TORONTO, Ontario (April 2, 2019) – Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to announce it has initiated further target development work on its Dalton Property and signed an access agreement with Goldcorp Canada Ltd. in order to facilitate a drill program on its Dome West Property. Both the Dalton Property and the Dome West Property are located proximal to the largest gold producers in the Timmins Camp. The Dalton Property is 1.5 kilometres (“km”) south west of the historic Hollinger Gold Mine, currently being operated by Goldcorp Canada Ltd., and the Dome West Property is located 800 meters (“m”) west of the Dome Mine super pit (See Map 2 below).
- Completed a detailed airborne magnetic survey over the Dalton Property
- Completed an access agreement with Goldcorp Canada Ltd. for Dome West
- Initiating a diamond drill program at Dome West scheduled to begin in mid-April
"We are excited to begin exploration on our Dome West and Dalton gold properties. The results of the airborne magnetic survey at Dalton will be used to develop targets, whereas the diamond drill program at Dome West will be used to confirm the existence of a highly prospective porphyritic sill that is interpreted to extend across the Dome West property. These are appropriate first steps for us in the advancement of our strategic properties”, commented Ingrid Hibbard, President and CEO of Pelangio.
Consistent with Pelangio's strategy to explore within established mining camps proximal to known mines, the Dalton Property represents a unique opportunity to cost effectively explore a property that has had minimal exploration conducted since the early days of the Timmins camp.
In late March of 2019, Pelangio initiated a detailed airborne magnetic survey over the Dalton Property. This survey will be combined with other target development work on the property planned for the summer field season. It is anticipated that geochemical surveying and further prospecting work will be completed during the summer months in order to develop drill targets for a fall 2019 diamond drill program. During the winter months a review of limited historical geophysical data was completed. From this work it was ascertained that previous operators did not test all of the targets developed. These untested targets will be prioritized for future drilling in conjunction with any newly developed targets outlined by Pelangio.
Dome West Property
As stated previously Pelangio has completed an access agreement with Goldcorp Canada Ltd. This agreement will allow Pelangio access to surface rights surrounding the Dome Mine in order to conduct a limited first phase drill program on the Dome West property. Pelangio would like to thank Goldcorp Canada Ltd for their co-operation and assistance with the access permit process.
The Dome West property, formerly controlled by Central Porcupine Mines Ltd., is a strategic land holding that is adjacent to both the former Paymaster Mine property and Goldcorp’s Dome Mine (Source: Ont. Dept of Mines Map 449B, Ferguson, 1969). The Dome West property is located approximately 800 m west of the Dome Mine and approximately 500 m northwest of the former Paymaster mine shaft. (See Map 2 below: Location of the Dome West property in reference to the Dome Mine and other strategically located mine properties, shown below).
The focus of the Pelangio's initial drill program is to confirm the presence of a highly prospective porphyritic sill unit that has been designated as target P1. The porphyritic sill unit is interpreted to extend across a substantial portion of the Dome West property at the 1000-foot elevation from the former Paymaster Mine property (Source: Ont. Dept of Mines Map 449B, Ferguson, 1969 and OGS Assessment File T-125). Given the extremely challenging topography for ground access to the P1 target area, it was determined that the best cost-effective and environmentally sound solution was to utilize helicopter support for the diamond drill program on the P1 target. It is anticipated that the first phase drill program will in commence on or about April 15. Contingent on the success of this first phase program the company intends to plan, permit and conduct a winter drill program in 2019/2020 from Edwards Lake which would provide an optimum platform to properly evaluate the P1 target (See Map 1 below).
Map 1: Location of targets P1 and V1 with reference to the Dome West Property
A second target area of interest designated target V1 is present in the central portion of the property where government geologists have documented a historical shaft and a small adit associated with quartz veins in outcrop (reference: Ontario Dept of Mines Map 2075). There is no record of sampling in this area. The V1 target will be re-evaluated and sampled in conjunction with a proposed soil sampling program planned for the field season of 2019.
Map 2: Location of the Dome West property in reference to the Dome Mine and other strategically located mine properties
Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo has verified and approved the data disclosed in this release.
Pelangio acquires and explores large land packages in world-class gold belts in Canada and Ghana, West Africa. In Canada, the company is focusing on the Dome West property located 800 metres from the Dome Mine in Timmins, the 25 km2 Birch Lake Property located in the Red Lake Mining District and the Dalton Property located 1.5 km from the Hollinger mine in Timmins. In Ghana, the Company is focusing on two 100%- owned camp-sized properties: the 100 km2 Manfo Property, the site of seven recent near-surface gold discoveries, and the 284 km2 Obuasi Property, located 4 km on strike and adjacent to AngloGold Ashanti’s prolific high-grade Obuasi Mine. Ghana is an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa.
Forward Looking Statements
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Company’s newly initiated exploration programs on the Dome West and Dalton properties, the Company’s strategy of acquiring large land packages in areas of sizable gold mineralization, the Company’s plans to follow-up on previous work, and the Company’s overall exploration plans. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, increases in costs, exchange rate fluctuations, speculative nature of gold exploration including the risk that favourable results may not be obtained, and other risks involved in the gold exploration industry. See the Company’s annual and quarterly financial statements and management’s discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward- looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.
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