Pelangio Exploration Intersects 1.5 g/t Over 61 Metres in First Drill Hole at the Manfo Property
TORONTO, ONTARIO -- (Marketwire) -- 09/07/10 -- Pelangio Exploration Inc. (TSX VENTURE: PX) ('Pelangio' or the 'Company') is pleased to announce drill results from the first four holes totaling 621.1 metres drilled by the Company at the newly optioned Manfo Property in Ghana. Highlights of the drill results from the Nfante West area reported today include:
-- 1.5 grams per tonne (g/t) gold over 61 metres (SFDD-079), including 3.01
g/t over 18 metres.
-- Three holes intersected wide zones of gold mineralization;
-- Drilling on other strong anomalies in progress or completed at Pokukrom
West and East, five kilometres to the northeast of Nfante West, and at
Nfante East, one kilometre to the east (To view Image 1, please visit
the following link - http://media3.marketwire.com/docs/PX10907.pdf);
-- Initial drill program increased to 15 holes and further 5,000-metre
drill program commissioned for September and October.
'The results and style of intersections reported today from the Manfo Property indicate the potential for bulk tonnage gold mineralization at the Nfante West prospect,' stated Warren Bates, Senior Vice President Exploration of the Company. 'The geologic setting that we're encountering is similar to that found at Red Back Mining's Chirano mine, which lies 50 kilometres to the south of Manfo on the same fault network. Gold mineralization at Nfante West occurs with strong silicification and sericitization accompanied by sulfide stockworks with very minor arsenopyrite and limited quartz veining. We are developing our understanding of the orientation and setting of the wide gold-bearing zones with additional drilling and have commissioned another 5,000 metres of drilling on the Manfo Property, which will begin as soon as we've completed this initial program.'
Mr. Bates continued, 'Nfante West is just one of five significant geochemical anomalies identified on the Manfo Property to date. We expect to release assays from drilling at the Pokukrom West, Pokukrom East and Nfante East prospects in the coming weeks, each of which has the potential to host further significant gold mineralization.'
Geological Setting
The following table summarizes significant assay results reported herein:
----------------------------------------------------------------------
Hole
From To Interval Length
Area DHID (metre) (metre) (metres)(1) Au (g/t) (metres)
----------------------------------------------------------------------
Nfante West SFDD-079 16 77 61 1.50(2) 141.1
----------------------------------------------------------------------
including 26 44 18 3.00
----------------------------------------------------------------------
SFDD-080 29 46 17 0.67 220.0
----------------------------------------------------------------------
including 35 40 5 1.21
----------------------------------------------------------------------
and 63 103 40 0.55
----------------------------------------------------------------------
including 85 95 10 1.06
----------------------------------------------------------------------
SFDD-081 19 21 2 1.27 133.0
----------------------------------------------------------------------
SFDD-082 12 52 40 0.91 127.0
----------------------------------------------------------------------
(1) Intervals are core lengths. True widths are unknown at this time.
(2) Weight-averaged results of fire assay and metallic screen analyses.
Holes SFDD-079 and SFDD-080 were drilled from the same set up at -50 degrees and -70 degrees dips, respectively. Both holes intersected wide zones of alteration and gold mineralization. The zone is consistently mineralized with gold occurring in broad zones of hydrothermal silica-sericite alteration and pyrite stockworks containing fine-grained sugary pyrite and traces of arsenopyrite within a larger brecciated and sheared zone of granitoid and altered arkose. Hole -079 intersected 1.5 g/t over 61 metres from 16 to 77 metres, including a higher grade interval of 3.00 g/t over 18 metres. Hole -080 intersected 0.67 g/t over 17 metres (including 5 metres of 1.21 g/t) from 29 to 46 metres and 0.55 g/t over 40 metres (including 10 metres of 1.06 g/t) from 63 to 103 metres.
To view Image 2 (the plan view of Nfante West), please visit the following link - http://media3.marketwire.com/docs/PX20907.pdf
To view Image 3 (the section view of -079 and -080), please visit the following link - http://media3.marketwire.com/docs/PX30907.pdf
Holes SFDD-081 and SFDD-082 were step-out holes drilled 35 metres apart on the same section 170 metres southwest of holes -079 and -080. The geology and alteration encountered in holes -081 and -082 may correlate with that of holes -079 and -080. Hole -081 intersected indicative mineralization over shorter intervals including 1.27 g/t over 2 metres, while hole -082 intersected mineralization over wide intervals, including 0.91 g/t over 40 metres. The Company believes that the extension of the zone identified in holes -079 and -081 may occur to the east of holes -081 and -082, but further drilling is required to refine this interpretation. Additional step-out drilling is planned northeast and southwest of all four holes drilled at Nfante West.
To view Image 4 (the section view of -079 and -080), please visit the following link - http://media3.marketwire.com/docs/PX40907.pdf
Drill Program Progress
Pelangio continues to drill the Manfo Property and will release further assay results as they are received. The Company is currently drilling the Pokukrom West and East geochemical targets, where samples from three widely spaced trenches on the anomalies provided wide intersections of gold mineralization: 0.5 g/t over 66 metres, 0.55 g/t over 30 metres and 0.32 g/t over 60 metres, respectively.
Based on the progress of drilling and favourable results to date, the Company has commissioned Burwash Contract Drilling of British Columbia to complete a further 5,000 metres of drilling during September and October 2010.
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 certified reference material for every 20 samples, and ran one duplicate analysis every 20 samples.
In respect of hole SFDD-079, every sample returning more than 100 parts per billion gold was subsequently sent for follow-up metallic screening analysis, in which a 1000 gram pulp was analyzed. The screening of samples produced two size fractions - less than 75 micrometres (um) and greater than 75 um. These fractions were then analyzed independently by fire assay and atomic absorption.
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. The Company's flagship property is the 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. Pelangio's recently optioned 100 square kilometre Manfo Property, which lies on the Sefwi greenstone belt between the Ahafo and Chirano mines, operated by Newmont and Red Back, respectively, also boasts near-term potential for the discovery of significant gold deposits, as illustrated by today's drill intercepts.
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.
Contacts:
Pelangio Exploration Inc.
Ingrid Hibbard
President & CEO
905-875-3828 / Toll-free: 1-877-746-1632
Pelangio Exploration Inc.
Warren Bates
Senior Vice President Exploration
905-875-3828 / Toll-free: 1-877-746-1632
info@pelangio.com