Pele Mountain secures Goldcorp support for Festival
Pele Mountain Resources Inc (TSX-V:GEM)
Shares Issued 46,484,237
Last Close 2/22/2005 $0.235
Wednesday February 23 2005 - News Release
Also Goldcorp Inc (2) (:G) News Release
Mr. Al Shefsky of Pele Mountain reports
PELE MOUNTAIN ANNOUNCES EXPLORATION RESULTS FROM FESTIVAL AND ARDEEN
Pele Mountain Resources Inc. has received results from channel samples collected last month at its Festival diamond project, as well as drill results from its Ardeen gold project. Recent exploration at both projects has been financed by Goldcorp Inc.
Goldcorp has advised Pele that, based on current results, it will continue to finance exploration on Festival into 2005. Goldcorp has also advised Pele that it will not be exercising its option to earn an interest at Ardeen, due to the project not meeting Goldcorp's criteria.
Al Shefsky, president and chief executive officer of Pele, stated: "Pele is very encouraged by the results at Festival and Goldcorp's continued participation in that project. We appreciate Goldcorp's efforts at Ardeen where their data compilation and drilling program have added considerable value to the project. We are now planning our own exploration program at Ardeen, to begin after spring breakup. We believe that Ardeen continues to be a very attractive project for a smaller to mid-size gold exploration or mining company."
At Festival, Pele has received additional results from follow-up sampling of the South zone's Deutz occurrence, where samples, collected during 2004, returned strong diamond counts and size distributions. The South zone consists of seven previously reported diamond occurrences characterized by intermittent outcrop, measuring up to 1,500 metres long and up to 800 metres across. Results of the follow-up sampling completed last month are detailed below, according to sieve size.
FOLLOW-UP SAMPLE RESULTS
FROM THE DEUTZ DIAMOND
OCCURRENCE IN THE SOUTH ZONE
Sample Channel Processed
CS- length weight
m kg
04-032* 2.3 19.9
05-032 2.3 88.0
Total
for 032 2.3 107.9
04-033* 2.2 19.8
05-033 3.1 64.0
Total
for 033 3.1 83.8
05-03 2.2 32.0
Total
diamonds 23.7
*Previously reported diamond results
FOLLOW-UP SAMPLE RESULTS
FROM THE DEUTZ DIAMOND OCCURRENCE
IN THE SOUTH ZONE
Sample Sieve size in microns
CS-
+106 +150 +212 +300
04-032* 222 118 66 47
05-032 631 309 143 44
Total
for 032 853 427 209 91
04-033* 62 34 13 15
05-033 666 265 122 53
Total
for 033 728 299 135 68
05-03 374 177 62 20
Total
diamonds 1955 903 406 179
*Previously reported diamond results
**100 microns equal 0.1 millimetre
FOLLOW-UP SAMPLE RESULTS
FROM THE DEUTZ DIAMOND OCCURRENCE
IN THE SOUTH ZONE
Sample Sieve size in microns
CS-
+425 +500 +600 Total
04-032* 5 5 1 464
05-032 3 0 1 1,131
Total
for 032 8 5 2 1,595
04-033* 4 0 0 128
05-033 7 1 1 1,115
Total
for 033 11 1 1 1,243
05-03 0 0 0 633
Total
diamonds 19 6 3 3,471
*Previously reported diamond results
**100 microns equal 0.1 millimetre
Additional channel samples, collected during 2004, are now being processed and continued surface channel sampling at the Deutz and Dom Perignon diamond occurrences will begin this week. A drill program is planned for the Deutz and Dom Perignon occurrences within the South zone before spring breakup. Drilling will test the thickness of the diamond-bearing suite of rocks and processing of the drill core will determine the diamond content.
At Ardeen, Goldcorp has reported the results of its eight-hole, 2,500-metre drill program. All eight drill holes contained gold mineralization, including the hole that targeted the down-plunge extension of the Ardeen gold mine orebody. For a complete and unedited report of the drill results please visit Pele's website at www.pelemountain.com. |
