Welcome, Guest Login | Signup | Portfolio | Bookmark | Contact
Markets

Symbol Name
Click for Symbol Help




New Drilling Hits 11.6 Metres of 27 g/t Gold at Pele Mountain's Ardeen Project

Marketwire.com - Dec 3, 2009

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2009) Pele Mountain Resources Inc. (TSX VENTURE:GEM) ("Pele" or the "Company") today announced that Coventry Resources Ltd. ("Coventry") has reported further exploration progress at Pele's Ardeen Gold Project in Northern Ontario. Coventry is earning into the project pursuant to its option agreement with Pele and is the project operator during the option period. Please click here to view details of the option agreement http://www.pelemountain.com/news/072009.pdf or see Pele's press release dated July 20, 2009. Ardeen is 100-percent owned by Pele Gold Corporation, a wholly-owned subsidiary of the Company.

Coventry reports that it has finished its fall drilling campaign at Ardeen, completing 53 holes totalling 6,435 metres. Results for the initial 10 holes were reported in Pele's press release dated November 05, 2009 Assay results have been received for 23 additional holes. Significant near-surface gold mineralization has been encountered in 13 of the 23 holes primarily focused on the Fisher zone, where 12 of 16 holes intersected significant near-surface gold mineralization. Best results include:

* 11.6 metres of 27.0 grams per tonne (g/t) gold & 41.1 g/t silver, including 0.5 metres of 291.0 g/t gold & 504.0 g/t silver and 1.1 metres of 101.9 g/t gold & 80.4 g/t silver.
* 9.1 metres of 8.5 g/t gold and 24.2 g/t silver, including 1.0 metre of 50.7 g/t gold and 157.0 g/t silver.

Coventry reports that these results demonstrate the continuity of the mineralized system at the Fisher Zone and confirm the interpreted westerly-plunge to the high-grade mineralized shoots. The mineralization comprises chalcedonic quartz vein material with pyrite with accessory galena, and sporadic sphalerite, chalcopyrite and visible gold in bonanza intervals. Subsequent drilling was deeper, along strike, and down-plunge of the high-grade shoot intersected in the holes highlighted above. Assay results for the 20 remaining holes, 14 of which were drilled at Fisher, are expected over the next one or two months.

Coventry has announced plans for a winter drilling program, to commence in February, primarily to follow up on first-phase results from the Fisher, Post, and McKellar zones. Several areas of interest, including the McKellar zone, were difficult to drill in the fall due to swamp and marsh areas, but are easily accessible after winter freeze-up. Previous drilling at McKellar intersected near-surface, high-grade gold mineralization, including 3.7 metres of 41.7 g/t gold and 4.3 metres of 37.3 g/t gold.

Coventry also reported that it was encouraged by preliminary results from one of three holes drilled at the previously untested Post prospect and that it plans to accelerate its program of re-sampling and analysis of the approximately 12,000 metres (from 153 drill holes) of historic drill core from Ardeen.

Ardeen Drill Results

Results from significant drill intercepts using a 0.5 g/t gold lower cut-off and internal dilution of one metre are as follows:
Drill Hole From
(m) To
(m) Interval
(m) Gold
(g/t) Silver
(g/t) Zone
09CADD011 No Significant Assays Fisher
09CADD012 25.22 26.00 0.78 8.88 3.60 Fisher
68.60 69.60 1.00 1.92 1.00
09CADD013 No Significant Assays Fisher
09CADD014 No Significant Assays Fisher
09CADD015 108.70 109.06 0.36 1.28 1.00 Fisher
09CADD016 47.90 48.45 0.55 1.16 0.50 Fisher
09CADD017 4.00 4.50 0.50 1.53 1.20 Fisher
15.00 16.93 1.93 1.71 0.55
25.40 26.84 1.44 1.71 2.18
31.80 32.96 1.16 2.43 3.10
09CADD018A No Significant Assays Fisher
09CADD019 35.22 36.00 0.78 1.05 0.80 Fisher
59.60 60.13 0.53 1.30 0.70
09CADD020 14.96 15.96 1.00 1.01 2.20 Fisher
25.39 26.76 1.37 2.75 2.24
32.67 33.16 0.49 1.42 1.70
100.13 101.09 0.96 1.23 0.70
09CADD021 57.70 61.03 3.33 1.35 4.56 Fisher
09CADD023 12.00 13.00 1.00 1.71 8.10 Fisher
56.17 56.47 0.30 2.79 9.90
81.79 83.70 1.91 2.08 2.07
09CADD024 34.50 36.80 2.30 3.82 25.32 Fisher
35.09 35.48 0.39 15.40 109.00
09CADD025 No Significant Assays Martin
09CADD026 No Significant Assays Martin
09CADD027 33.00 34.00 1.00 2.20 Pending Post
09CADD028 No Significant Assays Post
09CADD029 No Significant Assays Post
09CADD030 No Significant Assays Matt Berry
09CADD031 No Significant Assays Matt Berry
09CADD032 8.50 17.63 9.13 8.45 24.19 Fisher
Including 12.00 13.00 1.00 50.70 157.00
41.21 43.19 1.98 2.96 3.41
52.70 57.00 4.30 2.12 2.66
60.67 62.00 1.33 2.43 3.98
64.11 65.74 1.63 1.53 4.99
09CADD033 4.50 6.77 2.27 3.54 6.57 Fisher
11.50 17.00 5.50 2.09 3.06
22.50 34.12 11.62 27.04 41.07
Including 24.82 25.33 0.51 291.00 504.00
Including 27.68 28.81 1.13 101.89 80.43

The Ardeen Gold Project covers more than 10,000 acres along the Shebandowan Greenstone Belt west of Thunder Bay and includes Northern Ontario's first gold mine. The Ardeen Mine was developed to a depth of 380 metres with three shafts on eight levels over a strike length of 850 metres, with recorded production of approximately 30,000 ounces of gold and 140,000 ounces of silver.

Coventry recently completed an oversubscribed A$5-million capital raising and is well-positioned to further advance the Ardeen Gold Project. Coventry reports that it continues to evaluate opportunities to grow by way of acquisition of additional gold properties in close proximity to Ardeen Gold and elsewhere within the Archaean Superior Province of Canada.

Coventry reports that all drill core (NQ and HQ) is geologically logged and marked up on site prior to being sent to its facility in Thunder Bay to be cut in half by company personnel. The half core samples are prepared and analyzed by Activation Laboratories (Actlabs) of Thunder Bay, an ISO 17025 Accredited Laboratory. The remaining half core is stored at Coventry's facility in Thunder Bay.

The information in Coventry's announcement that relates to exploration results is based on information compiled by Anthony Brendon Goddard, a Member of the Australian Institute of Geoscientists and a Competent Person for the purposes of the JORC Code. Mr. Goddard is Technical Director of Coventry.

This news release has been reviewed and approved by Peter Dimmell, P. Geo. (Temporary Ontario), a Pele director and a qualified person under National Instrument 43-101. The drill intervals reported herein are core lengths and do not necessarily represent true widths.

About Pele
Pele Mountain Resources is discovering and developing the mineral wealth of Northern Ontario. At its Eco Ridge Mine uranium project, Pele is advancing toward the sustainable development of a safe, secure, and reliable operation near Elliot Lake. At its Highland Gold project, Pele has located several high-grade showings and is working to identify mineable gold resources. The Company also holds the Ardeen Gold and Sudbury Nickel projects, which are actively explored under option agreements with Coventry Resources Ltd. and Wallbridge Mining Company, respectively. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM".

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Pele's future plans, objectives or goals, including words to the effect that Pele or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The economic viability of the 43-101 mineral resource at Pele's Elliot Lake Project has not yet been demonstrated by a preliminary feasibility study.

Common Shares Outstanding: 101,296,942

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact
Pele Mountain Resources Inc.
Al Shefsky
President
(800) 315-7353
www.pelemountain.com

Read Full Article from Marketwire.com

- Posted: 2009-12-03 08:44:47


 More Stock Investor Place Financial News  
Metals price rout is ending, says Credit Suisse
The Gold Rally is Far From Over ... CNBC.com Editorial
Uragold Raw Quartz Assays As High As 4N Purity (99.99% SiO2) Prior To Commencement Of Testing
Interview with Mr. Tony Green, CEO of UMINING Resources Inc.(UMNG)
Northern Gold Intersects 5.47 g/t Au OVER 17.3 m at Jonpol Deposit

 Stock Investor Place Financial News Archive
April 2016
March 2016
December 2014
August 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
May 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007















Featured Companies | My Place | News | Markets | Big Board | Blogs | Products & Services

Copyright 2019 Stock Investor Place Inc. All Rights Reserved.
Disclaimer - Terms of Use - Privacy Policy - Advertise