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| | Thu May 27, 2010
Pelangio Exploration Announces Further Drill Results From The Obuasi Property | 
view PDF | TORONTO, Ontario, (May 27, 2010) -- Pelangio Exploration Inc. (PX:TSX-V) ("Pelangio" or the "Company") is pleased to announce assay results from a further 4,955 metres (20 holes) of its first phase diamond drill program on its property in Obuasi, Ghana (the "Obuasi Property").
"These results are the first step in unlocking the full potential of the Obuasi Property," stated Warren Bates, Senior Vice President Exploration of Pelangio. "We have encountered broad zones of anomalous gold mineralization at a number of drill targets that are interpreted as the more expansive halo typically associated with nearby high-grade gold mineralization. The alteration and sericitization intersected at Big Vein is particularly promising as a target for upcoming drill phases. For a property at this stage of exploration, we are encouraged with what we've learned from the first phase program, and look forward to the next drill program on the property."
The first phase drill program on the Obuasi Property successfully provided the geological data necessary to mount effective future drill programs as it:
- encountered the graphitic structures (including the Obuasi and Cote D'Or fissures) and mafic contact associated with gold mineralization at the Obuasi mine (key features for orienting future drill programs);
- intersected broad zones of alteration at most targets, including significant sericitization and anomalous gold mineralized widths at the Big Vein prospect;
- confirmed gold mineralization along the Main Obuasi Mine Trend on the Obuasi Property;
- confirmed Mount Kate, Big Vein, Tikal, and NT 1 as targets meriting significant additional drilling.
The drilling results reported today are from the first phase diamond drill program conducted at the Mount Kate, Tikal, East Copper and Big Vein prospects, all of which are located on the Main Obuasi Mine Trend, as well as the NT 1 and Kusa prospects. Significant intersections and prospects that the Company currently deems worthy of continued exploration are discussed below:
Mount Kate
Pelangio drilled four holes totaling 1,230 metres at Mount Kate between January and April 2010. These holes were designed to test the northern half of a 1.2 kilometre long MMI (mobile metal ion) anomaly in the area and to follow up on structural and geological targets intercepted during the 2008 drilling program. The best results were encountered in drill hole PG10-MK-04, which intersected 1.33 g/t gold over 2.0 metres, within a broader intercept of 0.49 g/t gold over 7.0 metres in a broad package of alteration. The mineralization is located at the contact between graphitic, sheared sediments and altered mafic volcanics, which is typical of the geological setting of the gold mineralization in the Obuasi mine.
Drilling on the prospect to date has also defined that the Cote D'Or structure, one of the two major faults hosting mineralization at the Obuasi mine, has an orientation of azimuth 20/60NW in the area. The Company will use this information to more effectively orient future drill programs in relation to historical knowledge regarding the Obuasi mine.
Further drilling will be performed at Mount Kate on the southern portion of the MMI anomaly, after the geologic interpretation is completed.
Tikal
The Tikal prospect is located approximately 1.8 kilometres north of the Mount Kate prospect. In December 2009, Pelangio drilled two holes in the Tikal area, both of which intersected strong sulphide alteration and silicification (refer to press release dated January 25, 2010). The mineralization occurs at the base of a deformed argillite sequence underlain by a greywacke horizon. Three holes were drilled to follow up on these results during 2010. PG09-TK-02, a 100 metre step-out hole to the northeast, intersected the same style of alteration as in hole PG09-TK-01 and intercepted 1.4 g/t gold over 3.0 metres. Drill hole PG09-TK-04, 100 metres along strike to the southwest, intersected the structure, but with very little alteration. A third hole, PG10-TK06, collared 175 metres northeast of PG09-TK-01, did not intersect reportable grades. The drilling completed to date at Tikal, suggests a shallow northeast plunging zone of mineralization, which remains open to depth.
Further drilling will be conducted during 2010 in this area.
Big Vein
The Big Vein prospect is located near the western property boundary and 900 metres north of the Mount Kate prospect. Two holes were drilled on the prospect from the same collar at -50 and -75 dips. The Company has interpreted that these holes intersected the Obuasi fissure, which is identified by steep north-dipping mafic slivers in a broad argillite-hosted shear zone. Both drill holes displayed strong sericite-pyrite alteration in mafic volcanic rock. PG09-BV-02 contained a wide zone of anomalous gold averaging 0.34 g/t gold 22 metres in sheared argillite in the immediate hanging wall of the mafic horizon. The Company plans to conduct further drilling beneath and along strike of this prospect during 2010.
NT 1
The NT1 prospect is located approximately four kilometres southeast of the Mount Kate prospect. During the first phase program, the Company drilled three holes from north to south at 100 metre spacing in an east-west direction stepped 90 metres behind an anomalous drill hole (PG07-NT1-3) completed during the 2007 program.
The best results were obtained in drill hole PG10-NT1-81, the easternmost hole, which cut a 78 metre interval grading 0.26 g/t gold, including three intersections grading in excess of 1.0 g/t gold. Anomalous gold mineralization was intersected in Upper Birimian quartzite, immediately south of a regional fault contact between the quartzite and Lower Birimian argillites.
Further work in the area will include auger drilling in areas to the immediate northwest of NT1 where gold in soil anomalies is hosted in Lower Birimian argillite, which is understood to be a more favorable host for gold mineralization.
The following table summarizes significant assay results reported herein:
Area |
DHID1 |
From
(metre) |
To
(metre) |
Interval
(metres)2 |
Au
(g/t) |
Hole Length
(metres) |
Mount Kate |
PG10-MK-04 |
118 |
125 |
7 |
0.49 |
250 |
|
including |
121 |
123 |
2 |
1.33 |
|
|
PG10-CD-01 |
303 |
304 |
1 |
2.44 |
511 |
Big Vein |
PG09-BV-02 |
207 |
229 |
22 |
0.34 |
322 |
|
including |
222 |
224 |
2 |
1.00 |
|
|
and including |
226 |
227 |
1 |
1.14 |
|
Tikal |
PG10-TK-02 |
91 |
94 |
3 |
1.40 |
217 |
NT 1 |
PG10-NT1-79 |
187 |
188 |
1 |
1.24 |
209.5 |
|
PG10-NT1-81 |
8 |
86 |
78 |
0.26 |
166 |
|
including |
9 |
10 |
1 |
1.16 |
|
|
and including |
14 |
20 |
6 |
1.04 |
|
|
and including |
70 |
73 |
3 |
1.00 |
|
Kusa |
PG10-KU-82 |
93 |
115 |
22 |
0.24 |
162.5 |
|
including |
127 |
129 |
2 |
1.30 |
|
|
PG10-KU-83 |
78 |
106 |
28 |
0.27 |
139 |
|
including |
103 |
104 |
1 |
1.69 |
|
|
PG10-KU-84 |
67 |
68 |
1 |
1.41 |
133 |
East Copper |
PG10-EC-02 |
156 |
157 |
1 |
3.03 |
463 |
1 No significant intervals in PG10-DD-78, PG10-MK-05, PG10-BV-01, PG10-TK-04, PG10-TK-05, PG10-TK-06, PG10-NT1-80, PG10-KU-85, PG10-EC-01, PG10-EC-03.
2 Intervals are core length. True width is unknown at this time.
The Company will conduct further surface exploration at Kusa and East Copper before planning a new series of drill holes at these prospects.
Including the assay results announced today, Pelangio has now completed the first phase of its proposed two-phase drill program on the Obuasi Property, comprising 32 holes totaling 9,160 metres of diamond drilling. The Company is building on the geologic knowledge gained during the first phase program and on promising exploration results obtained from ongoing fieldwork to define the targets on the current prospects and to develop additional ones.
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 Brofoyedru, Ghana. The other half was sampled, placed into sealed bags and securely stored at the site until it was shipped to ALS Chemex 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 certified reference material for every 20 samples and one duplicate analysis every 20 samples.
The exploration program at the Obuasi 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 with over $7 million in working capital that is active in two of the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's primary goal is to discover Obuasi mine-style gold ore shoots on its 290 km2 property located on strike and adjacent to AngloGold Ashanti's Obuasi mine, which has produced 30 M oz of gold since 1897 and holds current reserves and resources of 37 M oz (9.7 M oz reserve in a global resource comprising: 24.5 M oz measured and indicated; 12.5 M oz inferred -- as further described in AngloGold Ashanti's Mineral Resource and Ore Reserve Report 2008).
For additional information, please visit our website at www.pelangio.com 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
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 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.
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