Pele Mountain Resources Inc. (TSXV:GEM, OTCQX:GOLDF) announced initial drill results from recent drilling at the Eco Ridge Mine Rare Earths and Uranium Project at Elliot Lake.

As quoted in the press release:

Highlights from the first five holes drilled in the Northwest Extension (northwest of the Resource Wireframe) include: All five holes intersected the MCB along a strike length exceeding three kilometres; four of the five holes significantly exceeded the average U₃O₈ and average Total REO grade of the Resource Wireframe; Hole PM214 returned 0.063-percent U₃O₈ and 2,125 ppm Total REO over a true thickness of 2.99 metres, including 313 ppm neodymium oxide, 102 ppm yttrium oxide,and 22 ppm dysprosium oxide.

Pele’s President and CEO, Al Shefsky, said:

These results conclusively demonstrate that the Main Conglomerate Bed continues to the north and west of the current Resource Wireframe, which can potentially add significant resources and years of mine-life to the project. We are particularly pleased to see higher-than-average grades of U₃O₈ and Heavy REO in the Northwest Extension.

To view the whole press release, click here.