VANCOUVER, Dec. 12 /CNW/ - Pebble Creek Mining Ltd. (the "Company") has
discovered a gossan 2,000 metres southeast and along strike from the known
massive sulphide deposit at Askot. A gossan is a rusty, iron-oxide rich
outcrop showing evidence of leached out sulphide minerals; in fact, a gossan
led to the original discovery of the known Askot deposit by ancient people.
The new gossan is in a chert breccia with numerous leached-out cavities
similar to the Askot gossan.
The new gossan is near the hinge of a tight fold in the Askot schist
assemblage of rocks, about 200 metres stratigraphically below the Askot
deposit and on the other limb of the fold. It was discovered by a crew taking
soil geochemical samples to confirm EM (electromagnetic) anomalies. The gossan
lies within a row of five electric conductors spanning a strike length of
300 metres. It consists of a number of small outcrops in an area of 30 metres
by 5 metres cutting diagonally across berms between terraced hillside rice
fields. It shows no evidence of having been prospected or trenched. The
Company has sent soil samples from the area and chip samples from the gossan
for geochemical analysis.
Northwest of the Askot deposit, in the other direction, soil sample
results have confirmed two EM anomalies at distances of 300 and 500 metres
from the known mineralization. The soils are anomalous in two clusters around
and down slope from the EM anomalies and have values between 300 and
1,400 parts-per-million (ppm) copper, 300-1,200 ppm zinc, 150-900 ppm lead and
up to 20 parts-per-billion gold.
On December 8 the diamond drill started a vertical hole designated
DDH 340-1 to test the nearer of the two EM-geochemical anomalies. Upon
completing that hole the drill will be de-mobilized and a smaller more
manoeuvrable machine brought in to drill the remaining targets and extensions.
The Company has long seen geologic evidence that other mineralized
horizons exist in proximity to the known Askot deposit. Volcanogenic massive
sulphide deposits such as Askot typically have beds or lenses of
mineralization "stacked" in above and below in different strata.
Work has been supervised by Andrew Nevin, P.Eng., a qualified person
under NI 43-101. He has read and approved this news release.
About Pebble Creek: The Company is committed to exploration and mine
development in India. In addition to holding Askot it holds title to two other
prospects and has 16 applications pending on a total of more than
14,000 square kilometres.
On behalf of the Board,
Gyan C. Singhai, P.Eng.
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: rapidly increasing
costs of mine and plant construction; 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: Gyan Singhai, Executive Chairman, Telephone:
(604) 696-6101; Mike Romanik, Investor Relations, Verenex Capital Corp.,
Telephone: (204) 724-0613