Pele Mountain Finds More High-Grade Gold

 

TORONTO, ON - Pele Mountain Resources Inc. reported that prospecting, mapping, and sampling at its Highland gold property has led to the discovery of more high-grade gold at the Haystack and Macallan zones in Northern Ontario. Both occurrences are located on patented mining claims in the far eastern portion of the property. The Highland properties are 100-percent owned by Pele Gold Corporation, a wholly owned subsidiary of the Company.

The Haystack occurrence, originally discovered and explored in the 1930s, was recently relocated by Pele in fieldwork performed this summer. The Haystack shear zone has been traced over a 700-metre strike length and remains open along strike, with widths exceeding 8 metres in historic trenches. Reconnaissance sampling by Pele has returned gold values from non-detect up to 9.3 grams per tonne (g/t) while historic data includes two chip samples assaying 19.0 g/t and 18.1 g/t gold over 1.8 metres each, along with a grab sample of 44.5 g/t gold.

The Macallan occurrence, located approximately 200 metres to the north of Haystack, was also discovered and explored in the 1930s, and was relocated and explored by Pele in 2004, when Pele's initial grab samples returned gold values from non-detect up to 57.7 g/t. Recent work has traced the Macallan shear zone over a 500-metre strike length with widths of up to 10 metres and it remains open along strike. The 2009 field season sampling has returned gold values from non-detect up to 12.6 g/t.

Pele President and CEO Al Shefsky stated, "Our recent work at East Highland has led to the discovery of high-grade gold at three zones, including at the Lone Ranger occurrence, a new discovery that we announced last month. Prospecting, mapping, and sampling within and along the projected extensions of these three zones will be followed by mechanical stripping and channel sampling. Results from this work will assist in our preparation for drilling later this fall."

The company’s address is 2200 Yonge Street, Suite 905, Toronto, ON M4S 2C6, 416-368-7224, fax: 416-368-7230.