Royalty Interest with Consolidated Spire Ventures Ltd.
In 2006 Spire bought a 100% in Almaden’s PV project, which it had previously optioned, subject to a 2% NSR royalty to Almaden. The terms of the purchase require Spire to issue Almaden fully paid and non-assessable common shares of Spire according to the following schedule:

• 2,000,000 shares within 5 business days after acceptance for filing by the Exchange.
• 1,000,000 shares on the first anniversary of the Effective Date.
• 1,000,000 shares within 30 days of a decision to put the Property into Commercial Production.

 

overview | geology | maps | latest work & results | past work

Prospect Valley Project consists of two properties: the NIC and PV near Merritt. They are located about 6 kilometers apart and cover recently discovered gold prospects in an area not previously known for epithermal gold mineralisation. Reconnaissance prospecting has found numerous surface boulders of quartz veins and breccias. Grab samples from these have returned values ranging up to 43.3 g/t Au. Almaden has carried out early stage work including a small Induced Polarization on the PV property and some hand trenching on the NIC. This hand trenching on the Discovery Showing exposed a quartz vein/breccia in bedrock that returned significant values including 7.7g/t Au over 0.5m. 

Epithermal veins

A large geologic mapping, trenching and soil and rock sampling program was completed in November, 2005. This work has outlined a strong gold and multi-element soil geochemical anomaly measuring over 3,000 meters long by 200 to 400 meters wide. Gold-silver bearing quartz veins have been identified in numerous hand trenches, within separate areas along the trend of this soil anomaly. Reconnaissance prospecting has found numerous surface fragments of quartz veins and breccias. Grab samples from these have returned values ranging up to 43.3 g/t Au.

 

Fall 2006: Consolidated Spire completes a 3,734 metre drill program. The 23 holes confirmed the presence of an epithermal quartz vein system, which has now been traced over 1.5 kilometres and is still open to the north and south. Favourable assay results include:

• RM2006-21: weighted average grade of 1.57 g/t gold over 45.7m including 4.6m of 4.38g/t gold, and 8.9m of 2.03g/t gold
• RM2006-15: 4.6m of 2.03g/t gold and 3.6m of 2.41g/t gold
• RM2006-16: 3.5m of 2.10g/t gold
• RM2006:19: 5.7m of 1.145 g/t gold and 6.7m of 1.12g/t gold

 

November 2004: Almaden has optioned the PV project to Consolidated Spire Ventures Ltd. (Spire). [more +]

November 2005 : Spire has informed Almaden that a large geologic mapping, trenching and soil and rock sampling program was completed in November. This work has outlined a strong gold and multi-element soil geochemical anomaly measuring over 3,000 meters long by 200 to 400 meters wide. Gold-silver bearing quartz veins have been identified in numerous hand trenches, within separate areas along the trend of this soil anomaly. The overall results of the trenching program are currently being complied by Spire. Spire has also informed Almaden that they are considering ground geophysical surveys in early 2006 to better define drill targets in the mineralized areas.

March 2006: Spire announces that drilling will commence April 2006. [more +]