TORONTO, ON / ACCESSWIRE / April 13, 2021 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that further evaluation and interpretation of data from the Dome West project has been completed in preparation for a planned drill program to commence in June or July, 2021. Permitting is well under way and no further delays are anticipated with respect to access to the project.
Highlights:
- Highly prospective Vipond stratigraphy hosts a substantial portion of the gold mineralization at the Dome Mine and Paymaster Mine and crosses the Dome West property boundary from the Paymaster at the 1000-foot (304.8 meter) level;
- This is a significant target horizon that is untested on the Dome West project;
- Newly obtained historical data from underground drill intercepts grading 0.63 oz/ton gold over 6 feet (21.6 g/t gold over 1.82 meter ("m")) and 1.74 oz/ton gold over 6.5 ft (59.6 g/t gold over 1.98 m) from the adjoining Paymaster Mine along with government data was reviewed;
- This data demonstrates gold bearing feldspar porphyry intrusives potentially strike and dip on to the Dome West Property. (See Figures 1, 2, 3 & 4)
Ingrid Hibbard President and CEO commented, "In light of the promising data, we are looking forward to drilling these exciting targets at the Dome West project in Timmins. Within our strategic portfolio of gold projects, Dome West holds significant discovery potential for our shareholders."
Dome West Property
The Dome West property is located in the main portion of the Timmins mining camp. It is comprised of 10 mining cells or 56 hectares of mineral rights located approximately 800 meters west of Newmont's Dome Mine and 450 meters northwest of the former Paymaster Mine. In March 2021, a more thorough review and compilation of data was completed. This review compiled historical level plan data from government reports and underground drill hole data from the adjoining former Paymaster Mine to plan future drilling on the Dome West project. The salient points from this review are as follows:
- Underground Paymaster Mine drill holes collared at the 1000-foot level (304.8 meter) of the mine to the east of the Dome West property boundary (See Figures 1 & 2) demonstrated the existence of a series of gold-bearing felsic porphyritic ("FP") intrusive bodies and sills. The better gold values from these FP intrusives returned 21.6 g/t gold over 1.82 meter and 59.6 g/t gold over 1.98 meters. The FP intrusives also contained numerous anomalous intercepts ranging from 0.342 to 1.03 g/t gold. (See Figure 3). Due to the proximity of these intrusives to the Dome West property boundary, interpretation suggests that the strike and dip projections of the FP intrusives might extend into the Dome West property. These FP intrusives are representative of very high-quality targets which are untested on the Dome West property. It can be noted that substantial amounts of gold and copper ore have been mined from FP intrusives in the various mines in Timmins, such as the former McIntyre Mine and Preston East Dome. (References: Historical Paymaster Drill Holes PM10155 & PM10156; and Gold 86 International Symposium Proceedings, A.J. Macdonald,1986)
- The review of composite level plan data (Figure 4) from OGS Report 58 (Ferguson, S.1968) and a recent Pelangio drill hole, DW1901, demonstrated that the prospective Vipond stratigraphy which hosted a substantial portion of the ore at the Dome and Paymaster mines crosses the Dome West boundary from the Paymaster Mine at the 1000-foot level (304.8 m). (See Figures 2, 3, & 4) This is a second significant target horizon that is untested on the Dome West Property.
The Company is formulating drilling plans for the Dome West project, to include:
- A deep hole to cross both the FP intrusives and the Vipond stratigraphy as seen in Figure 3; and
- Shallow holes to test the FP intrusive targets on two section lines.
Figure 1: Dome West Area Location Map
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Figure 2: Dome West Composite Schematic Plan Map
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Figure 3: Dome West Composite Schematic Section
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Figure 4: Historical Composite Level Plan with Geology
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Qualified Person
Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo approved the technical data disclosed in this release.
About Pelangio
Pelangio acquires and explores world-class gold belt land packages Ghana, West Africa and Canada. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km2 Manfo property, the site of seven 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, as well as the newly optioned Dankran property located adjacent to its Obuasi property. In Canada, the Company is currently focused in Ontario on its Grenfell property, located 10 km from Kirkland Lake, at its Dome West property, situated some 800 meters from the Dome Mine in Timmins and is advancing its Hailstone property in Saskatchewan. See www.pelangio.com for further detail on all Pelangio's properties.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
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 strategy of acquiring large land packages in areas of sizeable gold mineralization, and the Company's ability to complete the planned exploration programs. 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, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, delays due to COVID-19 safety protocols, 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 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.
SOURCE: Pelangio Exploration Inc.
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