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Pelangio Exploration Inc. (TSX-V:PX - News)(OTC.BB:PGXPF - News)
("Pelangio" or the "Company") is pleased to announce
results from 10 additional diamond drill holes totaling 1,638 metres at the
Pokukrom East and Nfante West gold zones on the Manfo Property in Ghana.
Highlights of the drill results reported today include:
Pokukrom East Zone
-- 1.36 grams per tonne (g/t) gold over 52 metres in SPDD-106, from 22
metres down-hole in transitionally oxidized bedrock, from saprolite to
sulphide, including a higher grade zone in sulphide of 3.47 g/t gold
over 13 metres;
-- 1.50 g/t gold over 51 metres in SPDD-107 (which includes a higher grade
zone of 3.53 g/t gold over 11 metres) within an intersection of 1.13 g/t
gold over 72 metres from 63 metres down-hole in unoxidized bedrock, or
sulphide;
-- Intersections continue to confirm broad mineralized zone at Pokukrom
East that is open at depth and in excess of 500 metres in strike length;
-- Drilling ongoing at Pokukrom East.
Nfante West Zone
-- 1.05 g/t gold over 23 metres in SFDD-100, from 25 metres down-hole in
saprolite (including a higher grade interval of 2.67 g/t gold over 8.0
metres from 31 metres in sulphide) in a broadly mineralized (uncut)
intersection of 0.43 g/t gold over 96 metres;
-- SFDD-100 confirms 100 metre northern extension of previously reported
intersection of 1.50 g/t gold over 61 metres (SFDD-079) and total strike
length of over 280 metres from previously reported intersection of 0.91
g/t gold over 40 metres (SFDD-082) to SFDD-100;
-- Broad zones of mineralization intersected in holes drilled up to 200
metres north of the defined anomaly.
To view a plan view of drilling
completed and results to date on the Manfo Property, see: http://media3.marketwire.com/docs/px10124.pdf
"Today's results from Pokukrom East
and Nfante West continue to prove the potential of the Manfo Property to host
a series of bulk tonnage deposits with localized high grade zones,"
stated Warren Bates, Senior Vice President Exploration. "The results
from Pokukrom East represent some of the broadest and most continuous
intersections we have yet encountered on the property. We have already
intersected the Pokukrom East zone over a 500-metre strike length, with the
strongest area of the geochemical anomaly continuing a further 200 metres
south. We have also identified targets beyond the Pokukrom East anomaly indicating
that the mineralization may extend beyond the anomaly itself."
Mr. Bates continued, "At Nfante
West, we have confirmed the northern extent of a strike length in excess of
280 metres. The broadly mineralized intersections north of the anomaly
continue to indicate that we are in a major mineralized system. The zone is
open at depth and to the west. More local targets will be developed through
surface work and geophysical interpretation. We will continue defining the
mineralized zone at Nfante West with further drilling."
Geological Setting
The following table summarizes
significant assay results reported herein from the Pokukrom East and Nfante
West gold zones:
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Hole
From To Interval Au Length
Area DHID(1) (metre) (metre) (metres)(2) (g/t) (metres)
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Pokukrom East SPDD-105 22 52 30 0.31 94
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SPDD-106 2 54 52 1.36 103
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including 41 54 13 3.47
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SPDD-107 7 51 44 0.37 222
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and 63 135 72 1.13
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including 83 134 51 1.50
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including 116 127 11 3.53
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Nfante West SFDD-098 11 114 103 0.28 152
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SFDD-099 72 103 31 0.38 106
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SFDD-100 25 48 23 1.05 149
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including 31 39 8 2.67
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and 45 103 58 0.25
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(1) Each hole reported was drilled at azimuth 117 degrees and a -45 degrees
dip.
(2) Intervals are core length. True widths will be defined with additional
drilling.
At Pokukrom East, holes SPDD-106 and
-107 were 100 metre and 50 metre step-outs, respectively, south of previously
reported holes SPDD-085 (1.64 g/t gold over 36 metres) and SPDD-086 (collared
in 1.11 g/t gold over 18 metres), with SPDD-107 being an 85 metre step-back
from SPDD-106. The mineralization in both holes is consistent with the style
of mineralization in holes to the north (SPDD-085, -086 and -089) and south
(SPDD-087 and -088) indicating the continuity of a single wide mineralized
zone. The mineralization is hosted within a quartz-carbonate, hematite or
sericite-pyrite altered metagranitoid.
Hole SPDD-105 at Pokukrom East was a 200
metre step-out south of previously reported hole SPDD-088 (24.7 g/t over five
metres in a broader intercept of 1.39 g/t gold (cut to 20 g/t) over 53
metres). The hole collared in mineralization interpreted as the footwall of
the mineralized zone, which may indicate that the zone continues west of the
drill hole collar. The Company is planning step-backs to the west of SPDD-105
to intersect the full width of the mineralized zone.
To view a plan view of drilling at
Pokukrom West, see: http://media3.marketwire.com/docs/px20124.pdf
To view a section view of drill holes SPDD-106
and -107, see: http://media3.marketwire.com/docs/px30124.pdf
At Nfante West, SFDD-98 and -100 were
100 metres step-outs to the north of previously reported SFDD-079 (1.50 g/t
gold over 61 metres), with SFDD-098 being a 40 metre step-back from -100. The
mineralization is hosted in quartz-sericite-carbonate-pyrite alteration
within a sheared granitoid.
SFDD-099 and -101 were 200-metre
step-outs, respectively, to the north of SFDD-98 and -100. Mineralization
encountered in the bottom of SFDD-099 (0.38 g/t gold over 31 metres from 72
metres down-hole) and SFDD-101 (0.29 g/t gold over 20 metres from 69 metres)
may indicate that the Nfante West zone continues east of these drill holes.
The geology and alteration intersected in these holes is similar to the other
holes drilled at Nfante West.
SFDD-102, -103 and -104 were 400, 500
and 700 metre step-outs, respectively, to the north of drill holes SFDD-98
and 100 testing a 40 ppb geochemical anomaly, which encountered anomalous
though not significant results.
To view a plan view of drilling at
Nfante West, see: http://media3.marketwire.com/docs/px40124.pdf
To view a section view of drill holes
SPDD-098 and -100, see: http://media3.marketwire.com/docs/px50124.pdf
Drilling Progress and Exploration
Outlook
Including the 10 holes totaling 1,638
metres reported today, Pelangio has completed 15 drill holes totaling 2,399
metres in its second phase drill program on the Manfo Property. The Company
recommenced drilling at Pokukrom East on January 16, 2011 and expects to
complete further holes at Pokukrom East during the second phase drill program
prior to moving to Pokukrom West, where drilling has encountered multiple
high grade intercepts. The ongoing second phase diamond drilling program on
the Manfo Property is expected to total well in excess of 5,000 metres. The
Company will release further assay results as they are received.
The Company is currently conducting
geochemical surveying southeast and northwest of the approximately 10 square
kilometre area containing the Nfante West and East and Pokukrom West and East
discoveries and the strong geochemical anomalies identified 3.5 kilometres
north of this area at Sika North. Trenching is also progressing on targets to
the north of Pokukrom East and West and south of Sika North. Pelangio has
interpreted a 10 kilometre trend of anomalies from wide, 800 metre spaced
geochemical and geophysical surveying in the northwestern portion of the
Manfo Property, with the southeastern portion of the Manfo Property currently
being evaluated geochemically.
Pelangio's exploration focus on the
Manfo Property is to identify near-surface drill ready targets through
geochemical sampling and to test and extend such targets with drilling and geophysical
data. The Company's near term aim is to discover and delineate as many gold
mineralized zones on the Manfo Property as possible prior to evaluating such
zones within the constraints of a global resource estimation.
Quality Assurance/Quality Control and
Qualified Person
The drill holes reported in this press
release were drilled using HQ (63.5 mm) and NQ (47.6 mm) sized diamond drill
bits. Company security is provided at the drill site. Contractors working for
Pelangio conducted all logging and sampling. The core was logged, marked up
for sampling using standard lengths of one metre, then split into equal
halves using a diamond saw. One half of the core was left in the original
core box and stored in a secure location at the Pelangio compound in Tepa,
Ghana. The other half was sampled, placed into sealed bags and securely
stored at the site until it was shipped to the ALS Chemex laboratory in
Kumasi, Ghana. The core was dried and crushed by ALS Chemex and a 150 gram
pulp was prepared from the coarse crushed material. ALS Chemex conducted
routine gold analysis using a 50 gram charge and fire assaying with atomic
absorption finish. Quality control procedures included the systematic
insertion of blanks, duplicates and sample standards into the sample stream
at the rate of one per every 20 samples. In addition, ALS Chemex inserted one
preparation blank and a certified reference sample in for every 20 samples,
and ran one duplicate analysis every 20 samples.
In respect of SFDD-079, every sample
returning more than 100 parts per billion gold was subsequently sent for
follow-up metallic screening analysis, in which a 1000 gram pulp was
analyzed. The screening of samples produced two size fractions - less than 75
micrometres (um) and greater than 75 um. These fractions were then analyzed
independently by fire assay and atomic absorption.
The exploration program at the Manfo
Property is overseen by Warren Bates, P. Geo. (Ontario), a Qualified Person
within the meaning of National Instrument 43-101. Mr. Bates has verified and
approved the data disclosed in this release, including the sampling,
analytical and test data underlying the information.
About Pelangio
Pelangio is a junior gold exploration
company that acquires and explores camp-sized land packages in world-class
gold belts, while using innovative corporate restructuring to maximize
shareholder value. Pelangio's 100 square kilometre Manfo Property, which lies
on Ghana's Sefwi greenstone belt between the Ahafo and Chirano mines,
respectively operated by Newmont and Kinross, is the site of recent
near-surface discoveries on four separate targets, including 36.21 g/t gold
over 9 metres, 24.7 g/t gold over 5 metres; 1.5 g/t gold over 61 metres and
0.95 g/t gold over 33 metres. The Company is also actively exploring its 290
square kilometre Obuasi Property, located on strike and adjacent to AngloGold
Ashanti's Obuasi Mine, which has produced over 30 million ounces of gold
since 1897.
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. With respect to forward-looking statements and information
contained herein, we have made numerous assumptions. Forward-looking
statements and information include statements regarding the Company's exploration
plans and exploration results with respect to the Obuasi Property and the
Manfo Property, and are subject to forward-looking 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 gold price
volatility, changes in equity markets, political developments in Ghana, increases
in costs, exchange rate fluctuations 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.
Neither 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.
Contact:
Contacts:
Pelangio Exploration Inc.
Ingrid Hibbard
President & CEO
905-875-3828 / Toll-free: 1-877-746-1632
Pelangio Exploration Inc.
Warren Bates
Senior Vice President Exploration
905-875-3828 / Toll-free: 1-877-746-1632
info@pelangio.com
www.pelangio.com
Proconsul Capital
Martti Kangas
Principal
647-521-9261
mkangas@proconsulcapital.com
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