I don't think so Lindsay. As Eric already mentioned the heavy volume was mainly one big 200K shuffle within Yorkton. The porperty mentioned in your message was agreed upon in Nov. and annouced in the Dec.18 news release. They have a good map at their homepage. Take a look at the properties around ARB's many properties. CTQ/BHP, PFG, and what used to be Mansfields property.
I think that there is still something else that they are after.
Good luck,
Essam.
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Aranlee Resources Ltd -
Acquisition
Aranlee Resources Ltd ARB
Shares issued 16,100,000 Dec 30 close $1.05
Mon 30 Dec 96 Acquisition
The VSE has accepted for filing an initial agreement dated November 25 1996 between the company and Ing. Jorge A. Daroca and Lapacha Minera S.R.L. whereby the company will acquire a 100% interest in four precious and base metal properties in Argentina. Consideration consists of the payment of $8,910,000 as follows: $30,000 by November 11 1996; $100,000 by May 4 1997; $140,000 by November 4, 1997; $280,000 by May 4 1998; $560,00 by May 4 1999; $1,120,000 by May 4, 2000; $2,240,000 by May 4 2001; and $4,440,000 by May 4 2002. The company may relinquish a particular property at any time with a corresponding reduction in future option payments.
(c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com
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December 18, 1996
Acquires Additional Properties In Argentina Drilling
ARANLEE RESOURCES LTD ("ARB-V;AEAEF-L")
- Acquires Additional Properties In Argentina Drilling
Stephen J. Kay, Vice President and CFO, Aranlee Resources Ltd. ("Aranlee") is pleased to
announce the acquisition of 5 new gold and base metal properties in Salta and Jujuy provinces, northwest Argentina totaling approximately 262 sq km. These properties lie within the emerging new precious/base metal belt which extends over 380 km from Barrick/Pacific Rim's Diablillos property in the south, through BHP/Corriente's Taca - Taca deposit in the west, to the Bolivian border in the north (see attached map). Competitor activity is intense in the area and these new properties are an exciting addition to Aranlee's existing portfolio of exploration targets in this district. Three of the original 8 properties acquired by Aranlee in December 1995, Chinchillas, Centenario and El Oculto, are currently being drilled; another three, El Acay, Pancho Arias and Copalayo are being actively explored; while the remaining two, Burruyacu and Vicuna Muerta, have been returned to the property owner as they appear to have insufficient potential to host a major ore deposit.
NEW PROPERTIES
Aranlee has acquired the Oro Lindo property on a 100 percent basis by staking unclaimed ground.
In addition, the Company has an option to acquire a 100 percent interest in 4 precious and base
metal properties, Casa Colorada, Pairique, Archibarca and Yungara. Under the terms of a Letter of Intent for the 4 properties, Aranlee has made an initial payment of US$30,000. If all the properties
are retained, the first option payment of US$100,000 will be due in May 1997. This period will allow Aranlee sufficient time to further evaluate the potential of each property prior to making the
May payment. Each property is subject to separate option payment schedules and may be relinquished at any time with a corresponding reduction in future option payments. To maintain the
option on all of the properties, Aranlee will be required to pay a total of US$8.88 million over a 6 year period, with US$1.08 million in the first three years. Aranlee can also buy-out all of the
properties at the end of the fourth year for a total of US$3.80 million, thus reducing the total cost to
US$4.88 million. For one of the properties (Pairique) no up-front payment was made and the option payment schedule will not be triggered until final resolution of title issues. The Letter of Intent
remains subject to regulatory approval.
Oro Lindo
This property is located approximately 40 km north of Aranlee's existing Centenario property. 4,400 hectares were staked by Aranlee following initial rock sampling in an area of extensive
alteration which was open for claiming. Altered Paleozoic sediments with quartz veins, iron-oxide filled stockworks and breccias were sampled and gave gold values up to 0.7 g/t, supported by
anomalous lead, zinc, arsenic, and antimony values. This suite of metals is indicative of classic, large-scale, epithermal gold systems worldwide.
Casa Colorada
The property comprises approximately 5,000 hectares and is located 5 km south of the town of San Juan de Oro and 20 km from the Bolivian border. It is underlain by a Tertiary intrusive complex flanked by Tertiary sediments. Polymetallic mineralization (copper, lead, zinc, silver and antimony) is reported in previous work by the Argentinian government and the University of Jujuy.
Pairique
Comprising over 10,000 hectares, the property covers a 40 sq km collapsed caldera complex. The core of the complex consists of intrusives displaying strong hydrothermal alteration with assays up to
0.5 g/t gold. Anomalous values of tin are reported from silicified and brecciated volcanic units. The property is located approximately 80 km southwest of the Casa Colorada property.
Archibarca
Located about 80 km south of Pairique, the 2,000 hectare concession covers a volcanic/intrusive complex associated with strong alteration. Strong cross fracturing coincides with areas of altered Paleozoic and Tertiary sedimentary rocks. Lead, zinc, and silver occurrences are reported by previous work.
Yungara
The property consists of 2 blocks totaling 4,800 hectares in a major alteration zone 15 km long by 3 km wide located approximately 35 km east of Archibarca. A series of intrusives are in contact
with Mesozoic-Tertiary sediments. Polymetallic veinlets with copper, lead, zinc, silver, tungsten, tin and gold (up to 0.4 g/t) occur in the sediments and several stockwork zones are reported.
An aggressive surface exploration program on all 5 of the new properties, including geological mapping, outcrop and soil sampling will start in January 1997 with the objective of determining
targets for initial trenching programs and subsequent drill targets.
DRILLING UPDATE
The drilling program on Aranlee's existing properties, which started in the last week of October, has progressed at a slower rate than anticipated due to equipment breakdowns. A new contractor has
now been engaged and the initial 7 holes totaling 787 meters at Chinchillas have been completed with assays pending. Drilling on the Centenario and El Oculto properties will now commence with 6
holes totaling 900 meters planned for each property and completion of the program expected next month.
In addition to Aranlee's properties in Argentina, the Company has a 50 percent interest in 1,565 claims over 17 properties in the Voisey's Bay region of Labrador, Canada. The company has 16.3 million shares issued and 18.2 million on a fully diluted basis. |
