David - I believe that it was not released until after the market closed. But Aranlee is a little behind. The news was originally released yesterday by NDT, the operator of the joint venture. You may also note that they got the location wrong for the anomaly detected on the Essex property. I don't like to see releases handled this sloppily. I'll be glad to do the work for them, if they are not capable of handling it in house. Aranlee really needs to get its share price up in order to fund exploration and meet its financial commitments on the Kazakstan properties. Unfortunately, this drill hole is not going to help. You may also have noticed that RTZ is contesting the title to two of Aranlees properties in Argentina, El Acay and Pairique. I emailed the company on Thursday to see if I could get some details on the problem. I will post if I get a response. This is a very experienced team operating this company, but I think right now it is an uphill battle. - regards - Tom
NDT Ventures Ltd -
Drilling results from Staghorn Lake area, Labrador
NDT Ventures Ltd
NDE
Shares issued 22953047
1997-07-24 close $0.48
Friday Jul 25 1997
Mr Fred Hewett reports
The company has received the results of the first two diamond drill holes completed as part of the company's $2.7 million exploration program for 1997 in Labrador. Both holes were drilled as part of an initial 3,000 metre drill program in the Staghorn Lake area, approximately 80km north of Voisey's Bay. The holes were designed to test a geological setting with coincident significant geophysical features that could contain a Voisey's Bay style nickel-copper-cobalt deposit.
Hole No. 23-11 on project 11-3 was drilled to a depth of 468 metres to test a prominent near surface multi-line UTEM ground geophysical target on the southern edge of a coincident magnetic high and a 9 mgal gravity anomaly. The hole intersected 412 metres of foliated/layered leuconorite and sections of layered troctolite before passing into younger anorthosite-leuconorite rocks. A 6.1 metre section, from 38.0 to 44.1 metres, of massive and near massive sulphides averaged 0.16% nickel, 0.34% copper and 0.06% cobalt. Several other narrow zones of sulphides to a depth of 119 metres assayed similar values. In conjunction with the drilling, a deep penetrating magnetotelluric geophysical survey was carried out and has identified a strong conductor, approximately 1.3km north of hole No. 23-11, at a depth of approximately 500 metres, coincident with the axis of the magnetic and gravity anomaly. The
sulphide bearing leuconorite and troctolite rocks intersected in Hole No. 23-11 coupled with the significant geophysical response is considered encouraging. In light of these favourable results, NDT and its joint venture partner have approved a budget increase to drill a deep second hole to test the coincident geophysical anomalies and favourable geology. A drill is presently being moved to this site and drilling will commence shortly. Project 11-3 is a joint venture with Essex Resources.
On project 15-1, a joint venture with Aranlee Resources, 6km east of project 11-3, a drill hole was recently completed to the depth of 1,053 metres. The approximate upper 500 metres of the hole was comprised of fine grained magnetite bearing leuconorite and noritic rocks containing various amounts of olivine. Sulphides throughout this interval ranged from 1 to 3% as fine to medium grained disseminated pyrrhotite and chalcopyrite. No economic sulphides were intersected. The rocks in the upper portion of this hole are of sufficient density and magnetic susceptibility to explain the geophysical anomalies. Several lines of deep penetrating magnetotellurics on this project is planned over the next several weeks to continue to define drilling targets.
On project 12, approximately 4km west of project 11-3, a deep drill hole was recently completed. On project 61, a joint venture with Takla Star Resources, approximately 7km southwest of the Voisey's Bay deposit, drilling commenced on July 21 to test a troctolite intrusion believed to be part of the Voisey's Bay system. Results of the present drilling will be announced once results are received.
WARNING: The company relies on litigation protection for "forward-looking" statements.
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