Pelangio Extends Strike of Pokukrom East Zone to 850 Metres, Identifies New Nfante Central Zone on Manfo Property
TORONTO, ONTARIO -- (Marketwire) -- 09/08/11 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCBB: PGXPF) ('Pelangio' or the 'Company') is pleased to announce results from nine additional diamond drill holes totaling 1,809 metres at the Pokukrom East gold zone and the newly identified Nfante Central zone on the Manfo Property in Ghana. Highlights of the results reported today include:
Pokukrom East Gold Zone
-- 1.20 grams per tonne (g/t) gold over 54 metres in SPDD-152 from 102
metres down-hole, including 3.26 g/t gold over 13 metres from 142 metres
down-hole;
-- 0.90 g/t gold over 30 metres in SPDD-153 from 185 metres down-hole in a
broader intersection of 0.61 g/t gold over 75 metres from 149 metres
down-hole;
-- New parallel zone encountered, with SPDD-152 intersecting 1.38 g/t gold
over 15 metres from 50 metres down-hole and SPDD-153 intersecting 1.20
g/t gold over 16 metres from 58 metres down-hole;
-- 1.11 g/t gold over 16 metres in SPDD-143 and 2.41 g/t gold over 8 metres
in SPDD-144, extending the identified strike of the gold zone to 850
metres.
New Zone: Nfante Central
-- 1.05 g/t gold over 11 metres in SFDD-148 from 120 metres down-hole in a
broader intersection of 0.73 g/t gold over 34 metres from 108 metres
down-hole;
-- New zone is 250 metres east of Nfante West gold zone and open along
strike and at depth.
'We continue to successfully execute our 2011 strategy for the Manfo Property by expanding known gold zones along strike and at depth and identifying further new zones,' stated Warren Bates, Senior Vice President Exploration. 'We have now extended the strike of the Pokukrom East gold zone to 850 metres as we step-out on 100-metre sections. Additionally, SPDD-152 and SPDD-153, which were drilled as depth extension holes at Pokukrom East, represent two of the most broadly mineralized drill holes that we have yet encountered at Manfo, with both intersecting the target mineralization as well as new, near surface hanging wall zones.
We have also encountered a new 'Nfante Central' zone, 250 metres east of the Nfante West zone. We expect the strike extension and new zones announced today to enhance the project's resource potential as we move towards an initial estimate over the coming year.'
Mr. Bates continued, 'We currently have assays from a further 24 drill holes pending and, with two rigs turning on Manfo, we expect increasing news flow over the coming months and into next year.'
Geological Setting
The following table summarizes significant assay results reported herein:
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Hole
From To Core Length Au Length
Area DHID (metre) (metre) (metres)(1) (g/t) (metres)
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Pokukrom East SPDD-143 34 91 57 0.58 129
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including 72 88 16 1.11
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SPDD-144 87 95 8 2.41 183
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SPDD-152 50 65 15 1.38 199
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and 102 156 54 1.20
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including 142 155 13 3.26
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SPDD-153 58 74 16 1.20 263
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and 149 224 75 0.61
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including 185 215 30 0.90
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Nfante Central SFDD-148 108 142 34 0.73 203
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including 120 131 11 1.05
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1. Intervals are core length. 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.
The Pokukrom East geochemical anomaly is approximately 1,200 metres in length. To date, Pelangio has confirmed a gold zone at Pokukrom East measuring 850 metres in strike that is open along strike and at depth. Gold mineralization is generally associated with a sericite-pyrite altered metagranitoid hosted shear, with higher grade zones of quartz-pyrite veining.
To view a plan view of drilling at Pokukrom East to date, see: http://media3.marketwire.com/docs/PXSept81.pdf
SPDD-152 and -153 were drilled on section 49550 as step-back holes from SPDD-085 (1.26 g/t gold over 41 metres including 3.07 g/t gold over 13 metres) and -086 on the same section. Both holes contained broad zones of consistent gold mineralization demonstrating good continuity with the zones intersected in the neighbouring sections. SPDD-152 also intersected a higher-grade interval of 3.26 g/t gold over 13 metres that may be correlative with similar grade and width intervals in sections 49450 and 49650. SPDD-153 confirms gold mineralization to 171 metres depth in this area of the Pokukrom East gold zone.
SPDD-152 and -153 intersected a new zone of gold mineralization in the hanging wall of the Pokukrom East zone. Follow-up drilling on other sections will serve to confirm this zone along strike and at depth.
To view section 49550 at Pokukrom East, see: http://media3.marketwire.com/docs/PXSept82.pdf
SPDD-143 and -144, drilled on sections 49250 and 49150, respectively, extended the strike length of the Pokukrom East zone to the south by 200 metres to 850 metres. SPDD-143 contained a broad zone of lower-grade bulk tonnage mineralization (0.58 g/t gold over 57 metres). SPDD-144 was drilled as a step-back from SPDD-105, which intersected a broad zone of lower grade mineralization, 0.31 g/t gold over 30 metres. Further drilling is required to trace the strike of the zone through this area of Pokukrom East.
To view section 49250 at Pokukrom East, see: http://media3.marketwire.com/docs/PXSept83.pdf
To view section 49150 at Pokukrom East, see: http://media3.marketwire.com/docs/PXSept84.pdf
The Nfante Central geochemical anomaly is approximately 800 metres in length and is located between 250 and 500 metres to the east of the Nfante West gold zone. SFDD-148 was drilled on section 45300 and was the first drill hole on the target, intersecting 1.05 g/t gold over 11 metres from 120 metres down-hole in a broader zone of 0.73 g/t gold over 34 metres, which the Company interprets to be a new zone of gold mineralization. SFDD-149 was drilled on the north area of the anomaly on section 45700 and intersected 0.66 g/t gold over 7 metres from 91 metres down-hole. Gold mineralization is hosted in quartz-sericite-carbonate-pyrite alteration within a sheared granitoid. The Company has drilled 100 metre step-outs to the north and south of SFDD-148 to trace the zone along strike, assays for which are pending.
To view a plan view of drilling at Nfante Central to date, see: http://media3.marketwire.com/docs/PXSept85.pdf
To view section 45300 at Nfante Central, see: http://media3.marketwire.com/docs/PXSept86.pdf
Drilling Progress and Exploration Outlook
Including the nine holes totaling 1,809 metres reported today, Pelangio has completed 81 drill holes totaling 14,881 metres (including two holes abandoned for 134 metres) in its second phase program on the Manfo Property, of which 55 drill holes have been reported. Further assay results will be released 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 divided 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 successfully acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. The Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. Drilling is currently underway on two 100%-owned camp-sized properties: the company-making 100 km2 Manfo Property, the site of four recent near-surface, high grade and bulk tonnage, gold discoveries, and the potentially game-changing 290 km2 Obuasi Property, located four kilometres on strike and adjacent to AngloGold Ashanti's prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of gold since 1897.
For additional information, please visit our website at www.pelangio.com, follow us on Twitter @PelangioEx.
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.
Manfo Gold Project - Highlights of Drill Results (Pokukrom East and Nfante Central)
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Core
Length Hole
Sec- From To (metres) Au Length Az Dip
tion DHID (metre) (metre) (1) (g/t) (metres) (degrees) (degrees)
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Pokukrom East Gold Zone
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49250 SPDD-143 34 91 57 0.58 129 117 -50
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including 72 88 16 1.11
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49150 SPDD-144 87 95 8 2.41 183 117 -50
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48750 SPDD-145 No significant results 194 157 -45
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48650 SPDD-146 No significant results 292 157 -45
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49000 SPDD-147 61 68 7 0.66 148 117 -45
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49550 SPDD-152 15 25 10 0.59 199 117 -65
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and 50 65 15 1.38
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and 73 77 4 2.22
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and 102 156 54 1.20
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including 142 155 13 3.26
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49550 SPDD-153 58 74 16 1.20 263 117 -50
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and 85 92 7 0.68
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and 149 224 75 0.61
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including 185 215 30 0.90
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Nfante Central Gold Zone
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45300 SFDD-148 108 142 34 0.73 203 117 -50
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including 120 131 11 1.05
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45700 SFDD-149 91 98 7 0.66 194 117 -50
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1. Intervals are core length. True width of holes drilled at -45 degrees
and -50 degrees is estimated to be approximately core length, while
true width of holes drilled at -65 degrees is estimated to be
approximately 90% of core length. 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.
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