Another release from Anzex, this time about gold:
International Sites
Canada
Australia
Search
help?
Home BullBoards News Releases Newsletters The Markets Portfolio Tracking
Anzex Resources Ltd.
10/7/99 -
Completed Sampling Program, Merrivale and Arethusa Gold Fields
ANZEX RESOURCES LTD ("AZX-V;ANZXF-L") - Completed Sampling
Program, Merrivale and Arethusa Gold Fields
Kevin Good, President and CEO of Anzex Resources Ltd announces that the
Company has completed an initial sampling program over the Merrivale and Arethusa
gold fields in the Longwood Ranges of New Zealand.
At Merrivale an area of 3.5 x 2 kilometres has been defined as being highly anomalous with values of up to 2.3oz (72.5ppm)
Au being recovered. Of the 155 samples taken on 50 metre centres, 8 samples ranged from 11.2ppm to 72.5ppm, a further
8 ranged from 2.93ppm to 9.28ppm, and another 8 from 1.05ppm to 2.26ppm (1ppm equals 1g/t Au). Arethusa is equally
as prospective with a large compound magnetic anomaly, at least 2 kilometres long, coinciding with old workings and altered
rock.
Merrivale and Arethusa are two of a number of highly prospective goldfields within the Longwoods - the site of Anzex's
platinum exploration program - which have recorded substantial alluvial gold production prior to, and just after the turn of the
century. The platinum and gold do not occur together but as two distinctly different events in different geological settings
within the Longwood Complex. It is probable that emplacement of the platinum bearing plutonics, and later intrusive events,
provided the thermal gradients which were the driving force behind a sub-regional metamorphic gold mineralisation event.
At Merrivale quartz up to 40cm wide has been noted as float with gold results from that material ranging up to 0.7oz (22ppm)
Au. Related shear zone/ "stockwork" float has ranged up to 2.3oz (72.5ppm) noted above, with up to 4.2oz (130ppm) being
previously recorded by Nicolson et al 1988. The gold is present as coarse grains, and a nugget effect is apparent in sample
results.
An alteration envelope up to 6 metres wide with high Au values has been located around a complex visible shear zone
peripheral to the main zone of interest. Within the zone of interest, it is considered that multiple shears exist with stockworks,
and that alteration widens in more complex structural areas with strong sulfide development.
Anzex's mapping and rock sampling has shown that rather than the "isolated alluvial diggings" normally associated with alluvial
production; all streams, gullies, stream terraces and parts of the forest floor have been intensively worked for alluvial gold.
Sluicings up to 20 metres deep are not uncommon as are innumerable pits, shafts and adits.
Exploration of the area has been difficult due to the thick vegetation and forest cover. However, earlier aeromagnetic work
carried out by Anzex over the Longwoods in combination with the recently completed ground program area has indicated
solid targets in both the Merrivale and Arenthusa project areas.
The style of mineralisation and structural evidence suggest the presence of mesothermal quartz vein deposits analogous to the
major gold producers of the last century, such as Martha Hill (4 million ounces)in the North Island of NZ, and Charters
Towers (6 million ounces) in Queensland, Australia.
Arethusa offers same prospective indications to that of Merrivale. Sulfide rich quartz, altered country rock and evidence of
historic mining and prospecting is clearly evident. Just completed field work in conjunction with aeromagnetic interpretation
has identified a large compound magnetic anomaly, at least 2km long, coinciding with the area of the old workings and altered
rock.
The Arethusa area is littered with old workings with Au bearing float and in-situ quartz/sulfide veins. Extremely weathered
gossan - up to 3.3 oz (103ppm) Au, altered country rock and leached quartz float are found over a large area. Nuggets up to
36oz have previously been reported in NZ Government literature.
Anzex believes it has identified two large gold-bearing mesothermal systems in Merrivale and Arethusa, which relate directly
to the occurrence of alluvial gold which has been mined in the close vicinity and downstream from the two projects for more
than 100 years. The Longwoods -which include Merrivale and Arethusa-was the largest single continuously producing alluvial
gold field in NZ prior to the turn of the century and it is the source of the alluvial gold that points to these two project areas.
The company believes Merrivale and Arethusa represent the two most significant gold exploration targets in New Zealand
today. The style or mineralisation, the extent and the clear evidence of widespread highly significant values obtained from
sampling, and indications from aeromagnetic interpretation, contribute heavily to the model. TEL: (604) 684-6671
Anzex Resources Ltd. FAX: (604) 684-7311
Kevin Good, President and CEO INET : www.anzex.com EMAIL: info@anzex.com
______________________________________
(c) Corporate Dissemination Services Inc. All rights reserved.
Tel:(604) 689-1101
Fax:(604) 689-1106 |
