2008-03-14 - News Release
Mr. Alexander Helmel reports
NETWORK EXPLORATION NETWORK DRILLS 36 METERS OF 0.52% COPPER
Vancouver, British Columbia: Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce the results of the first four drill holes on the Caldera Project located in Chile.
Highlights
of the first four holes include:
• CA08-RC3 intersected 72.0 meters of 0.20% Cu, 0.124 g/t Au and 0.012%
Mo including 35.0 meters averaging 0.26% Cu, 0.100 g/t Au and 0.011% Mo and
an additional 24.0 meters averaging 0.19% Cu, 0.206 g/t Au and 0.019% Mo;
• CA08-RC4 intersected 171.0 meters (the entire hole) averaging 0.23%
Cu, 0.070 g/t Au and 0.006% Mo including 36.0 meters averaging 0.52% Cu, 0.120
g/t Au and 0.007% Mo.
"These are exciting results for the first holes of our program as they are consistent with our theory of Caldera being a copper-gold-molybdenum porphyry system." says Director of International Operations Mr. Richard Schnoor. "Chilean geology hosts some of the world's largest copper porphyry systems with unsurprisingly, some of the world's largest open pit copper mines."
This first phase drill program at Caldera has now been completed and includes a total of 1344 meters in nine reverse circulation drill holes. Holes were originally targeted to depths of 250 meters but as rock conditions tested the depth capabilities of the drill (which was not capable of drilling angled holes) the company decided to drill three more holes than originally planned to complete the contracted footage.
CA08-RC1 was targeted to test a moderate geochemical and induced polarization anomaly on the west side of the property. Moderately to strongly altered granodiorite with several zones containing weak pyrite and minor chalcopyrite were intersected. There are several thin zones with copper values between 0.1 and 0.2% copper but none of substantial thickness.
CA08-RC2 was drilled 350 meters southeast of CA08-RC1 on the same geochemical and geophysical anomaly and intersected similar rocks with one section of more concentrated values.
CA08-RC3 and CA08-RC4 are located in an area of relatively low chargeability, moderately strong copper geochemical results and good alteration north and west of the stronger induced polarization anomaly. Both intersected significant sections of copper and gold mineralization and hole CA08-RC3 returned the most significant molybdenum results from the property to date. Hole CA08-RC4 returned continuous values of copper greater than 0.1% from surface to the end of the hole at 171.0 meters with a 36 meter section that assayed 0.52% copper.
The first four holes for which assays have been received were all drilled in the northwest corner of the property. Of the remaining five holes, three tested the eastern portion of the 3.5 kilometer long strong induced polarization anomaly and reportedly intersected thick sections of high concentrations of sulphides and two tested surface geochemical anomalies in highly altered rocks in the northwest parts of the property.
Table 1. Caldera Property Drill Results:
Hole
No |
From (m) |
To (m) |
Thickness (m) |
Cu (%) |
Au (ppm) |
Mo (%) |
CA08-RC1 |
NSV* |
|||||
CA08-RC2 |
24.0 |
42.0 |
18.0 |
0.26 |
0.134 |
0.002 |
incl |
36.0 |
42.0 |
6.0 |
0.46 |
0.307 |
0.004 |
CA08-RC3 |
15.0 |
87.0 |
72.0 |
0.20 |
0.124 |
0.012 |
incl |
15.0 |
48.0 |
35.0 |
0.26 |
0.100 |
0.011 |
and |
63.0 |
87.0 |
24.0 |
0.19 |
0.206 |
0.019 |
incl |
84.0 |
87.0 |
3.0 |
0.20 |
1.075 |
0.046 |
CA08-RC4 |
0.00 |
171.0 |
171.0 |
0.23 |
0.070 |
0.006 |
incl |
18.0 |
54.0 |
36.0 |
0.52 |
0.120 |
0.007 |
*- No Significant Values
Samples were taken at three meter intervals throughout all holes, bagged in tamper proof bags and delivered by company personnel to the ALS Chemex laboratory in La Serena, Chile where they were assayed utilizing the Au plus 41 element ICP package.
For a map showing the distribution of drill holes at Caldera, please visit the following link: www.networkexploration.com/caldera/drillholes.pdf
The field program is managed by Senor Marco Fernandez Concha, an experienced South American geologist. This press release has been approved by Ken Thorsen, a director of the company and the company's Qualified Person.
Network Exploration Ltd. is a mineral exploration Company committed to building shareholder value through the acquisition of base and precious metal properties in North and South America. For additional information, contact the company at 604 638-7363 (toll free 866 637-5138).
Network Exploration
Ltd.
www.networkexploration.com
(604) 638-7363
We seek Safe Harbor.
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. These statements include "characteristics of a gold and copper porphyry system with excellent geological potential". There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.