Pele Mountain Confirms High-Grade Gold at Farquhar
Pele Mountain Resources (TSX-V: GEM) (“Pele” or the “Company”) announced today the receipt of high-grade gold assays from pit and trench sampling within a strongly mineralized shear zone at the Farquhar Property, a recent addition to the Highland Project in northern Ontario. Highland is 100-percent owned by Pele Gold Corporation, a wholly owned subsidiary of the Company.
Drilling at Farquhar during the 1980s by Rio Tinto and McAdam Resources returned high-grade gold intersections as high as 2.7 ounces per ton (oz/t) over 5.3 feet with reports of visible gold in the drill core. The initial batch of surface grab samples collected from the pits and trenches along the Farquhar shear confirm the presence of near-surface, high-grade gold. Gold assay results received to-date vary from trace to 131.8 grams per tonne (g/t). Highlights from the gold assays are summarized in the table below. Drilling of the Farquhar shear zone is currently underway.
Grab Sample Assays at Farquhar ————————————————————– Trench Sample No. Gold (g/t) Gold (oz/t) ————————————————————– A 175268 14.5 0.42 A 175269 16.5 0.48 B 175274 69.2 2.02 B 175275 42.1 1.23 B 175276 22.7 0.66 B 175278 18.2 0.53 B 175279 108.5 3.16 B 175280 70.0 2.04 B 175281 35.7 1.04 B 175282 120.0 3.50 B 175283 131.8 3.84 B 175284 47.7 1.39 C 175285 10.9 0.32 C 175286 35.7 1.04 C 175287 35.1 1.02 C 175289 10.6 0.31 C 175290 54.4 1.59 C 175291 75.3 2.20 C 175292 7.5 0.22 C 175293 12.5 0.36 C 175294 8.0 0.23 D 175297 48.9 1.43 D 175298 32.1 0.94 D 175300 52.2 1.52 ————————————————————–
Pele President and CEO Al Shefsky stated, “Our recent Farquhar acquisition has consolidated the mineral rights along the entire southern contact of the Gutcher Lake Stock for the first time in the region’s mining history. The confirmation of high-grade gold mineralization at several zones from Porter-Premier (Talisker and Springbank) through Farquhar to the Murphy Gold Mine presents an exciting opportunity to delineate significant mineral resources and to create long-term shareholder value.”
Surface samples were collected by a team of experienced prospectors from ASK Prospecting and Guiding, of Gambo South, Newfoundland. Samples were processed by Accurassay Laboratories in Thunder Bay, Ontario, an independent and ISO 17025 accredited laboratory.
This press release has been reviewed and approved by Dr. Edward Walker, P.Geo., an independent consultant and Qualified Person pursuant to National Instrument 43-101.
Pele Mountain Resources is actively exploring within the established mining camps of northern Ontario. Pele has acquired and developed a diverse portfolio of diamond, gold, base metal, and uranium properties, which provide exposure and leverage both to discovery and to the increased global demand for natural resources. Pele is active on several project fronts, including diamond exploration at Festival funded by Goldcorp, gold and base metal exploration at Ardeen funded by partners Maple Minerals Corp and East-West Resource Corporation, and in-house exploration at its Highland and Sudbury Offset properties. Pele stock trades on the TSX Venture Exchange 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, 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.
Distributed by Filing Services Canada and retransmitted by Market Wire
For further information please contact Al Shefsky President (416) 368-7224 or visit the Pele website at www.pelemountain.com
SOURCE: Pele Mountain Resources Inc.