Pelangio Exploration Inc.
TSX VENTURE : PX
OTC : PGXPF

Pelangio Exploration Inc.

March 04, 2011 10:39 ET

Pelangio Exploration Intersects 4.18 g/t Gold Over 12 Metres at Pokukrom East on the Manfo Property

TORONTO, ONTARIO--(Marketwire - March 4, 2011) - Pelangio Exploration Inc. (TSX VENTURE:PX)(OTC:PGXPF) ("Pelangio" or the "Company") is pleased to announce results from seven additional diamond drill holes totaling 990 metres at the Pokukrom East gold zone on the Manfo Property in Ghana. Highlights of the drill results reported today include:

  • 2.14 grams per tonne (g/t) gold over 16 metres in SPDD-110, from 117 metres down-hole, including 3.05 g/t gold over 10 metres;
  • 4.17 g/t gold over 12 metres in SPDD-113, from 91 metres down-hole including
    9.49 g/t gold over 5 metres;
  • Second phase drilling program expanded to over 10,000 metres;
  • Assay results pending from near surface, high grade Pokukrom West zone.

"Drilling at Pokukrom East continues to intersect 10 to 15 metre intervals grading between 3 g/t to 5 g/t gold on a strike length in excess of 400 metres, with associated 30 to 50 metre bulk tonnage zones," stated Warren Bates, Senior Vice President Exploration. "Based on our continued success at Pokukrom East, we have planned further holes to intersect mineralization at depth and further to the north and south along strike. Follow-up holes will also be drilled at Nfante West and Nfante East, with the ongoing second phase program now expected to total over 10,000 metres. Additionally, the preliminary results of the aerial geophysical survey that we completed last November have generated a number of interesting new targets, which we are currently exploring with geochemical surveying and trenching. We are also awaiting assay results from the Pokukrom West zone, where we encountered exceptional grades in the first phase drilling program."

Geological Setting

The following table summarizes significant assay results reported herein from the Pokukrom East gold zone:

Area DHID1 From
(metre)
To
(metre)
Interval
(metres)2
Au
(g/t)
Hole Length
(metres)
Pokukrom East SPDD-108 54 60 6 0.63 94
  SPDD-109 75 108 33 0.60 180
  including 105 108 3 2.17  
  SPDD-110 13 27 14 0.51 194
    88 107 19 0.52  
    117 133 16 2.14  
  including 117 127 10 3.05  
    148 161 13 0.62  
  SPDD-111 16 27 11 0.33 103
  SPDD-112 53 78 25 0.43 110
  SPDD-113 91 103 12 4.18 138
  including 96 101 5 9.49  
  SPDD-114 38 54 16 0.81 170
    132 148 16 0.40  
1. Each hole reported was drilled at azimuth 117 and a -45 dip. 
   
2. Intervals are core length. True widths will be defined with additional drilling. 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.

Holes SPDD-108 to -111 were drilled in a fence as 110-metre step-outs to the north of holes SPDD-085 and -086, which intersected 1.36 g/t gold over 33 metres (including 3.37 g/t gold over 13 metres) and 0.60 g/t gold over 57 metres (including 1.11 g/t gold over 18 metres from surface), respectively.

SPDD-110 intersected two mineralized zones grading 0.51 g/t gold over 19 metres from 88 to 107 metres downhole and 2.14 g/t gold over 16 metres (including 3.05 g/t gold over 10 metres) from 117 to 133 metres downhole, respectively. The zones were separated by an essentially barren nine metre chloritic fault (from 107 to 116 metres, with 116 to 117 metres downhole containing anomalous mineralization), which may be the result of a post-mineralization event. The mineralization is hosted within a quartz-carbonate, hematite or sericite-pyrite altered metagranitoid.

Holes SPDD-112 to -114 were drilled in a fence as 100 metre step-outs to the north of holes SPDD-108 to -111. SPDD-113 intersected a zone of higher grade gold mineralization, including a high grade gold interval grading 9.49 g/t gold over five metres. The mineralization is hosted within a quartz-carbonate, hematite or sericite-pyrite altered metagranitoid.

To view a plan view of drilling at Pokukrom East, see: http://media3.marketwire.com/docs/px10304.pdf

To view a section view of drill holes SPDD-108 to -111, see: http://media3.marketwire.com/docs/px20304.pdf

To view a section view of drill holes SPDD-112 to -114, see: http://media3.marketwire.com/docs/px30304.pdf

Drilling at Pokukrom East to date has consistently intersected intervals of high grade gold mineralization from section to section over a strike length in excess of 400 metres. From the southernmost section, SPDD-088 intersected 7.07 g/t gold over 10 metres (cut to 30 g/t); 100 metres to the north, SPDD-107 intersected 3.53 g/t gold over 11 metres; 50 metres to the north, SPDD-106 intersected 3.47 g/t gold over 13 metres; 50 metres to the north, SPDD-085 intersected 3.37 g/t gold over 13 metres; 110 metres to the north, SPDD-110 intersected 3.05 g/t over 10 metres; and 110 metres to the north, SPDD-113 intersected 4.18 g/t over 12 metres. Further drilling is planned to trace this consistent higher grade gold mineralization to the north and south, respectively.

Drilling Progress and Exploration Outlook

Including the seven holes totaling 990 metres reported today, Pelangio has completed 35 drill holes totaling 5,533 metres in its second phase program on the Manfo Property, with assays pending on 15 of those holes. Based on results received during the second phase drilling program and preliminary results from the aerial geophysical survey completed in November 2011, the Company has increased the planned metreage of the second phase program to over 10,000 metres and will include further holes at Pokukrom East, Nfante West and Nfante East. The Company will release additional assay results as they are received.

The Company recently completed a stream sediment survey of the western portion of the Manfo Property in preparation for a recently commenced geochemical soil sampling program. This program will include infill sampling on 100 x 25 metre grids in the central area of the Property, as well as 400 x 50 metre grids in the western and eastern areas of the Property that were either not previously sampled or sampled on 800 x 50 metre grids. Nine trenches totaling 819 metres have also been completed to test various identified geochemical anomalies.

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 2011 is to discover and delineate as many gold mineralized zones on the Manfo Property as possible.

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 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.

Pelangio at the Prospectors & Developers Association of Canada Convention

Pelangio is also pleased to announce that it will be attending the Prospectors & Developers Association of Canada (PDAC) Convention from March 6th to 9th at the Metro Toronto Convention Centre – South Building in Toronto, Ontario. Shareholders and prospective investors are invited to visit the Company's directors and officers at booth #2237 to discuss recent successes and the outlook for 2011.

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 100 square kilometre Manfo Property, which lies on Ghana's Sefwi greenstone belt between the Ahafo and Chirano mines, respectively operated by Newmont and Kinross, is the site of recent near-surface discoveries on four separate targets, including 36.21 g/t gold over 9 metres, 24.70 g/t gold over 5 metres; 1.50 g/t gold over 61 metres and 0.95 g/t gold over 33 metres. The Company is also actively exploring its 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.

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