Pele Mountain Resources Inc

Published : January 07th, 2010

Acquires Property in Thunder Bay Area with High Potential for Nickel-Copper and Platinum Group Eleme

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Copper | Gem | Gold | Nickel | Platinum | Uranium |

Pele Mountain Acquires Property in Thunder Bay Area with High Potential for Nickel-Copper and Platinum Group Elements  

 
Symbol: GEM
Listing:  TSX Venture Exchange
Common Shares Outstanding: 101,678,608
 

FOR IMMEDIATE RELEASE

 

January 7, 2010 - Toronto - Pele Mountain Resources Inc. (TSX Venture: GEM) ("Pele" or the "Company") today announced that it has staked more than 1,000 mining claim units totalling approximately 18,750 hectares (more than 70 square-miles) in the Pigeon River area of Northwest Ontario (the "Pigeon River Property"), about 80 kilometres to the west of Thunder Bay.  The Property, which is owned 100 percent by Pele, covers very large unexplored magnetic targets with potential to host nickel ("Ni"), copper ("Cu"), and platinum group elements ("PGE") mineralization.

 

Al Shefsky, President and CEO of Pele stated, "We have generated quality projects in Northern Ontario for more than a decade and firmly believe in the soundness of this exploration model.  In addition to our vast Eco Ridge Mine uranium project and high-grade gold exploration at our Highland properties, the Pigeon River Property offers excellent potential for Ni/Cu/PGE discoveries and valuable diversification to our portfolio.  Through the funding and operation of our very capable exploration partners at Coventry Resources and Wallbridge Mining, our Ardeen Gold and Sudbury Nickel projects, respectively, are also actively advancing."

 

The Pigeon River Property lies in the Proterozoic Superior Mid Continent Rift, a geological setting with proven potential to host mafic-ultramafic igneous systems associated with the rifting of the Archean cratons.  Recent discoveries in this setting include Kennecott`s Ni/Cu/PGE deposits at Eagle (in Michigan) and Tamarac (in Minnesota) and Magma Metals' PGE deposit located to the northeast of Thunder Bay.   Pele's exploration target at Pigeon River is a massive sulphide deposit similar to the Eagle, Tamarac and Magma deposits, which are magmatic sulphide deposits hosted in an ultramafic body or conduit. 

 

Pele has staked six strong, parallel, linear, magnetic features which may represent mafic/ultramafic conduit systems, possibly feeder dikes to larger mafic/ultramafic intrusions, all of which have apparent embayment features.   The magnetic targets are predominantly covered by tills or swamps and no records of previous prospecting, mapping, or geophysical surveys over the Property have been found, other than an airborne magnetic survey flown by the Geological Survey of Canada ("GSC") in 1964.   The Pigeon River Property also covers a strong GSC lake sediment anomaly of 234 parts per million (ppm) Ni and 298 ppm Cu, indicating the presence of Ni/Cu mineralization.  

 

The Pigeon River Property consists of two main claim blocks, "West" and "East".  The West block covers three linear, parallel, magnetic anomalies with apparent embayment features, trending east-northeast (030 degrees) over a 12-kilometre strike length.  The East block covers three linear, parallel, magnetic trends with two strong parallel anomalies four kilometres apart striking east-northeast (030 degrees) over strike lengths of 7 and 12 kilometres respectively, which also show strong apparent embayment features.  The high GSC lake bottom Ni/Cu anomaly is located at the south end of the trend between the two parallel magnetic anomalies.

 

Pele plans to conduct a Versatile Time-Domain ElectroMagnetic (VTEM) airborne survey over the Pigeon River Property as soon as possible.  Results will determine the nature of follow-up exploration including possible additional ground geophysics and drilling.

 

In conjunction with the staking and planned exploration of the Pigeon River Property, the Company has entered into an agreement (the "Agreement") with 2212150 Ontario Inc., a private, arm's length company operating as Vanex Exploration ("Vanex"), pursuant to which Vanex has been granted a 1.5 percent net smelter return in respect of the Property, of which Pele may buy back up to 1 percent for $1,000,000. Under a consulting agreement, Pele has also retained Vanex for geological consulting services, to be provided by its President, Mr. Wim Vanderklift, an experienced and highly-regarded expert in Ni/Cu/PGE exploration. In addition to an initial payment of $25,000, Vanex also received an option, under Pele's stock option plan to purchase up to 200,000 Pele shares at $0.205 per share which will be exercisable by Vanex for a period of three (3) years (the "First Option") together with a second option to purchase up to 200,000 Pele shares at $0.205 exercisable for five (5) years (the "Second Option"). The exercise of the Second Option is conditional on independent third party confirmation of a drill intersection of at least 20 metres of core grading at least 2.5 percent nickel on the Property (the "Grading Condition"). In addition, upon satisfaction of the Grading Condition, Vanex shall be paid a one-time bonus of $50,000.

 

This news release has been reviewed and approved by Peter Dimmell, P.Geo. (NL, Temp ON), a Pele Director and a Qualified Person under National Instrument 43-101.

 

For further information please contact Al Shefsky, President, at (800) 315-7353, or visit the Pele website at www.pelemountain.com.

 

About Pele

Pele Mountain Resources is discovering and developing the mineral wealth of Northern Ontario.  At its Eco Ridge Mine uranium project, Pele is advancing toward the sustainable development of a safe, secure, and reliable operation near Elliot Lake.  At its Highland gold properties, Pele has located several high-grade showings and is working to identify mineable gold resources. The Company also holds the Ardeen Gold and Sudbury Nickel projects, which are actively explored under option agreements with Coventry Resources Ltd. and Wallbridge Mining Company, respectively. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM".

 

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.


 
Sent By:
Pele Mountain Resources
2200 Yonge Street
Suite 905
Toronto Ontario M4S 2C6
To view as a web page.
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Pele Mountain Resources Inc

DEVELOPMENT STAGE
CODE : GEM.V
ISIN : CA7059071034
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Pele Mountain Res. is a and uranium exploration company based in Canada.

Pele Mountain Res. develops rare earth in Canada, and holds various exploration projects in Canada.

Its main asset in development is ECO RIDGE in Canada and its main exploration properties are HIGHLAND (EAST / WEST), ARDEEN, ALLIANCE, SUDBURY and FESTIVAL in Canada.

Pele Mountain Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 3.2 millions as of today (US$ 2.3 millions, € 2.1 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.62, and its lowest recent point on June 02, 2017 at CA$ 0.01.

Pele Mountain Res. has 210 000 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Pele Mountain Resources Inc
10/24/2007 Advances Baseline Environmental Studies at Elliot Lake Uran...
Financings of Pele Mountain Resources Inc
9/23/2016Pele Mountain Enters Into Funding Agreement
4/13/2015Announces Closing of Private Placement
10/3/2013Announces Closing of Private Placement Offering
7/26/2013Announces Closing of Private Placement Offering
7/4/2013Announces Closing of Second Tranche of a Private Placement O...
Nominations of Pele Mountain Resources Inc
2/11/2014Nominates Janis Peleshok to its Board of Directors
11/27/2013John Wilkinson Former Ontario Cabinet Minister Joins Pele Mo...
11/7/2007 Appoints Fergus Kerr Vice-President of Uranium Operations t...
5/9/2007Appoints James Andersen as Chief Financial Officer and Renew...
Project news of Pele Mountain Resources Inc
10/9/2013Interview with Roger Payne P. Eng. Executive Vice President ...
9/12/2013(Eco Ridge)Reviews Economics at Its Eco Ridge Mine Rare Earth and Urani...
6/10/2013(Eco Ridge)Announces Major Increase in Uranium and Rare Earth Resources...
6/10/2013(Eco Ridge)Announces Major Increase in Uranium and Rare Earth Resources...
6/10/2013(Eco Ridge)Announces Major Increase in Uranium and Rare Earth Resources...
6/10/2013(Eco Ridge)Announces Major Increase in Uranium and Rare Earth Resources...
6/10/2013(Eco Ridge)Announces Major Increase in Uranium and Rare Earth Resources...
5/28/2013(Festival)Announces Reactivation of Festival Project Joint Venture Nea...
4/3/2013(Eco Ridge)to Update Eco Ridge Resource Estimate
1/29/2013Hits Higher Grade Uranium & Rare Earths at Elliot Lake
1/17/2013(Eco Ridge)Drilling Expands Eco Ridge Deposit
10/16/2012(Eco Ridge)Begins 6,500-Metre Drill Program at Its Eco Ridge Mine Rare ...
9/27/2012Samples High Grade Rare Earths at Mountain Pass
9/26/2012Closes Acquisition of Mining Claims 1800 Metres from Molycor...
5/15/2012(Eco Ridge)Closes Highland Project Sale Agreement; Will Focus on Eco Ri...
4/17/2012(Eco Ridge)Enters Agreement to Sell Highland Gold Projects; Will Focus ...
4/16/2012(Eco Ridge)Announces Robust Updated PEA for Eco Ridge Mine Rare Earths ...
3/6/2012Enters Agreement to Acquire Rare Earth Mining Claims Surroun...
10/13/2011(Eco Ridge)Announces Discovery of Continuous Rare Earths Mineralization...
9/7/2011(Eco Ridge)Files Preliminary Economic Assessment for Eco Ridge, Providi...
7/5/2011(Eco Ridge)Announces Preliminary Economic Assessment for Eco Ridge Mine...
5/26/2011(Eco Ridge)Launches 7,000 Metre Drill Program at Its Eco Ridge Mine Rar...
5/17/2011(Eco Ridge)Receives Mining Leases at Its Eco Ridge Mine Rare Earths and...
3/7/2011(Ardeen)Provides Gold Projects Update
2/24/2011(Eco Ridge)Announces Total Rare Earth Oxide Resources of 52-Million Pou...
1/24/2011(Eco Ridge)Announces Major Increase in Indicated Resources at its Eco R...
6/25/2010(Highland (east / West))Initiates Permitting Process to Mine Gold Bulk Sample
3/4/2010(Highland (east / West))Hits High Grade Gold at Highland’s A-Zone
1/18/2010(Highland (east / West))Begins Drilling at East Highland Gold Project
12/23/2009(Highland (east / West))Samples 14.76 g/t Gold Over 3.6 Metres at Its East Highland ...
12/11/2009(Highland (east / West))Samples 50 g/t Gold, 161 g/t Silver 4.3% Zinc, and 1.2% Lead...
11/10/2009(Highland (east / West))Discovers New Mineralized Zones, Expands Others, at East Hig...
9/17/2009Finds More High-Grade Gold at East Highland
9/1/2009(Ardeen)Coventry Resources Commences Diamond Drilling at Pele Mounta...
8/11/2009(Highland (east / West))High-Grade Gold Discovery at Its Highland Project
7/27/2009(Eco Ridge)Signs Agreement With the City of Elliot Lake for Surface Rig...
1/9/2009(Eco Ridge)Advances Eco Ridge Mine Project - Extensive Drill Program Re...
1/8/2009(Sudbury)Wallbridge Mining Company to Continue Exploration at Pele Mo...
9/9/2008(Eco Ridge)Initiates Permitting Process at Eco Ridge
8/26/2008(Eco Ridge)assembles team of uranium industry leaders to develop Eco Ri...
5/12/2008(Timmins - Whitney Township)Enters Into Option Agreement to Sell Its Timmins Nickel Proj...
5/2/2008(Eco Ridge)Launch Pre-Feasibility Study for Elliot Lake Uranium Mine Pr...
3/6/2008(Eco Ridge) Reports Additional Positive Drill Results from Its Elliot L...
2/13/2008(Eco Ridge)Identifies High Priority Geophysical Targets at its Elliot L...
1/25/2008(Eco Ridge)New Drill Results Expand Higher-Grade Zone at Pele Mountain'...
1/17/2008(Eco Ridge)Expands Exploration for Higher Grade Remobilized Uranium at ...
11/28/2007(Eco Ridge)Targets Remobilized Uranium at Elliot Lake
10/12/2007(Eco Ridge)Publishes Positive Scoping Study for Uranium Mine Project at...
10/4/2007Achieves Major Milestone with Positive Scoping Study for Ura...
10/2/2007Announces Scoping Study for Its Elliot Lake Uranium Project ...
9/19/2007(Eco Ridge)Achieves Positive Results from 5,600-Metre Drill Program at ...
7/9/2007(Eco Ridge)Advances Mine Planning and Scoping Studies on 33-Million Pou...
5/30/2007(Eco Ridge)Expands Drilling at Elliot Lake Uranium Project
5/7/2007(Eco Ridge)Intersects High-Grade Uranium In Basal Conglomerate Bed at E...
5/2/2007(Eco Ridge)Expands Elliot Lake Uranium Project
5/1/2007(Eco Ridge)Drilling Confirms Near-Surface, Higher-Grade Uranium at Pele...
1/26/2006hits more high grade gold at Talisker
Corporate news of Pele Mountain Resources Inc
7/5/2016Pele Mountain to Sell Its Ardeen Gold Project
5/4/2016Pele Mountain Provides Update on Development Plans and Progr...
1/15/2016Pele Mountain Resources Appoints Wayne Richardson as Chairma...
10/7/2015Pele Mountain Announces Option Grants
10/1/2015Pele Mountain Provides an Update on its Eco Ridge Monazite P...
7/28/2015Pele Mountain Advances Cogent Solution to Rare Earth Industr...
4/13/2015Pele Mountain Announces Closing of Private Placement
3/30/2015Pele Mountain Executes MOU with Major Chinese Rare Earth Pla...
3/30/2015IIROC Trading Resumption - GEM
3/30/2015Executes MOU with Major Chinese Rare Earth Player to Pursue ...
3/30/2015IIROC Trading Halt - GEM
3/5/2015Pele Mountain Shareholders Approve All Matters Presented at ...
3/5/2015Shareholders Approve All Matters Presented at the Annual and...
2/17/2015Pele Mountain Advances Monazite Recycling Strategy to Kick-S...
2/12/2015Pele Mountain Announces Option Grants
12/24/2014Pele Mountain Announces Closing of Private Placement
12/2/2014The Council of the City of Elliot Lake Supports Pele Mountai...
11/7/2014Pele Mountain Announces Proposed Shares for Debt Settlement
10/7/2014Pele Mountain Expands its Business Model to Include Recyclin...
9/25/2014Pele Mountain Appoints Martin S. Cooper As Vice President of...
9/11/2014Pele Mountain Acquires Key Mining Lease in Elliot Lake
9/2/2014Pele Mountain Announces Collaboration with Canmet to Advance...
7/8/2014Pele Mountain Participates in Regional Roundtable Discussion...
6/25/2014Parliamentary Committee on Natural Resources Publishes "The ...
6/24/2014Pele Mountain Announces Closing of Private Placement
5/9/2014Pele Mountain Announces Closing of Private Placement Offerin...
5/2/2014Pele Mountain Announces Closing of First Tranche of Private ...
5/1/2014Pele Mountain Announces Closing of First Tranche of Private ...
6/5/2013Shareholders Approve All Matters Presented at the Annual and...
1/29/2013Intersects Higher-Grade Uranium & Rare Earths; Discovers Wid...
1/17/2013CEO Interviewed by Jeb Handwerger
10/24/2012(Eco Ridge)Achieves Processing Milestone: Mixed Rare Earth Concentrate ...
7/4/2012(Eco Ridge)Files Updated Preliminary Economic Assessment for Eco Ridge ...
1/31/2012Updated PEA on Schedule for Q1 2012
9/12/2011(Eco Ridge)Drilling Expands Eco Ridge Deposit Northward, Demonstrates S...
7/27/2011Roger Payne Named Executive Vice-President at Pele Mountain
7/21/2011(Eco Ridge)to Separate Gold Assets from Eco Ridge
5/3/2011Commences Trading in the United States on OTCQX Internationa...
8/5/2010Dr. William Bird Joins Rare Metals Advisory Board
5/17/2010Begins Drilling Ni-Cu-PGE Targets at Pigeon River
4/29/2010to Drill Ni-Cu-PGE Targets at Pigeon River
5/3/2010Coventry Resources Reports Winter Drill Results from Pele Mo...
3/5/2010Completes VTEM Survey at Pigeon River, Identifies Several Pr...
1/7/2010Acquires Property in Thunder Bay Area with High Potential fo...
10/7/2009Confirms Significant Rare Earth Mineralization at Its Eco Ri...
8/5/2009Initiates Long-Term Research Study to Minimize Environmental...
2/5/2009Letter to Shareholders
2/5/2008Completes Acquisition of the Westward Extension of the Histo...
10/29/2007 Resumes Drilling at Its Elliot Lake Uranium Mine Project
7/26/2007Retains O&M Partners for Investor Relations
5/3/2007Announces Plan to Optimize Corporate Structure
4/27/2007Featured in Northern Miner Article
4/17/2007Expands Elliot Lake Uranium Project
3/29/2007Advances Mine Planning Studies on 33-Million Pound Uranium O...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (GEM.V)Other OTC (PMNHF)
0.015-25.00%0.040+0.00%
TSX-V
CA$ 0.015
09/19 11:00 -0.010
-25%
Prev close Open
0.020 0.020
Low High
0.015 0.020
Year l/h YTD var.
0.015 -  0.060 -75.00%
52 week l/h 52 week var.
0.015 -  0.070 -70.00%
Volume 1 month var.
290,000 -%
24hGold TrendPower© : 22
Produces
Develops Rare earth
Explores for Diamonds - Gold - Platinum - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/13/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2024-70.00%0.060.02
202325.00%0.100.04
2022-70.37%0.180.04
202117.39%0.720.09
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.09+0.57%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 9.16+2.81%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+1.18%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.10+1.94%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 13.38+5.60%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
 0.34+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.18+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.85+4.52%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.97+1.49%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.