP and 44.50km Mag. Results of the IP geophysics define a large resistivity anomaly which is believed to reflect a quartz-rich, gold-bearing epithermal vein and breccia system. The resistivity, IP and Mag anomalies correlate very well with the gold-soil geochemical anomalies within the Discovery Zone, outlining an area of approximately 3,000m by 400m.
During the fall of 2006 a magnetometer survey discovered two new areas of interest: The Northwest Dome (NW Zone) is a 1km-in-diameter magnetic low zone interpreted to be a possible large hydrothermal altered structure representing a significant northern extension of the Discovery North Zone. Further fieldwork is planned to better define the size and character of this structure; and The South East Zone (SE Zone) is a linear magnetic low to the southeast of the Discovery South Zone and represents a possible significant parallel structure. This zone is open to the north and south.
During the 2005 field season, Spire focused solely on the Anomaly Cluster 1 area located in the heart of the 107 sq. km. property. The Company followed up the previous years’ successes related to the multi-element soil anomalies and the Discovery Zone trench showings. The exploration program was carried out in two parts. Both stages included establishing, prospecting and soil sampling an extensive control grid over the Discovery Zones. Multi-element soil anomaly was greatly expanded to a size of about 3,500m by 400m covering an estimated grid of 8.4 sq. km.
Much of the gold and related pathfinder element mineralization is typically found in weathered, variably porphyritic, chlorite altered basalts with minor limonitic-quartz veins, stockworks and breccias - all are typical characteristics of a low sulphidation epithermal gold exploration target. Trench and soil results to date have demonstrated the large size and bulk tonnage potential of the Discovery Zones gold system.
Spire 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 5.5 km road provides quick low cost access for exploration work including diamond drilling on the Discovery Zones. Other potential exploration programs, depending on weather, financings and market conditions, would cover the 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 would include mechanical trenching, short hole exploration RC drilling and diamond drilling.
The samples were submitted to Florin Analytical Services, LLC of Reno, Nevada. This is a certified and accredited lab facility, which is part of the Kappes, Cassiday and Associates group of metallurgical services companies.
Recently, in March 2009 the Merritt exploration crews obtained representative mineralized samples from drill core and reject material to conduct heap leach metallurgical tests to determine the recoverability of gold. Kinross Gold Corp. participated in the sample collection and testing process.
The Company reported on April 29th, 2009, trial cyanide leach assay results from 30 gold-mineralized samples consisting of core reject materials have been completed. The results show that of the 30 mineralized samples, the majority of which contain variable amounts of pyrite, 17 samples returned gold recoveries above 72%. Of these, 9 samples gave gold recoveries above 90%, 5 samples between 80 to 90% recovery, and 3 samples returned 72 to 80% gold recovery. The remaining 13 samples gave gold recoveries below 72%.
The samples were submitted to Florin Analytical Services, LLC of Reno, Nevada. This is a certified and accredited lab facility, which is part of the Kappes, Cassiday and Associates group of metallurgical services companies.
The positive gold recoveries from this analytical work are significant, as it shows gold recoveries that are within industry requirements for this type of mineralization. The next step will be to take a representative bulk sample to complete column cyanide metallurgical tests. These trial test results make the PV Property more attractive as a potential large-tonnage, low-grade target.
The Company is encouraged by these initial cyanide leach analytical results and from previous years of diamond drilling and trenching results, geological mapping, and prospecting carried out on the Prospect Valley Property. Detailed geological mapping, surface trenching, soil gold anomalies, mag surveys and 33 diamond drill holes were drilled in 2006/2007 confirming an elongated NNE trending gold mineralized belt.The 2007 diamond drill program completed a total of 10 drill holes for a total of 1,775.35m. Most of the drill holes drilled last year in the Discovery North Zone were aimed at testing the extent of the mineralization to the west of the known mineralized area. True widths have yet to be determined for these intersects.
Detailed geological mapping, surface trenching, soil gold anomalies, mag surveys and 33 diamond drill holes were drilled in 2006/2007 confirming an elongated NNE trending gold mineralized belt. The 2007 diamond drill program completed a total of 10 drill holes for a total of 1,775.35m. Most of the drill holes drilled in 2007 in the Discovery North Zone were aimed at testing the extent of the mineralization to the west of the known mineralized area.
DDH-2007-01 returned across 61.4m, 0.7g/t gold and 4.7g/t silver. DDH-2007-02 returned across 66.82m, 0.90 g/t gold and 9.7g/t silver. Drill Hole DDH-2007-03 was drilled approximately 40m north of drill holes -01 and -02 and intersected a similar quartz stockwork zone across 44.7m with 1.0g/t gold and 5.9g/t silver.
Drill Hole DDH-2007-04 drilled approximately 40m north of drill hole -03, intersected a similar quartz stockwork zone cut by a fault zone. It returned across 32.56m 0.36 g/t gold, which includes a 10.1m interval with 0.73g/t gold and 1.0g/t silver.
Drill Hole DDH-2007-05 intersected a quartz vein across 1.33m with 12.20g/t gold and 24.30g/t silver. Drill Hole DDH-2007-06 returned, along a length of 81.71m, an average of 0.33g/t gold, and was drilled approximately 30m west of DDH-2006-04 (27.2m @ 1.24g/t gold). Drill hole DDH-2007-07 returned, along 5.56m, an average of 0.84g/t gold, and was drilled 50m west of drill hole DDH-2006-12 (9.1m @ 0.55g/t gold).
Drill hole DDH-2007-08 returned, along a length of 18.57m, an average of 0.47g/t gold (includes 17.79m @ 0.57g/t gold) and tested mineralization in the northernmost area of the Discovery North Zone. Drill hole DDH-2007-09 returned, along a length of 24.49m, an average grade of 0.48g/t gold and tested mineralization 80m west of DDH-2006-07 (20.5m @ 0.62g/t gold). Drill hole DDH-2007-10 was drilled beside the previous hole at a -80 degree inclination and returned along a length of 3.29m, an average of 0.25 g/t gold. Most of the drill holes drilled last year in the Discovery North Zone were aimed at testing the extent of the mineralization to the west of the known mineralized area. True widths have yet to be determined for these intersects.
A recently revised geological potential in the Discovery Zone considers surface widths that range from approximately 50m to 150m wide, a surface continuity (length) along strike ranging from approximately 1,400m to 2,500m and a depth, as indicated by diamond drilling, ranging from 50 to 90 vertical meters. Using an average specific gravity (s.g.) of 2.4, a tonnage range from approximately 1.2 to 81 million tonnes can be estimated. Considering an average grade range of 0.80g/t to 1.40g/t gold that would give a geological potential ranging from approximately 310,000 to 3.7 million ounces of gold.
The above geological potential is for the Discovery South and North areas only. There are other areas, such as the NW Dome Zone and the NE Zone that appear to hold an additional geological potential as seen from coincidental soil geochemistry anomalies, magnetic anomaly data, and from recent geological mapping and trenching in those zones. Mineralization remains open to the south and north of the Discovery Zone along a NNE trend.
***Cautionary statement: Investors are cautioned that the potential quantity and grade indicated above is conceptual in nature. It has been provided only for illustration purposes. At this time, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the discovery of these mineral resources.
The Summer 2006 drill program completed holes DDH-06-01 to DDH-06-23 for a total of 3,734m drilled on the Discovery Gold Zone. DDH-06-21 returned 45.7m of 1.57 g/t gold. The drill program confirmed an epithermal quartz-vein/alteration system along this zone, which extends at least 1.5kms, with the mineralization open to extension to the northeast and southwest. Numerous significant gold and silver drill hole intercepts were obtained throughout the 2006 diamond drill program.
In April 2006 Spire announced that an Induced Polarization (IP) geophysical survey had been completed on the Discovery area of the Prospect Valley Gold Property. The program consisted of 27 lines at an average length of 1.66km per line at 100m spacing totaling 44.95km IP and 44.50km Mag. Results of the IP geophysics define a large resistivity anomaly which is believed to reflect a quartz-rich, gold-bearing epithermal vein and breccia system. The resistivity, IP and Mag anomalies correlate very well with the gold-soil geochemical anomalies within the Discovery Zone, outlining an area of approximately 3,000m by 400m.
During the fall of 2006 a magnetometer survey discovered two new areas of interest: The Northwest Dome (NW Zone) is a 1km-in-diameter magnetic low zone interpreted to be a possible large hydrothermal altered structure representing a significant northern extension of the Discovery North Zone. Further fieldwork is planned to better define the size and character of this structure; and The South East Zone (SE Zone) is a linear magnetic low to the southeast of the Discovery South Zone and represents a possible significant parallel structure. This zone is open to the north and south.
During the 2005 field season, Spire focused solely on the Anomaly Cluster 1 area located in the heart of the 107 sq. km. property. The Company followed up the previous years’ successes related to the multi-element soil anomalies and the Discovery Zone trench showings. The exploration program was carried out in two parts. Both stages included establishing, prospecting and soil sampling an extensive control grid over the Discovery Zones. Multi-element soil anomaly was greatly expanded to a size of about 3,500m by 400m covering an estimated grid of 8.4 sq. km.
Much of the gold and related pathfinder element mineralization is typically found in weathered, variably porphyritic, chlorite altered basalts with minor limonitic-quartz veins, stockworks and breccias - all are typical characteristics of a low sulphidation epithermal gold exploration target. Trench and soil results to date have demonstrated the large size and bulk tonnage potential of the Discovery Zones gold system.
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