Poirier Gold, West Timmins, Ontario
Pelangio owns 100% of the Poirier Gold Property Lease located in Bristol Township, 22 kilometres west of Timmins. The property is subject to a 1% NSR payable to the vendors and a further 1% NSR payable to a third party.
The claims are contiguous with Tahoe Resources Timmins West Mine (comprised of the Timmins Deposit, Thunder Creek Deposit and the newly discovered 144 Gap Deposit).
The Poirier Gold Property is underlain near-surface by a mafic volcanic unit approximately one kilometre to the west of the mafic, ultramafic and sedimentary contact, which dips steeply westwards towards our lease and which is associated with the Thunder Creek Project. A 100 meter-spaced geophysical program of ground magnetics and GPS was completed in 2015. During the first quarter 2016 a three dimensional geologic model was prepared for project area using all available public data, and combined with results of a three dimensional magnetic inversion received in the third quarter 2015. Combining three-dimensional geology with the magnetic data indicates good agreement between magnetic data and a magnetic ultramafic rock overlying the deposit. This data indicates that the favourable structure hosting the Rusk and Gap zones dips into the Poirier ground. The interpretation of the ground magnetic survey has improved the understanding of the geological setting of the Poirier Gold Property.
Depending on Tahoe's continued results from the Thunder Creek Project, we may conduct further exploration and drill on the property.