New Drilling Hits High-Grade Gold

 

TORONTO, ON - Pele Mountain Resources Inc. announced that Coventry Resources Ltd. reported additional drill results from Pele's Ardeen Gold Project in Northern Ontario. Coventry is earning into the project pursuant to its option agreement with Pele and is the project operator during the option period. Ardeen is 100-percent owned by Pele Gold Corporation, a wholly-owned subsidiary of the Company.

Last fall, Coventry completed a 53-hole, 6,435-metre diamond drill program at Ardeen targeting along strike and down-plunge extensions of known high-grade gold mineralization. Coventry has received assay results on an additional 17 holes, with significant gold mineralization encountered in 11 of them, all from the Fisher zone. Highlights include gold intercepts of 1.8 metres of 17.11 grams per tonne (g/t), 0.9 metres of 14.27 g/t, 3.0 metres of 4.11 g/t, and 5.1 metres of 2.28 g/t and 1.0 meter of 6.02 g/t.(See table below for a complete list of results for these 17 holes.). As reported in Pele's press release dated December 3, 2009, Coventry's earlier drilling at the Fisher zone has given high-grade gold intercepts of up to 11.6 metres of 27 g/t and 9.1 metres of 8.5 g/t

Coventry reports that the results show that high-grade gold mineralization at the Fisher zone extends over a strike length exceeding 300 metres in a series of moderately-plunging shoots. The strike extent of the mineralization has been extended and it appears to be continuous with mineralization at the old Ardeen Gold Mine. Results also confirm that the gold mineralization remains open at depth.

Coventry also reports that its planned follow-up 2,500-metre diamond drilling program is on schedule to commence at Ardeen in early to mid-February, focusing on the high priority McKellar zone.

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