This sounds cool:-)
Thursday May 14, 5:09 pm Eastern Time
Company Press Release
Anzex Mobilizes Rig to World's Only Known
Major Platinum/Palladium Target in
Layered Ultramafic Rocks not Previously
Tested by Drilling
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--May 14,
1998-- Anzex Resources Ltd. (VSE:AZX. - news) Anzex Resources
Ltd. (AZX-VSE) is pleased to announce that a drilling rig has been
mobilized to the Longwoods project on the south island of New Zealand.
Longwoods is the world's only known major platinum group target within
a layered intrusive, which has never been drill tested. Anzex owns 100
percent of the granted license, which covers the entire Longwoods
Igneous Complex (the Longwood Ranges).
The Longwoods is the focal point of Anzex's platinum exploration and
diamond drilling program, which is due to start on 20 May. The first
three holes are each projected to 1,000 meters to test the stratigraphic
layering apparent within the Pahia Layered Series (PLS) which
resembles layering hosting the major platinum/palladium horizons at the
Merensky Reef in South Africa and J-M Reef of the Stillwater Mine in
Montana.
There is strong evidence that the PLS is part of a major layered
intrusion, comprising a high proportion of highly magnetic rocks at the
base and layered, variably magnetic rocks above these. The occurrence
of platinum metals in placer deposits down-slope from the PLS, the
distribution of anomalous stream sediment analyses, and the occurrence
of rocks with up to 3 g/t platinum and 3.3 g/t palladium favor the
occurrence of one or more platinum metal enriched layers within the
PLS where it forms the Longwood range. The rock types containing
anomalous values are similar to those hosting mineralization in the J-M
reef of the Stillwater complex. One or more mineralized horizons could
occur over a strike length of 12 km, with a down-dip potential of at least
2km, giving a potential of in excess of 24 square kilometers of
mineralization. In the initial phase of exploration, Anzex will drill 3 holes
to investigate the igneous stratigraphy and test the platinum metal
potential of the PLS. Particular attention will be given to understanding
the igneous statigraphy (layering of rocks) and relating Platinum Group
Element concentrations to it. This information will be used to guide
subsequent drilling.
Shares Issued: 7,365,077
Fully Diluted: 9,377,577
Year High/Low: $3.00/$1.41
Current: $1.96
Warrants: 937,500 (811,700 exercised)
Cash Position: $1.7 million
-0-
Note to Editors: No stock exchange has reviewed or approved the
content of this news release.
Contact:
Anzex Resources Ltd.
Todd McMurray, 604/684-6671
604/684-6643 (FAX)
Email: anzex@bed-rock.com
anzex.com.au
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