Aranlee to earn interest in eight Argentine properties

Aranlee Resources (VSE) has begun preliminary exploration on eight properties in the northwestern Argentine provinces of Salta and Jujuy.

The company is earning a 70% interest in the properties by paying US$520,000, in addition to 1.6 million shares. The remaining 30% interest can be purchased for an additional 1.6 million shares. Aranlee has 10.6 million shares outstanding, or 16.8 million fully diluted.

Aranlee assumes all underlying option payments, totaling US$10.7 million over five years, and an additional payment of $1 million in cash or shares is required upon the completion of a feasibility study on any of the properties.

The concessions cover an area of 330 sq. km in northwestern Argentina and include the Centenario, El Oculto, El Acay, Burruyacu, Vicuna Muerta, Chinchillas, Copalayo and Pancho Arias properties. Aranlee is analyzing porphyry-style targets characterized by intense alteration, fracturing and mineralized veins. Anomalous gold and copper values have been identified.

The geological exploration program involves geochemical sampling and airborne reconnaissance work. At El Acay, initial sampling within a 6-by-8-km area of altered volcanics has returned values of up to 1% copper and 0.5% zinc.

Aranlee’s other primary assets include its Voisey’s Bay area holdings in Labrador. The company can earn a half interest from NDT Ventures (VSE) in 17 properties totalling 1,565 claims.

Drill results from four holes totalling 507 metres at Project 10-1, in the Staghorn region, 80 km northwest of Nain, include a 0.8-metre interval grading 0.29% nickel, 0.28% copper and 0.067% cobalt for Hole 13.