Network Exploration Reviewed in Mining Journal as Geometry and Volume of Ore Body to be Established in Historic Chilean Gold System
Thu May 21, 9:19 AM
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Mining MarketWatch Journal has published a review on Network Exploration Ltd. (TSX VENTURE: NET.V). The review offers insight and opportunity afforded investors as NET.V possesses a stretch of highly mineralized gold bearing hills surrounding a copper-gold porphyry caldera in Chile, aptly named their 'Caldera' project. The hills host several abandoned mines that stand testimony to gold bearing breccia that exists within; the abandoned La Blanca mine site alone is situated within a 300m x 100m silica breccia consisting of ancient stockwork with quartz-sericite alteration. La Blanca sampled well with gold values upwards of 9.24 g/t over 2m and is now the target of a 2009 drift program to establish the geometry and volume of the gold systems ore body. Network Exploration is confident that modern exploration techniques will provide a detailed analysis of the underlying gold system on which to base possible exploitation of the mining concessions.
The full review and valuation commentary may be found at miningmarketwatch.net online.
Excerpts:
The risk-reward characteristics are highly advantageous for investors establishing a long position in NET.V now, as their planned exploration campaign progresses. Mining MarketWatch has confirmed NET.V is well capitalized to meet exploration goals and near-term obligations. The current market cap of NET.V relative to the inherent value of their Caldera project seems highly disproportionate. In light of the aforementioned and the fact near term catalysts exist to facilitate justified share price revaluation, NET.V appears undervalued with only ~51M shares outstanding and trading under CDN$0.06.
Network Exploration Ltd. is a Canadian-based gold and base metals exploration mining company listed on the TSX Venture Exchange (ticker symbol NET). The Company has come to our attention due, in part, to the highly qualified technical management team's success in mining and the exceptional prospective nature of Network Exploration's flagship Caldera project in Northern Chile that has the earmarking of a significant gold discovery. Caldera hosts several abandoned mines that stand testimony to a gold bearing breccia that exists within -- NET.V plans to quantify the ore body of the gold system for shareholders benefit.
The NET.V Caldera project covers approximately 2400 hectares (~24Km2) consisting of 17 exploration & exploitation concessions located in Huasco Province within the Atacama Region in the mineral-rich Chilean Andes. Caldera shares the similar stratigraphy as Barrick Gold's nearby Pascua-Lama gold and copper project (which contains proven and probable reserves of 17.8 million ounces of gold, 717.6 million ounces of silver, 649.5 million pounds of copper) located approximately 60km to the SE. Barrick's Veladero gold mine (in production) lies a further 10km SE and has proven and probable mineral reserves in December 2008 estimated to be 12.2 million ounces of gold.
The Caldera project is named after the shape of the geological feature found on the property, a huge open bowl caldera, which is host to a copper-gold porphyry system. The caldera porphyry system has a diameter of ~2Km that was tested from 1993 to 1995 by Noranda. They undertook an exploration program which resulted in the definition of a copper-gold exploration target. The target area was mapped, magnetically surveyed (50.5 km), I.P. surveyed, trenched (17 trenches), and sampled (357 samples). The resulting data was used as the basis for defining a series of drill targets. Noranda's 1065m drill program consisted of nine angled diamond drill holes (N sized core) averaging 120m depth. The late 1990's metal markets did not warrant further work by Noranda and geologists familiar with property were able to take possession of Caldera as it appealed to them, being 'in-the-know', to be of immense potential. This potential is now coming to light; the potential is best understood in looking (see below) at 'how Network Exploration was formed' and how the original focus was to confirm and better define the copper-gold porphyry first (2006 - 2008) and 'then' turn to what is understood to be the gold system around the periphery. Only now is NET.V at that point and a plan to reveal what is believed to be significant gold values in the ore body of the gold system in the hills of the Caldera is quickly taking shape; Mining MarketWatch is of the opinion NET.V is about to take a sizeable leap forward in inherent value as results unfold from exploration of the gold bearing breccia in the hills surrounding the caldera. To better understand the significance of Network Exploration's plan we interviewed the President & CEO of Network Exploration, Alexander Helmel, and also the Former South American Exploration Manager for Noranda and former General Manager responsible for Latin America for Teck Peru S.A., Marco Fernandez-Concha, now the Senior Geologist at Network Exploration.
Network Exploration was incepted under the premises that a good mining company starts with quality, skilled, and experienced individuals; NET.V was put together in 2006 starting with a solid group of people who then selected the best project they felt offered the most potential to add shareholder value - deciding on Caldera. We strongly urge investors to familiarize themselves with the curriculum vitaes of the technical leadership.
High grade gold system at Caldera runs like a halo around the large & deep copper-gold porphyry system
~1.5 years ago NET.V conducted a large trenching program which brought interesting anomalous copper and gold values, affirming Noranda's numbers. Trenching provided targets for a drill program targeting the copper porphyry and the drill program completed in May 2008 provided good copper & gold values. The copper porphyry system went deeper than what NET.V drilled as the system appears very large. Network Exploration's Senior Geologist, Marco Fernandez-Concha, pointed out that the drill program accomplished the goal of affirming the copper porphyry system and commented on their belief the gold system that surrounds the porphyry system may easily be exploited. "Copper porphyry systems can go thousands of metres deep and take deep pockets to define. The plan now is to concentrate on the gold system that exists as a halo around the rim. We believe there is a large amount of gold there which is relatively easy to define and possibly take to production. The high grade gold system in the hills at Caldera run like a halo around the copper-gold porphyry system of the caldera. There is a significant concentration in the S.W. of the halo ring that runs ~ 1Km and contains several primitive abandoned gold mines. There is also another smaller area of gold concentration in the N.E. ring of the halo."
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell and of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL.
Contact Information:
James O'Rourke, Editor
editor@miningmarketwatch.net
Mining MarketWatch Journal
866.620.9945 |
