-- Posted Monday, 9 November 2009 | Digg This Article
| | Source: GoldSeek.com
TORONTO, ONTARIO--(Marketwire - Nov. 9, 2009) - Pele Mountain Resources Inc. (TSX VENTURE:GEM - News; "Pele" or the "Company") (TSX VENTURE:GEM - News) announced today that a recently completed mechanical stripping program has resulted in the discovery of new mineralized zones, and the expansion of others, at its East Highland gold property in Northern Ontario. Please click to see recent photos http://www.pelemountain.com/highland_east_gallery.php. Detailed channel sampling is now underway at five high priority zones. Results will be used to finalize drill locations for a planned upcoming core drilling program. East Highland is 100-percent owned by Pele Gold Corporation, a wholly owned subsidiary of the Company.
Al Shefsky, President and CEO of Pele stated, "We've enjoyed an exceptionally successful field season at our Highland gold properties, discovering and expanding several well-mineralized zones at East Highland in geological settings similar to historic and currently producing gold mines in the area. We are particularly excited about the Haystack and Macallan gold zones, which have been expanded substantially in the mechanical stripping program and exhibit outstanding potential to host significant gold deposits. Following the receipt of channel sampling assays, we will launch a drill program at East Highland that will continue into winter. With outstanding local infrastructure, including three nearby modern gold mills, Pele management believes there is excellent potential to establish revenue generating operations at East Highland."
Following the first systematic exploration program since the 1940s, the shear system at Haystack, which occurs in a mixed sedimentary / volcanic package, has been exposed intermittently over an 830-metre strike length and remains open in both directions along strike, with widths from a few metres to over 15 metres. Reconnaissance sampling of old overgrown trenches, by Pele earlier this field season (16 samples) returned gold values from non detect ("ND") to 9.3 g/t, while historic data includes two chip samples assaying 19.0 g/t and 18.1 g/t gold over 1.8 metres each, along with a grab sample of 44.5 g/t gold.
The Macallan occurrence, in mafic volcanics, was first explored by Pele in 2004, with initial grab samples returning gold values from ND to 57.7 g/t Au. Grab samples taken this field season have returned gold values from ND to 12.6 g/t. Recent mechanical stripping has resulted in the discovery of a system of multiple, parallel, quartz veins in the shear zone, which has now been exposed intermittently over a 560-metre strike length, remaining open to the east and west, with widths from a few metres to 18 metres. A possible offset extension of the zone has been exposed by stripping and also remains open along strike.
The Lone Ranger occurrence, in a quartz porphyritic felsic unit approximately 40 metres in width, which extends over a 160-metre strike length, remains open along strike. Three cut channel samples, totaling 30.3 metres, covering 90 metres of strike length, gave values up to 34 g/t over 2 metres, with others from ND to 1.9 g/t over 2-metre lengths. Higher grade samples are associated with widespread stockwork quartz veining carrying visible gold.
Prospecting, mapping and sampling at East Highland has led to the discovery / re-discovery of two mineralized occurrences, the Mac Porphyry, in a quartz porphyry unit, which occurs parallel to Macallan approximately 50 metres to the north, and Golden Eagle East, in a mixed sedimentary / mafic volcanic package, which is on strike with the Golden Eagle zone, but lies approximately 300 metres to the east. Mechanical stripping has been completed at both locations and channel sampling is underway in preparation for drilling.
Pele's Highland gold properties cover more than 10,000 acres along the Michipicoten Greenstone Belt, approximately 100 kilometres southeast of Hemlo in Northern Ontario. In the late-1990s, Pele mined a 10,000-tonne bulk sample (to a maximum depth of just ten metres) at East Highland's Markes Zone, returning positive cash flow when gold was trading at US$300 per ounce.
Samples were analyzed for gold by fire assay with AA finish at Accurassay Laboratories in Thunder Bay, an independent, ISO 17025 accredited laboratory. The Company is performing routine QA and QC on laboratory assay results. This news release has been reviewed and approved by Peter Dimmell, P.Geo., a Pele Director and a Qualified Person under National Instrument 43-101.
About Pele
Pele Mountain Resources is discovering and developing the mineral wealth of Northern Ontario. At its Eco Ridge Mine uranium project, Pele is advancing toward the sustainable development of a safe, secure, and reliable operation near Elliot Lake. At its East Highland Gold project, Pele has located several high-grade showings and is working to identify mineable gold resources. The Company also holds the Ardeen Gold and Sudbury Nickel projects, which are actively explored under option agreements with Coventry Resources Ltd. and Wallbridge Mining Company, respectively. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM".
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. The economic viability of the 43-101 mineral resource at Pele's Elliot Lake Project has not yet been demonstrated by a preliminary feasibility study.
Common Shares Outstanding: 95,486,944
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Al Shefsky
Pele Mountain Resources Inc.
President
(800) 315-7353
www.pelemountain.com
-- Posted Monday, 9 November 2009 | Digg This Article | Source: GoldSeek.com
