Review of activities
Aranlee Resources Ltd ARB
Shares issued 16,400,000 Jul 3 close $0.32
Mon 7 Jul 97 News Release
Also Kazakhstan Minerals Corp (KMC.U)
Also Teck Corp (TEK.B)
Also Essex Resource Corporation (ESX)
Also Donner Resources Ltd (DRZ)
Also NDT Ventures Ltd (NDE)
Mr Stephen Kay reports
SCOTTSDALE, ARIZONA SUMMARY
VOISEY'S BAY
Staghorn Lake
Core drilling has commenced on the company's 50% owned project 15-1 at the
Staghorn Lake area of Voisey's Bay, Canada as part of an overall phase one
program of five drill holes, totalling approximately 3,000 metres, to be
carried out by the company, NDT Ventures and Essex Resources.
The Staghorn Lake area is believed to have an overall geological and
geophysical setting similar to that which hosts Inco's Eastern Deeps
nickel-copper-cobalt massive sulphide deposit at Voisey's Bay, 80km to the
south.
This drilling program is the result of two years of extensive and detailed
exploration, including ground and airborne geophysical surveys, surface
rock sampling and detailed mapping.
Surface rock sampling on project 15-1 reported the highest nickel assays
(1.06%) of all samples collected by NDT, the operator, over the entire
Staghorn Lake area.
Results from Aranlee's planned 1,100 metre deep core hole are expected
later this summer.
Donner Agreement
Aranlee and its joint venture partner, NDT, have signed a letter agreement
with Donner Resources for two mineral licences (projects 76-1 and 83-1)
held jointly by Aranlee and NDT in an area approximately 90km south of the
Voisey's Bay discovery. Donner holds a large land position in this area and
has recently signed an agreement with Teck to carry out a major exploration
program in the area. Under the terms of the letter agreement, Donner can
earn a 50% undivided interest in the projects by incurring a minimum
exploration expenditure of $74,250 for 1997 and by maintaining the projects
in good standing until at least March 23 1999. Donner will be operator,
subject to NDT's right to become operator at any time and Aranlee and NDT
will each retain a 25% undivided interest.
ARGENTINA
Centenario
Compilation and evaluation of surface mapping and sampling results
continues in preparation for a three to five deep drill hole program. To
date, the company has completed over 950 metres of hand-dug trenches and
collected over 700 rock panel samples in a complex, highly altered, veined
and stockworked porphyry system.
At Centenario North, results from the company's panel sampling (up to 0.41
g/t gold) and shallow drilling (to less than 100 metres vertical depth)
indicate that gold grades may increase both at depth and to the southeast
in an area where the porphyry is covered by windblown sand.
At Centenario South, approximately 2km southwest and along strike from
Centenario North, a recently completed geophysical survey has defined a
strong induced polarization anomaly which may indicate a silicified zone
overlying a mineralized porphyry system. This geophysical anomaly is in an
area with elevated gold values (up to 0.64 g/t), which may represent
mineralization that has leaked upwards from a major porphyry at depth.
El Acay
Field work for the current field season is nearing completion and
preliminary results from recent geological mapping and geochemical sampling
have identified new areas of anomalous gold mineralization.
Exploration activity by other mining companies in this area is intense and
acquisition of properties is highly competitive.
The property title to a portion of this highly prospective property was
recently unsuccessfully challenged by Rio Tinto (formerly RTZ), who is now
appealing this decision.
Pancho Arias
Detailed geological work has confirmed a classic copper-molybdenum porphyry
system on the property. A core of potassic alteration is surrounded by a
horseshoe-shaped zone of quartz-sericite-pyrite alteration, covering an
area 1.2km by 0.9km, with mineralization occurring primarily within quartz
stockworks and oxidized sulphides in numerous fractures.
Preliminary results from a recently completed geophysical IP survey
indicate that the dimensions of the mineralized portion of the porphyry
system increase in size, both laterally and with depth.
One of the core holes drilled by the Argentinean government in the early
1970s, just outside of the mineralized zone, encountered 0.3% copper over a
32 metre interval from 50 metres below surface but was not followed up.
These encouraging results are being evaluated in detail in preparation for
a possible future drilling program on the property.
Pairique
Covering a 40 sq km collapsed caldera, this complex consists of intrusives
with large areas of strong hydrothermal alteration. Gold assays reported by
the owner are up to 0.5 g/t and gold has been panned from the surrounding
stream sediments; anomalous values of tin are also reported from silicified
and brecciated volcanic units.
A payment of US$20,000 has been made to the property owner and exploration
work has commenced on the property. Subsequent property payments are
subject to resolution of a title dispute with Rio Tinto.
Regional Exploration
Regional geological mapping and sampling continues in this highly
prospective region, together with a systematic evaluation of the four other
properties in the company's current portfolio, all of which were claimed on
a 100% basis by Aranlee, with no underlying property payments. These
properties are: Chucolayo, Oro Lindo, Elizabeth and Escondida.
KAZAKSTAN
Amended Letter of Intent
The company has renegotiated with Kazakhstan Minerals an extension of the
payment terms pursuant to the original letter of intent signed on January
31 1997, whereby Aranlee will acquire KazMinCo's 67% interest in JSC
Agadir, a Kazak company holding a 100% interest in ten properties
comprising the 9,700 sq km Agadyr exploration licence and the pending
application for the 2,000 sq km Balkhash exploration licence. Aranlee will
now make the US$350,000 initial payment on the later of six months from the
closing date of the formal agreement, or January 31 1998, instead of at the
time of signing of the agreement, as specified in the original letter of
intent. The remaining payments will be made as follows: US$175,000 within
90 days of the initial payment and US$175,000 within 180 days of the
initial payment. Interest based on the US prime rate is payable to KazMinCo
on monies which would have been due pursuant to the schedule set out in the
original letter of intent; the interest will be payable at the time of the
final US$175,000 payment. All other terms as described in a previous news
release in February 1997 will remain the same. Due diligence by the company
is close to completion and the formal agreement is expected to be finalized
within a few weeks.
Agadyr Licence
An aggressive exploration program has now commenced on the ten properties
comprising the Agadyr licence. Over 168 precious and base metal
occurrences, including numerous key target areas, have already been
identified from the large database compiled from the work by previous State
geological expeditions carried out over the past 50 years.
Key target areas identified to date include the Tolagai, Kiikbai, Saidal
and Kuzhal (Nura property) gold mineralized zones, and the Almaly - Akbiik
(Nura property), Zhangeldy and Zhekeduan copper-gold deposits.
Work completed by the State between 1963 and 1965 on the Almaly- Akbiik
deposit, including 600 metres of trenching and 1,840 metres of drilling,
generated a reported resource estimate of 80 million tonnes grading 0.43%
copper with about 1 g/t gold. The company will fully evaluate this resource
estimate during the course of a comprehensive exploration program on the
property.
As part of Aranlee's due diligence process, an independent professional
geologist has reviewed the data and inspected many of the 168 mineral
occurrences. His report has confirmed that the ten properties compiling the
Agadyr licence contain mineralization that is worthy of further exploration
with the potential to develop into mineable deposits.
Balkhash Licence
The issuance of the Balkhash licence is in the final stages of the
administration process and is expected shortly. Several key target areas
have already been identified by the company from a review of available data
and from field work carried out to date. These will be the subject of a
separate news release when the licence is issued.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
======================================================
POG $319.00 this AM. Aranlee up over 25%. :o)
Rick |
