TORONTO, Ontario (September 8, 2011) – Pelangio Exploration Inc. (PX:TSX-V; PGXPF:OTC) (“Pelangio” or the “Company”) is pleased to announce results from nine additional diamond drill holes totaling 1,809 metres at the Pokukrom East gold zone and the newly identified Nfante Central zone on the Manfo Property in Ghana. Highlights of the results reported today include:
Pokukrom East Gold Zone
- 1.20 grams per tonne (g/t) gold over 54 metres in SPDD-152 from 102 metres down-hole, including 3.26 g/t gold over 13 metres from 142 metres down-hole;
- 0.90 g/t gold over 30 metres in SPDD-153 from 185 metres down-hole in a broader intersection of 0.61 g/t gold over 75 metres from 149 metres down-hole;
- New parallel zone encountered, with SPDD-152 intersecting 1.38 g/t gold over 15 metres from 50 metres down-hole and SPDD-153 intersecting 1.20 g/t gold over 16 metres from 58 metres down-hole;
- 1.11 g/t gold over 16 metres in SPDD-143 and 2.41 g/t gold over 8 metres in SPDD-144, extending the identified strike of the gold zone to 850 metres.
New Zone: Nfante Central
- 1.05 g/t gold over 11 metres in SFDD-148 from 120 metres down-hole in a broader intersection of 0.73 g/t gold over 34 metres from 108 metres down-hole;
- New zone is 250 metres east of Nfante West gold zone and open along strike and at depth.
- “We continue to successfully execute our 2011 strategy for the Manfo Property by expanding known gold zones along strike and at depth and identifying further new zones,” stated Warren Bates, Senior Vice President Exploration. “We have now extended the strike of the Pokukrom East gold zone to 850 metres as we step-out on 100-metre sections. Additionally, SPDD-152 and SPDD-153, which were drilled as depth extension holes at Pokukrom East, represent two of the most broadly mineralized drill holes that we have yet encountered at Manfo, with both intersecting the target mineralization as well as new, near surface hanging wall zones.
- We have also encountered a new “Nfante Central” zone, 250 metres east of the Nfante West zone. We expect the strike extension and new zones announced today to enhance the project’s resource potential as we move towards an initial estimate over the coming year.”
- Mr. Bates continued, “We currently have assays from a further 24 drill holes pending and, with two rigs turning on Manfo, we expect increasing news flow over the coming months and into next year.”
Geological Setting
The following table summarizes significant assay results reported herein:
|
Area
|
DHID
|
From
(metre)
|
To
(metre)
|
Core Length
(metres)1
|
Au
(g/t)
|
Hole Length
(metres)
|
|
Pokukrom East
|
SPDD-143
|
34
|
91
|
57
|
0.58
|
129
|
|
|
including
|
72
|
88
|
16
|
1.11
|
|
|
|
SPDD-144
|
87
|
95
|
8
|
2.41
|
183
|
|
|
SPDD-152
|
50
|
65
|
15
|
1.38
|
199
|
|
|
and
|
102
|
156
|
54
|
1.20
|
|
|
|
including
|
142
|
155
|
13
|
3.26
|
|
|
|
SPDD-153
|
58
|
74
|
16
|
1.20
|
263
|
|
|
and
|
149
|
224
|
75
|
0.61
|
|
|
|
including
|
185
|
215
|
30
|
0.90
|
|
|
Nfante Central
|
SFDD-148
|
108
|
142
|
34
|
0.73
|
203
|
|
|
including
|
120
|
131
|
11
|
1.05
|
|
1 Intervals are core length. Unless otherwise indicated, a cut-off grade of 0.2 g/t gold was used in calculating intervals with allowance for up to five metres of internal dilution.
The Pokukrom East geochemical anomaly is approximately 1,200 metres in length. To date, Pelangio has confirmed a gold zone at Pokukrom East measuring 850 metres in strike that is open along strike and at depth. Gold mineralization is generally associated with a sericite-pyrite altered metagranitoid hosted shear, with higher grade zones of quartz-pyrite veining.
SPDD-152 and -153 were drilled on section 49550 as step-back holes from SPDD-085 (1.26 g/t gold over 41 metres including 3.07 g/t gold over 13 metres) and -086 on the same section. Both holes contained broad zones of consistent gold mineralization demonstrating good continuity with the zones intersected in the neighbouring sections. SPDD-152 also intersected a higher-grade interval of 3.26 g/t gold over 13 metres that may be correlative with similar grade and width intervals in sections 49450 and 49650. SPDD-153 confirms gold mineralization to 171 metres depth in this area of the Pokukrom East gold zone.
SPDD-152 and -153 intersected a new zone of gold mineralization in the hanging wall of the Pokukrom East zone. Follow-up drilling on other sections will serve to confirm this zone along strike and at depth.
SPDD-143 and -144, drilled on sections 49250 and 49150, respectively, extended the strike length of the Pokukrom East zone to the south by 200 metres to 850 metres. SPDD-143 contained a broad zone of lower-grade bulk tonnage mineralization (0.58 g/t gold over 57 metres). SPDD-144 was drilled as a step-back from SPDD-105, which intersected a broad zone of lower grade mineralization, 0.31 g/t gold over 30 metres. Further drilling is required to trace the strike of the zone through this area of Pokukrom East.
The Nfante Central geochemical anomaly is approximately 800 metres in length and is located between 250 and 500 metres to the east of the Nfante West gold zone.
SFDD-148 was drilled on section 45300 and was the first drill hole on the target, intersecting 1.05 g/t gold over 11 metres from 120 metres down-hole in a broader zone of 0.73 g/t gold over 34 metres, which the Company interprets to be a new zone of gold mineralization.
SFDD-149 was drilled on the north area of the anomaly on section 45700 and intersected 0.66 g/t gold over 7 metres from 91 metres down-hole. Gold mineralization is hosted in quartz-sericite-carbonate-pyrite alteration within a sheared granitoid. The Company has drilled 100 metre step-outs to the north and south of SFDD-148 to trace the zone along strike, assays for which are pending.
Drilling Progress and Exploration Outlook
Including the nine holes totaling 1,809 metres reported today, Pelangio has completed 81 drill holes totaling 14,881 metres (including two holes abandoned for 134 metres) in its second phase program on the Manfo Property, of which 55 drill holes have been reported. Further assay results will be released in due course.
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 surveying. The Company’s aim during 2011 is to discover and delineate as many gold mineralized zones on the Manfo Property as possible.
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 divided 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.
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 successfully acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. The Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. Drilling is currently underway on two 100%-owned camp-sized properties: the company-making 100 km2 Manfo Property, the site of four recent near-surface, high grade and bulk tonnage, gold discoveries, and the potentially game-changing 290 km2 Obuasi Property, located four kilometres on strike and adjacent to AngloGold Ashanti’s prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of gold since 1897.
For additional information, please visit our website at www.pelangio.com, follow us on Twitter @PelangioEx or contact:
Ingrid Hibbard, President & CEO or
Warren Bates, Senior Vice President Exploration
Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
- or -
Martti Kangas, Principal
Proconsul Capital
Tel: 647-521-9261 / Email: mkangas@proconsulcapital.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. 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.
Manfo Gold Project – Highlights of Drill Results (Pokukrom East and Nfante Central)
|
Section
|
DHID
|
From
(metre)
|
To
(metre)
|
Core Length
(metres)
|
Au
(g/t)
|
Hole Length
(metres)
|
Az
(o)
|
Dip (o)
|
|
Pokukrom East Gold Zone
|
|
49250
|
SPDD-143
|
34
|
91
|
57
|
0.58
|
129
|
117
|
-50
|
| |
including
|
72
|
88
|
16
|
1.11
|
|
|
|
|
49150
|
SPDD-144
|
87
|
95
|
8
|
2.41
|
183
|
117
|
-50
|
|
48750
|
SPDD-145
|
No significant results
|
194
|
157
|
-45
|
|
48650
|
SPDD-146
|
No significant results
|
292
|
157
|
-45
|
|
49000
|
SPDD-147
|
61
|
68
|
7
|
0.66
|
148
|
117
|
-45
|
|
49550
|
SPDD-152
|
15
|
25
|
10
|
0.59
|
199
|
117
|
-65
|
| |
and
|
50
|
65
|
15
|
1.38
|
|
|
|
| |
and
|
73
|
77
|
4
|
2.22
|
|
|
|
| |
and
|
102
|
156
|
54
|
1.20
|
|
|
|
| |
including
|
142
|
155
|
13
|
3.26
|
|
|
|
|
49550
|
SPDD-153
|
58
|
74
|
16
|
1.20
|
263
|
117
|
-50
|
| |
and
|
85
|
92
|
7
|
0.68
|
|
|
|
| |
and
|
149
|
224
|
75
|
0.61
|
|
|
|
| |
including
|
185
|
215
|
30
|
0.90
|
|
|
|
|
Nfante Central Gold Zone
|
|
45300
|
SFDD-148
|
108
|
142
|
34
|
0.73
|
203
|
117
|
-50
|
| |
including
|
120
|
131
|
11
|
1.05
|
|
|
|
|
45700
|
SFDD-149
|
91
|
98
|
7
|
0.66
|
194
|
117
|
-50
|
Intervals are core length. True width of holes drilled at -45o and -50o is estimated to be approximately core length, while true width of holes drilled at -65o is estimated to be approximately 90% of core length. Unless otherwise indicated, a cut-off grade of 0.2 g/t gold was used in calculating intervals with allowance for up to five metres of internal dilution.