Drilling Underway at Pele Mountain's Festival Diamond 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 drilling is underway at its Festival Diamond Project ("Festival") near Wawa in northern Ontario Northern Ontario is the part of the province of Ontario which lies north of Lake Huron (including Georgian Bay), the French River and Lake Nipissing. Northern Ontario has a land area of 802,000 km² (310,000 mi²) and constitutes 87% of the land area of Ontario, although it . Exploration at Festival is funded by Goldcorp (TSX:G; NYSE NYSE See: New York Stock Exchange :GG) which can earn up to a 60-percent interest in the project from Pele by spending $3-million over a three-year period.Previous bulk sampling has confirmed the presence of commercial size and gem quality diamonds at Festival. The preliminary 500-metre core drill program is focused on two diamond occurrences in Festival's South Zone, Deutz and Dom Perignon Dom Perignon renowned vintage French champagne. [Western Cult.: Misc.] See : Luxury . Drilling will provide valuable information on the size and continuity at depth of the mass flow units at these locations and will also help to outline related facies facies /fa·ci·es/ (fa´she-ez) pl. fa´cies [L.] 1. the face. 2. surface; the outer aspect of a body part or organ. 3. expression (1). that are not outcropping. The drill program is the first ever conducted at Festival (except for a single hole drilled at Cristal in 2003) and marks a significant milestone for the project. Results from the 2004 field program have demonstrated that the individual diamond occurrences at Festival are part of a much larger suite of rocks and that diamonds occur primarily within discrete layers at the base of these zones.The two identified zones, "South" and "North", are characterized by intermittent outcrop exposure with surface areas measuring up to 1,500 metres long and up to 800 metres across and up to 1,100 metres long and up to 600 metres across, respectively.Both zones are comprised of relatively thick sequences of diamondiferous volcanogenic vol·ca·no·gen·ic adj. Of volcanic origin. rocks and potentially host significant tonnage. Pele is operating the Festival exploration program under the supervision of Dr. Edward Walker Edward Walker can refer to more than one person:
Pele Mountain Resources is an exploration play on the vast mineral wealth of northern Ontario.Pele has acquired and developed an exceptional portfolio of diamond, gold, and base metal properties which present excellent leverage both to discovery and to the unfolding bull market in 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, along with in-house gold and base metal exploration at its Ardeen, Highland, and Timmins 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". 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , 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: 46,504,237 Pele Mountain Resources Inc. (TSX VENTURE:GEM) |
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