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FOR FURTHER INFORMATION PLEASE CONTACT:
Aranlee Resources Ltd.
Jim Kasten
(602) 951-4870
(602) 483-9926 (FAX)
Internet Site: aranlee.com
The Vancouver Stock Exchange neither approves nor disapproves the
information contained in this News Release.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ARANLEE RESOURCES LTD.
VSE SYMBOL: ARB
MARCH 7, 1997
Aranlee Plans Additional Drilling in Argentina - New
Acquisition in the Mineralized Belt
SCOTTSDALE, ARIZONA--Aranlee Resources Ltd. ("Aranlee") is pleased
to announce an update on its extensive exploration program in the
emerging precious/base metal belt in the provinces of Salta and
Jujuy in northwest Argentina. First pass, shallow scout drilling
program on 3 properties, Centenario, Chinchillas and El Oculto
started in late October 1996 and was completed in late January
1997. A total of 19 shallow reverse circulation drill holes
totaling 2,335 meters were completed on these properties. Based
on the results from this program additional drilling is planned at
Centenario this summer. The Chinchillas and El Oculto properties
have been returned to the property owner as there was not
sufficient encouragement from drill results to warrant further
work. Following an evaluation of a surface rock sampling and
mapping program, the Copalayo property has also been relinquished.
A new property, Chucolayo, has recently been claimed by Aranlee.
The property is located approximately 2 km southwest of Centenario
and exhibits strong alteration over a large area. In addition to
Centenario and Chucolayo, Aranlee currently holds 7 other
properties in the precious/base metal belt (see attached map).
Exploration continues on these properties concurrently with a
regional program in northwest Argentina aimed at the acquisition
of additional high quality properties. Surface sampling results
at the Company's El Acay property are especially encouraging for a
major mineralized system associated with several porphyries and an
expedited exploration program is underway.
DRILLING UPDATE
Centenario
At the northern end of the Centenario property 6 holes totaling
748 meters of reverse circulation drilling tested a small part of
a strongly altered porphyry to approximately 100 meters below
surface. Previous trenching on this northern porphyry indicated
anomalous gold mineralization in altered, brecciated and
stockworked intrusive with values up to 0.41 g/t gold in rock
panel samples. Four of the 6 holes contain significant anomalous
gold mineralization with intercepts including 48 m at 0.20 g/t
(including one 2 m interval at 0.85 g/t gold) in drill hole CE-3,
48 m at 0.12 g/t gold in drill hole CE-2 and 48 m at 0.11 in drill
hole CE-4, the latter bottoming in anomalous gold mineralization
(14 m at 0.10 g/t gold). Interpretation of these results
indicates that gold grades may increase to the south and southeast
of the existing drilling in an area where the northern porphyry is
covered by windblown sand. This interpretation will be tested on
a high priority basis during the next phase of the program.
A second, large (3 km by 1 km) intensely altered porphyry is
located on the property approximately 2.5 km southwest of the
drilled area (see attached map). Only a limited amount of surface
exploration work has been carried out on this southern porphyry so
far. Results to date based on mapping and surface sampling, with
gold values up to 0.21 g/t and two short trenches containing
anomalous values up to 0.17 g/t gold, indicate that a gold-bearing
hydrothermal system is present. Detailed surface mapping and
sampling is underway and will be followed by an Induced
Polarization (IP) geophysical survey combined with additional
trenching to target possible sites for a drilling program in the
summer.
NEW ACQUISITION
Chucolayo
The Chucolayo property is located approximately 2 km southwest of
Centenario (see attached map) and along the same mineralized
trend. Open ground totaling 3,500 hectares was claimed by Aranlee
as a result of regional scale compilation and reconnaissance work
carried out concurrently with the ongoing evaluation of Aranlee's
existing properties. The claim block covers a large alteration
zone about 7 km by 2 km in a porphyry setting; initial mapping and
sampling of the property are in progress.
OTHER ARANLEE PROPERTIES
El Acay
Encouraging results have been obtained from the exploration work
carried on this large property covering about 36.5 sq km. Surface
mapping and sampling have delineated an extensive alteration zone
covering approximately 6 km by 4 km associated with several
porphyry stocks. Anomalous gold, copper and arsenic mineralization
in 5 zones, ranging from 500m-1,200m by 200m-400m in size, have
been identified so far. Rock and soil gold values in these
anomalies range from 30 ppb to 500 ppb and copper values are up to
1,400 ppm. Four of the 5 anomalous zones identified to date
remain open and a large area (approximately 1 km by 2 km) has yet
to be sampled. Exploration continues and additional surface rock
sampling, geophysical surveys, trenching and subsequent drilling
are planned for the summer.
Pancho Arias
Exploration continues on this classically zoned copper/molybdenum
porphyry target where previous drill results to date include a 32
m interval averaging 0.30 percent copper and several short
intercepts up to 1.45 percent copper in a program of 10 shallow
holes drilled in 1972 by an Argentinian government agency. Strong
hydrothermal alteration and copper/molybdenum mineralization cover
an area of approximately 1 km in diameter associated with a
porphyry stock intruding sediments. This area of alteration
contains extensive zones of intense stockworking grading into
hydrothermal breccias. Detailed mapping and additional sampling is
currently in progress and an Induced Polarization (IP) geophysical
survey followed by drilling is planned in the summer.
Casa Colorada, Pairique, Archibarca, Yungara and Oro Lindo
These 5 properties were acquired in December 1996 (see news
release dated December 18, 1996) and surface mapping and sampling
are in progress on all the properties except for Pairique where
title issues are yet to be resolved by the property owner.
Exploration data on the properties will be released as it becomes
available over the coming months.
In addition to the properties in Argentina, the Company is
acquiring a 67 percent interest in a joint venture which holds a
major land position covering about 11,700 sq km of highly
prospective ground in Kazakstan and a 50 percent interest in 1,565
claims on 17 properties in the Voisey's Bay region of Labrador,
Canada. The Company has 16.4 million shares issued and 18.3
million on fully diluted basis.
NOTE: Location map available from the Company at the phone number
listed below.
ON BEHALF OF THE BOARD
Stephen J. Kay, Vice President and CFO
-30-
I'm a bit disappointed with the drilling,but will continue to hold for long term.
Todd.
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