Pebble Creek Mining Ltd. drill hole approaching mineral intersection, Askot
deposit, India
TSX-V: PEB
VANCOUVER and NEW DELHI, June 3 /CNW/ - Pebble Creek Mining Ltd. ("Pebble Creek" or the "Company") advises that the first core drill hole of the Company's 2010 Askot project exploration program, hole number 10AA018, is at 260 metres depth after resolving some problems with lost circulation and is approaching the projected along-strike extension of the previously drilled mineral deposit. The target intersection is located 500 metres northwest of known mineralization.
Hole 10AA018 is angled toward the centre of an EM (electromagnetic) anomaly that was confirmed by anomalous copper, zinc, lead and gold in soils. The slopes below the anomaly are littered with small pieces of black slag from ancient mining of near-surface ores and smelting in small clay pots.
Pebble Creek previously drilled 17 holes that twinned and resampled some of the 57 holes drilled at the Askot project in the 1960s and 1980s by the United Nations Development Programme and two government agencies. On August 12, 2008, the Company announced an independent National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate on the Askot project as follows:
Mineral Resource Statement* Askot Polymetallic Sulphide Deposit, India SRK Consulting, August 12, 2008 ------------------------------------------------------------------------- Quantity Grade ------------------------------------------------------------------------- Category (Tonnes) Cu (%) Zn (%) Pb (%) Ag (gpt) Au (gpt) ------------------------------------------------------------------------- Indicated 1,860,000 2.62 5.80 3.83 38 0.48 ------------------------------------------------------------------------- Inferred 149,000 1.70 4.56 1.89 29 0.44 ------------------------------------------------------------------------- * Reported at a net smelter return cut-off of US$100 per tonne based on metal prices of US$2.00 per pound of copper, US$0.90 per pound of zinc, US$0.65 per pound of lead, US$15.00 per ounce of silver and US $900 per ounce of gold and metallurgical recoveries of 85%, 76%, 78%, 60% and 60%, respectively. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates.
The known deposit is a steep body 600 metres in length by 180 metres average depth and five metres in average width. The current drilling program is testing an area as large as the known mineral resource.
A concurrent reconnaissance program covering 50 square kilometers surrounding the Askot prospect has found 6 previously unreported showings of copper sulphides, copper oxides or sulphide gossans. It is consistent with massive sulphide deposits to occur in clusters and the new showings will be examined in due course.
Dr. Andrew Nevin, P.Eng., President and CEO of Pebble Creek, is a qualified person as defined in NI 43-101. Dr. Nevin is responsible for, and approves of, the technical disclosure in this news release.
Pebble Creek has 16 years of mineral exploration experience in India. The Company is the only foreign junior mineral exploration company in India with dual approval of a 386 hectare non-ferrous metal Mining Lease by the Indian and State governments and has Environmental Clearance for future mining. The Company also controls 22,600 hectares surrounding the Mining Lease area.
This news release contains forward-looking statements that address future events and conditions and are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in commodity prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither 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.
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For further information: Andrew Nevin, Ph.D., P.Eng., President & CEO, Telephone: (604) 250-1795; Mike Romanik, Vice President, Telephone: (204) 724-0613
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