Anglo Swiss Buys Ring Of Fire Property
VANCOUVER, June 16, 2011 /PRNewswire/ - Anglo Swiss Resources Inc. (ASW:TSX-V , ASWRF:OTCQX) ("Anglo Swiss" or "the Company") is pleased to announce the purchase of a 100% interest in the Lansdowne House Property from INV Metals Inc. for common shares of Anglo Swiss equal to $1,466,360. The number of common shares to be issued will be determined by the volume weighted average price of the common shares over a five-day trading period ending on the date that is two business days prior to the closing of the transaction. The purchase is subject to TSX-V approval and is expected to close on or about June 30, 2011.
The Lansdowne House Property is located approximately 80 km southwest of Noront Resources Ltd.'s Eagle One Discovery, in Northwestern Ontario. The Lansdowne House Property hosts an Ultramafic Complex, which contains a historic resource of 14.6 million tons grading 0.58% copper, 0.37% nickel and 0.03% cobalt plus significant associated Platinum Group Element ("PGE") values. This historic resource estimate was not compiled within the definitions and standards outlined in National Instrument 43-101, and the Company cautions that this resource estimate cannot be relied upon.
Dave Constable, CEO of Anglo Swiss stated that, "The Lansdowne House Property has a historic copper-nickel-cobalt-PGE resource and a modern airborne survey has defined strong untested conductors at the base of the Ultramafic Complex. The Lansdowne House Property also contains four surface gold showings along a seven kilometre-long regional shear and has potential for chromite, base metal and vanadium-titanium mineralization. Together with our expanded Kenville Property in the Nelson, B.C. area, Anglo Swiss is building a diverse exploration asset portfolio."
The Lansdowne House Property ("the Property") consists of a single block of 66 contiguous unpatented mining claims accessible by winter roads, and float planes or helicopters. The area was first explored in the early 1900's and had steady exploration since the 1930's. Several generations of airborne geophysics were completed over the region. A total of 107 drill holes were drilled on the property; including 47 (5,389 meters) by INCO from 1970-74. The historic resources occur in seven gabbro-hosted lenses in the upper levels of the Ultramafic Complex and include higher-grade intersections, such as 0.94% copper and 0.78% nickel over 16.8 meters. Broad zones of anomalous PGE values were also encountered, including 1.13 g/t platinum over 24 meters and 0.31 g/t platinum over 229.8 meters.FNX Mining Company Inc. ("FNX") acquired the Property through their 2005 purchase of Aurora Platinum Corp. Subsequently FNX flew an airborne electromagnetic and magnetic survey over the Property, which detected strong untested conductors at the base of the Ultramafic Complex. The higher-grade copper-nickel-PGE deposits frequently are found at the base of ultramafic complexes, where the sulphide minerals settled and accumulated during cooling of the ultramafic sequence. Drilling of these basal conductors will be a priority for Anglo Swiss. In addition to its copper-nickel-cobalt-PGE potential, the Property contains four surface gold showings along an east-southeast trending regional shear structure. The gold showings contained surface grab samples grading up to 23.8 g/t gold. The surface gold showings have never been drill tested.
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