Pelangio Exploration Drilling – GuruFocus.com

TORONTO, ON/ACCESSWIRE/February 9, 2022/Pelangio Exploration Inc. (TSXV:PX, Financial);(OTC PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to report that the diamond drilling program at its Gowan polymetallic project is underway. The project is well located within the Kidd-Munro Assemblage, the same environment that hosts the Kidd Creek Mine, just 16 kilometers northwest of the Gowan Project. The drill program will test several priority geophysical targets for nickel-copper sulphides as well as volcanogenic copper-zinc massive sulphide “VMS” mineralization. Drill targets in the northern portion of the property are associated with known historical base metal drill intersections in a VMS environment.

Ingrid Hibbard, President and CEO, said, “It’s always exciting to start a drilling program. Each exploration program conducted at Gowan to date has advanced the project and generated attractive targets. Additionally, during the preparation of the drill program, six additional base metal targets were identified. through the use of Maxwell Plate modelling, adding to the excitement. This highly promising base metals project recently attracted an option partner who can earn up to 50% interest for $2 million on two years (see press release dated January 20, 2022), which will ensure the continuation of significant exploration and drilling work at Gowan.

Gowan Real Estate Program Discussion: (See Figures 1, 2, 3)

The fall 2021 ground-based induced polarization (IP) follow-up survey on the Gowan property highlighted two IP anomalies. In the northeast part of the property, a convincing IP anomaly (IP Anomaly 1) has been identified. The IP 1 Anomaly is associated with historic copper mineralization in a package of felsic volcanic rocks or in a typical VMS environment. The second anomaly (IP Anomaly 2) confirmed the presence of a nickel-copper-like prospect coinciding with an airborne electromagnetic (EM) or VTEM target associated with a previously identified strong magnetic response. These targets are the focus of the drill program currently underway.

Pelangio recently commissioned Maxwell Plate modeling of airborne VTEM survey data to examine it in more detail to detect more subtle anomalies. This work has defined six new targets of interest (see Fig.1 AF targets). One of the “B” targets is spatially associated with known copper occurrences in the area of ​​the PP 1 anomaly where drilling is currently underway. The other five targets are new areas of focus; targets A, C and F are close to established IP targets while targets E and D represent new areas of interest on the property. These targets will be subject to further analysis to establish final drill hole locations for subsequent drilling.

VMS Target – IP Anomaly 1

This IP target and associated historical copper intersections hosted in felsic volcanics represent a high priority copper-zinc VMS target. The anomaly strikes southeast about 400 meters.

Two historic holes designated holes 2 and 77-1 were drilled parallel to the outer edge of the IP anomaly and intersected significant base metal mineralization within a felsic volcanic package. Hole 2 reversed 10.97 meters of 0.32% copper and 11.99 g/t silver including a premium interception of 3.81 meters grading 0.66% copper and 10.62 g/t silver. Hole 77-1 skimmed the southern end of the anomaly (see Fig.3) and returned an anomalous section grading 0.18% copper and 2.24 g/t silver over 5.79 meters with a premium section grading 0.45% copper and 4.8 g/t silver over 1.67 metres. (References: Resident Geologist Assessment Files Timmins Ontario; Drill Reports by Alamo Petroleum and Newmont Canada).

Nickel-Copper Prospect – IP Anomaly Coinciding with VTEM – IP 2 anomaly

The recently completed IP survey also highlighted a large 400 meter wide IP anomaly coinciding with the airborne VTEM anomaly and represents a high priority nickel-copper type prospect.

The IP anomaly was detected on all three survey lines cut through the airborne VTEM anomaly, and extends east to west for a minimum of 270 meters and is open to the east and west. Limited proximal historic drilling on the periphery of the IP anomaly and associated magnetic data suggest that the IP anomaly is hosted in ultramafic rocks.

Figure 1: General location map

Figure 2: Compilation map with historical drilling and new target areas

2022-02-09-Figure-2-Gowan-Drill-Start.jpg

Figure 3: IP pseudosection with historical drill holes

2022-02-09-Figure-3-Gowan-Drill-Start.jpg

WEST DOME PROJECT, Timmins, Ontario

Additionally, the company is pleased to announce that it has completed 1,446.5 meters of drilling in two holes on its Dome West project, located 800 meters west of Newmont’s Dome Mine in Timmins, Ontario. , in December 2021. All drill core has been completed and samples have been submitted to the laboratory. for analysis. The Company is still awaiting the assay results and they will be released in full as soon as they are received.

EVENTS:

The company will also participate in the virtual conference GCFF 2022 – Precious Metals Day. This is a free online event to be held on Thursday, February 10, 2022. Featuring some of the most promising mining exploration companies in the market today, the event is expecting over 400 live English-speaking attendees and Chinese. Register here at https://gcff-2022-feb-10.eventbrite.ca/?aff=PX. The presentation begins at 12:40 p.m. PST (3:40 p.m. EST).

Qualified person

Mr. Kevin Filo, geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo has approved the technical data disclosed in this press release.

About Pelangio

Pelangio acquires and explores world-class gold belt land packages in Ghana, West Africa and Canada. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km2 Manfo property, the site of seven near-surface gold discoveries, and the 284 km2 Obuasi property, located 4 km onshore and adjacent to AngloGold Ashanti’s prolific high-grade Obuasi mine, as well as the newly optioned Dankran property located adjacent to its Obuasi property. In Canada, the Company is currently focusing in Ontario on its Gowan property, located 16 km from the Kidd Creek mine in Timmins, and its Dome West property, located approximately 800 meters from the Dome mine in Timmins. See www.pelangio.com for details of all Pelangio properties.

For more information, please visit our website at www.pelangio.com or contact:

Ingrid Hibbard, President and CEO
Phone. : 905-336-3828 / TF: 1-877-746-1632 / E: [email protected]

Forward-looking statements

Certain statements contained herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in several places and can be identified by the use of words such as “anticipates”, “expects” or “does not expect”, “is planned”, “budget”, “expects”, “estimates”, “anticipates”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of these words and expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be carried out. Forward-looking statements and information include statements regarding the Company’s strategy to acquire large land packages in areas of significant gold mineralization, and the Company’s ability to complete planned exploration programs. With respect to the forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the stock markets. These forward-looking statements and information are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or the results of the industry, to be materially different from the results, performance or future achievements expressed or implied by these forward-looking statements. – looking for a statement or information. These risks include changes in stock markets, stock price volatility, global and local economic climate volatility, gold price volatility, political developments in Ghana and Canada, cost increases, exchange rate fluctuations, the speculative nature of gold exploration, including the risk that favorable exploration results may not be obtained, delays due to COVID-19 related safety protocols and other risks related to the gold exploration industry. See the company’s annual and quarterly financial statements and management’s discussion and analysis for more information on the risks and uncertainties associated with forward-looking statements and information. There can be no assurance that any 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. In addition, many factors are beyond the Company’s control. Accordingly, readers should not place undue reliance on any 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 contained herein are qualified by this cautionary statement.

Neither the 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.

THE SOURCE: Pelangio Exploration Inc.

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https://www.accesswire.com/687904/Pelangio-Exploration-Drilling-Base-Metal-Targets-At-Gowan-Project-Ontario

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