Pelangio Reports Remaining Results from Manfo Project
TORONTO, ONTARIO -- (Marketwire) -- 11/08/12 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCQB: PGXPF) ("Pelangio" or the "Company") is pleased to announce the results of 26 additional diamond drill holes totaling 7,046 metres on four mineralized zones and two new prospects at the Manfo Property in Ghana. All results from the Company's most recent phase of drilling have now been released, totaling 37,313 metres in 178 diamond drill holes. Today's results include exploration holes at Pokukrom East (2), Odumasi (4) and Pokukrom (3); deeper zone-extensional holes and along strike extensions at Pokukrom West (7) and Nfante East (1); and in-fill holes at Nfante West (9). Highlights of the results reported today include:
Exploration Drilling
-- 1.05 grams per tonne (g/t) gold over 17.5 metres in SPDD-254 at Pokukrom
East from 298 metres down hole.
Pokukrom West Depth and Strike Extension Drilling
-- 1.01 g/t gold over 10 metres in SPDD-189 from 271 metres down hole;
-- 1.91 g/t gold over 10 metres, including 5 metres of 3.49 g/t, in SPDD-
191 from 187 metres down hole;
-- 0.73 g/t gold over 16 metres in SPDD-256 from 37 metres down hole, a
shallow intersection of the Pokukrom West structure, 250 metres south of
current drilling.
Nfante West In-Fill Drilling
-- 1.04 g/t gold over 18 metres in SFDD-234 from 50 metres down hole;
-- 1.03 g/t gold over 16 metres in SFDD-236 from 117 metres down hole;
-- 1.32 g/t gold over 8 metres in SFDD-237 from 41 metres down hole; and
-- 12.31 g/t gold over 2 metres in SFDD-239 from 24 metres down hole.
To view plans containing the highlighted drill intercepts on the Manfo Property, see: http://www.pelangio.com/News/2012/11/08/PELANGIO-REPORTS-REMAINING-RESULTS-FROM-MANFO-PROJECT.aspx#plans All drill intersections are available on the Pelangio website: www.pelangio.com.
"We are moving towards an initial resource estimate on three of the zones discovered so far on the Manfo Property at Pokukrom East and West and Nfante West, which we expect to complete during the first quarter of 2013," stated Warren Bates, Senior Vice President Exploration. "Today's drilling demonstrates the further open potential of these zones, with drilling at Pokukrom West intersecting the deepest mineralization yet encountered on that zone and mineralization a further 250 metres along strike. We are currently advancing the other four areas of gold mineralization discovered to date with auger drilling and trenching in preparation for a drilling program. In addition, we continue to develop a host of new targets from geophysical and geochemical surveying on three major structures on the property. We look forward to drilling these targets for further discoveries in the new year."
Geological Setting and Results
Pokukrom East: Two holes were drilled to the south of the Pokurom East area to test for extensions of the Pokukrom East structure and gold mineralization. Hole SPDD-254 (section 49100N) intersected 1.05 g/t gold over 17.5 metres from 298 metres down hole which may represent another shallow east plunging shoot at depth within the sericite altered granitoid. Drill hole SPDD-253 completed on section 48200N, 900 metres farther south, did not intersect significant Pokukom East mineralization.
Odumasi: On this new exploration area, four holes were drilled along 1,500 metres of strike length. One hole (SODD-248 on section 51630N) intersected 15.0 metres averaging 0.67 g/t gold in sericite altered granitoid. Footwall hematite alteration was intersected in holes SODD-244 (section 50900N) and SODD-246 (section 51600N), and a fourth hole SODD-252 intersected weak gold in sericite altered material on section 52400N.
Pokukrom Exploration Area: Three exploration diamond drill holes (SPDD-238,-240 and -242) were completed along 800 metres of strike length. An encouraging intersection in sericite altered granitoid in hole SPDD-242 (section 51200N) returned 6.7 metres averaging 0.58 g/t gold from 230.30 metres down hole. Holes SPDD-238 (section 50450N) and SPDD-240 (section 51200N) encountered no significant mineralization.
Pokukrom West: Six diamond drill holes tested the down dip extension at depths of 150-250 metres on sections 49400N, 49450N and 49500N. Two holes (SPDD-191 and SPDD-193) on section 49400N respectively intersected 10.0 metres at 1.91 g/t gold from 187 metres down hole (including 5 metres at 3.49 g/t from 188 metres) and 27 metres at 0.40 g/t from 215 metres down hole in sericite altered granitoid. On section 49450N drill hole SPDD189 intersected 10.0 metres averaging 1.01 g/t gold from 271 metres down hole in sericite altered granitoid, while on section 49500N no significant gold was encountered.
A seventh Pokukrom West hole (SPDD-256) drilled on section 49100N extended the Pokukrom West Structure (a magnetic high to low anomaly, and a resistivity high) 250 metres to the south. The hole intersected 16.02 metres averaging 0.73 g/t gold from 36.98 metres down hole (including 7.0 metres at 1.09 g/t gold from 46.0 metres) in sericite altered granitoid.
Nfante West: Shallow infill drilling intersected wide (11 to 72 metres), low to moderate grade mineralization in all nine holes in sericitic granitoid to depths of 120 metres.
Nfante East: The Nfante East hole (SPDD-251), a deeper extensional hole to the south on section 45600N returned 4.0 metres averaging 1.52 g/t gold from 142.0 metres down hole, and 7.0 metres at 0.55 g/t from 222.0 metres, both from a hematite altered granitoid.
The following table summarizes significant assay results from the drill holes reported herein:
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Manfo Area From To Core Length(1)
Hole ID (m) (m) (m) Gold (g/t) Section
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Pokukrom East SPDD-253 NSR NSR NSR NSR 48200
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SPDD-254 298 315.5 17.5 1.05 49100
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and 321 324 3 0.95
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Odumasi SODD-244 177 178 1 1.61 50900
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SODD-246 NSR NSR NSR NSR 51600
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SODD-248 145 160 15 0.67 51600
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SODD-252 102 107 5 0.30 52400
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Pokukrom SPDD-238 NSR NSR NSR NSR 50450
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SPDD-240 NSR NSR NSR NSR 51200
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SPDD-242 230.30 237 6.70 0.58 51200
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Pokukrom West SPDD-183 NSR NSR NSR NSR 49500
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SPDD-185 185 187 2 1.34 49500
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SPDD-187 NSR NSR NSR NSR 49450
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SPDD-189 271 281 10 1.01 49450
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SPDD-191 187 197 10 1.91 49400
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including 188 193 5 3.49
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SPDD-193 215 242 27 0.40 49400
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SPDD-256 36.98 53 16.02 0.73 49100
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including 46 53 7 1.09
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Nfante West SFDD-234 12 84 72 0.50 45350
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including 50 68 18 1.04
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and 93 107 14 0.54
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and 114 119 5 0.60
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SFDD-236 110 135 25 0.87 45350
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including 117 133 16 1.03
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SFDD-237 31 56 25 0.72 45350
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including 41 49 8 1.32
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SFDD-239 24 26 2 12.31 45450
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and 42 100 58 0.41
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SFDD-241 26 71 45 0.47 45450
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and 78 90 12 0.41
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and 106 116 10 0.31
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SFDD-243 3 5 2 2.32 45450
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including 118 147 29 0.42
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and 119 123 4 1.29
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SFDD-245 43 84 41 0.37 45550
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SFDD-247 57 60 3 0.44 45550
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and 70 117 47 0.45
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SFDD-249 132 143 11 0.49 45550
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Nfante East SFDD-251 142 146 4 1.52 45600
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and 222 229 7 0.55
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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.
Drilling Progress and Exploration Outlook
Including the 26 diamond drill holes totaling 7,046 metres reported today, Pelangio has completed 178 holes totaling 37,313 metres in its second phase drilling program, of which all 178 holes have now been reported.
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 additional gold bearing zones with resource potential.
Trenching programs are currently underway at the Sika North prospect, and as well at Pokukrom East on the Manfo Project, coupled with auger drilling on selected geochemical targets. Soil geochemical programs are being completed at the Akroma and Obuasi projects as well.
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 seven 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.
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.
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
Pelangio Exploration Inc.
info@pelangio.com
www.pelangio.com
Twitter @PelangioEx
