-- Posted Friday, 11 December 2009 | Digg This Article
| | Source: GoldSeek.com
TORONTO, ONTARIO--(Marketwire - 12/11/09) - Pele Mountain Resources Inc. (TSX-V:GEM - News) ("Pele" or the "Company") today announced that a selected grab sample of blasted rock from an old pit on the West Highland project has returned mineralization grading 50 grams per tonne (g/t) gold, 161 g/t silver, 4.3 percent zinc, and 1.1 percent lead. The high grade sample, derived from a 25-30 cm wide, quartz-carbonate vein with associated sphalerite, galena and pyrite, was taken 375 metres to the east-northeast of the historic Kozak occurrence. Four other grab samples taken in the area between the high grade sample and the Kozak occurrence, gave values from 0.95 to 10.3 g/t gold, 47 to 421 g/t silver, 0.36 to 0.94 percent zinc and 0.16 to 0.52 percent lead. Pele's complete results from the Kozak area can be viewed at http://www.pelemountain.com/pdfs/Kozak_surfacesampling.pdf. The West Highland project is 100-percent owned by Pele Gold Corporation, a wholly owned subsidiary of the Company.
The original Kozak occurrence, which includes a historic 35-metre deep shaft with development on two levels, is characterized by high-grade gold/silver/zinc/lead mineralization as narrow veins, possibly remobilized from stratiform mineralization. Recent data compilation by Pele, combined with prospecting, mapping, and sampling this field season, suggests that the Kozak-1 zone has the potential to host a large stratiform polymetallic deposit containing gold, silver, zinc, and lead mineralization.
In 1992, Hemlo Gold Mines Inc. (HG) carried out a sampling and trenching program over an 800 by 1,500-metre area approximately one kilometre to the east-northeast of the underground workings at Kozak, in an area referred to as the Kozak-1 zone. The trenches were located based on results from a regional soil survey and mineralized bedrock samples, including a grab sample that assayed 7.6 g/t gold and 152 g/t silver. The trenching was hampered by thick overburden with only five of the nine planned trenches reaching bedrock. The best result was 4 metres of 19.3 g/t silver with anomalous gold and zinc values. The soil survey by HG shows soil samples anomalous in zinc and silver with some gold, extending for a few hundred metres to the south of the trenches at Kozak-1, suggesting a favourable trend continuing off the grid to the south and west. Pele plans to extend the soil sampling to the south, to cover the area of the high grade grab sample, and infill sampling between the old 100 metre spaced HG grid lines - see http://www.pelemountain.com/pdfs/Kozak_soilsample.pdf The results of the soil survey will be used to plan follow-up work at Kozak-1.
Pele's Highland gold projects cover more than 10,000 acres along the Michipicoten Greenstone Belt, approximately 100 kilometres to the southeast of Hemlo in Northern Ontario. The West Highland project has consolidated several historic gold occurrences discovered during the area's first gold rush in the early-1920s. The region hosts several past producing gold mines including the Renabie (over one-million ounces) and the Richmont Mines Inc. operating Island Gold Mine and milling complex. The Highland projects have excellent geologic potential for the discovery of gold deposits similar to those at Renabie and Island.
The rock samples were analyzed at Accurassay Laboratories in Thunder Bay using an ICP technique for silver, zinc and lead and a fire assay method with AA finish for Au. Standard QA/QC techniques are routinely utilized to check sample accuracy. Highland project data is shown on the Pele website at www.pelemountain.com.
This news release has been reviewed and approved by Peter Dimmell, P.Geo. (NL) (Temporary - ON), 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 Highland gold projects, 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: 101,588,608
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.
Contacts:
Pele Mountain Resources Inc.
Al ShefskyPresident
(800) 315-7353
www.pelemountain.com
-- Posted Friday, 11 December 2009 | Digg This Article | Source: GoldSeek.com
