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.
Gold mineralization was first discovered on the property in the early 1920's. From the early 1930's to about 1941, a series of major exploration campaigns were conducted; this work included 265 feet of shaft sinking, over 2000 feet of underground development on two levels, and a bulk sampling program to evaluate two of the vein systems. Exploration efforts ceased on the property during World War II. In 1985, a geological report was completed on the property by John Londry, P.Eng. (J. Londry, P.Eng., “Report on the John Sirola Property, Grenfell Township, 1985”), which documented the following points of interest on the various veins:
Pelangio completed two drill programs in 2020/2021. Significant results include:
In September 2022, Pelangio executed an earn-in agreement with Record Gold Corp. (“Record Gold”), a privately held mineral exploration company.
The agreement ensures significant ongoing exploration at this project and maintains the upside potential of this project with a retained 20% interest for Pelangio shareholders post earn-in. Pelangio currently owns approximately 3.87 million common shares of Record Gold.
Pursuant to the earn-in agreement, Record Gold may earn an 80% interest in the Grenfell Project by paying Pelangio a total of $60,000 in cash, and completing $2,000,000 in exploration expenditures over five years. Pelangio retains a 100% interest in the Grenfell project until the Earn-In option is completed. When the Earn-In is completed, Pelangio and Record Gold shall form an 80%/20% joint venture with respect to the Grenfell Project.