A drilling program is expected to start in early September on the Quet prospect, 90 km northeast of Vancouver, B.C. Noranda Exploration, a unit of Noranda (TSE), has the right to earn a 60% interest in the property from Aranlee Resources (VSE) in return for $3.55 million in exploration expenditures and $500,000 in share placements over a 4-year period.
Kieran Hardiman, a director of Aranlee, said that the initial program will include about 3,000 metres of drilling designed to test targets defined in Noranda’s recently completed geophysical and geological program.
Previous work by Aranlee outlined a large zone of precious and base metals in altered volcanics over a strike length of 1,500 metres and widths of up to 100 metres. Trenching has returned gold grades ranging from 2-4.1 grams gold per tonne over widths of up to 20 metres.
The company also reports that cross faults in the area carry grades of up to 26% combined lead-zinc over 1-metre widths.
Hardiman drew a geologic parallel between the Quet property and the giant Brittania mine (1888- 1975), 60 km to the west.
Aranlee has about 3.4 million shares outstanding of which its Irish parent company, London-based Burmin Exploration and Development, owns two million shares.
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