Pele’s gold assets, which are held in its subsidiary Pele Gold Corp, include a 100% interest in the East & West Highland Gold projects, as well as a 49% interest in the Ardeen Gold project.
The company’s preliminary economic assessment of its Eco Ridge Mine project enables Pele to produce rare earth oxides and uranium oxide.
Pele is focused on transitioning into the feasibility and licensing stages as it advances Eco Ridge toward development and production, the company said.
At East Highland, Pele has received updated engineering plans for the extraction of a high-grade, near-surface bulk sample at the ‘A’ zone and has discovered widespread stockwork quartz veining that includes visible gold at the Lone Ranger zone.
The Ardeen Gold project is located along the Shebandowan Greenstone Belt west of Thunder Bay and includes Northern Ontario’s first gold mine.
Australia-based Coventry Resources has notified Pele that it has completed its initial 51% earn-in at Ardeen and as project operator, plans to resume exploration in this year, seeking to increase its project interest to 75% and then forming a joint venture with Pele.
