Network Exploration Ltd. (TSX.V: NET) has now received the assay results from the drill program on its Caldera property.
A total of 2,401 meters of diamond drilling was completed in 11 holes in the recent drill program. Six of the holes tested the porphyry copper-molybdenum (gold) target, four tested the peripheral gold target and one tested a combined copper-gold target. Drill hole locations were selected based on results of mapping, geochemistry and geophysics as well as previous Network drilling.
Assay results from the drill holes targeting the copper-gold-molybdenum system are generally disappointing and lead to the conclusion that the system is a low grade porphyry system. The potassic altered center of the system was tested by four drill holes in this program with only thin sections of anomalous copper and gold mineralization. Although there are short sections of copper in the 0.3% range, the persistent thick mineralized zones necessary for economic consideration are not apparent near surface although the potential still exists at depths deeper than the Company drilled (+300m).
Results from the gold showing area previously tested in underground workings are erratic and the program failed to extend the length or depth of the known mineralization. With this information it is concluded that, although small high grade mineralization is developed in the area, the potential for a deposit of significant size has been down graded.
The results of this program come at a time when the Company must decide whether to make the next option payment of $US135,000 to the vendors of the property. Because of the nature of the results incurred by the Company, the Board of Directors of the Company has decided to return the property to the vendors.
On the Company's other front results are still awaited for the soil surveys completed on the 25 claim Strike property in the Yukon. The property is situated 8.5 kilometers along strike to the east of Kinross' White Gold property where 1.0 million ounces of indicated and 0.4 million ounces of inferred resources were calculated as of May, 2010.
The Company has also instructed its chief South American consultant, Marco Fernandez-Concha, to search throughout South America for opportunities for the Company. Management in Canada is also pursuing opportunities in other jurisdictions.
Source: Network Exploration Ltd.