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Project Summary

The 100 km2 camp-sized Manfo property was acquired as a grassroots project in August 2010. Since then, Pelangio has been successful in the discovery of seven areas of gold mineralization along a 9km belt bounding trend. In 2013, Pelangio completed the maiden resource statement for three of the identified areas, Pokukrom East, Pokukrom West and Nfante West . We plan to expand exploration around the existing three resource areas and the additional four discovery areas, including more than 10 additional target areas recently outlined, as well as target generation over 9 km of the currently unexplored structure.

Within the project margins the faults define a nine kilometre long structural corridor that is a continuation of the fault system hosting the Chirano Mine (Kinross Gold) and the Bibiani Mine (Nobel Mineral Resources) - deposits with multi-million ounces of gold in past production. This first resource statement for Manfo constitutes an important milestone in the long-term exploration strategy for Pelangio's gold properties in Ghana.

Exploration Summary

The project was optioned in 2010, and 271 drill holes totalling 42,154.50 metres have been completed. Seven gold-mineralized areas have been identified to date, primarily targeting a 9 km soil geochemical trend, on the eastern side of the project.

In addition, during 2011, a 100 m-spaced, helicopter-borne airborne geophysical survey over the entire property was completed with radiometrics, magnetics, and time domain EM (approximately 10,000 line- km.). Ground geophysical surveying during the same year included another 450 line-km of gradient IP-Resistivity, and 56 line-km of pole-dipole IP-Resistivity.

Pelangio has also collected 7,925 soil samples and 200 stream sediment samples on the property during 2011 and 2012.

The Maiden Resource was completed on three areas, Pokukrom West and East, and Nfante West in May, 2013 SRK Consulting (Toronto).

Additional drilling since the 2013 Resource Report, has shown promise at Nkansu, Sika North and Nfante East areas. Pelangio completed three commissioning programs for Grasshopper drill rig for rapid, inexpensive drilling from surface to 150 metres, with Air Core (AC), and Reverse Circulation (RC) drilling.

Compilation of geophysical results, geology from drilling and outcrop, coupled with in-situ geophysical core measurements, confirms that the best gold mineralization in the three resource areas is controlled by the intersection of sericite-altered faults with folded magnetic sediments. Further work with geophysical data compilation suggests that a strong belt-bounding structure to the east of the currently explored structure promises to hold additional mineralization.

2017-2018 Work Program

In October of 2017, a multi-phase exploration program targeting the existing mineralized structures and the newly identified belt bounding structures was initiated. The objectives of this program were to locate new mineralized zones, follow up on discovery areas, as well as some limited resource development. This program was planned to test approximately 40 target areas utilizing air core, rotary air blast, reverse circulation drilling, and diamond drilling when funds became available.

After completing a $1.2M financing in early 2018, the work program was adjusted to focus on diamond drilling. This revised program consisted of 18 to 20 holes of diamond drilling, totalling approximately 4000 metres, to test 8 target areas. These target areas included follow up on previously drilled sections at Pokukrom East, one of three deposits included in the Maiden Resource estimate. The program emphasized stepping out from known mineralization at 50 or 100 meter intervals. The initial diamond drill program was completed on priority target areas at the more recently discovered Nkansu zone (where previous drilling included holes SGRC-322 which intersected 49.5m at 1.18 g/t Au and SGRC-332 which intersected 42m at 1.00 g/t Au), and 3 priority target areas in the middle, south and north ends of Pokukrom East. Other targets will be assessed pending initial results, and include Nfante East, North Nkansu, Odumasi, and a 3km section of the main structure that remains unexplored.

At Pokukrom East, the priority targets for diamond drilling lie in the middle and directly to the north and south of Pokukrom East.

The target areas at the north end of Pokukrom East followed up on four holes:
- SPDD-178 (26m at 1.35 g/t Au from 170 to 196m)
- SPDD-172 (23m at 1.03 g/t Au from surface)
- SPDD-128 (16m at 1.59 g/t Au from 62 to 78m) and,
- SPDD-089 (46m at 1.03 g/t Au from 56 to 102m)

The target in the middle of Pokukrom East included follow up on hole:
- SPDD-166 (19m at 2.24 g/t from 263 to 282m)

The target areas to the south of Pokukrom East, which is open down-dip, down-plunge and to the south, followed up on holes:
- SPDD-159 (9m at 2.48 g/t Au from surface)
- SPDD-143 (16m at 1.11 g/t from 72 to 88m) and,
- SPDD-219 (47m at 0.97 g/t Au from 82 to 129m)

The Nkansu area is located 2.5 kilometres to the south west of the Pokukrom East deposit. Nkansu was discovered in November 2011, after a single drill hole tested a two point, 40ppb (very weak) gold in soil anomaly, coincident with an interpreted structure from airborne magnetic data. The area is approximately 1100 metres north-south by 800 metres east-west.

At Nkansu the down-plunge drilling followed up on two holes:
- SGRC-322 (49.5m at 1.18 g/t from 54.8 m to hole bottom at 104.3m) and,
- SGRC-332 (42m at 1.00 g/t from 95.5 m to 137.5m)

All mineralized intercepts are core lengths, true widths are expected to be 75-85% of core lengths.

Arrangements for preferential access to the diamond drill rig from a Ghanaian drilling company were made for the use of the cost effective convertible Grasshopper drill rig for air core and reverse circulation drilling.

Results from these drilling programs are reported in news releases issued on May 2, 2018 and June 7, 2018 respectively.

With three resource areas that remain open, several recent discoveries and ten more target areas along the nine kilometre trend, we are well positioned to expand upon our resource base.