Anzex Intersects Platinum/Palladium Bearing Zones.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 3, 1998--Anzex Resources (VSE:AZX.) Anzex Resources Ltd. has completed the initial three holes of its 12-hole diamond drilling program at its Longwoods platinum project in New Zealand.

Results confirm that the Longwoods complex is a platinum/palladium bearing layered mafic intrusion in an Island Arc setting, with many features in common with other platinum bearing complexes such as the Bushveld and Stillwater complexes. The next phase of drilling has commenced and will further test the emerging model, and ultimately the prospectivity of the area.

The program to date has confirmed the existence of distinctly anomalous platinum/palladium bearing zones, the best intersection being 2 metres of 0.81 gpt Pt/Pd including 1 metre of 1.05 gpt Pt/Pd in DDH3. The apparent correlation of this intersection with a linear surface geochemical soil anomaly, and similarly orientated magnetic anomalies indicates that the Longwoods appears to contain statigraphic horizons enriched in platinum/palladium. Multiple platinum horizons are a feature of platinum-bearing layered complexes such as the Bushveld (Merensky and UG2 horizons), Stillwater (J-M Reef) and Great Dyke (Main Sulfide Zone). The company believes that it has demonstrated the potential of the Longwoods to contain a large platinum deposit.

Significant Pt/Pd values are as follows (analyses in brackets are duplicate assays) -0-

Hole     Metres       Core      Pt           Pd        Pt+Pd
No.    From   To     Length    g/ton        g/ton      g/ton

DDH3  264.90 265.90   1.00  0.118(0.102)  0.185(0.190) 0.298
      265.90 266.90   1.00  0.165(0.160)  0.350(0.380) 0.528
      266.90 267.90   1.00  0.048(0.052)  0.125(0.155) 0.190
 or   264.90 267.90   3.00                             0.339
      286.10 287.10   1.00  0.540(0.500)  0.480(0.580) 1.050
      287.10 288.10   1.00  0.280(0.210)  0.320(0.340) 0.570
 or   286.10 288.10   2.00                             0.810
      302.90 303.90   1.00  0.116(0.102)  0.094(0.108) 0.210

The mineralisation intersected in this hole is associated with lithologies which comprise alternating bands of troctolite, melatroctolite, anorthosite and olivine gabbro. Some of the troctolites show large irregular (amoeboidal) olivine crystals reminiscent of those in the J-M Reef of the Stillwater complex. The mineralisation is not associated with visible sulfides or other distinctive minerals, and is only detectable by assaying.

DDH4 has been initiated a short distance along strike from DDH3 to test lateral continuity in lithology and grade. DDH4 will test the stratigraphy beyond the level reached by DDH3, which was noted to have terminated in rising PGE background levels.

DDH1 and 2, completed to 623 and 865 metres respectively, were initiated to give insight into Longwoods stratigraphy and mineralogy. Although the holes failed to intersect significant platinum/palladium mineralisation the holes did intersect stratigraphic sulfide layers. Similar sulfide layers are a feature of the upper parts of platiniferous layered complexes, such as the Upper and Middle Banded Zones of the Stillwater and Upper Zone of the Bushveld complex.

In addition to drilling, an extensive 18 kilometre soil sampling program has been initiated which, in conjunction with rock sampling, air-photo interpretation and detailed aeromagnetic data evaluation, will produce the first detailed structural and stratigraphic map of the complex.

Aeromagnetic interpretation, in conjunction with field work suggests an average of 4 to 6 kilometres of stratigraphic thickness and a strike length in the order of 15-25 kilometres. Previous stream sediment sampling undertaken by other companies shows the PGE anomaly extends over 25 kilometres.

The program is under the direction of Anzex geological consultant/Director Professor Naldrett. Professor Naldrett will visit the project to thoroughly evaluate the first phase of drilling on receipt of results from DDH4 which is currently being drilled. -O-

ANZEX RESOURCES LTD.
Dr. Anthony J. Naldrett
James S. Kermeen
John Robins

Directors

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