Birch Lake, Red Lake Mining District – Red Lake Mining Camp

Highlights

  • Historical high-grade intercepts of 34.54 g/t Au over 9.85m, including 113.94 g/t Au over 2.95m
  • Adjacent to First Mining’s Springpole Gold Project

Ownership

  • 100%, 34 sq km
  • Currently under option to First Mining Gold Corp. (FF: TSE) and its wholly owned subsidiary Gold Canyon Resources Inc.
  • First Mining, through Gold Canyon, may acquire up to an 80% interest in the Birch Lake Project by incurring $3,500,000 in exploration expenditures, making $750,000 in cash option payments to Pelangio ($400,000 of which may, at First Mining’s election, be made in shares of First Mining)  and issuing 1,300,000 shares of First Mining to Pelangio.

Property Details

This project is the culmination of Pelangio's original Birch Lake block of claims and the recently acquired Keigat Lake Area Claims through the merger with 5SD Capital (see Pelangio's news release dated December 10, 2018 for further details).

The original land position on which most of exploration work was conducted covers approximately 453 hectares located in the Keigat Lake area, approximately 120 km northeast of Red Lake, Ontario. The original land holdings are subject to an underlying agreement whereby Newmont retains a 2% NSR. There are currently no obligations to Newmont other than payment of the royalty on production.

Previous work by Placer Dome delineated a gold-bearing system (High Grade Island) over a strike length of approximately 300 metres to a vertical extent of 150 metres. From 1986 to 1996, Placer Dome completed 110 drill holes totaling 19,918 metres, together with mapping, trenching, geochemical and ground geophysical surveys.

Prior to September 30, 2008, the property was subject to an option agreement between Pelangio and Trade Winds Ventures Inc., who spent approximately $1.2 million on the property during the term of the option. Trade Winds completed its drilling activities on High Grade Island during winter 2005. The previous 2004 drilling program consisted of four holes, TWBL-094/095/096/097, totaling 1,102.60 metres, testing the continuity and down-dip extension of the central gold zone located on High Grade Island. The current Birch Lake project includes both High Grade Island and Keigat Island. see map below.

Pelangio's Birch Lake project is adjacent to First Mining Gold Corp.'s Springpole Deposit, which has an indicated resource of 139.1 million tonnes at a grade of 1.04 g/t Au, and 5.4 g/t silver ("Ag"), containing 4.67 million ounces Au and 24.19 million ounces Ag (Source: First Mining Gold Corp Springpole Gold Project PEA Technical Report June 6, 2017). The mineralization hosted on the Springpole Property is not necessarily indicative of the mineralization on the Company's Birch Lake or Expanded Birch Lake Property.


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