Network Exploration Reports Large Gold Strike in Chile
04 Juni 2008 - 2:00PM
Marketwired
HOUSTON, TX (PINKSHEETS: NETYF), reported striking gold at the
Company's 24 sq. km Caldera property in Chile. News released
Tuesday indicates 5.8 g/t of gold. Network's shares surged more
than 50% on news of the gold discovery.
In mid-May, Network Exploration announced the results of a phase
I drilling program at its Caldera project in which the Company's
Senior Geologist, Marco Fernandez-Concha was quoted as saying, "The
anomalous copper and molybdenum values received in Network's recent
drilling campaign demonstrate the presence of a large porphyry
system." Fernandez-Concha noted further that "Porphyry-related
elements such as gold and silver are sporadic but widespread."
Little did Network Exploration's Geologist expect the kind of
results reported on Tuesday from the La Blanca mine. In a press
release Fernandez-Concha noted that the highest value for gold was
9.24 g/t, the discovery only amounted to 2 metres of the total with
a 12.0 metre sample assaying 5.82 g/t of gold and a further 20.0
metre sample assaying 2.21 g/t.
Hitting such a huge strike is news worthy of any mining company,
but for NET it was no gamble. Mining giant, Noranda, had begun
exploring the Caldera property, which is located in Northern Chile,
in 1993 through 1995 during which it magnetically surveyed 50.5 km
and completed 17 trenches but with gold prices down at the time,
the project lay dormant for 10 years, until in 2005 Aguas Caya
commenced sampling and geological mapping over certain areas within
the boundaries of the Noranda work. Network Exploration entered the
picture in 2006 when in October it optioned a 50% interest in the
Caldera property's mineral concessions over a four year term. The
agreement includes property payments totaling $340,000 and staged
work commitments totaling $1,050,000 over the term. Upon completion
of the agreement a company will be formed 50% owned by the current
owners and 50% by Network Exploration Ltd. NET is near completion
of its terms of fulfillment and yet this year may move to organize
an operating corporation to be owned 50% by Network Exploration and
50% by the current owners.
The Caldera project's recent discovery has pushed NET up a notch
and certainly ahead of schedule in meeting its Caldera gold and
copper mining commitment, but with Chile being the hotbed of gold
and copper mining by foreign operators, Network Exploration has a
keen advantage in Fernandez-Concha considering his hispanic
background and knowledge of the South American mining belt running
through the high-dessert areas of Chile.
Network last completed a financing in early February for
$500,000, though in order to move forward under its Caldera terms,
further financing will be necessary. But at this stage, it looks
like Network Exploration is preparing for its final exploration
phase in order to push the deal into a jointly owned gold mining
operation.
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