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Gold/Mining/Energy : Pele Mountain -- Ignore unavailable to you. Want to Upgrade?


To: rdww who wrote (229)2/17/2004 10:22:38 AM
From: rdww  Read Replies (1) | Respond to of 241
 
COMPANY STRIKES GOLD
By MAGGIE RIOPELLE
Timmins Times
Originally searching for nickel, Pele Mountain Resources Inc. was pleasantly surprised to find gold.
The company owns a property, located 35 kilometres south of Timmins, near the former Texmont nickel mine.
They will be back on the property next week to conduct additional drilling and sampling for gold resources.
“It’s very interesting news, because we weren’t even sampling for gold,” commented Al Shefsky, president. “We did find some nickel, up to 2.2 per cent, which was lower than anticipated. What really grabbed our attention was the gold. The gold numbers we’ve seen are significant – way beyond anything we were expecting.
“A limited suite of split core from zones of alteration and deformation clearly indicate that the recent drill program intersected significant concentrations of gold.”
The gold mineralization is coincident with a ground horizontal loop electromagnetic conductor that has been outlined within Pele's Timmins Property to extend for more than 1.6 kilometres, he added.
“There is a lot of core that has not been sampled. It is a great property with great potential.”
Once an extended drilling program is completed, the sampling will be sent to the labs. After which, Pele hopes to have a better indication of the gold resources on the property and what will be the next phase of the project.
“We may do some surface stripping, it is a wonderful way to get a picture of the resources and sampling. It is also very cost effective. We will be looking at this property one step at a time. The company is well funded right now and we have four other projects that are active.
“This is the first time we have been in Timmins and we think Timmins is great.”
As for the mining of nickel, Shefsky said the company still hopes to mine the nickel but will focus on the gold resources.
“We will have to add a whole new dimension to the plans now that we have very enticing gold mineralization. Anytime you make a new gold discovery it is an exciting time. One can only dream.”
Pele is a Canadian mining exploration and development company. The company is known for its search for economic diamond, nickel, and gold deposits in Northern Ontario.