TORONTO, Ontario (May 29, 2019) – Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to announce that it has completed a 543 meters (“m”) drill hole on the Dome West Property and is anticipating completion of a detailed airborne magnetic report for the Dalton Property. Both the Dalton Property and the Dome West Property are located proximal to the largest producers in the Timmins Camp (see Map 1).
- Completed a 543m drill hole on Dome West Property to evaluate a prospective porphyritic intrusive unit (P1 target see Map 2) interpreted to strike across the Dome West Property from the former Paymaster Mine at the 1000-foot level.
- Received extension of access agreement from Newmont Goldcorp to facilitate prospecting efforts on the V1 target (see Map 2)
- Completed airborne magnetic survey on Dalton property to facilitate a detailed soil sampling program for target development.
- Engaged Beak Consulting to undertake mineral predictive mapping at our Obuasi Property using their innovative data mining software based upon artificial intelligence.
Map 1: Location of the Dome West property in reference to the Dome Mine and other strategically located mine properties
Dome West Property
In April of 2019, the Company completed a single 543m drill hole (DW19-01) on the Dome West property located 800m west of the Dome Mine super pit. The purpose is to evaluate the strike extension of a prospective porphyritic intrusive sill interpreted to extend from the former Paymaster Mine at the 1000-foot level (P1 target see Map 2) across the Dome West property. The recent drilling intersected the main altered porphyry unit from 280.40m to 322.90m down hole along with a series of secondary porphyritic intrusive dykes. The hole also intersected a number of quartz veins, often mineralized with pyrite, both above and below the porphyry intrusive. This hole represents the deepest hole drilled on the property to date. The hole was drilled beyond the original target depth to evaluate favourable stratigraphy which is interpreted to extend onto the property from the adjoining Dome and Paymaster Mines. A total of 577 samples were submitted for assay representing the entire length of the hole. Results are pending and upon receipt and interpretation will be released.
Pelangio received an extension to its access agreement by Newmont Goldcorp to facilitate further prospecting on the V1 target (see Map 2). Prospecting efforts are currently underway and to date a small exploration shaft and substantial historical trenches and pits located on numerous quartz veins have been observed. The quartz veins were observed within two crosscutting shear orientations. There is no record of any results from the numerous surface workings. Pelangio plans to sample a substantial number of these workings to determine if diamond drill follow up is warranted.
Map 2. Location of V1 and P1 targets
Currently, the corporation is awaiting the completion of an airborne magnetic report to prioritize areas for mobile metal ion (MMI) geochemical surveying. The Dalton Property has less than 5% outcrop exposure and thus target development relies heavily on geophysical and geochemical surveying. It is anticipated that geochemical surveying will be initiated in June of 2019. All data from both from Pelangio's field work and work from previous operators will be compiled in preparation for a fall drilling program. It should be noted that two priority induced polarization targets were left untested by previous operators. Pelangio intends to prioritize these targets along with any new targets developed from its current programs.
Pelangio contracted awarded-winning Beak Consultants GmbH (“Beak”) to undertake mineral predictive mapping at our Obuasi Property using Beak’s artificial neural network based advangeo Prediction Software, an innovative data mining software using artificial intelligence for the prediction of spatial events for exploration targeting. This initial program was a test to evaluate the effectiveness of the software in the Obuasi environment. The preliminary results received validated a number of Pelangio’s targets, particularly at NGA and on the main trend. As a result, Pelangio is planning a follow-on project with Beak. Beak won the 2017 Mineral Prospectivity Contest at the conference held by the Bureau de Recherches Géologiques et Minières, BRGM (the French Geological Survey), in Orleans, France. The goal of the contest was to produce the most accurate predictive map for gold in Britanny using a provided dataset.
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.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: email@example.com
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 exploration of it's properties, the Company’s strategy of acquiring large land packages in areas of sizable gold mineralization, and the Company’s plans to follow-up on previous work. 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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