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Drilling Confirms Near-Surface Higher-Grade Uranium at Pele Mountain's Elliot Lake Project - Pele Mountain Resources, Inc. (
Drilling Confirms Near-Surface Higher-Grade Uranium at Pele Mountain's Elliot Lake Project

 

PRZOOM - /newswire/ - Toronto, Ontario, Canada, 2007/05/01 - Pele Mountain Resources, Inc. ("Pele" or the "Company") today announced results of its 22-hole drill program at its Elliot Lake Uranium Project in Northern Ontario. TSX Venture: GEM

   
 
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Ongoing technical, economic, and environmental scoping studies at Elliot Lake are being conducted under the supervision of Scott Wilson Roscoe Postle Associates ("Scott Wilson RPA"). Pele is focused on developing a world-class mine at Elliot Lake where an inferred resource of over 33 million pounds of U3O8 has been defined, with the potential for significant upgrade and expansion.

The drill program included over 3,000 metres in 22 holes, primarily within the 600 by 800-metre Adit Block where near-surface and relatively higher-grade intercepts were recorded in historic drilling and sampling. The program was designed to provide in-fill drilling and confirm results of historic holes.

Results of the program are consistent with historic drilling, returning grades within the Adit Block higher than the 1.10 pounds per tonne (lbs/tonne) average across the currently-defined Inferred Resource. Holes drilled within the Adit Block (PM-1, PM-4 through PM-22) demonstrate an estimated true width of the Main Conglomerate Bed (MCB) ranging from 2.06 to 2.95 metres with average U3O8 grades ranging from 0.029 to 0.125-percent (0.64 to 2.76 lbs/tonne) and average Total Rare Earth Oxide (REO) grades within the Adit Block ranging from 0.149 to 0.322-percent (3.28 to 7.10 lbs/tonne). The relatively higher-grade, near-surface Adit Block presents a favorable location for mining early in the project life.

A fan of holes (PM-4 through PM-18) was drilled from a single set-up, intersecting the MCB at spacings varying from 2 to 65 metres to determine the short-range variability of the MCB grade and thickness for geostatistical block modeling and grade simulation studies. The average true thickness of the 14 completed holes was 2.5 metres with an average grade of 0.075-percent U3O8 (1.65 lbs/tonne).

The variation seen in these close-spaced holes is consistent with the variation in grades from historic face sampling in the nearby exploration adit where 18 samples taken at 1.5-metre intervals ranged from 0.028 to 0.097-percent U3O8 (0.62 to 2.14 lbs/tonne). In the fan drilling exercise, the 14 holes ranged in grade from 0.036 to 0.125-percent (0.79 to 2.76 lbs/tonne). While the grade variation was slightly higher in the fan drilling, this was expected given the greater distance between sample points.

These results will be used to develop an updated block model for the Adit Block, along with grade simulation models for resource estimation and mine planning. They will enable an upgrade of substantial Inferred mineral resources to the Indicated category within the Adit Block. Updated resource estimates are expected to be available during June. The grade simulation models will also be used to identify other potential higher grade zones outside of the Adit Block.

As indicated by historic drilling, the highest U3O8 grades within the MCB consistently occur near its base. Highest grade intervals included 0.274, 0.255, and 0.250-percent U3O8 (6.04, 5.62, and 5.51 lbs/tonne) over true widths of 0.69, 0.58, and 0.80 metres, respectively. The grades decrease toward the top of the MCB as a result of the presence of narrow bands of quartzite interbedded with the conglomerate. These results support previously-announced plans to consider a reduction in the mining height from the MCB base in order to optimize grade and reduce operating costs.

In summary, the Pele drill program was successful in verifying that:

• The thickness of the MCB, and the U3O8 grades and distribution within the MCB, are consistent with historic drill results.
• The spatial variation in U3O8 grades from close-spaced fan drilling is consistent with historic face sampling results from within the nearby exploration adit.
• The Total REO grades & distribution within the MCB meet or exceed previous results.
• The Total REO grades correlate very closely with ThO2 grades.

Uranium and REO assay results from intersections of the MCB are included in the table below.
Drill Results - Main Conglomerate Bed
Drill Hole From (m) Length (m) Est. True Width (m) U3O8 (%) U3O8 (lbs/tonne) REO (%) REO (lbs/tonne)
PM-01 203.32 3.43 3.43 0.046 1.01 0.169 3.73
PM-02 279.70 2.38 2.06 0.050 1.10 0.025 0.55
PM-03 135.00 3.14 3.14 0.033 0.73 0.183 4.03
PM-04 84.71 2.29 2.22 0.050 1.10 0.216 4.76
PM-05 91.05 2.78 2.61 0.055 1.21 0.216 4.76
PM-06 99.60 2.90 2.35 0.058 1.28 0.254 5.60
PM-07 129.70 4.91 2.95 0.118 2.60 0.270 5.95
PM-08 186.30 6.20 2.42 0.125 2.76 0.322 7.10
PM-09 Not Completed to Planned Depth
PM-10 85.72 2.28 2.09 0.040 0.88 0.227 5.00
PM-11 94.44 2.94 2.49 0.036 0.79 0.149 3.28
PM-12 116.46 4.31 2.87 0.096 2.12 0.272 6.00
PM-13 93.39 3.11 2.54 0.111 2.45 0.233 5.14
PM-14 83.44 2.61 2.41 0.071 1.57 0.252 5.56
PM-15 79.35 3.00 2.91 0.070 1.54 0.244 5.38
PM-16 78.00 2.50 2.42 0.046 1.01 0.202 4.45
PM-17 90.00 3.48 2.69 0.094 2.07 0.196 4.32
PM-18 85.27 2.46 2.08 0.057 1.26 0.220 4.85
PM-19 103.20 2.20 2.18 0.067 1.48 0.194 4.28
PM-20 113.30 2.48 2.45 0.039 0.86 0.164 3.62
PM-21 121.45 2.24 2.20 0.029 0.64 0.184 4.06
PM-22 185.14 2.57 2.53 0.029 0.64 0.149 3.28

PM-1 was drilled in the Adit Block as part of Peles due diligence on the property in October 2006. Holes PM-2 and PM-3 were drilled outside the Adit Block to test the northeast edge of the MCB and to confirm its presence within a gap between historic drill holes. Holes PM-19 through PM-22 were drilled elsewhere in the Adit Block, separate from the fan drilling location.

As noted in prior press releases, Scott Wilson RPA is investigating the technical and economic viability of REO recovery as a means of increasing revenues at Elliot Lake. REOs are critical components in many high-tech applications including hybrid motor vehicles, flat screen monitors, and high-power magnets. Although demand for REOs is growing rapidly, over 90-percent of their supply is controlled by China, which has recently imposed tariffs on their export. Relative percentages of individual REOs within the Total REO content from drill intersections of the MCB are displayed in the table below.
Relative Percentages of Individual REOs Main Conglomerate Bed
Rare Earth Oxide Relative Percentage
Yttrium Oxide Y2O3 4.8
Cerium Oxide CeO2 46.3
Dysprosium Oxide Dy2O3 1.1
Erbium Oxide Er2O3 0.5
Europium Oxide Eu2O3 0.1
Gadolinium Oxide Gd2O3 1.9
Holmium Oxide Ho2O3 0.2
Lanthanum Oxide La2O3 23.5
Neodymium Oxide Nd2O3 14.0
Praseodymium Oxide Pr6O11 4.6
Samarium Oxide Sm2O3 2.4
Terbium Oxide Tb4O7 0.3
Ytterbium Oxide Yb2O3 0.4

All samples were processed at SGS Mineral Services in Toronto, an ISO 17025 accredited laboratory.

This press release has been reviewed and approved by Robert MacGregor, P.Eng., an independent Qualified Person with 14 years experience working in the Elliot Lake area during its time as an active uranium mining camp and any reference to the drilling program results has been reviewed and approved by Lawrence B. Cochrane, Ph.D., P. Eng. of Scott Wilson RPA, a Qualified Person under NI 43-101.

About Pele Mountain Resources

Pele Mountain Resources (pelemountain.com) is focused on developing a world-class mining and processing facility at its 100-percent owned Elliot Lake Uranium Project in Northern Ontario. The project hosts a NI 43-101 compliant inferred resource of over 33 million pounds of U3O8 with the potential for significant near-term upgrade and expansion. Scott Wilson RPA is collaborating with experienced.

 
 
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Drilling Confirms Near-Surface Higher-Grade Uranium at Pele Mountain's Elliot Lake Project

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Contact: Al Shefsky - PeleMountain.com 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Pele Mountain Resources securities in any jurisdiction including any other companies listed or named in this release.

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