charliehustle14
06-15-2006, 04:12 PM
This press release is hot of the wire...check out the numbers on these gold assays. For each sample the first number is the sample number the second is Au g/t and the third is Au o/t.
Pele Mountain Confirms High-Grade Gold at Farquhar
Symbol: GEM
Listing: TSX Venture Exchange
Common Shares Outstanding: 59,412,145
FOR IMMEDIATE RELEASE
June 15, 2006 - Toronto - Pele Mountain Resources (TSX Venture: GEM) (“Pele” or the “Company”) announced today the receipt of high-grade gold assays from pit and trench sampling within a strongly mineralized shear zone at the Farquhar Property, a recent addition to the Highland Project in northern Ontario. Highland is 100-percent owned by Pele Gold Corporation, a wholly-owned subsidiary of the Company.
Drilling at Farquhar during the 1980s by Rio Tinto and McAdam Resources returned high-grade gold intersections as high as 2.7 ounces per ton (oz/t) over 5.3 feet with reports of visible gold in the drill core. The initial batch of surface grab samples collected from the pits and trenches along the Farquhar shear confirm the presence of near-surface, high-grade gold. Gold assay results received to-date vary from trace to 131.8 grams per tonne (g/t). Highlights from the gold assays are summarized in the table below. Drilling of the Farquhar shear zone is currently underway.
Grab Sample Assays at Farquhar
Trench
Sample
No.
Gold
(g/t)
Gold
(oz/t)
A
175268
14.5
0.42
A
175269
16.5
0.48
B
175274
69.2
2.02
B
175275
42.1
1.23
B
175276
22.7
0.66
B
175278
18.2
0.53
B
175279
108.5
3.16
B
175280
70.0
2.04
B
175281
35.7
1.04
B
175282
120.0
3.50
B
175283
131.8
3.84
B
175284
47.7
1.39
C
175285
10.9
0.32
C
175286
35.7
1.04
C
175287
35.1
1.02
C
175289
10.6
0.31
C
175290
54.4
1.59
C
175291
75.3
2.20
C
175292
7.5
0.22
C
175293
12.5
0.36
C
175294
8.0
0.23
D
175297
48.9
1.43
D
175298
32.1
0.94
D
175300
52.2
1.52
Pele President and CEO Al Shefsky stated, “Our recent Farquhar acquisition has consolidated the mineral rights along the entire southern contact of the Gutcher Lake Stock for the first time in the region’s mining history. The confirmation of high-grade gold mineralization at several zones from Porter-Premier (Talisker and Springbank) through Farquhar to the Murphy Gold Mine presents an exciting opportunity to delineate significant mineral resources and to create long-term shareholder value.”
Surface samples were collected by a team of experienced prospectors from ASK Prospecting and Guiding, of Gambo South, Newfoundland. Samples were processed by Accurassay Laboratories in Thunder Bay, Ontario, an independent and ISO 17025 accredited laboratory.
This press release has been reviewed and approved by Dr. Edward Walker, P.Geo., an independent consultant and Qualified Person pursuant to National Instrument 43-101.
Pele Mountain Resources is focused on mineral exploration within the established mining camps of northern Ontario. Pele has acquired and developed a diverse portfolio of diamond, gold, base metal, and uranium properties which provide exposure and leverage both to discovery and to the increased global demand for natural resources. Pele is active on several project fronts, including diamond exploration at Festival funded Goldcorp, gold and base metal exploration at Ardeen funded by partners Maple Minerals Corp and East-West Resource Corporation, and in-house exploration at its Highland Gold and Sudbury Offset properties. Pele stock trades on the TSX Venture Exchange under the symbol “GEM”.
For further information please contact Al Shefsky, President, at (416) 368-7224, or visit the Pele website at www.pelemountain.com (http://www.pelemountain.com/)
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.
Pele Mountain Confirms High-Grade Gold at Farquhar
Symbol: GEM
Listing: TSX Venture Exchange
Common Shares Outstanding: 59,412,145
FOR IMMEDIATE RELEASE
June 15, 2006 - Toronto - Pele Mountain Resources (TSX Venture: GEM) (“Pele” or the “Company”) announced today the receipt of high-grade gold assays from pit and trench sampling within a strongly mineralized shear zone at the Farquhar Property, a recent addition to the Highland Project in northern Ontario. Highland is 100-percent owned by Pele Gold Corporation, a wholly-owned subsidiary of the Company.
Drilling at Farquhar during the 1980s by Rio Tinto and McAdam Resources returned high-grade gold intersections as high as 2.7 ounces per ton (oz/t) over 5.3 feet with reports of visible gold in the drill core. The initial batch of surface grab samples collected from the pits and trenches along the Farquhar shear confirm the presence of near-surface, high-grade gold. Gold assay results received to-date vary from trace to 131.8 grams per tonne (g/t). Highlights from the gold assays are summarized in the table below. Drilling of the Farquhar shear zone is currently underway.
Grab Sample Assays at Farquhar
Trench
Sample
No.
Gold
(g/t)
Gold
(oz/t)
A
175268
14.5
0.42
A
175269
16.5
0.48
B
175274
69.2
2.02
B
175275
42.1
1.23
B
175276
22.7
0.66
B
175278
18.2
0.53
B
175279
108.5
3.16
B
175280
70.0
2.04
B
175281
35.7
1.04
B
175282
120.0
3.50
B
175283
131.8
3.84
B
175284
47.7
1.39
C
175285
10.9
0.32
C
175286
35.7
1.04
C
175287
35.1
1.02
C
175289
10.6
0.31
C
175290
54.4
1.59
C
175291
75.3
2.20
C
175292
7.5
0.22
C
175293
12.5
0.36
C
175294
8.0
0.23
D
175297
48.9
1.43
D
175298
32.1
0.94
D
175300
52.2
1.52
Pele President and CEO Al Shefsky stated, “Our recent Farquhar acquisition has consolidated the mineral rights along the entire southern contact of the Gutcher Lake Stock for the first time in the region’s mining history. The confirmation of high-grade gold mineralization at several zones from Porter-Premier (Talisker and Springbank) through Farquhar to the Murphy Gold Mine presents an exciting opportunity to delineate significant mineral resources and to create long-term shareholder value.”
Surface samples were collected by a team of experienced prospectors from ASK Prospecting and Guiding, of Gambo South, Newfoundland. Samples were processed by Accurassay Laboratories in Thunder Bay, Ontario, an independent and ISO 17025 accredited laboratory.
This press release has been reviewed and approved by Dr. Edward Walker, P.Geo., an independent consultant and Qualified Person pursuant to National Instrument 43-101.
Pele Mountain Resources is focused on mineral exploration within the established mining camps of northern Ontario. Pele has acquired and developed a diverse portfolio of diamond, gold, base metal, and uranium properties which provide exposure and leverage both to discovery and to the increased global demand for natural resources. Pele is active on several project fronts, including diamond exploration at Festival funded Goldcorp, gold and base metal exploration at Ardeen funded by partners Maple Minerals Corp and East-West Resource Corporation, and in-house exploration at its Highland Gold and Sudbury Offset properties. Pele stock trades on the TSX Venture Exchange under the symbol “GEM”.
For further information please contact Al Shefsky, President, at (416) 368-7224, or visit the Pele website at www.pelemountain.com (http://www.pelemountain.com/)
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.