Pelangio Exploration Intersects 1.53 g/t Gold Over 42 Metres at Pokukrom East on the Manfo Property
TORONTO, ONTARIO -- (Marketwire) -- 05/05/11 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCBB: PGXPF) ('Pelangio' or the 'Company') is pleased to announce results from 10 additional diamond drill holes totaling 1,807 metres at the Pokukrom East gold zone on the Manfo Property in Ghana. Highlights of the results reported today include:
-- 1.53 grams per tonne (g/t) gold over 42 metres in SPDD-127 from 204
metres down-hole in a broader intersection of 0.89 g/t gold over 85
metres from 161 metres down-hole;
-- 1.59 g/t gold over 16 metres in SPDD-128 from 62 metres down-hole;
-- 1.00 g/t gold over 22 metres in SPDD-125 from 210 metres down-hole,
extending the potential strike at Pokukrom East by 150 metres to the
north;
-- Pokukrom East gold zone open in both directions and at depth on an
identified strike length of 660 metres and to a vertical depth of up to
175 metres;
-- 2011 exploration programs at Manfo and Obuasi fully financed with
Company holding over $10 million in available cash.
'Pokukrom East continues to grow, with today's results confirming and extending the gold mineralized zone well beyond the identified soil anomaly,' stated Warren Bates, Senior Vice President Exploration. 'SPDD-127 demonstrates the broad and continuous mineralization that we have seen at wide spacing at Pokukrom East and, importantly, confirms the mineralization intersected last year in SPDD-089 to 175 metres vertical depth. Further, we continue to intersect encouraging gold mineralization up to 240 metres north of the Pokukrom East zone. We are also now fully financed to execute and expand our ongoing 2011 drilling programs at Manfo and Obuasi.'
To view a plan view of drilling at Pokukrom East, see: http://media3.marketwire.com/docs/1pel55.pdf
Geological Setting
The following table summarizes significant assay results reported herein from the Pokukrom East gold zone:
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From To Interval Au Hole Length
Area DHID(1) (metre) (metre) (metres)(2) (g/t) (metres)
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Pokukrom East SPDD-115 102 149 47 0.61 212
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including 118 131 13 1.02
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SPDD-123 125 126 1 10.15 176
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SPDD-124 221 225 4 4.52 248
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SPDD-125 210 232 22 1.00 249
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SPDD-127 161 246 85 0.89 248
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including 204 246 42 1.53
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SPDD-128 62 78 16 1.59 188
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1 Each hole reported was drilled at azimuth 117 and a -45 dip, other than
SPDD-122, -124 and -125 (-50 dip) and -127 (-65 dip). SPDD-120 and -121
did not intersect significant mineralization. SPDD-122 was abandoned at
44 metres due to poor drilling conditions and not assayed, with SPDD-124
drilled as a replacement hole.
2 Intervals are core length. True widths will be defined with additional
drilling. Unless otherwise indicated, a cut-off grade of 0.2 g/t gold
was used in calculating intervals with allowance for up to five metres
of internal dilution.
SPDD-115 was drilled as a 50-metre step-back westerly of previously reported SPDD-114 on section 49750. The hole intersected four zones of anomalous mineralization, including 0.24 g/t gold over 20 metres from two metres down-hole, 0.33 g/t gold over 20 metres from 56 metres down-hole, 0.61 g/t gold over 47 metres from 102 metres down-hole (including 1.02 g/t gold over 13 metres) and 0.51 g/t gold over 18 metres from 169 metres down-hole. The mineralization is hosted within a quartz-carbonate and sericite-pyrite altered metagranitoid.
To view section 49750, see: http://media3.marketwire.com/docs/2pel55.pdf
Holes SPDD-127 and -128 were drilled as part of a fence on section 49850, also including previously reported SPDD-089, which intersected 1.03 g/t gold over 46 metres from 56 metres down-hole. The section is 100 metres northerly of section 49750. SPDD-127 intersected the zone intersected in SPDD-089 at approximately 175 metres vertical depth from surface. SPDD-127 was broadly mineralized, with the intersection noted above (0.89 g/t gold over 85 metres including 1.53 g/t gold over 42 metres) being contained in a broader interval of 0.55 g/t gold over 164 metres (if intervals greater than five metres grading less than 0.2 g/t gold are included) from 82 metres down-hole. The mineralization in SPDD-127 is hosted within a quartz-carbonate and sericite-pyrite altered metagranitoid. Further holes have been planned as step-backs westerly of SPDD-127 to intersect the gold mineralized zone at greater depths. SPDD-128 intersected 1.59 g/t gold over 16 metres from 62 metres down-hole, which is interpreted as the continuation of the zone intersected 100-metres south in previously reported SPDD-113 (4.18 g/t gold over 12 metres from 91 metres down-hole).
To view section 49850, see: http://media3.marketwire.com/docs/3pel55.pdf
SPDD-125 and -126 were drilled on section 50000 as 160-metre step-outs northerly of section 49850. SPDD-125 intersected 1.00 g/t gold over 22 metres from 210 metres down-hole. The mineralization is hosted within a quartz-carbonate and sericite-pyrite altered metagranitoid. SPDD-126, a 50-metre step-forward southeast of -125 intersected several zones of anomalous mineralization, including 0.37 g/t gold over 17 metres (from 170 metres down-hole).
To view section 50000, see: http://media3.marketwire.com/docs/4pel55.pdf
SPDD-124 was drilled as a 240-metre step-out northerly of section 50000. The hole was drilled to test a promising geochemical and geophysical anomaly, and intersected three broad zones of intense alteration, including an intersection of 4.52 g/t gold over four metres from 221 metres down-hole.
To view section 50250, see: http://media3.marketwire.com/docs/5pel55.pdf
SPDD-120 and -121 were drilled approximately 720 metres and 1,300 metres, respectively, north of the Pokukrom West discovery to test discrete geochemical and geophysical targets. SPDD-120 intersected 0.39 g/t gold over nine metres from 82 metres down-hole.
Drilling Progress and Exploration Outlook
Including the 10 holes totaling 1,807 metres reported today, Pelangio has completed 45 drill holes totaling 7,219 metres (including SPDD-122, which was abandoned at 44 metres) in its second phase program on the Manfo Property. Drilling is currently ongoing at Pokukrom West, where access to the planned drilling sites was slightly delayed, but is now nearly complete. Current industry conditions have resulted in delays in delivery of assay results, but the Company is working with its service providers to address this issue and will release further assay results in due course.
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 surveying. The Company's aim during 2011 is to discover and delineate as many gold mineralized zones on the Manfo Property as possible.
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.
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. Drilling is currently underway on two properties with company-making potential in Ghana, West Africa: the 100 square kilometre Manfo Property on the Sefwi greenstone belt between the Ahafo and Chirano mines, respectively operated by Newmont and Kinross, is the site of four recent near-surface gold discoveries; and the 290 square kilometre Obuasi Property on the Ashanti greenstone belt is located on strike and adjacent to AngloGold Ashanti's prolific, high-grade 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
Proconsul Capital
Martti Kangas
Principal
647-521-9261
mkangas@proconsulcapital.com