Network Exploration Ltd. (OTC: NETYF) /
(TSX-V: NET.H)
VANCOUVER, British Columbia, Dec. 12, 2006 (PRIME NEWSWIRE) — Network Exploration Ltd. (the “Company”) (TSX VENTURE:NET-H.V – News) (Other OTC:NETYF.PK – News) reports that it has filed on Sedar the National Instrument 43-101 report for the Chilean Caldera gold and copper porphyry property acquired by the Company as announced on November 9, 2006.
According to the report, at Caldera an altered composite granodiorite has intruded cretaceous volcanics and sediments of the Cerrillos Formation. The intrusive rocks have been weathered recessively, producing a bowl-like amphitheater and a prominent NE-SW trending fault zone passes through the central part of the area. Widespread porphyry-style Cu-Au mineralization associated with potassic (secondary biotite) and phyllic alteration has been confirmed by soil geochemistry, geophysics, and trenching in an area of interest of approximately 1.5 square km.
The property has a history of previous gold mining over a wide area evidenced by placer-gold mines in the central part of the property, underground gold-quartz vein mines, and underground gold mines within the hydrothermal quartz-sericite breccia bodies. The gold placer zone occurs over the projection of the prominent NE-SW trending fault.
From 1993 to 1995, Noranda undertook an exploration program which resulted in the definition of a copper-gold exploration target. The target area was tested with the emplacement of a 57 line km of picketed grid over an area of about four square km. The grid was soil sampled (739 Samples), geologically mapped, and magnetically surveyed (50.5 km). Additionally, an I.P. survey consisting of 25.8 linear metres in 10 lines 400 metres apart was completed and the property was trenched with a D-8 tractor. Seventeen trenches for a total of 2.7 km were completed, 85 test pits were dug by hand and 357 rock samples were taken from these areas for analysis. Finally, nine shallow angled diamond drill holes aggregating 1064.85 m were drilled.
The report goes on to state that further work is clearly warranted at Caldera and proposes that the company explore both the porphyry Cu-Au mineralization with structurally controlled gold veins, and the hydrothermal quartz-breccia hosted gold targets which are evident on the property.
The NI 43-101 report was prepared by Professional Engineer Mr. Peter Folk — an “independent qualified person” and member of the Association of Professional Engineers and Geoscientists. Mr. Peter Folk visited and sampled the property in September 2006 and the results from this program, which contain highly anomalous copper values, were reported on October 31, 2006.
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) or visit the Company’s website: http://www.networkexploration.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Alexander Helmel”
President
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.
Contact:
Network Exploration Ltd.
(604) 638-7363
Fax: (604) 681-1265
www.networkexploration.com
Source: Network Exploration Ltd.
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