To All,
From the following site:
atamericas.com
Aranlee Plans Additional Drilling
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 FOR FURTHER INFORMATION PLEASE CONTACT: Aranlee Resources Ltd. Jim Kasten (602) 951-4870 (602) 483-9926 (FAX) Internet Site: aranlee.com
Source: CCN News |
