Posts Tagged Network Exploration

Network Exploration Completes Airborne Survey on Yukon Property

Network Exploration Ltd. has completed an airborne geophysical survey of its 25 quartz mineral claims in the Yukon territory.

A low-level, multisensor airborne geophysical survey over the company’s Yukon property collected data from magnetic and radiometric instruments using a Bell 206 BIII helicopter equipped with a cesium vapour magnetometer sensor in a nose stringer (with sensitivity better than 0.01 nanoTesla with compensation) and 8.4 litres of of NaI gamma radiation detection crystals.

Precision GeoSurveys Inc. of Vancouver, B.C., was contracted to perform this survey which is designed to assist in the interpretation of bedrock units, structure and alteration. Survey lines were flown over the approximate 522-hectare property on an east-west orientation (as the regional trend is northwest-southeast) with 100-metre spacing and 1,000-metre spacing for tie lines.

Interpretation of results will be released when available.

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Network Exploration Starts Yukon Field Program

Network Exploration Ltd. has commenced its first phase of fieldwork at the company’s Yukon lode quartz mineral claims.

Network Exploration will begin its first phase of exploration at the Yukon property whereby it will conduct a geologic mapping and sampling program of the company’s mineral claims. The claims are located directly east of the Underworld Resources Inc. 169-square-kilometre White Gold property where Underworld continues to explore sediment- and vein-hosted gold targets after its recently announced gold discoveries.

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Network Exploration gets TSX Exchange Approval to Acquire Claims near Underworld Resources

Network Exploration has received TSX Venture Exchange approval to a property purchase agreement between the company and Blair Naughty, whereby the company will purchase a 100-per-cent interest in certain quartz claims, representing over 1,000 hectares of explorable land in the Yukon. In consideration, the company will pay the vendor a total of $75,000 and issue two million shares of the company. These shares will have a hold period expiring on Nov. 10, 2009.
The vendor will retain a 3-per-cent net smelter return royalty of which 1 per cent will be purchasable by the company for $1-million.
Network Exploration’s mineral claims are located directly to the east of the Underworld Resources Inc.’s Cathy 146 and Cathy 144 quartz mineral claims and approximately 4.5 kilometres from Underworld’s recently announced discovery of 103 metres of 3.4 grams per tonne (g/t) gold. Underworld is exploring sediment and vein-hosted gold targets at the 169-square-kilometre (845 claim) White Gold property.

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Network Exploration Arranges Private Placement to Explore in White Gold District, Yukon

Network Exploration Ltd. will be conducting a private placement to raise gross proceeds of up to $600,000. Under the terms of the private placement, the company will offer a maximum of 12 million units at a price of five cents per unit. Two units will consist of one common share of the company, one flow-through common share of the company and two non-flow-through share purchase warrants where each warrant will allow the subscriber to purchase one additional common share of the company at a price of 10 cents for a period of one year following the close of the private placement. Units issued will be subject to a four-month hold period following the closing of the private placement. It is contemplated that the portion of the investment represented by the flow-through shares will entitle the holders to a 100-per-cent CEE tax deduction as set forth under the Income Tax Act (Canada). Proceeds from this offering will be used for exploration at the company’s recently acquired Yukon property, working capital and general corporate purposes. The private placement and finder’s fee, if applicable, are subject to the acceptance by the TSX Venture Exchange.

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Network Exploration Ltd. has acquired mineral claims representing over 1,000 hectares (or 10 square kilometres) of explorable land in the Yukon Territory, Canada. These claims lie east of Underworld Resources Inc.’s Golden Saddle zone on its White gold property where gold assay values of 4.8 grams per tonne (g/t) and 3.59 g/t have been intercepted over 10.5 and 98.3 metres, respectively.

Under the acquisition agreement Network has agreed to pay $75,000 cash and to issue two million common shares of Network. The vendor will retain a 3-per-cent net smelter return (NSR) of which 1 per cent will be purchasable by the company for $1-million (leaving a 2-per-cent NSR).

Network’s work commitment on the newly acquired land is $25,000 by June 1, 2010, and an additional $225,000 by Sept. 1, 2010.

In an effort to increase shareholder value, Network continues to be on the lookout for strategic property acquisitions near emerging discoveries as well as for historical finds such as the company’s Caldera project in Chile.

Specifically, Network is actively seeking to acquire additional land in the emerging Yukon gold rush to complement its current portfolio and continuing work program in South America. “This acquisition is part of a strategy to maximize our exposure to new gold discoveries,” stated Richard Schnoor, director of international operations. “We will mobilize a field crew to begin a systematic geological work program as soon as reasonably possible,” added Mr. Schnoor.

This transaction is subject to TSX Venture Exchange approval.

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