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Gold/Mining/Energy : Canadian Rocket Red's Picks -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (3093)	2/4/2003 8:11:53 PM
From: Rocket Red	Read Replies (1) \| Respond to of 19697

42 ounces gold per ton WHAAAAAAAAAAT Pele Mountain to drill Ardeen project in February, 2003 Pele Mountain Resources Inc GEM Shares issued 32,311,354 Jan 8 2003 close $ 0.23 Thursday January 9 2003 News Release Mr. Al Shefsky reports PELE MOUNTAIN TO DRILL AT ARDEEN GOLD MINE PROJECT Pele Mountain Resources has arranged plans for a first-phase drill program during February, 2003, at its 100-per-cent-owned Ardeen mine project. Pele's Ardeen gold mine project is located 110 kilometres west of Thunder Bay, Ont., 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 A sample from the Fisher zone collected by a resident geologist assayed 43 ounces of gold per tonne, which sample has been archived at the Ministry of Northern Development and Mines offices in Thunder Bay.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, BSc, and Doug Hunter, MSc, of Minescape Exploration Inc. 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 grams gold per tonne. Drilling highlights in the Fisher zone include: hole No. 96-8, which averaged 75.3 grams gold per tonne uncut over 4.88 metres; hole No. 97-56 averaging 20.2 grams gold per tonne uncut across 7.34 metres; and hole No. 98-5 which averaged 34.69 grams gold per tonne uncut over 3.7 metres. 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 per cent of the known strike length of the Pele zone had enough drilling to be included in the resource estimate. Geophysical and structural compilation suggest the presence of a previously untested high-potential iron formation 1.6 kilometres west of the Fisher zone and 800 metres 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 continuing 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, PGeo, a director of Pele with 30 years of professional exploration experience.