-- Posted Friday, 22 January 2010 | Digg This Article
| | Source: GoldSeek.com
Pele Mountain Resources Inc. (TSX Venture: GEM) ("Pele" or the "Company") today announced that Coventry Resources Ltd. (“Coventry”) has reported additional drill results from Pele’s Ardeen Gold Project in Northern Ontario. Coventry is earning into the project pursuant to its option agreement with Pele and is the project operator during the option period. Please click here to view details of the option agreement http://www.pelemountain.com/news/072009.pdf or see Pele’s press release dated July 20, 2009. Ardeen is 100-percent owned by Pele Gold Corporation, a wholly-owned subsidiary of the Company.
Last fall, Coventry completed a 53-hole, 6,435-metre diamond drill program at Ardeen targeting along strike and down-plunge extensions of known high-grade gold mineralization. Results for the first 33 holes drilled have been previously reported (see Pele’s press releases dated November 5, 2009 and December 3, 2009). Coventry has received assay results on an additional 17 holes, with significant gold mineralization encountered in 11 of them, all from the Fisher zone. Highlights include gold intercepts of 1.8 metres of 17.11 grams per tonne (g/t), 0.9 metres of 14.27 g/t, 3.0 metres of 4.11 g/t, and 5.1 metres of 2.28 g/t and 1.0 meter of 6.02 g/t.(See table below for a complete list of results for these 17 holes.) As reported in Pele’s press release dated December 3, 2009, Coventry’s earlier drilling at the Fisher zone has given high-grade gold intercepts of up to 11.6 metres of 27 g/t and 9.1 metres of 8.5 g/t.
Coventry reports that the results show that high-grade gold mineralization at the Fisher zone extends over a strike length exceeding 300 metres in a series of moderately-plunging shoots. The strike extent of the mineralization has been extended and it appears to be continuous with mineralization at the old Ardeen Gold Mine. Results also confirm that the gold mineralization remains open at depth. All data is now being interpreted to determine the controls on the mineralization to prioritize targets for follow-up drilling.
Assay results have been received for 50 of the 53 hole drill program. Results from the last three holes, all drilled at the Fisher zone, are expected shortly.
Coventry also reports that its planned follow-up 2,500-metre diamond drilling program is on schedule to commence at Ardeen in early to mid-February, focusing on the high priority McKellar zone. Drilling at McKellar was difficult last fall due to swamp and marsh conditions, but the area is now easily accessed due to winter freeze-up. Previous drilling gave near-surface, high-grade gold mineralization, including intercepts of 3.7 metres of 41.7 g/t gold and 4.3 metres of 37.3 g/t gold.
Finally, Coventry reports that it is encouraged by the first results from till samples taken over a complex structural zone in the northern central portion of the Ardeen project area in late 2009. The samples, comprising approximately 20 percent of those collected, gave highly anomalous assay results of up to 0.68 g/t (680 ppb) gold, defining three coherent anomalies associated with the Boundary Fault, which separates mafic volcanic units from sedimentary units of the Quetico Subprovince. The fault is a significant structural feature which may have acted as a conduit for fluids associated with gold mineralization. The area, which has received little previous exploration, will be targeted in a follow-up program following receipt of all the results.
Ardeen Drill Results
Results from significant drill intercepts, using a 0.5 g/t gold lower cut-off and internal dilution of one metre, for the latest Coventry drill holes, are as follows:
Drill Hole | From (m) | To (m) | Interval (m) | Gold (g/t) | Zone |
09CADD034 | 44.3 | 45.3 | 1.0 | 1.26 | Matt Berry |
09CADD035 | No Significant values | Matt Berry |
09CADD036 | No Significant values | McKellar |
09CADD037 | No Significant values | McKellar |
09CADD038 | 4.2 | 6.0 | 1.8 | 1.54 | McKellar |
| 11.0 | 12.0 | 1.0 | 1.13 |
| 15.0 | 16.0 | 1.0 | 2.88 |
09CADD039 | No Significant values | McKellar |
09CADD040 | 11.3 | 12.2 | 0.9 | 14.27 | Fisher |
| 102.1 | 104.0 | 1.9 | 1.40 |
09CADD041 | 17.3 | 18.3 | 1.0 | 1.62 | Fisher |
| 61.8 | 62.8 | 1.0 | 1.33 |
09CADD042 | 91.9 | 93.0 | 1.1 | 1.38 | Fisher |
| 156.6 | 158.5 | 1.9 | 3.88 |
09CADD043 | 111.9 | 112.9 | 1.0 | 2.52 | Fisher |
09CADD044 | 117.4 | 118.4 | 1.0 | 1.65 | Fisher |
09CADD045 | 69.2 | 74.3 | 5.1 | 2.28 | Fisher |
| 141.0 | 142.2 | 1.2 | 1.81 |
09CADD046 | 85.2 | 87.0 | 1.8 | 17.11 | Fisher |
09CADD047 | 40.4 | 43.4 | 3.0 | 4.11 | Fisher |
09CADD048 | 32.3 | 33.4 | 1.1 | 1.90 | Fisher |
| 46.4 | 48.0 | 1.6 | 1.26 |
09CADD049 | No Significant values | Fisher |
09CADD050 | 126.3 | 127.5 | 1.2 | 6.02 | Fisher |
Coventry reports that all drill core (both NQ and HQ) is geologically logged and marked up on site prior to being sent to its facility in Thunder Bay to be cut and half-cored by company personnel. The remaining half core is stored at its facility in Thunder Bay. Core samples are prepared and analyzed by Activation Laboratories (Actlabs) of Thunder Bay, an ISO 17025 Accredited Laboratory.
About Pele
Pele Mountain Resources has generated and advanced high-quality mineral projects for more than a decade, discovering and developing the mineral wealth of Northern Ontario. At its vast Eco Ridge Mine uranium project, Pele is focused on the sustainable development of a safe, secure, and reliable operation near Elliot Lake.
At its high-grade Highland gold properties, Pele is drilling several zones to identify mineable, near-surface gold resources. At its 70 square-mile Pigeon River property, Pele is preparing to fly a VTEM survey over large unexplored magnetic targets in search of a Ni/Cu/PGE massive sulphide deposit. The Company also holds the Ardeen Gold and Sudbury Nickel projects, which are actively explored and funded 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”.
For further information please contact Al Shefsky, President, at (800) 315-7353, or visit the Pele website at www.pelemountain.com.
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. 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 Eco Ridge Mine Project has not yet been demonstrated by a preliminary feasibility study.
-- Posted Friday, 22 January 2010 | Digg This Article | Source: GoldSeek.com
