Drilling Commences at Pele Mountain's Ardeen Project.TORONTO -- Pele Mountain Resources (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:GEM) ("Pele" or the "Company") announced today that East-West Resource Corporation (TSX VENTURE:EWR EWR Europäischer Wirtschaftsraum (German: European Marketing Area) EWR Early Warning Report EWR Early Warning Radar EWR Extreme Warfare Revenge (game) EWR Electricity at Work Regulations ) ("East-West") and Maple Minerals Corp (TSX VENTURE:MPM MPM Multi-Processing Module (Apache) MPM Manufacturing Process Management MPM Milwaukee Public Museum MPM MMW (Millimeter Wave) Power Module MPM Master of Project Management (degree) ) ("Maple") have commenced exploration work at the Ardeen Project in northwestern Ontario Northwestern Ontario is the region within the Canadian province of Ontario which lies north and west of Lake Superior, and west of Hudson Bay and James Bay. It includes most of subarctic Ontario. . As announced on June 8, East-West and Maple may together earn up to a 60-percent interest in Ardeen from Pele's wholly-owned subsidiary, Pele Gold Corporation, by satisfying certain requirements and conditions. Pele has been advised that the East-West/Maple proposed work program includes drilling, a Versatile Time-Domain ElectroMagnetic (VTEM) airborne survey, induced-polarization (IP) surveys, geological mapping, and lithochemical sampling, briefly summarized as follows: - Drilling is underway, initially assessing iron formation and shear-hosted gold settings, and later continuing onto VMS (1) (Virtual Memory System) A multiuser, multitasking, virtual memory operating system for the VAX series from Digital. VMS applications run on any VAX from the MicroVAX to the largest unit. See OpenVMS. targets as they develop. - A detailed VTEM airborne survey is underway at 100-metre spacing to locate VMS targets similar to the discovery earlier this year by Freewest Resources Canada ("Freewest") on its nearby Sungold property. - A 120 kilometre grid at 100-metre spacing will be cut in the southern half of the property for geological mapping and an IP survey, intended to map shear-hosted gold as well as alteration systems associated with VMS mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . - An intensive whole rock sampling program is planned to locate base metal alteration patterns such as sodium depletion and magnesium footwall foot·wall n. Geology 1. The mass of rock underlying a mineral deposit in a mine. 2. The underlying block of a fault having an inclined fault plane. style alteration. The Ardeen Project covers over 10,000 acres of favorable geology along the Shebandowan Greenstone Belt Greenstone belts are zones of variably metamorphosed mafic to ultramafic volcanic sequences with associated sedimentary rocks that occur within Archaean and Proterozoic cratons between granite and gneiss bodies. west of Thunder Bay Thunder Bay, city (1991 pop. 113,946), SW Ont., Canada, on Thunder Bay inlet of Lake Superior. The city was created in 1970 by the amalgamation of the twin cities of Fort William and Port Arthur and two adjoining townships. and includes northern Ontario's first gold mine. The property has long been known for its gold potential, as past drilling by Pele has returned numerous high-grade gold intercepts from more than 12,000 metres of core. Ardeen is now also being explored for its base metal potential following the recent Freewest discovery where sampling has returned numerous high-grade assays of up to 12.5-percent copper and 32.8-percent zinc. The technical aspects of this press release have been reviewed and approved by Peter Dimmell, P.Geo., a director of Pele and a Qualified Person. Pele Mountain Resources is an exploration play on the abundant mineral wealth of northern Ontario. Pele has acquired and developed a diverse portfolio of diamond, gold, and base metal properties which provide exposure and leverage both to discovery and to the increased global demand for natural resources. Pele is active on six project fronts, including diamond exploration at Festival, Alliance and Attawapiskat River with partners Goldcorp and Trigon Exploration Canada, gold and base metal exploration at Ardeen with partners Maple Minerals Corp and East-West Resource Corporation, and in-house exploration at its Highland Gold and Timmins Nickel properties. Pele stock trades on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol "GEM". 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. None of the Company's properties have any known ore body of economic or commercial value. Common Shares Outstanding: 46,624,237 The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Pele Mountain Resources Inc. (TSX VENTURE:GEM) |
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