Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (7258)	2/4/2003 11:14:15 AM
From: rdww	Read Replies (1) \| Respond to of 39344

Drilling starts on Pele Mountains Ardeen Gold mine in Thunder Bay - they already ahve outlined 460,000 + ounces at 14.4 gpt uncut Au and are poking some holes in an untested iron formation this time - FWR EWR MOK are all in the area and rumours have K adding some land positions as well. As a kicker - they have diamonds in wawa including the recent 3/4 ct gem stone. TOP STORIES Search News Archive Gold search appears promising By Kris Ketonen - The Chronicle-Journal February 03, 2003 Pele Mountain Resources Inc. is to start a drilling operation west of Thunder Bay today that excited company officials say could produce a major new gold mine. The drilling at the Ardeen gold and silver mine site will go on for at least two weeks at a site that prospector legends say contains a huge gold deposit, company president Al Shefsky said yesterday. “A lot of the local people here really believe that there’s a huge deposit out there,” Shefsky said. “It’s a bit of a legend, that property.” The drilling will help determine if the legends are true, and Shefsky believes that based on the history of the site 110 kilometres from Thunder Bay, they are. Ardeen, founded in 1871, was the first gold and silver mine in Northern Ontario. The mine — with its 1,200-foot-deep shaft — was shut down in the 1930s because of the Depression, not a lack of gold. Toronto-based Pele Mountain bought the property in 1996, a process Shefsky called a hassle. The government was looking into making the site a provincial park. When that fell through, a staking rush began, producing a series of disputes over claims. The site got tied up in litigation. “It was a mess,” Shefsky said. “That’s why no one was able to get it put together and actually get the thing going again.” Pele Mountain began making deals with the stakeholders, and slowly bought up the claims. The most expensive piece — the actual site of the old mine — cost the company hundreds of thousands of shares and dollars, Shefsky said. Today, the company owns the mine site, and more than 10,000 acres surrounding it. Pele Mountain did some exploration and drilling work at the site in 1996, when early estimates put gold numbers at about 450,000 ounces near the old shaft. When gold prices dropped, the company gave up on Ardeen to focus on a diamond site north of Wawa. With gold prices surging again — now about $370 an ounce — it became worthwhile to do more work at Ardeen, Shefsky said. Today’s drilling, to start at “first light,” will be done by a contracted company, and drop down to 100 or 150 metres. It will look at areas away from the old shaft not covered by the 1996 estimate. The drill produces a core sample which is examined by a geologist and a lab to determine gold content. Half the sample stays in the company’s library for record-keeping. “If you let your imagination go, you can imagine a new gold mine starting up out there,” said Shefsky, who was all smiles through yesterday’s interview at the Valhalla Inn. “It’s not uncommon for new gold mines to be founded where old gold mines used to be.” Silver, of which six ounces were mined for every ounce of gold in the old days, will be a “nice byproduct,” Shefsky said. “There’s lots and lots of gold there that wasn’t mined,” he said. “The reason that they found it (the mine), and why it was the first one in Northern Ontario, is because there is so much high grade around.” In fact, gold is visible on the surface at the site, Shefsky said. “It could be very, very exciting for our company. It could be a company-builder.” The company is riding high because of the success of its diamond explorations on the Festival property 25 km north of Wawa. In late January, a .72-carat gem-quality diamond was found in a sample of 13 tonnes of bedrock. “There’s real potential there for a diamond mine,” Shefsky said, adding details of a third property are being kept secret for now. “Our company’s really on a bit of a roll.” --------------------------------------------------------------------------------

To: russwinter who wrote (7258)	2/4/2003 11:18:13 AM
From: Elizabeth Andrews	Read Replies (2) \| Respond to of 39344

In my view, there's only a few legitimate moonshots out there in juniorland and CQR is clearly one of them. It has a C$9 market cap and its property adjoins a producer with a C$4 billion market cap. A sniff of gold in a drill hole at Red Lake and CQR could be a 10 bagger. What would an ore grade hole do? I think you're right in the AAS as well, as it appears to have a long way to go.

To: russwinter who wrote (7258)	2/4/2003 11:18:32 AM
From: Bruce Robbins	Read Replies (1) \| Respond to of 39344

LOL! When it starts raining, it will pour! Both you and I know that most people (even analysts) buy stocks because someone tells them to and not because they did the research showing how smart an investment it was. Some analysts at major brokerages recommend their pets not because they are smart buys but because they did some banking sh$t for them LOL! Look at picks quoted on CNBC: moneycentral.msn.com moneycentral.msn.com The analysts are still stuck on the elephants and have not had time to think about the others yet. Or is it because these multimillion dollar funds have a problem buying small capitalizations?