The Akroma Property is a 159 sq. km concession made up of 87 sq. km Dormaa prospecting license and 72 sq. km Wamfie reconnaissance license in the Brong-Ahafo Region of Ghana. The property is an early stage exploration property, but with initial prospecting, geochemical and geophysical surveys indicating significant exploration promise.
Surveying work by the optionor of the Akroma Property included detailed geochemical drainage sampling. The drainage sampling comprised 65 pan concentrate and 42 silt samples. Field panned concentrates were analyzed for gold using one kilogram BLEG analysis. Gold values were returned from 56 out of 65 samples from 1 g/t gold up to 23 g/t gold. Anomalous gold values ranging between 0.037 g/t gold to 0.71 g/t gold were returned from 28 out of the 42 silt samples.
Since optioning the Akroma Property, Pelangio has completed geochemical sampling on three areas of the property, with a total of 3,712 soil samples (including 266 QA/QC samples) collected for BLEG analysis and a further 126 orientation samples (including 11 QA/QC samples) submitted for Leachwell gold analysis. Assay results from these soil sampling programs are pending.
Pursuant to the option agreement on the Akroma Property, in order to acquire a 100% interest in the property, Pelangio must pay US$50,000 and issue 200,000 common shares to the optionor over a three-year period, pursuant to the following schedule:
- US$50,000 and issue 35,000 common shares (completed on June 15, 2011);
- on or before June 15, 2012, issue 40,000 common shares (completed on June 18, 2012;
- on or before June 15, 2013, issue 55,000 common shares;
- on or before June 15, 2014, issue 70,000 common shares.
Pelangio must also grant the optionor a 2% NSR upon making the payment and share issuances described above, of which 1% may be repurchased at any time for a cash payment of US$2 million.
Paper studies, using newly released satellite imagery, undertaken during 2016, indicate that substantial galamsay and unregulated mechanized alluvial operations surrounding the project were carried out during 2014-2016. These alluvial operations appear to be sourced by large gold-in-soil anomalies on the Akroma property.
Pelangio completed stream sediment surveys into the secondary and tertiary drainages followed by soils sampling on an 800 metre (800 m X 100m) grid and assayed using the Bulk Leach Extractable Gold (BLEG) method. On the Akroma Property follow up closer-spaced soil surveys of 400m x 50m and 100m x 25m spacing were completed on the northern portion of the Dormaa Project, covering some 33% and 7% respectively (by area), of the property area. These soil surveys identified 13 significant gold-in-soil anomalies (95th percentile gold contours, 70 parts per billion ("ppb") threshold), which range in size from 300m x 50m to 1200m x 100m.
In the southern 60% of the Dormaa Project, 800m x 100m soil sampling revealed eight significant anomalies (95th percentile gold contours, greater than 70 ppb gold), which range in size from 800m x 100m up to 4000m x 500m. Three of these anomalies, including the largest, are contourable at the 98th percentile, at approximately 175 ppb. A 20 km2 follow-up geochemical program of 200m x 50m soil sampling is recommended as a follow-up for this area.
The soil sampling program was carried out between 2011 and 2013 under the supervision of Warren Bates, P.Geo. Assaying was carried out by Chemex Labs Inc. at their Kumasi, Ghana location. All certificates and results are available. 1 to 2 kilogram ("kg") samples were supplied, and in all cases the entire sample was subjected to the leaching process. Internal blanks and sample duplicates were included in the sample stream. Standards were not included in the sample stream because of the difficulty of obtaining such a large (1 to 2 kg) reliable standard at the time.
Outlook for the Akroma Property
On November 8, 2016, Pelangio announced an option and joint venture agreement with Roscan Minerals Corporation ("Roscan"), to jointly advance the Dormaa Project. Based on a preliminary work plan approved by Pelangio and Roscan, expanded gold-in-soil geochemical surveys, prospecting, and approximately 3,000 metres of reverse circulation and air core or rotary air blast drilling, to be completed by Pelangio at the Dormaa property. RosCan has the right to assume operatorship when it has successfully earned a 50% interest in the Project.
To earn its interest, RosCan is required to make the following payments:
a) fund Cdn $1,700,000 in exploration expenditures, as follows:
||By June 5, 2018; and,
||By June 5, 2019
b) cash payments to Pelangio totalling Cdn $250,000, as follows:
||On June 5, 2018; and,
||On June 5, 2019