Anzex drops Longwood permit

The inability to attract a senior partner has prompted Anzex Resources (AZX-V) to surrender the Longwoods platinum-group-elements project in New Zealand’s South Island. The junior intends to continue work on other nearby projects that have lower carrying costs and better geological potential.

Anzex plans to focus its efforts on the Anglem prospect, in the Island-Arc geological setting, which also hosts Longwoods and other prospects. This region is relatively unexplored, with the mafic and ultramafic geological units of interest extending for more than 20 km of strike.

Financially beleagured Echo Bay Mines (ECO-T) has elected to defer an interest payment due next month on its US$100-million capital securities.

The gold-silver miner has the right to defer interest payments for up to 10 consecutive semi-annual periods. It has already deferred five consecutive semi-annual payments, with interest accruing at the rate of 12% per year, compounded semi-annually. The next payment is due in October.

Two more junior companies have set their sights on joining the dot-com boom, including Vancouver-based Northern Crown Mines (NCW-T), which is pondering a change in business within the North American technology sector.

Toward that end, Northern Crown plans to dispose of its Guadalupe gold-silver project in Mexico, either through a direct sale or by optioning it to an operating partner. President John Brock says the company has been targeted as a viable reverse-takeover candidate because of its strong shareholder base and market exposure, and its estimated $12-million capital-loss pool.

Also joining the dot-com revolution is Greystar Resources (GSL-T), which intends to invest in Internet enterprises in China and other Asian countries. Greystar says it will keep its controlling interest in the Angostura gold-silver project in Colombia.

Drill crews have begun searching for tantalum and cesium mineralization at the Lilypad Lakes property in northwestern Ontario, reports Avalon Ventures (AVL-V).

Eight holes totalling 1,000 metres will test four pegmatite dykes measuring up to 12 metres in width. All were chosen on the basis of recent and historic work, and three returned between 0.025% and 0.113% tantalum oxide and 0.06% to 3.84% cesium oxides in recent samples.

Avalon notes that tantalum occurs in an unusually pure variety of microlite containing up to 79% of the metal in oxide form as discrete grains from 0.05 to 0.5 mm in diameter. Cesium is mainly tied up in pollucite, which occurs as coarse-grained aggregates making up to 10% by volume of the rock samples reviewed.