Pele starts to work on it's existing gold resource of 1/2MM oz on only 10% of the KNOWN strike in one area of the Ardeen mine - the other area is adjacent to RIV's drilling program this summer at Snodgrass in TB.
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Thursday May 23, 8:30 am Eastern Time
Press Release
SOURCE: Pele Mountain Resources Inc.
via BCE Emergis e-News Services
Pele Mountain to Renew Gold Exploration
Toronto, Ontario
Common Shares Outstanding: 25,186,628
Pele Mountain Resources Inc. (TSX Venture:YPN - News; "Pele") is pleased to announce that due to the recent up trend in gold prices, Pele intends to renew exploration activities at its 100% owned Ardeen Mine Project which is located 110 kilometers west of Thunder Bay, Ontario. The Ardeen gold mine was the first producing gold and silver mine in Northern Ontario and throughout its production history has produced an average ratio of six ounces of silver for every ounce of gold. The mineralization in and around the mine is generally high grade and is hosted in narrow vein deposits. The main, three-compartment shaft has been sunk to the 1250-foot level and eight working levels have been established from the main shaft. A winze was also sunk from the 1000-foot level into high-grade gold mineralization.
Pele has invested $4,000,000 since 1996 at the Ardeen Mine Project and has focused exploration on high-grade gold zones in close proximity to the mine workings. Pele's work has consisted of prospecting, line cutting, geological mapping, geochemistry, geophysics including VLF-EM, magnetometer, IP, and down hole pulse EM, mechanical trenching and stripping, washing, channel sampling and more than 12,000 meters of diamond drilling.
An independent report prepared in August 1998 by Richard Murphy, B.Sc. and Doug Hunter, M.Sc. of Minescape Exploration Inc., a copy of which has been filed via Sedar and is available on Pele's website at www.pelemountain.com, evaluated the gold resources of the Ardeen Mine Project. The Resource Estimation covered portions of five zones of gold mineralization in close proximity to the mine workings. The inferred resource on these zones totalled 1,082,939 tonnes at 14.4 grams Au/tonne uncut. Less than 10% of the known strike length of the Pele Zone had sufficient drilling to be included in the resource calculation. Additional gold resources are also likely from ore left in the Mine and down plunge extension of the ore body. In their report, Murphy and Hunter stated:
" Work to date has focused on relatively high grade, narrow vein type mineralization.... It is reasonably expected that further drilling will encounter significant gold values both under present holes and in step out holes from known zones. Work to date has not outlined the full extent of the gold bearing structures. The potential for expanding the known mineralized zones as well as outlining new zones is very high".
Pele is a Canadian mining exploration and development company and a leader in the search for economic diamond deposits in Northern Ontario. Pele controls a 100% mineral rights interest in the 101 square km Festival Property, which is located 25 kms north of Wawa. Pele also owns a 100% interest in two gold projects in northwestern Ontario.
For further information please contact
Al Shefsky, President at (416) 368-7224, or visit our website at www.pelemountain.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company 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.
SOURCE: Pele Mountain Resources Inc. |
