Pelangio Exploration Inc.
TSX VENTURE : PX
OTCBB : PGXPF

Pelangio Exploration Inc.

April 25, 2012 08:00 ET

Pelangio Drills High Grade-17.65 g/t Gold Over 3 Metres-at Pokukrom East on Manfo Property

TORONTO, ONTARIO--(Marketwire - April 25, 2012) - Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCBB:PGXPF) ("Pelangio" or the "Company") is pleased to announce results from 31 additional diamond drill holes totaling 7,653 metres on the Manfo Property in Ghana. Highlights of the results reported today include:

Pokukrom East Gold Zone

  • 17.65 grams per tonne (g/t) gold over three metres (or 14.31 g/t gold, cut to 30 g/t) in SPDD-200 from 69 metres down-hole, 50 metres on strike in both directions from high grade mineralization intersected in SPDD-088 (7.01 g/t gold over 19 metres) and SPDD-192 (16.72 g/t over four metres);
  • 1.92 g/t gold over 14 metres in SPDD-219 from 112 metres downhole, in a broader intersection of 0.97 g/t gold over 49 metres;
  • 1.41 g/t gold over 29 metres in SPDD-223 from 174 metres down-hole,
    including 3.05 g/t gold over 8 metres;
  • 1.91 g/t gold over 29 metres in SPDD-226 from 166 metres down-hole,
    including 3.78 g/t gold over 8 metres;
  • SPDD-200, -223 and -226 continue to confirm higher grade, shallow north plunging core of main Pokukrom East zone at 50 metre spacing over 550 metres from section 49350 to 49900;
  • SPDD-219 provides early indication of a new shoot south of main Pokukrom East zone (confirmed at depth in previously reported SPDD-166 - 2.24 g/t gold over 19 metres).

"We continue to intersect consistent gold mineralization throughout the zone, including further confirmation of the shallow plunging higher grade core, and gold mineralization in the hanging wall," stated Warren Bates, Senior Vice President Exploration. "Additionally, we are in the early stages of delineating a new shoot immediately south of the main Pokukrom East zone."

Mr. Bates continued, "Pokukrom East, however, is just one of the growing number of zones on the Manfo property. Our recent surveying has defined a further nine drill ready targets, on which we are completing our initial drilling for more new discoveries."

Geological Setting

The following table summarizes significant assay results reported herein:

Area DHID From
(metre)
To
(metre)
Core Length
(metres)1
Au
(g/t)
Au (cut)
(g/t)2
Pokukrom East SPDD-200 60 91 31 1.88 1.56
incl. 69 72 3 17.65 14.31
SPDD-208 93 113 20 1.06
incl. 93 107 14 1.44
SPDD-219 82 129 47 0.97
incl. 112 126 14 1.92
SPDD-223 174 203 29 1.41
incl. 185 193 8 3.05
SPDD-226 166 229 63 1.06
incl. 166 195 29 1.91
incl. 181 189 8 3.78
SPDD-231 116 138 22 0.96
1 Intervals are core length. Unless otherwise indicated, a cut-off grade of 0.2 g/t gold was used in calculating intervals with allowance for up to five metres of internal dilution.
2 High grade intervals cut to 30 g/t, as applicable.

The Pokukrom East geochemical anomaly is approximately 1,200 metres in length. To date, Pelangio has confirmed gold mineralization at Pokukrom East along 850 metres of strike, with potential to discover new shoots in both directions along strike and as subparallel bodies in the hanging wall. Gold mineralization is generally associated with a sericite-pyrite altered metagranitoid hosted shear, with higher grade zones associated with quartz-pyrite veining. Lower grade mineralization occurs in hematite altered metagranitoid, which is a peripheral alteration to the sericite hosted gold mineralization. Most of the results announced today from Pokukrom East are from step-back or infill holes on or between previously drilled sections. Sectional drilling at Pokukrom East is providing key geological insights that will be invaluable for upcoming deposit modeling. SPDD-210, -211, -213 and -214 were drilled northeast of the main zone to test for splays off the zone at shallow depths.

Intersections in SPDD-200, -223 and -226 continue to define the moderate to higher grade zone encountered within the main Pokukrom East bulk tonnage zone, as follows:

Section DHID Core Length (m) Au (g/t) From (m)
49350 SPDD-088 19 7.01 35
49400 SPDD-200 3 17.65 69
49450 SPDD-106 13 3.47 41
SPDD-192 4 16.72 49
49500 SPDD-107 11 3.53 116
49550 SPDD-085 13 3.37 116
SPDD-152 13 3.26 142
49600 SPDD-188 10 11.94 136
SPDD-223 8 3.05 185
49650 SPDD-110 10 3.05 117
SPDD-157 7 2.58 210
49700 SPDD-226 8 3.78 181
SPDD-179 14 3.12 217
49750 SPDD-186 9 3.74 223
49800 SPDD-184 7 9.05 215
49850 SPDD-127 13 2.25 216
49900 SPDD-178 11 2.51 180
SPDD-180 14 2.50 237
* Drill holes in bold have been released today.

The zone plunges to the north at approximately 40 degrees and has a currently defined plunge length of approximately 600 metres.

SPDD-219 (1.92 g/t gold over 14 metres) on section 49250 and -233 (0.46 g/t gold over 43 metres) on section 49350 suggest the presence of a shoot on strike and immediately to the south of the main Pokukrom East zone. The intersections in these holes appear to correlate with intersections in SPDD-144 (2.41 g/t over 8 metres) on section 49150 and SPDD-166 (2.24 g/t over 19 metres) on section 49450. Further drilling is required to confirm the delineation of this potential shoot.

A plan view and cross sections illustrating the Pokukrom East drill holes and intersections discussed above are available at www.pelangio.com/Projects/Ghana/Manfo/Exploration-Results/Pokukrom-East.aspx.

The Manfo Property is predominantly a cover play, with geochemical anomalies being erosional "windows" through cover onto underlying mineralization. In areas of impermeable cover, geochemical sampling is generally ineffective. During the fourth quarter of 2011, Pelangio completed an induced polarization geophysical survey of the Manfo Property, the results of which were received in late 2011 and early 2012. The results suggested that gold mineralization on the Manfo Property is associated with areas of high resistivity. The survey identified approximately 20 new targets exhibiting such resistivity highs in areas where cover may mask geochemical anomalies. The Company is currently drill-testing nine of these targets for new discoveries and is, or will be, conducting surface work or drilling on the remainder in the coming months.

Drilling Progress and Exploration Outlook

Including the 31 holes totaling 7,653 metres reported today, Pelangio has completed 160 drill holes totaling 34,199 metres in its second phase program on the Manfo Property, of which 125 drill holes have been reported. Further assay results will be released in due course.

Pelangio's exploration focus on the Manfo Property is to identify near-surface, drill ready targets through geochemical sampling and to test and extend such targets with drilling and geophysical surveying. The Company's aim during 2012 is to prepare an initial resource estimate on the Manfo Property while demonstrating the property's potential to host numerous other gold-bearing zones with resource potential.

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 divided 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 Tepa, Ghana. The other half was sampled, placed into sealed bags and securely stored at the site until it was shipped to the ALS Chemex laboratory 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 a certified reference sample in for every 20 samples, and ran one duplicate analysis every 20 samples.

The exploration program at the Manfo 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 successfully acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. The Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. The Company is exploring two 100%-owned camp-sized properties: the company-making 100 km2 Manfo Property, the site of five recent near-surface, high grade and bulk tonnage, gold discoveries, and the potentially game-changing 290 km2 Obuasi Property, located four kilometres on strike and adjacent to AngloGold Ashanti's prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of gold since 1897.

For additional information, please visit our website at www.pelangio.com or follow us on Twitter @PelangioEx.

Forward Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws and such statements and information may be based on numerous assumptions. Forward-looking statements and information include statements regarding the Company's exploration plans and exploration results with respect to the Manfo Property and 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. Accordingly, readers should not place undue reliance on forward-looking statements or information. See the Company's annual information form, 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. The Company undertakes 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.

Manfo Gold Project - Drill Results (Pokukrom East Zone)

Section DHID From
(metre)
To
(metre)
Core Length
(metres)1
Au
(g/t)2
Hole Length
(metres)
Az
(°)
Dip
(
°)
Pokukrom East Gold Zone
49400 SPDD-200 25 54 29 0.37 280 117 -45
60 91 31 1.88
31 1.56
incl. 69 72 3 17.65
3 14.31
49400 SPDD-202 75 103 28 0.54 241 117 -70
110 123 13 0.61
incl. 112 118 6 1.01
49400 SPDD-204 194 203 9 0.36 268 117 -70
49750 SPDD-206 NSR 403 117 -70
49650 SPDD-208 93 113 20 1.06 319 117 -62
incl. 93 107 14 1.44
122 136 14 0.87
272 290 18 0.37
49150 SPDD-209 186 206 20 0.32 276 117 -45
50000 SPDD-210 Abandon 63 117 -45
50000 SPDD-211 NSR 126 117 -45
49850 SPDD-212 NSR 391 117 -70
50150 SPDD-213 NSR 228 117 -45
50150 SPDD-214 NSR 144 117 -45
49550 SPDD-215 42 59 17 0.40 324 117 -64
243 270 27 0.44
49350 SPDD-216 70 104 34 0.33 146 117 -50
49300 SPDD-217 0 32 32 0.47 130 117 -50
39 60 21 0.59
49300 SPDD-218 51 99 48 0.61 165 117 -50
89 98 9 0.99
49250 SPDD-219 82 129 47 0.97 155 117 -50
incl. 112 126 14 1.92
49500 SPDD-220 0 32 32 0.41 97 117 -45
49550 SPDD-221 51 59 8 1.27 131 117 -45
89 103 14 1.17
49500 SPDD-222 38 82 44 0.60 126 117 -45
incl. 56 82 26 0.79
49600 SPDD-223 1 42 41 0.47 231 117 -70
63 84 21 0.74
incl. 71 84 13 1.00
93 104 11 0.48
114 148 34 0.33
174 203 29 1.41
incl. 185 193 8 3.05
49600 SPDD-224 100 116 16 0.62 162 117 -70
49600 SPDD-225 248 292 44 0.28 315 117 -70
49700 SPDD-226 51 63 12 0.48 269 117 -55
166 229 63 1.06
incl. 166 195 29 1.91
incl. 181 189 8 3.78
49700 SPDD-227 180 194 14 0.73 360 117 -62
49450 SPDD-228 50 81 31 0.35 335 117 -65
93 161 68 0.56
49800 SPDD-229 0 13 13 0.47 318 117 -65
238 280 42 0.58
incl. 238 248 10 1.05
and incl. 268 278 10 1.01
49900 SPDD-230 NSR 406 117 -65
49800 SPDD-231 116 138 22 0.96 335 117 -65
153 169 16 0.32
225 248 23 0.40
49900 SPDD-232 364 388 24 0.29 474 117 -75
49350 SPDD-233 216 259 43 0.46 303 117 -70
49750 SPDD-235 0 8 8 0.75 132 117 -45
1 Intervals are core length. At Pokukrom East, true width of holes drilled at -45° and -50° is estimated to be approximately core length, while true width of holes drilled at -65° and -70° is estimated to be approximately 90% of core length.
2 Intersections containing high-grade intervals that have been cut to 30 g/t are shaded following the uncut intervals.

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.

Contact Information

  • Pelangio Exploration Inc.
    Ingrid Hibbard
    President & CEO
    905-875-3828 or Toll-free: 1-877-746-1632

    Pelangio Exploration Inc.
    Warren Bates
    Senior Vice President Exploration
    905-875-3828 or Toll-free: 1-877-746-1632
    info@pelangio.com
    www.pelangio.com

    Proconsul Capital
    Martti Kangas
    Principal
    647-521-9261
    mkangas@proconsulcapital.com