TORONTO, Ontario (January 8, 2019) – Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to provide an update on its plans for future exploration and project generation. With the recent completion of the acquisition of 2522962 Ontario Inc. (“5SD Capital”), Pelangio remains focused on exploring its properties and also pursuing new value generating projects and opportunities in Ontario, Canada and Ghana, West Africa. The Company also wishes to announce the addition to its technical team.
Addition to Technical Team
Pelangio is pleased to announce that Mr. Kevin Filo, P.Geo. joins the Company as the Vice-President of Corporate Development. Mr. Filo is an experienced international mining and exploration geologist with over 35 years of experience in the mining industry. In recent years, Mr. Filo carried out consulting work for numerous exploration companies and successfully managed several private project generator corporations, including 5SD Capital which was recently acquired by Pelangio. Prior to this, Mr. Filo was Vice President Exploration for Pelangio during its acquisition of the Detour Lake Project from Placer Dome Canada in 1998.
Ingrid Hibbard, President and CEO of Pelangio Exploration stated, “We are very pleased to have Kevin Filo join our team, and I am delighted to be working with him again. He was instrumental in compiling 5SD’s property portfolio and has a proven track record of attracting collaborative partners and enhancing the value of projects he leads. We are excited for Kevin to spearhead our Canadian exploration and generate future opportunities.”
Update on the Dalton Property
The Dalton property, one of the more strategic properties included in the 5SD property portfolio, is located within the City of Timmins, approximately 1.5 km west of the Hollinger Gold Mine. The Hollinger Mine is currently being operated by Goldcorp and has historical production of over 19 million ounces of gold.
Earlier in 2018, a cursory prospecting program was conducted on the Dalton property to evaluate a series of historical trenches. Numerous trenches observed on the property contained significant westerly trending shear structures associated with quartz veins. Some of the larger quartz veins observed were approximately 2 metres (m) in width. A preliminary examination of all trenches and a significant sampling program was conducted prior to winter. This data in now being compiled and samples will be sent for assay analysis shortly.
Further, the company secured approximately 1000m of drill core, drilled by San Gold in 2009, from eight historical holes on the property. An initial examination of the core has shown that there are numerous sections that have not yet been assayed. These sections of core are of interest because they have substantial carbonate and sericite alteration, as well as sulphide mineralization within the altered zones and along with some quartz veining. Sampling of this historical core has been completed and results will be released as soon as they are available.
The work described above represents a preliminary investigation of the Dalton Property. A more comprehensive exploration program is planned for the 2019 field season to develop drill targets. Kevin Filo, P.Geo., will be responsible for this program.
Mr. Warren Bates, P.Geo., Pelangio’s Senior VP Exploration, is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this press 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 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 ability to complete the planned work programs, 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 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, political developments in Ghana, increases in costs, exchange rate fluctuations, speculative nature of gold exploration and other risks involved in the gold exploration industry, might not encounter favourable exploration results. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.