Oct. 29, 2010 (Canada NewsWire Group) --
VANCOUVER, Oct. 29 /CNW/ - Network Exploration Ltd. (the "Company") (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.
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, please contact the office at 604-638-7363 or toll-free at 1-866-637-5138, or visit www.networkexploration.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
"Alexander Helmel"
President
Forward-Looking Statements: This news release has been prepared by management. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements.
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. 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.
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Network Exploration Ltd., 604-638-7363, toll-free 1-866-637-5138