TORONTO, Ontario (April 22, 2019) – Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to announce that a limited drilling program has commenced at the Dome West Property located 800 meters (“m”) west of the Dome Mine super pit in Timmins, Ontario (see Pelangio news release April 2, 2019 for further details).
Highlights of the Initial Diamond Drill Program at Dome West
- The objective of this limited first phase of diamond drilling is to confirm the presence of a highly prospective porphyritic sill unit that has been designated as target P1. This porphyritic sill 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) (see Map 1 below)
- Helicopter support for the diamond drill program will be used as the cost-effective and environmentally sound solution to access this property
- Pelangio intends to plan, permit and conduct a follow-up winter drill program in 2020 utilizing ice access, contingent on the success of this first phase program
"We are excited to begin the diamond drill program on our Dome West gold property. The results of this program will be used in confirming the existence of a highly prospective porphyritic sill that is interpreted to extend across the Dome West property. This program represents our first step in advancing this strategic asset”, commented Ingrid Hibbard, President and CEO of Pelangio.
Map 1: Location of targets P1 and V1 with reference to the Dome West Property
Dome West Property
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.
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 property, 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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