Pebble Creek drills at Gadarwara and continues drilling at Askot, India
Tue Sep 4, 9:33 AM
ca.news.finance.yahoo.com
TSX-V: PEB
VANCOUVER, Sept. 4 /CNW/ - Pebble Creek Mining Ltd. (the "Company") announces the following:
GADARWARA. On August 24 the Company started drilling the first of three holes at its Gadarwara prospect, Madhya Pradesh, India. The conceptual target is a nickel-platinum group metals or IOCG (iron oxide-copper-gold) deposit completely concealed by overburden.
The Company holds an exclusive 18,990-hectare Reconnaissance Permit Deed ("RP") that covers a magnetic anomaly of 5,000 hectares with a magnitude of 1,200 nT peak-to-peak. The first suggestion of the Gadarwara anomaly's economic possibilities came in a 1994 paper by Dr. D. Atchuta Rao and others of India's National Geophysical Research Institute that postulated massive sulfides at the contacts of a concealed intrusive body.
The anomaly lies within the Narmada-Son rift, a deformed zone 30 kilometers wide, which cuts across the Indian subcontinent separating the Dharwar craton to the south from the Bundelkhand craton to the north. Mineral deposits associated with intrusive rocks of the Proterozoic Mahakoshal Group occur in and near the rift in other places. At Gadarwara the bedrock in the rift zone is completely covered by a deep alluvial basin of silt and sand in the floodplain of the Narmada River.
The Company designed its drilling program following a ground magnetic survey in 2006. Each of the three vertical holes is expected to penetrate 300 to 400 meters of alluvium and 200 meters of bedrock. If downhole conditions permit, the Company will place electrodes in the bottom of each hole for later resistivity and induced polarization surveys in radial patterns around the holes.
ASKOT. The Company started drilling on July 2 and is continuing despite periodic inconveniences caused by heavy monsoon rains. The Company holds an exclusive Prospecting Licence Deed at Askot, Uttarakhand, India.
Five holes have been completed and one lost (and redrilled) for a total of 1,167 meters. The drill is now on its seventh hole. Core recovery is excellent and the completed holes appear to have verified holes drilled 20 to 40 years ago. Work is being supervised by Andrew Nevin, P.Eng., a Qualified Person under National Instrument 43-101.
Backlogs in independent assay labs worldwide have slowed the return of quantitative values to about one month. The Company has received assays on the first hole; assays on two others are pending; and samples from two are in transit. The Company will announce results when the body of data becomes large enough to provide a meaningful confirmation of previous drill holes. After ten confirmation holes the Company intends to step out and drill unexplored territory.
ANNUAL GENERAL MEETING. The Company's AGM will be held on September 27 at 1:00pm local time at Suite 950, 790 Granville Street, Vancouver.
ABOUT PEBBLE CREEK. The Company is well funded and fully committed to exploration and mine development in India. In addition to Askot and Gadarwara, it holds an RP on one other prospect and has 16 RP permits pending.
On Behalf of the Board
Gyan C. Singhai, P.Eng.
Executive Chairman
Forward-Looking Statements. This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such under reliance should not be placed on forward-looking statements.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
Contacts
Gyan Singhai
Executive Chairman
Telephone: (604) 696-6101
Fax: (604) 696-6196 |
