Pelangio Exploration Inc.
TSX VENTURE : PX

Pelangio Exploration Inc.

September 16, 2010 08:00 ET

Pelangio Exploration Confirms Gold Discovery at the Manfo Property-8.6 g/t Over 12 Metres

Intersects Near-Surface, High-Grade Gold Mineralization in First Two Holes at Pokukrom West

8.0 g/t Over 12 Metres in SPDD-083

8.6 g/t Over 12 Metres in SPDD-084

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2010) - Pelangio Exploration Inc. (TSX VENTURE:PX) ("Pelangio" or the "Company") is pleased to announce near-surface, high-grade drill results from the first two holes totaling 186 metres drilled by the Company on the Pokukrom West prospect at the Manfo Property in Ghana. Highlights of the drill results reported today include:

8.0 grams per tonne (g/t) gold over 12 metres in a broader intersection of 4.19 g/t over 28 metres (SPDD-083); and 8.6 g/t gold over 12 metres (SPDD-084);

• Intersections are five kilometres northeast of 1.5 g/t over 61 metres intersection (SPDD-079) reported from the Nfante West prospect (see press release dated September 7, 2010: www.pelangio.com/s/News.asp?ReportID=417493&_Type=News-Releases&_Title=Pelangio-Exploration-Intersects-1.5-gt-Over-61-Metres-in-First-Drill-Hole-a);

• Initial 16-hole drill program completed, with assays pending from additional holes at Pokukrom West and two other significant targets.

To view a plan view of drilling completed and results to date on the Manfo Property, see: http://media3.marketwire.com/docs/px916fig1.pdf

"These excellent, near-surface, high-grade drill results confirm the potential for the Manfo Property to host multiple, significant gold deposits," stated Warren Bates, Senior Vice President Exploration. "Our initial drill program has already identified two near-surface gold discoveries, with assays pending on two other broad geochemical anomalies. Considering the outstanding results encountered to date, we plan to be drilling aggressively in the near future at both the Pokukrom West and previously reported Nfante West discoveries. With a property of this size and in this location, we also expect to identify numerous other outstanding targets in the coming months." 

"We are thrilled by these early successes at Manfo," added Ingrid Hibbard, President and Chief Executive Officer. "A 100 square kilometre property, located between two new mines, Ahafo and Chirano, operated by majors, affords us a unique opportunity. With excellent results from our first two targets, assays on two other targets pending and a quickly expanding drill program, we anticipate further successes in the coming months." 

Summary of Results

The following table summarizes significant assay results reported herein:

Area DHID From (metre) To (metre) Interval (metres)(1) Au (g/t) Hole Length (metres)
Pokukrom West SPDD-083 16 44 28 4.18 96
  including 31 43 12 8.00  
  SPDD-084 27 39 12 8.60 90
  and 60 61 1 3.35  
(1) Intervals are core length. True width is unknown at this time.

The holes reported today from Pokukrom West were drilled five kilometres northeast of hole SFDD-079 at Nfante West, which intersected 1.5 g/t gold over 61 metres. Hole SPDD-083 was drilled at azimuth 117º, while SPDD-084 was drilled at azimuth 297º 10 metres to the north, in order to test the dip of the zone intersected in SPDD-083. Both holes encountered high-grade gold mineralization over significant intervals suggesting a steep eastward dip on the mineralized zone, which appears to be striking north-northwest. Mineralization consists of strongly silicified pyritic sediments crosscut by veinlets of quartz ankerite. The Company subsequently completed two step-out holes totaling 297 metres on the prospect (plus one hole abandoned due to poor ground conditions at 51.5 metres) to test the southern extension and depth of the zone. These two holes were drilled near the end of the initial drill program, with assays still pending.

To view a plan view of drilling at Pokukrom West, see: http://media3.marketwire.com/docs/px916fig2.pdf

To view a section view of drilling at Pokukrom West, see http://media3.marketwire.com/docs/px916fig3.pdf

Drill Program Progress

Pelangio recently completed an initial 16-hole drill program, totaling 2,384-metres, on the Manfo property, with further assays pending on ten holes totaling 1,576.50 metres from the Pokukrom West (three holes, 348.50 metres), Pokukrom East (five holes, 881 metres) and Nfante East (two holes, 347 metres) areas. Planning for the next 5,000-metre drill program is in progress and drilling is expected to recommence before the end of September. 

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 split into equal portions 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 certified reference material 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 is a junior gold exploration company that acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. Pelangio's recently optioned 100 square kilometre Manfo Property, which lies on the Sefwi greenstone belt between the Ahafo and Chirano mines, respectively operated by Newmont and Red Back, boasts near-term potential for the discovery of significant gold deposits as ongoing drilling has confirmed. The Company is also actively exploring its flagship 290 square kilometre Obuasi Property, located on strike and adjacent to AngloGold Ashanti's Obuasi mine, which has produced over 30 million ounces of gold since 1897.

For additional information, please visit our website at www.pelangio.com

Forward Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Forward-looking statements and information include statements regarding the Company's exploration plans and exploration results with respect to the Obuasi Property and the Manfo 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. Such risks include gold price volatility, changes in equity markets, political developments in Ghana, increases in costs, exchange rate fluctuations and other risks involved in the gold exploration industry. See the Company's 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. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake 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.

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