Two High Priority Base Metal Targets Defined at Pelangio's Gowan Project, 16 km East of Kidd Creek Mine

TORONTO, October 19, 2021 - Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it has completed a follow-up ground induced polarization (IP) survey across a large 1.5 by 1 km VTEM anomaly on its Gowan Project. The Gowan Project is located approximately 16 km east of Glencore's Kidd Creek Mine and approximately 23 km southeast of the Canada Nickel Company's Crawford deposit in Timmins Ontario. (see Fig.1)

Highlights:

• The IP survey defined two high-priority base metal targets:
  • A copper zinc volcanogenic massive sulphide "VMS" target in the northeast of the property; and
  • A nickel copper target in the ultramafics centered on the larger airborne VTEM anomaly.

Ingrid Hibbard, President and CEO stated, "We are exceptionally pleased that the follow-up ground IP survey further refined the highly prospective copper zinc VMS target and the nickel copper target. The VMS target is of particular interest due to historical copper intercepts in a geological setting similar to Glencore's Kidd Creek Mine. We eagerly anticipate our winter drilling program scheduled for early in the new year."

Discussion of Results (see Fig.2 and 3):

The follow-up ground IP survey on the Gowan Project outlined two significant IP anomalies. In the northeastern portion of the property, a new and previously undetected VMS IP anomaly was outlined. The second anomaly confirmed the presence of a nickel copper target coincident with a previously identified airborne electromagnetic (EM) or VTEM target.

VMS Target IP Anomaly

This IP target represents a high priority copper zinc VMS target. The anomaly has a southeasterly strike of approximately 400 meters and extends from just below overburden depth to the maximum extent of the ground IP survey at 325 meters. The strength and width of the IP anomaly or chargeability response improves with depth.

Two historical holes designated Hole 2 and 77-1 were drilled parallel to the outer edge of the anomaly and intersected some significant base metal mineralization in a felsic volcanic package. Hole 2 returned 10.97 meters of 0.32% copper and 11.99 g/t silver including a higher-grade intercept grading 3.81 meters at 0.66% copper and 10.62 g/t silver. Hole 77-1 skimmed the southern extremity of the anomaly (see Fig.3) and returned an anomalous section grading 0.18% copper and 2.24 g/t silver over 5.79 meters with a higher-grade section assaying 0.45% copper and 4.8 g/t silver over 1.67 meters. (References: Resident Geologist Assessment Files Timmins Ontario; Drill Reports by Alamo Petroleum and Newmont Canada).

Nickel Copper Target - IP Anomaly Coincident with VTEM

The recently completed IP survey also outlined a broad, moderate, 400 meter wide IP anomaly coincident with the airborne VTEM anomaly and represents a high priority nickel copper target. The IP anomaly starts at approximately 275 meters below surface and extends downwards to the maximum extent of the IP survey at about 325 meters. Notably, the chargeability response strengthens at depth and appears to extend beyond survey depth limitation.

The IP anomaly was detected across all three survey lines cut across the airborne EM anomaly, and extends from east to west for a minimum of 270 meters and is open to the east and west. Limited proximal historical drilling on the periphery of the IP anomaly and short of the anomaly depth suggests that the IP anomaly is hosted in ultramafic rocks (see Fig 3).

A fully funded diamond drill program designed to test both the VMS target and the nickel copper target on the Gowan Property is scheduled for January 2022 when winter conditions allow for cost-effective access via established winter trails.

Figure 1: General Location Map

Figure 2: Property Compilation Map Plan

Figure 3: IP Pseudo-section Along Line 0

Qualified Person

Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo approved the technical data disclosed in this release.

About Pelangio

Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa and Canada. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km² Manfo property, the site of eight near-surface gold discoveries, and the 284 km² Obuasi property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine, as well as the newly optioned Dankran property located adjacent to its Obuasi property. In Canada, the Company is currently focused in Ontario at its Dome West property, situated some 800 meters from the Dome Mine in Timmins; at its Gowan polymetallic project, located 16 km east of the Kidd Creek Mine, and is exploring its Hailstone property in Saskatchewan. See www.pelangio.com for further detail on all Pelangio's properties.

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

Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com

Forward Looking Statements

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SOURCE: Pelangio Exploration Inc.