drilling to start in 2 wks on a deposit with 1/2MM high grade oz already from 10% of known strike at a past producing mine
Pele Mountain To Drill At Ardeen Gold Mine Project
FOR IMMEDIATE RELEASE
January 9, 2003, Toronto: Pele Mountain Resources Inc. (TSX Venture:GEM) (“Pele”) (the “Company”) is pleased to announce plans for a first phase drill program during February, 2003 at its 100% owned Ardeen Mine Project (the “Property”). Pele’s Ardeen Gold Mine Project is located 110 kilometers west of Thunder Bay, Ontario in the Shebandowan Greenstone Belt and is the site of northern Ontario’s first producing gold and silver mine. The Ardeen Gold Mine and surrounding mineralized zones on the Property are characterized by structurally controlled, high-grade gold and silver mineralization hosted in quartz veins and iron formation. Visible gold has been noted in drill core and surface samples from the mineralized zones and in reports describing the gold ore previously mined on the Property. A sample from the Fisher Zone collected by a Resident Geologist assayed 43 ounces of gold per tonne, which sample has been archived at the Ministry of Northern Development and Mines offices in Thunder Bay.
An independent Resource Estimation of Pele’s Ardeen Gold Mine Project, was carried out by Richard Murphy, B.Sc. and Doug Hunter M. Sc. of Minescape Exploration Inc. (“Minescape”) in August 1998. Based on 16 drill holes, the Fisher Zone, which has never been mined, was estimated by Minescape to host an inferred resource of 605,200 tonnes grading 13.0 grams gold per tonne. Drilling highlights in the Fisher Zone include hole # 96-8 which averaged 75.3 grams Au/tonne uncut over 4.88 meters, hole # 97-56 averaging 20.2 grams Au/tonne uncut across 7.34 meters and hole # 98-5 which averaged 34.69 grams Au/tonne uncut over 3.70 meters. When the Fisher Zone was combined with portions of other zones in close proximity to the mine workings, a total inferred resource of 1,082,939 tonnes grading 14.4 grams gold per tonne uncut was outlined. Less than 10% of the known strike length of the Pele Zone had enough drilling to be included in the Resource Estimate.
Geophysical and structural compilation suggests the presence of a previously untested high potential iron formation 1.6 km west of the Fisher Zone and 800 meters west of the Ardeen Gold Mine workings. A strong magnetic anomaly is located near the intersection of significant structures including the Pele Zone, a gold bearing shear zone which hosts the extension of the vein system that was previously mined. Surface grab samples and soil samples in the area of the magnetic anomaly have returned significant gold assays. Preparation for drilling this target has been on going since the summer of 2002 with review and analysis of data followed by visits to the Property to position the drill sites for the drill program. The Property visits were conducted by Claude Larouche of OvalBay Geological Services Inc., an independent geologist with 15 years experience in the Shebandowan Greenstone Belt and Peter Dimmell, P.Geo., a director of Pele with 30 years of professional exploration experience.
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 Diamond Property, which is located 25 kms north of Wawa. Pele also owns a 100% interest in its Wawa Gold Project located in Jacobson and Riggs Townships. This press release has been reviewed and approved by Peter Dimmell P.Geo, a Qualified Person and a director of Pele.
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. |
