Additional Properties

Grenfell Property

The Grenfell property is located in Grenfell Township approximately 10 km northwest of the Town of Kirkland Lake Ontario. It is comprised of a series of contiguous mining leases and mining claims covering about 6.7 km2. This property has been worked sporadically on and off since the early 1930's. The majority of work on the property took place in the 1930's to early 1940's when bulk sampling of some high-grade gold veins occurred in conjunction with diamond drilling, shaft sinking and substantial lateral development on two underground levels. With renewed interest in the property a series of surface exploration programs were conducted from the early 1980's to about 2013. More recent exploration work and re-evaluation of historical work has resulted in new zones of gold mineralization and recommendations for further exploration on known historical zones from the 1930-1940 era. 

Seeley Lake

Pelangio owns 100% of the 760 acres Seeley (Lorna Lake) property and there is no underlying royalty. The Seeley property is located in the historic Hemlo area and is contiguous with the Wire Lake Property recently optioned by Canadian Orebodies Inc. During the Hemlo discovery era, Pelangio's initial diamond drilling returned an intercept of 4.7 g/t gold over 1 metre. The drill program was supervised by Kevin Filo, P. Geo., and assay certificates from Bondar Clegg were verified. The Hemlo area is again becoming one of the more active exploration regions in Ontario. Pelangio did not complete any exploration activity in 2018 and no activity is currently planned.

Poirier

Pelangio owns 100% of the Poirier Gold Property Lease (47.34 hectares) located in Bristol Township, 22 km west of Timmins, contiguous with Pan American Silver Corp.’s (previously Tahoe Resources Inc.) Timmins and Thunder Creek deposits (collectively, the Timmins West Mine). The property is subject to a 1% NSR (which may be purchased for $1 million) payable to the vendors and a further 1% NSR payable to a third party.

The Poirier Gold Property is underlain near‐surface by a mafic volcanic unit approximately one kilometre to the west of the mafic, ultramafic and sedimentary contact, which dips steeply westwards towards our lease and which is associated with the Thunder Creek Project. A 100 meter‐spaced geophysical program of ground magnetics and GPS was completed in 2015. In 2016, a three‐dimensional geologic model was prepared for project area using all available public data and combined with results of a three‐dimensional magnetic inversion received in the third quarter 2015. Combining three‐dimensional geology with the magnetic data indicates good agreement between magnetic data and a magnetic ultramafic rock overlying the deposit. This data indicates that the favourable structure hosting the Rusk and Gap zones dips into the Poirier ground. The interpretation of the ground magnetic survey has improved the understanding of the geological setting of the Poirier Gold Property. A review and evaluation of the potential of this property is planned for the future.

Depending on continued results from the Thunder Creek Project, we may conduct further exploration and drill on the property.

Thunder Gold

Pelangio owns 100% interest in the Thunder Gold property located 20 kilometres west of Timmins, Ontario. It consists of one lease (48.5 hectares) which was converted from three claims in 2010 and holds an underlying royalty of 2% and $1,000 per year advance royalty to the vendors.

Montcalm and Nova Properties

The Montcalm and Nova properties, currently under option to Pancontinental, are proximal to each other and located approximately 65-70 km northwest of the City of Timmins Ontario. The Montcalm property, located in Montcalm Township, covers an area of approximately 37.8 km2 and the Nova property, located in Nova Township is approximately 8 km2. The Montcalm property surrounds the former Montcalm Mine which produced approximately 3.9 million tonnes of nickel, copper, cobalt ore over its mine life (source: Atkinson, 2011, Ontario Geological Survey). Pancontinental has completed substantial successful target development work on both properties (see Pancontinental press releases dated September 17, 2018 and October 30, 2018). It is anticipated that ongoing exploration will continue on these projects in 2019. As a result of this transaction, Pelangio now owns 300,000 shares of Pancontinental and in the event that Pancontinental exercises the option to earn the remainder of Pelangio's interest, Pelangio will receive $52,500 and 450,000 shares over the next three years.

Strachan Property

The Strachan property is currently under option to Pancontinental Resources Corporation (see press release January 18, 2019) and is located in Strachan and Melrose Townships approximately 65 km northwest of Timmins, south of the former Montcalm Mine. The property covers an area of approximately 17.12 km2. The Strachan property is thought to be prospective for nickel, copper and cobalt, and covers a gabbro complex similar in nature to the gabbro complex which hosts the Montcalm Mine described above. It is envisioned that a state-of-the-art Electromagnetic ("EM") survey will be flown over the property, or a similar program to that being conducted by Pancontinental may be completed on the Montcalm property in order to develop future drill targets.

Gowan Property

The Gowan property, currently under option to Amex Exploration Inc., hosts a historic Volcanogenic Massive Sulphide ("VMS") polymetallic zone. The 2.6 km2 property is located in Gowan Township approximately 20 km south west of Glencore's Kidd Creek Mine approximately 27 km northeast of the Timmins City centre. The Kidd Creek Mine is a copper zinc VMS mine hosted in a felsic volcanic package of rocks. Reports from previous operators The Ontario Geological Survey Report 299 identifies a similar setting on the Gowan property, all suggesting that further follow up is warranted.

Mann Property

The Mann property is located in Mann Township 50 km northeast of the City of Timmins and covers an area of approximately 2 km2. The patented claims cover a portion of a large ultramafic complex that is prospective for nickel, copper and cobalt. Some historical untested EM anomalies are present on the property. No recent work of significance has been conducted on the property.

Black Township

Pelangio owns 100% interest in the Black Township property located 100 kilometres east of Timmins, Ontario. It consists of two claims which were staked in 2010, and holds no underlying royalty.

Hailstone Property

Hailstone property is located approximately 100 kilometers northeast of La Ronge, Saskatchewan and is comprised of seven mineral claims. Geologicaly, the Hailstone property is located within the Central Metavolcanic Belt of the La Ronge Domain of north-central Saskatchewan, which represents a portion of the Paleoproterozoic Trans-Hudson Orogeny. The property comprises a southwest-northeast trending metavolcanic succession intruded by multi-phase intrusive rocks of the Berven Lake Pluton. Gold and copper mineralization on the property is hosted within quartz veins and quartz rich pegmatite dikes associated with southwest-northeast trending shear zones subsidiary to the terrain-bounding McLennan Lake Tectonic Zone. On July 15, 2019, Pelangio entered into a binding Letter of Intent to acquire a 90% proportionate legal and beneficial interest in seven mineral claims located in the La Ronge area, Northern Mining District, Saskatchewan from First Geolas Consulting.

 

Royalties

Pelangio also owns the following royalties and carried interest in a number of Canadian properties as shown in the table below.

Matheson West and East 1% NSR can be purchased by Matamec Explorations Inc. for $1,000,000 and 100,000 common shares of Matamec
Mord 1.5% NSR (provided Pelangio exercises right to buy back 1% for 100,000 shares of Pelangio)
Ross/Guibord 1% NSR

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