Pelangio Exploration Intersects 1.11 g/t Gold Over 43 Metres at Nfante West on the Manfo Property Second Phase Drilling Defines Strike Length at Nfante West Up to 180 Metres
Second Phase Drilling Defines Strike Length at Nfante West Up to 180 Metres
TORONTO, ONTARIO -- (Marketwire) -- 12/15/10 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCBB: PGXPF) ('Pelangio' or the 'Company') is pleased to announce results from three additional diamond drill holes totaling 487 metres at Nfante West on the Manfo Property in Ghana. Highlights of the drill results reported today include:
-- 1.20 grams per tonne (g/t) gold over 12 metres in SFDD-095, starting
from 12 metres down-hole in oxidized bedrock, or saprolite;
-- 1.11 g/t gold over 43 metres in SFDD-096, starting from 64 metres down-
hole in unoxidized bedrock, or sulphide, directly beneath the
mineralization intersected in SFDD-095;
-- SFDD-095 and -096 confirm extension of mineralization intersected in
-079 (1.5 g/t gold over 61 metres) by over 100 metres along strike with
potential for 180 metre extension of total strike to hole -082 (0.91 g/t
gold over 40 metres) (see press release dated September 7, 2010), with
the target remaining open along strike to the northeast and at depth;
-- Assays pending on further seven holes from Nfante West with second phase
drilling ongoing at Pokukrom East.
To view a plan view of drilling completed and results to date on the Manfo Property, see: http://media3.marketwire.com/docs/Manfo.pdf.
'Today's results further support the potential for a near-surface bulk tonnage deposit at Nfante West,' stated Warren Bates, Senior Vice President Exploration. 'We are particularly encouraged to encounter very continuous gold mineralization in sulphide, 100 metres along strike from our previous intersections on the target. The target remains open at depth and to the northeast, where assays are pending from a further seven holes. Meanwhile, our second phase drilling program continues at the Pokukrom East target, as we continue to build on the Manfo Property's potential to host multiple near-surface deposits.'
Geological Setting
The following table summarizes significant assay results reported herein
from Nfante West:
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Hole
From To Interval Au Length
Area DHID(1) (metre) (metre) (metres)(2) (g/t) (metres)
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Nfante West SFDD-095 12 24 12 1.20 143
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including 15 16 1 9.54
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and 29 34 5 1.10
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SFDD-096 64 107 43 1.11 141
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including 94 101 7 2.65
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SFDD-097 135 144 9 0.62 203
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(1) Each hole reported was drilled at azimuth 117 degrees and a -45
degrees dip.
(2) Intervals are core length. True widths will be defined with additional
drilling.
SFDD-096 was a 55 metre step back from -095 and both holes were 100 metre step-outs southwest along strike from previously reported SFDD-079, which intersected 1.5 g/t gold over 61 metres. Holes -095 and -096 are also approximately 80 metres northeast along strike from SFDD-082, which intersected 0.91 g/t gold over 40 metres. SFDD-095 and -096 both returned intersections confirming significant mineralization along strike from -079 and may also be related along strike to the mineralization encountered in -082. SFDD-095 collared in mineralization and returned two near surface intersections in saprolite of 1.20 g/t gold over 12 metres and 1.10 g/t gold over five metres. SFDD-096 encountered the down dip extension of the mineralized zone in consistently mineralized sulphide from 64 to 107 metres down-hole, intersecting 1.11 g/t gold over 43 metres, including 2.65 g/t over seven metres. The mineralization is hosted in an altered sericite-carbonate metagranodiorite with fine fracture-bound pyrite that has been brecciated and fractured.
Hole SFDD-097 was a 75 metre step out southwest along strike from -095 and -096 and intersected 0.62 g/t gold over nine metres from 135 metres down-hole. The mineralization is hosted in an altered sericite-carbonate metagranodiorite with fine fracture bound pyrite, which has also been strongly fractured, producing a cataclastic texture containing quartz stockworks.
To view a plan view of drilling at Nfante West, see: http://media3.marketwire.com/docs/Nfante.pdf.
To view a section view of drill hole SFDD-096 and -95, see: http://media3.marketwire.com/docs/SFDD.pdf.
To view a section view of drill hole SPDD-097 (with SFDD-081 and -082), see: http://media3.marketwire.com/docs/SPDD.pdf.
Each of the intersections reported today was intensely altered and indicative of significant structural events, which likely produced the channels for the movement of gold-bearing hydrothermal fluids. This structural and geologic setting is similar to Kinross' Chirano mine, which comprises 11 fault-controlled gold deposits hosted in altered granitoid intrusives.
Drilling Progress and Exploration Outlook
Including the three holes totaling 487 metres reported today, Pelangio has completed 10 drill holes totaling 1,706 metres at Nfante West, with assays pending on a further seven drill holes totaling 1,219 metres. The Company is currently drilling at Pokukrom East, where three holes totaling 419 metres have been completed of a planned 12 holes totaling 1,670 metres. The ongoing second phase diamond drilling program on the Manfo Property is expected to total well in excess of 5,000 metres and should be completed by late January. The Company will release further assay results as they are received.
The Company has commenced geochemical surveying southeast and northwest of the approximately 10 square kilometre area containing the four previously announced discoveries at Nfante West and East and Pokukrom West and East and the strong geochemical anomalies identified 3.5 kilometres north of this area at Sika North. Trenching is also progressing on targets to the north of Pokukrom East and West and south of Sika North. Pelangio has interpreted a 10 kilometre trend of anomalies at wide, 800 metre spacing from geochemical and geophysical surveying in the northwestern portion of the Manfo Property, but the southeastern portion of the Manfo Property has not yet been evaluated geochemically.
The Company has also received preliminary results from the airborne geophysical survey of the Manfo Property completed in early November 2010 by Geotech Airborne Limited, with final results expected in early 2011. This preliminary geophysical information has identified areas requiring surface exploration work adjacent to known mineralization and northwest of the identified trend.
Pelangio's exploration focus on the Manfo Property is to identify near-surface drill ready targets through geochemical sampling and to extend such targets with drilling and geophysical data. The Company's near term aim is to discover and delineate as many gold mineralized zones on the Manfo Property as possible prior to evaluating such zones within the constraints of a global resource estimation.
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 SFDD-079 (previously reported), 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. Pelangio's 100 square kilometre Manfo Property, which lies on the 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, 24.7 g/t gold over 5 metres; 1.5 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.
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