Argentine payment due in May, $100k, Drill results promised back in Dec 18, 1996. ARB web page states that Argentine Drill results pending. Note the last paragraph of the following Dec 18 news release.
Fellow Arbers, what do you make of the promises to release drill results? Long overdue at this time. What is your take on why the results are not being released? It has been my experience that when good or very exceptional news is pending that there is leakage and the stock usually makes an upward move. Am I just impatient? Anyone know when there will be drill results from the Argentina properties? Will they hold back results into May?
Thanks,
Ron E
NEWS RELEASE
7350 East Evans Road, Suite C203, Scottsdale, Arizona 85260
Tel: (602) 951-4870 - Fax: (602) 483-9926
e-mail: arl@aranlee.com
December 18, 1996
Trading: VSE.ARB
ARANLEE ACQUIRES ADDITIONAL PROPERTIES IN ARGENTINA
DRILLING UPDATE ON EXISTING PROPERTIES
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% basis by staking unclaimed ground. In addition, the Company has an option to acquire a 100% 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 Argentinean 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% 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.
ON BEHALF OF THE BOARD
Stephen J. Kay, Vice President and CFO
The Vancouver Stock Exchange neither approves nor disapproves the information contained in this News Release.
For additional information, contact Jim Kasten at Tel: (602) 951-4870 or Fax: (602) 483-9926. |
