Pelangio Exploration Intersects 1.50 g/t Gold Over 51 Metres at Pokukrom East on the Manfo Property Broad, Near-Surface Intersections at Pokukrom East1.50 g/t Over 51 Metres and 1.36 g/t Over 52 MetresDrilling at Nfante West Confirms Strike Length Ov
Broad, Near-Surface Intersections at Pokukrom East
1.50 g/t Over 51 Metres and 1.36 g/t Over 52 Metres
Drilling at Nfante West Confirms Strike Length Over 280 Metres
TORONTO, ONTARIO -- (Marketwire) -- 01/24/11 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCBB: PGXPF) ('Pelangio' or the 'Company') is pleased to announce results from 10 additional diamond drill holes totaling 1,638 metres at the Pokukrom East and Nfante West gold zones on the Manfo Property in Ghana. Highlights of the drill results reported today include:
Pokukrom East Zone
-- 1.36 grams per tonne (g/t) gold over 52 metres in SPDD-106, from 22
metres down-hole in transitionally oxidized bedrock, from saprolite to
sulphide, including a higher grade zone in sulphide of 3.47 g/t gold
over 13 metres;
-- 1.50 g/t gold over 51 metres in SPDD-107 (which includes a higher grade
zone of 3.53 g/t gold over 11 metres) within an intersection of 1.13 g/t
gold over 72 metres from 63 metres down-hole in unoxidized bedrock, or
sulphide;
-- Intersections continue to confirm broad mineralized zone at Pokukrom
East that is open at depth and in excess of 500 metres in strike length;
-- Drilling ongoing at Pokukrom East.
Nfante West Zone
-- 1.05 g/t gold over 23 metres in SFDD-100, from 25 metres down-hole in
saprolite (including a higher grade interval of 2.67 g/t gold over 8.0
metres from 31 metres in sulphide) in a broadly mineralized (uncut)
intersection of 0.43 g/t gold over 96 metres;
-- SFDD-100 confirms 100 metre northern extension of previously reported
intersection of 1.50 g/t gold over 61 metres (SFDD-079) and total strike
length of over 280 metres from previously reported intersection of 0.91
g/t gold over 40 metres (SFDD-082) to SFDD-100;
-- Broad zones of mineralization intersected in holes drilled up to 200
metres north of the defined anomaly.
To view a plan view of drilling completed and results to date on the Manfo Property, see: http://media3.marketwire.com/docs/px10124.pdf
'Today's results from Pokukrom East and Nfante West continue to prove the potential of the Manfo Property to host a series of bulk tonnage deposits with localized high grade zones,' stated Warren Bates, Senior Vice President Exploration. 'The results from Pokukrom East represent some of the broadest and most continuous intersections we have yet encountered on the property. We have already intersected the Pokukrom East zone over a 500-metre strike length, with the strongest area of the geochemical anomaly continuing a further 200 metres south. We have also identified targets beyond the Pokukrom East anomaly indicating that the mineralization may extend beyond the anomaly itself.'
Mr. Bates continued, 'At Nfante West, we have confirmed the northern extent of a strike length in excess of 280 metres. The broadly mineralized intersections north of the anomaly continue to indicate that we are in a major mineralized system. The zone is open at depth and to the west. More local targets will be developed through surface work and geophysical interpretation. We will continue defining the mineralized zone at Nfante West with further drilling.'
Geological Setting
The following table summarizes significant assay results reported herein from the Pokukrom East and Nfante West gold zones:
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Hole
From To Interval Au Length
Area DHID(1) (metre) (metre) (metres)(2) (g/t) (metres)
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Pokukrom East SPDD-105 22 52 30 0.31 94
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SPDD-106 2 54 52 1.36 103
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including 41 54 13 3.47
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SPDD-107 7 51 44 0.37 222
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and 63 135 72 1.13
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including 83 134 51 1.50
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including 116 127 11 3.53
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Nfante West SFDD-098 11 114 103 0.28 152
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SFDD-099 72 103 31 0.38 106
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SFDD-100 25 48 23 1.05 149
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including 31 39 8 2.67
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and 45 103 58 0.25
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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.
At Pokukrom East, holes SPDD-106 and -107 were 100 metre and 50 metre step-outs, respectively, south of previously reported holes SPDD-085 (1.64 g/t gold over 36 metres) and SPDD-086 (collared in 1.11 g/t gold over 18 metres), with SPDD-107 being an 85 metre step-back from SPDD-106. The mineralization in both holes is consistent with the style of mineralization in holes to the north (SPDD-085, -086 and -089) and south (SPDD-087 and -088) indicating the continuity of a single wide mineralized zone. The mineralization is hosted within a quartz-carbonate, hematite or sericite-pyrite altered metagranitoid.
Hole SPDD-105 at Pokukrom East was a 200 metre step-out south of previously reported hole SPDD-088 (24.7 g/t over five metres in a broader intercept of 1.39 g/t gold (cut to 20 g/t) over 53 metres). The hole collared in mineralization interpreted as the footwall of the mineralized zone, which may indicate that the zone continues west of the drill hole collar. The Company is planning step-backs to the west of SPDD-105 to intersect the full width of the mineralized zone.
To view a plan view of drilling at Pokukrom West, see: http://media3.marketwire.com/docs/px20124.pdf
To view a section view of drill holes SPDD-106 and -107, see: http://media3.marketwire.com/docs/px30124.pdf
At Nfante West, SFDD-98 and -100 were 100 metres step-outs to the north of previously reported SFDD-079 (1.50 g/t gold over 61 metres), with SFDD-098 being a 40 metre step-back from -100. The mineralization is hosted in quartz-sericite-carbonate-pyrite alteration within a sheared granitoid.
SFDD-099 and -101 were 200-metre step-outs, respectively, to the north of SFDD-98 and -100. Mineralization encountered in the bottom of SFDD-099 (0.38 g/t gold over 31 metres from 72 metres down-hole) and SFDD-101 (0.29 g/t gold over 20 metres from 69 metres) may indicate that the Nfante West zone continues east of these drill holes. The geology and alteration intersected in these holes is similar to the other holes drilled at Nfante West.
SFDD-102, -103 and -104 were 400, 500 and 700 metre step-outs, respectively, to the north of drill holes SFDD-98 and 100 testing a 40 ppb geochemical anomaly, which encountered anomalous though not significant results.
To view a plan view of drilling at Nfante West, see: http://media3.marketwire.com/docs/px40124.pdf
To view a section view of drill holes SPDD-098 and -100, see: http://media3.marketwire.com/docs/px50124.pdf
Drilling Progress and Exploration Outlook
Including the 10 holes totaling 1,638 metres reported today, Pelangio has completed 15 drill holes totaling 2,399 metres in its second phase drill program on the Manfo Property. The Company recommenced drilling at Pokukrom East on January 16, 2011 and expects to complete further holes at Pokukrom East during the second phase drill program prior to moving to Pokukrom West, where drilling has encountered multiple high grade intercepts. The ongoing second phase diamond drilling program on the Manfo Property is expected to total well in excess of 5,000 metres. The Company will release further assay results as they are received.
The Company is currently conducting geochemical surveying southeast and northwest of the approximately 10 square kilometre area containing the Nfante West and East and Pokukrom West and East discoveries 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 from wide, 800 metre spaced geochemical and geophysical surveying in the northwestern portion of the Manfo Property, with the southeastern portion of the Manfo Property currently being evaluated geochemically.
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 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 a certified reference sample in for every 20 samples, and ran one duplicate analysis every 20 samples.
In respect of 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. 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, 24.7 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 / 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
www.pelangio.com
Proconsul Capital
Martti Kangas
Principal
647-521-9261
mkangas@proconsulcapital.com