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 (8517)	3/10/2003 9:04:37 AM
From: rdww	Respond to of 39344

Pele Mountain Drilling Confirms Strong Gold And Silver Mineralization Monday March 10, 7:01 am ET TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM - News; "Pele") (the "Company") is pleased to announce that the 2003 first phase drill program completed on its 100% owned Ardeen Gold Mine Project successfully intersected significant gold mineralization in all four drill holes. In addition to the expected strong gold and silver mineralization recovered within the Pele Zone, there were new gold discoveries within parallel veins to the north and south of the Pele Zone that returned assays as high as more than 10 grams gold per tonne and 32 grams of silver per tonne. The Pele Zone, which hosts the extension of the vein system that was mined during the 1930's, was drilled over a strike length of 900 meters (line 7+50W to line 16+50W). The main shaft for the Ardeen Gold Mine, a three compartment 350 meter deep shaft, is located at line 3+00W and the underground workings extend up to line 8+50W on the third level, 115 meters below the surface. Diamond drill hole 1, on line 16+10W, tested the projected western extension of the Pele Zone intersecting mineralized feldspar porphyry dykes hosted in mafic volcanics. The contacts of the intrusives are highly silicified and pyritized. Hole 1 also intersected a gold bearing quartz vein at 166.3 meters down the hole that returned 3.75 grams gold per tonne over 0.6 meters at the southern contact of a gabbro. This new discovery is important because of its similarity to other high grade gold showings located south of, and striking sub parallel to, the Pele Zone near the contact of gabbros. One such gold showing is the Fogen occurrence (see Pele's press release of February 27, 2003) which has returned values of up to 44.3 g/t gold from grab samples taken over a 50 m area on the surface. Diamond drill holes 2, 3 and 4 tested the Pele Zone structure between lines 7+85W and 8+75W. Strong alteration and gold mineralization was intersected. The Pele Zone Structure is described as a quartz vein or series of closely spaced quartz stringers hosted within a gold bearing structure up to 10 meters wide that is intruded by quartz feldspar porphyry dykes, which have been altered and mineralized. Previous diamond drilling on the Pele Zone quartz vein returned assays up to 33.33 g/t Au over 1.45 m, suggesting that variability in gold assays may be due to a "nugget effect" of the gold distribution within the structure. The current drill program also intersected a parallel system of veins, to the north and outside the Pele Zone structure. At the bottom of hole #2, a quartz vein containing semi-massive pyrite, returned 10.314 g/t Au and 32.0 g/t Ag over a width of 0.3 m. The actual width of this vein is unknown because the hole was stopped within the vein. The Company believes this higher grade vein has the potential to host significantly wider mineralization and will consider the possibility of deepening this hole in the future. A review of previous data, incorporating the recent results, suggests the possibility that grades and widths of gold and silver mineralization are increasing with depth on the Pele Zone A tendency towards improving width and grade at depth is also consistent with the records of mining production during the 1930's in the Ardeen Gold Mine. The Pele structure and its lateral extensions remain open and untested by diamond drilling at depth with the deepest drill hole on the structure less than 80 m from surface. The following mineralized sections were sampled: ------------------------------------------------------------------------ DDH # From To Width Au Ag Description (meters) (g/t) (g/t) ------------------------------------------------------------------------ P-FS-03-01 6.3 11.8 5.5 m 0.429 g/t Not Assayed Altered porphyry contact (1 narrow quartz vein) ------------------------------------------------------------------------ 98.6 105.2 6.6 m 0.101 g/t Not Assayed Altered porphyry contact ------------------------------------------------------------------------ 111.7 112.9 1.2 m 0.627 g/t Not Assayed Silicified- pyritized mafic tuffs ------------------------------------------------------------------------ 117.7 126.6 8.9 m 0.253 g/t Not Assayed Silicified- pyritized mafic tuffs ------------------------------------------------------------------------ 166.3 166.9 0.6 m 3.750 g/t Not Assayed Quartz vein mineralized ------------------------------------------------------------------------ P-FS-03-02 65.6 67.5 1.9 m 0.494 g/t Not Assayed 2 quartz veins ------------------------------------------------------------------------ 83.0 93.0 10.0 m 0.380 g/t Not Assayed Pele Zone ------------------------------------------------------------------------ Including 86.5 87.7 1.2 m 0.991 g/t Not Assayed Quartz Vein ------------------------------------------------------------------------ 97.2 97.5 0.3 m 10.314 g/t 32 g/t Quartz vein with semi massive py. ------------------------------------------------------------------------ P-FS-03-03 78.4 88.3 9.9 m 1.040 g/t 7.27 g/t Pele Zone ------------------------------------------------------------------------ Including 78.4 79.2 0.8 m 1.463 g/t 13.175 g/t Quartz vein, dssmt py ------------------------------------------------------------------------ 82.1 84.0 1.8 m 3.281 g/t 22.053 g/t Numerous pararllel quartz strngs ------------------------------------------------------------------------ P-FS-03-04 32.7 36.1 3.4 m 0.155 g/t Not Assayed Brecciated- silicifed IF ------------------------------------------------------------------------ 86.3 96.6 10.3 m 2.348 g/t Not Assayed Pele Zone ------------------------------------------------------------------------ Including 87.3 90.4 3.1 m 5.239 g/t Not Assayed Grey Qtz vein, dssmt py., trace cpy. ------------------------------------------------------------------------ 87.3 88.0 0.7 m 9.318 g/t 54.0 g/t ------------------------------------------------------------------------ 89.2 90.4 1.2 m 7.861 g/t 28.0 g/t ------------------------------------------------------------------------ 92.5 93.5 1.0 m 2.275 g/t Not Assayed Silicified, irregular qtz stringers ------------------------------------------------------------------------ 93.5 94.5 1.0 m 0.535 g/t Not Assayed Grey quartz vein, fine py., trace cpy. ------------------------------------------------------------------------ 95.9 96.6 0.7 m 0.184 g/t Not Assayed Quartz vein ------------------------------------------------------------------------ 102.5 103.0 0.5 m 0.924 g/t Not Assayed "Pitted" quartz vein, minor py. ------------------------------------------------------------------------ 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 two gold projects in northwestern Ontario. This press release had been reviewed and approved by Peter Dimmell P.Geo., a Qualified Person and a Director of Pele. 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 Pele's future plans, objectives or goals, including words to the effect that Pele 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. None of the Company's properties have any known ore body of economic or commercial value. -------------------------------------------------------------------------------- Contact: Pele Mountain Resources Inc. Al Shefsky President Phone: (416) 368-7224 www.pelemountain.com

To: russwinter who wrote (8517)	3/10/2003 9:07:54 AM
From: jrhana	Respond to of 39344

Well I feel optimistic that my portfolios are going to continue to do well. If so there will come a time when I would want someone to manage some funds for me. Who better than you? I view th G part having a lot more to run (with volatility of course). Eventually there will be a time to start switching to the general equity markets. I am sure you will handle this transition exquisitely well. So we can perhaps just keep the idea open. Incidently if you were to start a successful open ended mutual fund, I imagine it could grow easily to a quarter of a billion. Then you would start getting some fees worth talking about.