VANCOUVER, Nov. 7 /CNW/ - Pebble Creek Mining Ltd. (the "Company")
announces the following:
Gadarwara. The concealed source of the large magnetic anomaly at
Gadarwara, India has been identified by the Company's drilling program. The
anomaly is caused by a "banded iron formation" or BIF.
BIF assemblages are host rocks for many gold deposits around the world.
Examples in Canada are Lupin, Cullaton Lake, Meadowbank, Detour Lake, Madsen
Red Lake, Musselwhite, Pickle Crow and Dona Lake. Other well-known BIF-hosted
gold deposits are Homestake, South Dakota; Tartoq, Greenland; Morro Vehlo and
Raposos, Brazil; Oweinat, Egypt; Mayoko, DRC; Vubachikwe and Bar 20, Zimbabwe;
Mt. Morgans and Nevoria, Western Australia; and Mallappakoda, India.
The oval-shaped Gadarwara magnetic high is 1,800 metres wide and
20 kilometres long. It lies in a 30-kilometre-wide tectonic rift zone
completely obscured by 300 metres of silt and sand beds. The program is to
drill a fence of three vertical scout holes from north to south across the
middle of the anomaly.
DDH 3 was drilled first for logistical reasons. It is located near the
south edge of the anomaly. It hit bedrock at 307 metres and then cored to a
total depth of 431 metres. The rock is grey and white banded chert and
fine-grained felsic tuff. Some of the beds are crisply laminated and others
are folded in convoluted patterns with both stratiform and cross-cutting
quartz veinlets. Traces of fine-grained pyrite are present in quartz veinlets
DDH 1 is located 1,400 metres away near the north edge of the anomaly. It
reached bedrock at 309 metres and is in progress at 430 metres. The drill core
is deeply weathered banded iron oxides, decomposed red jasper, white chert
beds and veinlets of quartz, laminated in places and tightly folded in others.
The iron oxides hematite and goethite, the iron sulphate jarosite, and the
quartz veins contain pseudomorphs and cubic cavities left by oxidized pyrite.
Geologists generally consider the presence of sulphides and sulphates in the
BIF system as important for deposition of gold.
While gold assay results are not yet available and no magnetic rock has
been intersected in the drill holes, the BIF assemblage is visually so
distinct that it is readily identified.
The beds dip moderately north. The thickness of the entire deformed
assemblage is estimated to be 1,500 metres. DDH 1 is drilling down into the
section from the top of the BIF. The Company is continuing core drilling in
DDH 1 for evidence of gold mineralization, layers of fresh sulphides,
magnetite, magnetic pyrrhotite and concordant basic igneous rocks. DDH 2 in
the centre of the anomaly is yet to be drilled. The Company is shipping both
drill core and sludge samples for gold assay.
The BIF assemblage belongs to the Mahakoshal formation of Archean to
early Proterozoic age. The tectonic rift in which the Gadarwara anomaly occurs
cuts across the entire Indian subcontinent in an east-west direction and
separates the Dharwar Craton to the south from the Bundelkhand Craton to the
north. Its geologic names are the Mahakoshal Deformed Zone and the Narmada-Son
Lineament. To the west the rift is covered by Cretaceous Deccan basalts; at
Gadarwara, in the centre of the country, by alluvium. Further east, the rift
faults and folds crop out and, with their subsidiary structures, they localize
gold and base metal deposits of various types that have been mined or are
currently being explored by other companies.
Gyan C. Singhai, P.Eng., a Qualified Person, is directly supervising the
work at Gadarwara and has read and approved this news release.
Banda Option Agreement. De Beers India Private Ltd. has formally notified
the Company that it has withdrawn from the Technical Consulting Services and
Option Agreement of November 6, 2006, on the Banda prospect, Uttar Pradesh,
India. De Beers advised that it withdrew to concentrate on exploration in
Angola and DRC, and that its withdrawal at an early stage does not reflect on
the perceived value of the Banda prospect. The Company has no immediate plans
for further work at Banda.
On Behalf of the Board
Andrew E. Nevin, P.Eng.
President and CEO
Forward-Looking Statements. This news release contains forward-looking
statements, which address future events and conditions, which 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 metal
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.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: Andrew E. Nevin, President & CEO, Telephone:
(604) 250-1795; Mike Romanik, Investor Relations, Verenex Capital Corp.,
Telephone: (204) 724-0613