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Other Canadian Properties and Royalties

Montcalm and Nova Properties
The Montcalm and Nova properties, currently under option to Pancontinental, are proximal to each other and located approximately 65-70 km northwest of the City of Timmins Ontario. The Montcalm property, located in Montcalm Township, covers an area of approximately 37.8 km2 and the Nova property, located in Nova Township is approximately 8 km2. The Montcalm property surrounds the former Montcalm Mine which produced approximately 3.9 million tonnes of nickel, copper, cobalt ore over its mine life (source: Atkinson, 2011, Ontario Geological Survey). Pancontinental has completed substantial successful target development work on both properties (see Pancontinental press releases dated September 17, 2018 and October 30, 2018). It is anticipated that ongoing exploration will continue on these projects in 2019. As a result of this transaction, Pelangio now owns 300,000 shares of Pancontinental and in the event that Pancontinental exercises the option to earn the remainder of Pelangio's interest, Pelangio will receive $52,500 and 450,000 shares over the next three years.

Grenfell Property
The Grenfell property is located in Grenfell Township approximately 10 km northwest of the Town of Kirkland Lake Ontario. It is comprised of a series of contiguous mining leases and mining claims covering about 6.7 km2. This property has been worked sporadically on and off since the early 1930's. The majority of work on the property took place in the 1930's to early 1940's when bulk sampling of some high-grade gold veins occurred in conjunction with diamond drilling, shaft sinking and substantial lateral development on two underground levels. With renewed interest in the property a series of surface exploration programs were conducted from the early 1980's to about 2013. More recent exploration work and re-evaluation of historical work has resulted in new zones of gold mineralization and recommendations for further exploration on known historical zones from the 1930-1940 era.

Strachan Property
The Strachan property is currently under option to Pancontinental Resources Corporation (see press release January 18, 2019) and is located in Strachan and Melrose Townships approximately 65 km northwest of Timmins, south of the former Montcalm Mine. The property covers an area of approximately 17.12 km2. The Strachan property is thought to be prospective for nickel, copper and cobalt, and covers a gabbro complex similar in nature to the gabbro complex which hosts the Montcalm Mine described above. It is envisioned that a state-of-the-art Electromagnetic ("EM") survey will be flown over the property, or a similar program to that being conducted by Pancontinental may be completed on the Montcalm property in order to develop future drill targets.

Gowan Property
The Gowan property, currently under option to Amex Exploration Inc., hosts a historic Volcanogenic Massive Sulphide ("VMS") polymetallic zone. The 2.6 km2 property is located in Gowan Township approximately 20 km south west of Glencore's Kidd Creek Mine approximately 27 km northeast of the Timmins City centre. The Kidd Creek Mine is a copper zinc VMS mine hosted in a felsic volcanic package of rocks. Reports from previous operators The Ontario Geological Survey Report 299 identifies a similar setting on the Gowan property, all suggesting that further follow up is warranted.

Mann Property
The Mann property is located in Mann Township 50 km northeast of the City of Timmins and covers an area of approximately 2 km2. The patented claims cover a portion of a large ultramafic complex that is prospective for nickel, copper and cobalt. Some historical untested EM anomalies are present on the property. No recent work of significance has been conducted on the property.

Pelangio currently owns a number of other Canadian properties, as shown in the following table:

  Seeley Lake Thunder Gold Black Township
Location 14 kilometres northeast of Marathon, Ontario 20 kilometres west of Timmins, Ontario 100 kilometres east of Timmins, Ontario
Size 19 claims
(760 acres)
1 lease
(120 acres)(1)
2 claims (480 acres)
Interest 100% 100% 100%
Underlying Royalty None 2% to vendors and $1000 per year advance royalty None

(1) Pelangio converted three claims to a lease during the third quarter of 2010.

(2) Pelangio staked these claims during the fourth quarter of 2010.

Pelangio also owns the following royalties and carried interest in a number of Canadian properties as shown in the table below.

Matheson West and East 1% NSR can be purchased by Matamec Explorations Inc. for $1,000,000 and 100,000 common shares of Matamec
Mord 1.5% NSR (provided Pelangio exercises right to buy back 1% for 100,000 shares of Pelangio)
Ross/Guibord 1% NSR