Here is the release:
Anzex Resources Ltd -
Anzex Resources arranges financing
Anzex Resources Ltd
AZX
Shares issued 7,265,077
2000-03-07 close $0.18
Wednesday Mar 8 2000
Mr. Kevin Good reports
Anzex Resources has agreed to a private placement of 1,467,000 common shares
at a price of 15 cents per unit with a group of private investors. Each common
share will have one attached non-transferable warrant, exercisable at 18 cents per
unit up until March 7, 2002.
The $220,050 raised through the placement, which is subject to regulatory
approval, will be used to provide working capital.
New Zealand exploration
With the exception of the Longwoods, the company is continuing its exploration
program over its various other platinum group element (PGE) projects in the
South Island of New Zealand.
The main area of interest has now focused on the Anglem prospect within the
Island Arc geological setting containing the Longwoods, Anglem, Woodlaw,
Takitimu and Darren complexes.
It has been noted that highly anomalous nickel and chrome values have previously
been obtained from rock chip sampling programs over a section of the Anglem
complex with nickel values up to 1,500 parts per million and chrome of 4,800
ppm. No assays have been carried out for platinum or palladium, although PGE
have been identified in stream sediment samples.
Stratigraphic chrome and attendant elevated nickel anomalies are a feature of both
the Merensky (South Africa) and Stillwater (Montana) PGE complexes, and it is
expected that a similar pattern will have to be identified within the Longwoods
complex if a significant exploration target is to be isolated. Results to date suggest
the Longwoods may present, as in the case of Stillwater, an elusive target
requiring protracted exploration beyond the company's scope or means.
As previously announced in Stockwatch Nov. 3 and Dec. 15, 1998, and Jan. 22,
1999, the Longwoods diamond drilling program resulted in a one-metre
intersection assaying a combined one gram per tonne platinum and palladium in
hole No. 3. The significance of the intersection was that the highest nickel value of
190 ppm recorded from any program in the Longwoods was obtained in the same
one-metre section. This suggests that nickel is, as with the Bushvelt and Stillwater,
one of the key indicators of PGE in the various geological complexes Anzex holds
under licence.
Based on the previous work over the Anglem complex, it is now apparent that the
high nickel and chromite results dictate the company must focus immediate
exploration in that area. Accordingly, due to the high cost of rental payments
(Longwoods is an exploration permit in contrast to the other projects being held
under prospecting permits), inconclusive drilling results, and the inability to attract
a large partner to carry forward exploration, it has been decided to surrender the
Longwoods exploration permit.
While not making a direct comparison, it can be seen that if an assay of 190 ppm
nickel resulted in a one-gram-per-tonne PGE assay (Longwoods), a 1,500 ppm
rock chip nickel assay from a more prospective complex and geological setting
(Anglem) suggests an exciting new target area and exploration focus.
The Anglem complex is of highly significant proportions, with mafic and ultramafic
geological units stretching over a 20-kilometre strike. Large areas of the complex
remain completely unexplored offering excellent potential for a commercial
discovery.
Bingara diamonds
Following a review of literature and field visits, and observation of inconclusive
results obtained by other companies from programs over the Bingara diamond
field, New South Wales, Australia, it has been decided that the application for the
exploration areas should be withdrawn.
Future operations
While continuing to assess the New Zealand platinum projects with a reduced
although continuing exploration program, the company continues to look for other
mineral exploration targets worldwide which will ensure the company's viability.
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