[Marinir] {Disarmed} Halted! Pele (TSX-V: GEM) New Discovery Multiplies Rare Earths Mineralization
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Thu Oct 13 20:48:23 CEST 2011
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Click Here: Pele President Discusses New Rare Earths Discovery
http://youtu.be/4vhMrzo8xe4
Pele Mountain Announces Discovery of Continuous Rare Earths
Mineralization over 140-Metre True Thickness at Eco Ridge
Pele Mountain Resources Inc. (TSX-V: GEM
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=GEM®ion=C&lookup=symbol&snapshot=default
; OTCQX: GOLDF
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=GOLDF®ion=U&lookup=symbol&snapshot=default
) today announced initial results from its core resampling program at
its Eco Ridge Mine Rare Earths and Uranium Project ("Eco Ridge" or the
"Project") in Elliot Lake, Ontario.
Pele has discovered that rare earth oxide ("REO") mineralization outside
the Main Conglomerate Bed ("MCB") extends much farther than previously
realized, with one drill hole revealing more than 140 metres of
continuous mineralization. Pele has also learned that Total REO grades
maintain elevated levels well into the MCB Hanging Wall, averaging more
than 750 grams per tonne (g/t) (1 g/t = 1 ppm) over more than 20 metres
as measured from the base of the MCB, through the MCB, and into the MCB
Hanging Wall.
Pele's recently announced NI 43-101 Preliminary Economic Assessment
("PEA") for Eco Ridge is based solely on mineralization from within the
MCB, which averages 2.7 metres in thickness. All NI 43-101 mineral
resources reported at Eco Ridge to-date are also from within the MCB.
The recent discovery of significant REO mineralization in core from the
MCB Hanging Wall prompted Pele to launch a staged program to expand the
sampling range of recent and historic drill core with an objective of
increasing the size of the Eco Ridge deposit.
Pele President and CEO Al Shefsky stated, "This is a remarkable
discovery. The expansion of rare earths mineralization, by up to several
multiples, presents the potential for a significantly larger operation
at Eco Ridge. In view of the increasing importance of critical REO, Pele
is advancing new work initiatives with particular focus on optimizing
REO production. Along with our recent successful lateral expansion of
the deposit through step-out drilling and our ongoing testing into
increased REO recoveries from monazite using an acid-baking process, we
are rapidly advancing studies on opportunities to improve our already
robust PEA."
Results of the first-stage, 14-hole, expanded sampling program reveal
the following:
Sampling the MCB only (the historical standard practice) yielded an
average of 1805 g/t Total REO over 2.75 metres across the 14 holes. As
expected, this is consistent with the average grade and thickness of the
Indicated Resources at Eco Ridge of 1640 g/t Total REO over 2.70 metres.
Sampling from the base of the MCB, through the MCB, and into the Hanging
Wall averaged 964 g/t (over a true thickness of 11.1 metres, an increase
in Total REO content of 140 percent compared to the MCB alone.
Sampling from the base of the MCB into the Hanging Wall averaged 766 g/t
of Total REO over a true thickness of 21.6 metres, an increase in Total
REO content of 260 percent compared to the MCB alone.
Two of the 14 holes were sampled more extensively. Hole PM-144 returned
297 g/t Total REO over 85.43 metres (MCB plus MCB Hanging Wall). Hole
PM-195 returned 373 g/t Total REO over 125.27 metres (MCB plus MCB
Hanging Wall) and 361 g/t over 140 metres including the sampling both
below and above the MCB. Click here for total REO results for hole
PM-195
http://www.pelemountain.com/pdfs/101111_pm195_Weighted7SampleMovingAverageChart.pdf
.
The relative distribution of Individual REO within the Total REO in the
MCB Hanging Wall remains similar to the relative distribution of the
Individual REO in the MCB, suggesting that monazite is the primary REO
mineral throughout the entire mineralized zone. Please see Pele's press
release dated July 5, 2011
http://www.pelemountain.com/news/GEMPEA07052011.pdf
for details on Individual REO distribution within the MCB.
Every sample from every hole contained REO mineralization. The expanded
sampling intervals in all 14 holes ended in REO mineralization.
Click here for complete results of the first stage, 14-hole expanded
sampling program including individual rare earth oxide grades.
http://www.pelemountain.com/pdfs/10111_PeleMountain_Combined_AssayResults14holes.pdf
The objective of Pele's expanded core sampling program is to evaluate
the extent of vertical REO mineralization at Eco Ridge. Core sampling in
the Elliot Lake camp has historically been designed for optimizing U3O8
mineralization and not REO mineralization. Accordingly, Pele's program
is systematically testing considerable wall rock above and below the MCB
to determine the extent of the REO mineralization for the first time. As
reported with the Eco Ridge PEA, Roscoe Postle Associates ("RPA")
regards the expansion of mineral resources as a potential opportunity to
improve project economics at Eco Ridge.
Pele's Eco Ridge PEA, prepared by RPA, and based solely on the
mineralization within the MCB, demonstrates Pele's potential to become a
profitable producer of REO and U3O8. Based on the PEA, the most
important REO by value at Eco Ridge are Nd2O3, Dy2O3 and Y2O3. The PEA
base case forecasts cumulative production of 10.7-million pounds of
Total REO and 24.9- million pounds of U3O8 over a 15-year mine life with
pre-tax cash flow of US$1.28-billion, a positive NPV of $644-million (at
a 7.5% discount rate), and an IRR of 45-percent.1 Among emerging
Canadian REO developers, Pele's forecast operating costs at Eco Ridge
are, by far, the lowest at just $46 per tonne. For more details on the
PEA, see Pele's press release dated September 7, 2011.
http://www.pelemountain.com/news/090711 Pele Files PEA For Eco
Ridge-2.pdf
In February 2011, RPA reported an updated NI 43-101 mineral resource
estimate for Eco Ridge, as shown in the table below. This resource
estimate includes mineralization from the average 2.7-metre thick MCB
only and was calculated prior to the recent drill program, which
successfully expanded the deposit to the north.
Table 1 Mineral Resources
Pele Mountain Resources Inc. - Eco Ridge Mine Project
Tonnes U3O8 U3O8 TREO5 TREO
Classification ('000s) (%) ('000 lbs) (%) ('000 lbs)
Indicated 14,312 0.048 15,182 0.164 51,859
Inferred 33,121 0.043 31,444 0.132 96,352
Notes:
1. CIM definitions were followed for Mineral Resources.
2. The Qualified Person for this Mineral Resource estimate is Tudorel
Ciuculescu, P.Geo.
3. Mineral Resources are estimated at a cut-off grade of 0.028% U3O8.
4. Mineral Resources are estimated using an average long-term uranium
price of US$60 per lb, and a C$:US$ exchange rate of 0.95:1.00.
5. Total Rare Earth Oxides include of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3,
Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, and Lu2O3. Y2O3
and Sc2O3 are also included in TREO.
6. The resource wireframe at Eco Ridge contains both Indicated and
Inferred U3O8 and REO resources within the near surface portion of the
Main Conglomerate Bed.
7. The U3O8 resource estimate is based on a total of 237 drill holes.
These comprise 152 recent drill holes drilled by Pele Mountain between
2006 and 2009, and 85 historic drill holes drilled between 1954 and
1974.
8. The REO resource estimate is based on a total of 123 recent drill
holes. 21 out of the 123 drill holes have not been assayed for Tm and
Lu, and five other drill holes have not been assayed for Sc.
9. In the Inferred category, there are nine drill holes that have REE
assays. Four drill holes out of these nine have not been analyzed for Tm
and Lu.
Drill core samples were analyzed at Activation Laboratories Ltd., an
independent and ISO 17025 accredited laboratory. The Company performs
routine Quality Assurance and Quality Control procedures on laboratory
assay results.
The technical information contained in this press release has been
reviewed and approved by Tudorel Ciuculescu, P.Geo of RPA, an
independent Qualified Person under NI 43-101.
About Pele
Pele Mountain Resources, the leading developer in Canada's first rare
earths mining camp, is focused on the sustainable development of its
100-percent owned Eco Ridge Mine Rare Earths and Uranium Project. Eco
Ridge is one of very few North American rare earths deposits that has a
NI 43-101 Preliminary Economic Assessment with robust economics and is
located in Elliot Lake, the only Canadian mining camp to have ever
achieved commercial REO production. With well-understood geology,
mineralogy, and metallurgy, excellent regional infrastructure, and
strong local support, Eco Ridge is an ideal location for a safe, secure,
and reliable long-term supply of REO and U3O8. Pele also holds interests
in a portfolio of Northern Ontario gold properties at Highland and
Ardeen. Pele's shares are listed on the TSX Venture Exchange under the
symbol "GEM" and on the OTCQX under the symbol "GOLDF".
For further information please contact Al Shefsky, President, at (800)
315-7353, or visit the Pele website at www.pelemountain.com.
1. The PEA is preliminary in nature. It includes inferred mineral
resources which are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as mineral reserves and there is no certainty that the
preliminary economic assessment will be realized.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts 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. The economic viability of the 43-101
mineral resource at Pele's Elliot Lake Project has not yet been
demonstrated by a preliminary feasibility study.
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