NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ARANLEE RESOURCES LTD.
VSE SYMBOL: ARB
JULY 25, 1997
Aranlee Reports Drilling Results from Staghorn Lake Area,
Voisey's Bay
SCOTTSDALE, ARIZONA--Aranlee Resources Ltd. ("Aranlee") has been
advised by its 50 percent joint venture partner, NDT Ventures Ltd.
("NDT") that a core drill hole was recently completed to a depth
of 1,053 meters on Aranlee's Project 15-1, located within the
Staghorn Lake area of Labrador, Canada. This hole was drilled as
part of a multi-property,3,000 meter, Phase 1 drill program
designed to test geological and geophysical features believed
similar to the Voisey's Bay Eastern Deeps nickel-copper-cobalt
deposit, located approximately 80 km to the south. Sulfides were
reported throughout the upper 500 meters of the drill hole,
ranging from 1 percent to 3 percent by volume and consisting of
disseminated pyrrhotite and chalcopyrite; economic mineralization,
however, was not encountered in this drill hole. A deep
penetrating magnetotelluric geophysical survey is planned over the
next several weeks to evaluate possible future drill targets on
the project area.
Drilling by NDT on a property not held by Aranlee, located
approximately 1.5 km west of project 15-1, reported a 6.1 meter
intersection of near-surface massive sulfides averaging 0.16
percent nickel, 0.34 percent copper and 0.06 percent cobalt. In
conjunction with this drill hole, a deep penetrating
magnetotelluric survey recently identified a strong geophysical
conductor (indicative of sulfides) coincident with the axis of a
magnetic and gravity geophysical anomaly located approximately 500
meters to the north of this drill hole. This area is roughly
along trend with the surface nickel-copper-cobalt mineralization
located on Aranlee's projects 10-1 and 15-1. In light of these
favorable results, NDT and its joint venture partner are planning
to drill this adjacent property shortly. The intersection of the
massive sulfide mineralization on a property in close proximity to
Aranlee's project shows the benefit of a multi-company exploration
program using pooled technical information.
ON BEHALF OF THE BOARD
Stephen J. Kay, Vice President and CFO
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FOR FURTHER INFORMATION PLEASE CONTACT:
Aranlee Resources Ltd.
Jim Kasten
(602) 596-9911
(602) 483-4015 (FAX)
aranlee.com
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