(Source: MARKETWIRE)
Pele Mountain Resources Inc. (TSX VENTURE: GEM) ("Pele" or the
"Company") today announced that Coventry Resources Ltd. ("Coventry")
has reported its exploration progress at Pele's Ardeen Gold Project
in Northern Ontario. Coventry is earning-in to the project pursuant
to its option agreement with Pele and is the project operator during
the option period. Please click 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.
Coventry reports that since commencing its diamond drill program in
late-August, 42 holes totalling 4,705 metres have been completed,
with 11 additional holes (totalling approximately 1,400 metres)
expected to be completed shortly. Assay results have been received
for nine of the first ten holes, with significant near-surface gold
mineralization encountered in eight of them. Best results include:
- 3.0 metres of 10.7 grams per tonne (g/t) gold and 39.3 g/t silver,
including 0.5 metres of 56.0 g/t gold and 221.0 g/t silver.
- 4.1 metres of 6.5 g/t gold and 10.2 g/t silver, including 0.5
metres of 35.4 g/t gold and 27.8 g/t silver.
- 1.6 metres of 8.1 g/t gold and 14.9 g/t silver.
Drilling has targeted along strike and down-plunge extensions of
known high-grade gold mineralization, confirming the presence of
substantial near-surface, high-grade gold mineralization at Ardeen.
Drilling to-date has also included three holes (results are pending)
at the Post prospect, a previously untested zone which yielded
high-grade gold from chip sampling, with six samples averaging 40.26
g/t gold. Later drill holes have also evaluated other previously
underexplored prospects.
A table of significant drill intercepts from the first ten holes is
provided further below. Coventry expects the results from the
remaining 43 holes will be released regularly over the next 2 to 3
months as they become available.
Coventry also announced it has commenced re-sampling and analyzing
approximately 12,000 metres (from 153 drill holes) of historic drill
core from Ardeen. The program is designed to identify new mineralized
zones and to check the accuracy of historic assays. They report that
check assays have largely confirmed prior results, as demonstrated by
the following results:
- 8.47m at 11.5 g/t gold from 19.7m in hole 97-56 in re-analysed
core, compared with
- 8.47m at 12.1 g/t gold reportedly previously for the same interval
Some re-analysis resulted in improved grade, most likely due to the
coarseness of the gold and/or the nugget effect.
