Pelangio Exploration Intersects High Grade Gold in Oxide at the Manfo Property Intersects 36.21 g/t Over 9 Metres, 50 Metres South of Previously Reported 8.6 g/t Over 12 Metres at Pokukrom West; New Zone Also Identified at Nfante East-0.95 g/t Over 3
Intersects 36.21 g/t Over 9 Metres, 50 Metres South of Previously Reported 8.6 g/t Over 12 Metres at Pokukrom West; New Zone Also Identified at Nfante East-0.95 g/t Over 33 Metres
TORONTO, ONTARIO -- (Marketwire) -- 10/13/10 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCBB: PGXPF) ('Pelangio' or the 'Company') is pleased to announce high-grade gold intersections in oxidized bedrock from the Pokukrom West area and the new discovery of a potential bulk tonnage zone at the Nfante East area of the Manfo Property in Ghana. Highlights of the five diamond drill holes totaling 690.50 metres reported today include:
Pokukrom West - More High-Grade Results
-- 36.21 grams per tonne (g/t) gold (or 19.54 g/t cut to 30 g/t) over 9
metres (SPDD-090) starting from 14 metres down-hole at Pokukrom West;
-- 8.68 g/t gold over 9 metres (SPDD-092) starting from 11 metres down-hole
in a follow-up to SPDD-090 at Pokukrom West;
-- SPDD-090 and -092 intersections are on strike, 50 metres south of SPDD-
084, which intersected 8.6 g/t over 12 metres (see press release dated
September 16, 2010).
Nfante East - New Discovery with Bulk-Tonnage Potential
-- 0.95 g/t gold over 33 metres (SFDD-094) from new discovery at Nfante
East, one kilometre east of 1.5 g/t gold over 61 metres intersected in
SFDD-079 (see press release dated September 7, 2010).
-- 5,000 metre second phase drilling program to commence by mid-October.
To view a plan view of drilling completed and results to date on the Manfo Property, see: http://media3.marketwire.com/docs/px1013fig1.pdf.
'Today's results further demonstrate the near-surface high-grade potential of the Manfo Property, and extend the strike length of the Pokukrom West mineralization by at least 50 metres,' stated Warren Bates, Senior Vice President Exploration. 'These impressive results were intersected in oxidized bedrock, or saprolite, unlike previously announced high-grade gold intersections in a transitional oxidized zone at Pokukrom West and unoxidized bedrock at Pokukrom East, which suggests potential for a very high-grade gold deposit in the oxide zone proximal to a high-grade gold deposit in unoxidized rock. Our near term goal at Pokukrom West is to build on this theory by defining the source of these high-grade gold intersections at depth. Our current results continue to confirm the presence of an intensely gold mineralized system on the Manfo Property with many more targets to discover and drill. One of these targets is Nfante East, approximately four kilometres southeast of Pokukrom West, where we have identified a new potential bulk tonnage zone that will be targeted for further drilling.'
Summary of Results
The following table summarizes significant assay results reported herein:
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From To Interval Au Hole Length
Area DHID (metre) (metre) (metres)(1) (g/t) (metres)
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Pokukrom West SPDD-090 14 23 9 36.21 (2) 51.5 (3)
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and 37 51 14 0.44
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SPDD-091 140 148 8 2.27 218
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SPDD-092 11 20 9 8.68 77
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and 36 51 15 0.67
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Nfante East SFDD-093 No significant results 146
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SFDD-094 53 86 33 0.95 198
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1. Intervals are core length. True width will be defined with additional
drilling.
2. 19.54 g/t over 9 metres if high-grade intervals are cut to 30 g/t.
3. Abandoned at 51.5 metres due to poor drilling conditions.
Holes SPDD-090 and -092 at Pokukrom West were spotted as 50-metre step-outs to the south of holes SPDD-083 and -084, which intersected 8.0 g/t gold over 12 metres and 8.6 g/t over 12 metres, respectively. SPDD-092 was collared approximately nine metres from -090 after -090 was abandoned due to poor drilling conditions. Hole SPDD-091 was drilled as a 50-metre step-back to the west of hole SPDD-083. Each hole reported today from Pokukrom West was drilled at azimuth 117 degrees and a -45 degrees dip.
Drilling at Pokukrom West encountered saprolite from surface to depths of up to 35 metres and a transitional oxidized zone between approximately 40-50 metres depth. Below the saprolite and transitional oxidized zone, drilling encountered quartz-pyrite-sericite schists with quartz-pyrite veinlets. The saprolite-hosted high-grade mineralization in SPDD-090 and -092 may not be completely representative of similar intersections in unoxidized rock. Pelangio's next drill program at Pokukrom West will test the plunge of this high-grade near-surface mineralization at depth in the underlying unoxidized rock. Additionally, drilling to date has provided useful information regarding the likely orientation of gold mineralization in the area, which will also be defined in upcoming drilling.
To view a plan view of drilling at Pokukrom West, see: http://media3.marketwire.com/docs/px1013fig2.pdf.
To view a section view of drill hole SPDD-091 (with SPDD-083 and -084), see http://media3.marketwire.com/docs/px1013fig3.pdf.
To view a section view of drill holes SPDD-090 and -092, see http://media3.marketwire.com/docs/px1013fig4.pdf.
Holes SFDD-093 and -094 at Nfante East were drilled approximately 133-metres apart west of the strongest area of the Nfante East geochemical anomaly, the entirety of which measures approximately 800 metres x 350 metres (at a 40 ppb level) and is open to the northeast and southwest. Both holes were drilled at azimuth 117 degrees and a -50 degrees dip.
While SFDD-093 did not intersect gold mineralization, SFDD-094 intersected 0.95 g/t gold over 33 metres. Mineralization in hole SFDD-094 is hosted in brecciated hematite altered mafic volcanic rocks with 5% irregular quartz-pyrite stockworks. Considering the size and intensity of the Nfante East anomaly, the mineralization intersected in SFDD-094 is promising and the Company expects to conduct further drilling and exploration on the anomaly in the future.
To view a plan view of drilling at Nfante East, see: http://media3.marketwire.com/docs/px1013fig5.pdf.
To view a section view of drill hole SPDD-094, see http://media3.marketwire.com/docs/px1013fig6.pdf.
Pelangio's exploration on the Manfo Property to date has focused on four targets in an approximately 10 square kilometre area, though many other targets have been identified or are currently being delineated elsewhere on the property. The Sika North target, for example, located approximately 3.5 kilometres north of Pokukrom West, comprises three separate anomalies contourable at up to 100 ppb gold measuring 200, 400 and 375 metres along strike, respectively. Additionally, the Company has interpreted a 10 kilometre trend of widely spaced anomalies from geochemical and geophysical surveying approximately two kilometres northwest of the drilling completed to date. Geochemical samples were collected on the trend at 800-metre intervals with the results appearing to be related along strike. Further sampling at closer spacing will be conducted in the near future to define the target anomalies for drilling in upcoming programs.
Drill Program Progress
Pelangio has completed and released all outstanding assays on its initial 16-hole drill program totaling 2,379 metres on the Manfo Property. The encouraging drilling results encountered to date have enhanced the Company's planning of the second phase, 5,000-metre drill program, which is now expected to commence in mid-October.
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 Kinross, boasts near-term potential for the discovery of significant gold deposits as ongoing drilling has confirmed. 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.
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 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