NEWS...
From: Todd McMurray <shakti@csi.com>
Subject: ANZEX NEWS
Date: Tue, 3 Nov 1998 11:16:31 -0800
Anzex Intersects Platinum/Palladium Bearing Zones
Vancouver, BC, November 3 1998: Anzex Resources Ltd. has completed the
initial three holes of its 12-hole diamond drilling program at its
Longwoods platinum project in New Zealand.
Results confirm that the Longwoods complex is a platinum/palladium
bearing layered mafic intrusion in an Island Arc setting, with many
features in common with other platinum bearing complexes such as the
Bushveld and Stillwater complexes. The next phase of drilling has
commenced and will further test the emerging model, and ultimately the
prospectivity of the area.
The program to date has confirmed the existence of distinctly
anomalous platinum/palladium bearing zones, the best intersection
being 2 metres of 0.81 gpt Pt/Pd including 1 metre of 1.05 gpt Pt/Pd
in DDH3. The apparent correlation of this intersection with a linear
surface geochemical soil anomaly, and similarly orientated magnetic
anomalies indicates that the Longwoods appears to contain statigraphic
horizons enriched in platinum/palladium. Multiple platinum horizons
are a feature of platinum-bearing layered complexes such as the
Bushveld (Merensky and UG2 horizons), Stillwater (J-M Reef) and Great
Dyke (Main Sulfide Zone). The company believes that it has
demonstrated the potential of the Longwoods to contain a large
platinum deposit.
Significant Pt/Pd values are as follows (analyses in brackets are
duplicate assays)
Hole No. Metres Pt Pd Pt+Pd
From To Core Length g/tonne g/tonne g/tonne
DDH3 264.90 265.90 1.00 0.118 (0.102) 0.185 (0.190) 0.298
265.90 266.90 1.00 0.165 (0.160) 0.350 (0.380) 0.528
266.90 267.90 1.00 0.048 (0.052) 0.125 (0.155) 0.190
or 264.90 267.90 3.00 0.339
286.10 287.10 1.00 0.540 (0.500) 0.480 (0.580) 1.050
287.10 288.10 1.00 0.280 (0.210) 0.320 (0.340) 0.570
or 286.10 288.10 2.00 0.810
302.90 303.90 1.00 0.116 (0.102) 0.094 (0.108) 0.210
The mineralisation intersected in this hole is associated with
lithologies which comprise alternating bands of troctolite,
melatroctolite, anorthosite and olivine gabbro. Some of the
troctolites show large irregular (amoeboidal) olivine crystals
reminiscent of those in the J-M Reef of the Stillwater complex. The
mineralisation is not associated with visible sulfides or other
distinctive minerals, and is only detectable by assaying.
DDH4 has been initiated a short distance along strike from DDH3 to
test lateral continuity in lithology and grade. DDH4 will test the
stratigraphy beyond the level reached by DDH3, which was noted to have
terminated in rising PGE background levels.
DDH1 and 2, completed to 623 and 865 metres respectively, were
initiated to give insight into Longwoods stratigraphy and mineralogy.
Although the holes failed to intersect significant platinum/palladium
mineralisation the holes did intersect stratigraphic sulfide layers.
Similar sulfide layers are a feature of the upper parts of
platiniferous layered complexes, such as the Upper and Middle Banded
Zones of the Stillwater and Upper Zone of the Bushveld complex.
In addition to drilling, an extensive 18 kilometre soil sampling
program has been initiated which, in conjunction with rock sampling,
air-photo interpretation and detailed aeromagnetic data evaluation,
will produce the first detailed structural and stratigraphic map of
the complex.
Aeromagnetic interpretation, in conjunction with field work suggests
an average of 4 to 6 kilometres of stratigraphic thickness and a
strike length in the order of 15-25 kilometres. Previous stream
sediment sampling undertaken by other companies shows the PGE anomaly
extends over 25 kilometres.
The program is under the direction of Anzex geological
consultant/Director Professor Naldrett. Professor Naldrett will visit
the project to thoroughly evaluate the first phase of drilling on
receipt of results from DDH4 which is currently being drilled.
Anzex Resources Ltd.
Dr. Anthony J. Naldrett
James S. Kermeen
For More Information Contact;
John Robins
Todd McMurray
Directors
V.P. Corporate Development
Tel: 888 989 3232
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