Pelangio Announces Discovery of Additional Gold Mineralization Along 700 Metre Trend at Manfo
TORONTO, ONTARIO -- (Marketwire) -- 08/27/12 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCBB: PGXPF) ("Pelangio" or the "Company") is pleased to announce a new gold discovery resulting from nine additional diamond drill holes totaling 1,891 metres in a newly drilled area of the Manfo Property in Ghana. Highlights of the results reported today include:
Nkansu Gold Discovery
-- 0.57 grams per tonne (g/t) gold over 70 metres (including 1.00 g/t gold
over 12 metres) in SGDD-201 from 39 metres downhole;
-- 0.77 g/t gold over 23 metres (including 1.06 g/t gold over 12 metres) in
SGDD-203 from 42 metres downhole.
"Gold bearing intersections in this series of nine diamond drill holes indicate an area of mineralization along a 700 metre distance, on the north and south peripheries of a well-defined high resistivity induced polarization ("IP") anomaly," stated Warren Bates, Senior Vice President Exploration. "The new discovery between the Pokukrom East and Nfante West zones was made in an area of hardpan cover, or duricrust, where the geochemical response is very weak. The results of these holes, which were spotted based on high resolution airborne magnetic data and early-on orientation resistivity surveying, confirm that geophysical data coupled with rock properties gleaned from our drilling program is a viable targeting method. Based on the more extensive IP surveying that we completed early this year, we believe that we have only drilled the periphery of this new discovery. Our program is already paying dividends as we have more than 15 targets for further testing with drilling and surface work going forward."
Geological Setting
The following table summarizes significant assay results reported herein:
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Core length
Area BHID From (metre) To (metre) (metres)(1) Au (g/t)
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Nkansu SGDD-194 5 12 7 0.35
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SGDD-196 80 88 8 1.32
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SGDD-196 124 125 1 5.77
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SGDD-197 0 186 NSR NSR
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SGDD-199 23 42 19 0.53
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SGDD-199 145 147 2 1.03
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SGDD-201 39 109 70 0.57
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including 59 71 12 1.00
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SGDD-203 42 65 23 0.77
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including 52 64 12 1.06
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SGDD-205 0 254 NSR NSR
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SGDD-207 28 59 31 0.39
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SGDD-255 103 115.8 12.8 0.54
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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 newly discovered gold mineralization is associated with sericite and hematite altered granitoid rocks, just as at Pokukrom East which is 2.5 km to the northeast and Nfante West, 1.3 km to the southwest. The mineralization has been intersected along a distance of approximately 700 metres.
Plan views, (attached) and cross sections illustrating the Nkansu drill holes and intersections discussed above are available at http://www.pelangio.com/Projects/Ghana/Manfo/Exploration-Results/Nkansu.aspx.
The Manfo Property is predominantly a "cover" play, with geochemical anomalies occurring with erosional "windows" through the material overlying bedrock and into the underlying mineralization. In areas of cover, geochemical response is weak. Airborne magnetics, coupled with responses to IP and resistivity surveys will be key to discovering mineralization in these blind areas. The surveying has identified more than 15 new targets exhibiting such resistivity highs in areas where cover may mask geochemical anomalies. The Company has drill tested nine of these targets for new discoveries and has begun an exploration program which will consist of surface work or drilling on the remainder in the coming months.
Drilling Progress and Exploration Outlook
Including the nine holes totaling 1,891 metres reported today, Pelangio has completed 178 drill holes totaling 37,313 metres on the Manfo Property, of which 152 drill holes have been reported. Further assay results will be released as they are received and evaluated.
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 2012 is to prepare an initial resource estimate on the Manfo Property while demonstrating the property's potential to host numerous other gold-bearing zones with resource potential.
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. The Company is exploring two 100% owned camp-sized properties: the 100 km2 Manfo Property, the site of five recent near-surface, high grade and bulk tonnage, gold discoveries, and the 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 or 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 and such statements and information may be based on numerous assumptions. Forward-looking statements and information include statements regarding the Company's exploration plans and exploration results with respect to the Manfo Property and the Obuasi 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. Accordingly, readers should not place undue reliance on forward-looking statements or information. See the Company's annual information form, 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. The Company undertakes 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
