TORONTO, ONTARIO, Nov. 6, 2009 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 11/06/09 -- Pele Mountain Resources Inc. (TSX VENTURE: GEM) ("Pele" or the "Company") announced today that Wallbridge Mining Company Ltd. (TSX: WM) ("Wallbridge") has reported the discovery of a 2.5 kilometre long section of the Hess Offset Dyke at Pele's Sudbury Nickel Project in Northern Ontario. Wallbridge is expected to complete its initial earn-in of a 60-percent project interest by year-end 2009 and is the project operator during the option period.
Wallbridge reports that detailed and reconnaissance mapping in the northwestern portion of the property has demonstrated that the Hess Offset Dyke has a significant branch that extends across the Pele property for approximately 2.5 kilometres and is up to 35 metres wide. Within that length, there is an approximately 100-150 metre magnetic anomaly, possibly caused by pyrrhotite-hosted Ni-Cu-PGE mineralization, similar to sulphide mineralization found at Vale's nearby Rivers Options property, about 1.5 kilometres to the west. The anomaly will be drilled shortly.
Additionally, Wallbridge reports that a radial quartz-gabbro dyke, which from geochemistry is also likely related to the Sudbury Igneous Complex, has been discovered in the northeastern corner of the property. An intersection of Ni-Cu-PGE mineralization is reported from a drill hole drilled into the Hess Offset Dyke north of the property boundary in this area by Inco in 1967.
Pele President and CEO Al Shefsky stated, "We are very pleased with the exceptional work of our exploration partners, Wallbridge and Coventry Resources Limited, at our Sudbury Nickel and Ardeen Gold projects, respectively. In optioning these properties to capable partners, Pele shareholders realize value from active exploration and discovery while allowing the Company to focus on advancing our core projects at Highland Gold and the Eco Ridge Mine".
The Sudbury Nickel Project covers 14,000 acres on the North Range of the prolific Sudbury Mining Camp of Northern Ontario. Past exploration by Pele and Wallbridge has confirmed the presence of multiple offset dikes and an extensive belt of Sudbury breccia on the property. Offset dikes in the Sudbury area have hosted extensive Ni-Cu-PGE mineralization as well as several successful mining operations. Sudbury breccia is a host lithology often associated with footwall-style Ni-Cu-PGE mineralization.
The Sudbury Mining Camp is the most productive nickel mining district in the world, continuing to deliver world-class base and precious metal output after more than a century of operation.
