Shire
Here's some news. Don't know why it doesn't get posted on this thread?
Rick
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ARANLEE RESOURCES LTD.
VSE SYMBOL: ARB
APRIL 24, 1997
Aranlee Plans Deep Drilling at Voisey's Bay in June,
Exploration Update in Kazakstan
SCOTTSDALE, ARIZONA--Aranlee Resources Ltd. ("Aranlee") is pleased
to announce that it has been informed by its joint venture
partner, NDT Ventures Ltd. ("NDT"), that a Phase I deep drilling
program comprising a 1,100 meter deep core hole on Project 15-1
(see attached map) is expected to commence in the Staghorn Lake
area of Voisey's Bay, Canada in June. After two field seasons of
intensive exploration activities by NDT, including extensive
geophysical surveys (both ground and airborne) and detailed
geological mapping and sampling, the Staghorn Lake area is
considered by NDT to be highly prospective for deposits similar to
the Eastern Deeps nickel-copper-cobalt deposit discovered by
Diamond Fields, located approximately 75 km to the south.
Aranlee's drilling is part of a program of 5 deep core holes,
totaling approximately 5,000 meters, to be carried out by NDT and
two of its joint venture partners in the Staghorn Lake area
(Aranlee and Essex Resources Ltd.). A drill rig, together with
fuel and supplies, is now being moved to the area in order to take
advantage of lower mobilization costs by using fixed-wing aircraft
rather than by helicopter.
The 1996 exploration program completed by NDT at Staghorn Lake has
indicated that most of the necessary geological, structural,
geochemical and geophysical parameters which occur at Eastern
Deeps appear to be present at Staghorn Lake. These include the
recognition and delineation by surface mapping and geophysical
methods of several mafic-ultramafic/troctolite rock units at
depths approximately 250 - 350 meters below surface, with
estimates of the thickness of these units ranging from 600 - 700
meters. The base of a similar troctolite/anorthosite sequence is
known to host the massive sulfides at Eastern Deeps. In addition,
the 1996 program yielded the discovery of six significant
gravity-high geophysical anomalies within the overall Staghorn
Lake area corresponding with these units. One of these gravity
highs occurs on Aranlee's project 15-1 where exploration during
1995 identified a 1 to 2 sq. km area with numerous sulfide-bearing
gossans up to 100 by 300 meters in size. These gossans contain 1
to 2 sq. meter patches and lenses of massive pyrrhotite,
magnetite, pyrite and chalcopyrite. Selective grab samples of
these gossans contain up to 1.19 percent nickel, 2.16 percent
copper and 0.15 percent cobalt and represent the highest nickel
surface rock sample values reported to date by NDT in the Staghorn
Lake area.
NDT's total Phase I drilling program (5,000 meters) for all the
joint venture partners is expected to be completed by late July.
In addition to the drilling, additional detailed ground
geophysical and geological surveys will be undertaken over most of
the project areas. Based on the success of the Phase I program, a
second phase drilling program has been proposed by NDT which would
comprise an additional two core holes (total 2,000 meters) on
Aranlee's project 15-1 and one core hole (1,000 meters) on project
10-1, located 4 km to the north-west. This drilling would be part
of an estimated total program by NDT and its joint venture
partners of approximately 16,000 - 17,000 meters and would require
approximately 5 months to complete. The Phase II program,
utilizing two drill rigs, would be finished during the 1998 field
season. The Aranlee/NDT joint venture (50 percent Aranlee) holds
a total of 4 properties in the Staghorn Lake area, covering
approximately 100 sq. km (see attached map) as part of its overall
holdings in the Voisey's Bay area which total 17 properties
comprising 1,565 claims.
KAZAKSTAN
Since January, Aranlee has compiled and evaluated a large amount
of the past exploration data in preparation for the upcoming field
season. So far, 168 mineral occurrences and prospects have been
identified from the huge mineral database compiled from
exploration carried out by previous State geological expeditions
in the area over the past 50 years. In addition to the key target
areas reported previously (see news release dated March 18, 1997),
a number of new prospects have now been identified which warrant
follow-up on a high priority basis, including the Almaly-Akbiik
and Kuzhal prospects on the Nura property in the northern portion
of the Agadyr License (see attached map).
The Almaly-Akbiik copper-gold prospect is located near the
northern boundary of the Nura property. A significant amount of
exploration work, consisting of sampling, trenching and shallow
drilling has been completed in the past and the prospect is
reported to contain an extensive stockwork zone at the contact of
a granitic intrusive with sediments. According to available
information, several drill holes ended in mineralization with 0.25
- 0.40 percent copper, up to 0.7 g/t gold and up to 0.01 percent
molybdenum. A preliminary copper-gold resource is reported to
have been outlined and will be further evaluated by the Company.
The Kuzhal prospect located near the center of the Nura property
and originally explored by the past regional geological
expeditions as a molybdenum/tungsten target, is reported to
consist of an 800 meter by 500 meter zone containing molybdenum
and tungsten-bearing veinlets hosted by sulfide-bearing sediments.
These host sediments are reported to contain values of up to 10
g/t gold and 150 g/t silver with the veinlet zones containing only
0.01-0.03 percent molybdenum and 0.01 percent tungsten.
Following the start of the field season at the end of April, the 6
currently-established top priority targets will be evaluated on an
expedited basis in order to identify several trenching and
drilling targets before mid-summer. Throughout the remainder of
the concessions, geological mapping and sampling will be
coordinated with the data generated from existing information in
order to identify other priority targets for follow-up work.
On January 31, 1997 Aranlee signed a Letter of Intent with
Kazakstan Minerals Corporation ("KazMinCo") to acquire, on a 100
percent basis, KazMinCo's 67 percent interest in JSC Agadir, a
Kazak company holding a 100 percent interest in 10 properties
comprising the 9,700 sq. km Agadyr Exploration License and the
pending application for the 2,000 sq. km Balkhash Exploration
License. The remaining 33 percent interest in JSC Agadir is held
by the Kazak partner (Temenai) for which Aranlee has been granted
a first right of refusal. The acquisition remains subject to
regulatory approval.
ARGENTINA
The Company currently holds a total of 9 properties in the
emerging new precious/base metal belt which extends over 380 km
from Barrick/Pacific Rim's Diablillos property in the south,
through BHP/Corriente's Taca-Taca deposit in the west, to the
Bolivian border in the north. Detailed field work, including
geophysical surveys and rock sampling, continues in preparation
for a drilling program later this summer. A detailed update on
Argentina will be the subject of a separate news release shortly.
Aranlee is a geographically diversified mineral exploration
company actively seeking the acquisition of new mineral
opportunities in selected target areas worldwide. The Company has
16.4 million common shares issued and a total of 18.3 million
common shares on a fully diluted basis.
ON BEHALF OF THE BOARD
Stephen J. Kay, Vice President and CFO
NOTE: Location maps available from the Company at the phone number
listed below.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Aranlee Resources Ltd.
Jim Kasten
(602) 596-9911
(602) 483-4015 (FAX)
aranlee.com
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