NYBob
2 weeks ago
Pelangio Exploration Commences a UAV Magnetics Survey on its Obuasi Project, Ghana
TORONTO, Ontario (November 5th, 2024) –
Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to announce
that a high-resolution UAV airborne magnetics survey has commenced on its Obuasi property,
adjacent to the giant high-grade Obuasi Mine owned by AngloGold Ashanti PLC.
The survey is expected to take 3-4 weeks to complete.
Ingrid Hibbard, President and CEO, commented:
“The high-resolution airborne drone magnetics survey covers one of the most prospective areas of our Obuasi property
situated on strike with the renowned Obuasi Mine.
The survey is being conducted in collaboration with TuNya Mineral Resources Ltd. as part of their earn-in on
the southern Tarkwaian portion of our property.
This survey is expected to yield critical data that will enhance our targeting of Obuasi-style gold mineralization on our property.
We are eager to review the survey results and explore the targets it identifies for further evaluation and follow-up.”
Background
Pelangio’s 284 square kilometer Obuasi property is located in Ghana, Africa’s largest gold producer.
It is strategically situated in the Ashanti Gold Belt, West Africa’s largest gold belt and globally recognized
for its rich, high-grade gold deposits with centuries of successful gold mining.
Our Obuasi property is adjacent to Anglo-Gold’s Ashanti’s high-grade Obuasi Mine with gold endowment
exceeding sixty million ounces.
TuNya are conducting a US$250,000 technical study of Pelangio’s Obuasi property as partial fulfillment
of their earn-in on the southern Tarkwaian portion of the Obuasi property.
This work commenced in October of 2023 with a desk top review of Pelangio’s considerable exploration
datasets plus a start on detailed field mapping over the western half of the property.
Field mapping was completed in May of 2024 and a report was issued with recommendations that included
the flying of a high-resolution UAV (drone) airborne magnetics survey over the principal area of interest
identified in the western margin of the property covering the interpreted strike extension of the Obuasi mineralized trend.
Here, a significant concentration of Pelangio’s historical anomalous rock chip samples
> 1 g/t Au occurs with much of the 8-kilometer long target untested by trenching and drilling.
Refer to Figure 1.
Following the flying of the magnetic survey, the data will be processed, imaged and geologically plus structurally
interpreted with recommendations for follow up to be funded by TuNya, likely to include a program of pitting and
trenching to test the most favourable targets.
Survey Details
The drone (UAV) airborne magnetics survey being flown at Obuasi will be conducted by SEMS Exploration of Ghana.
The survey will be flown with a GEMS Systems AIRBIRD magnetometer suspended from a Matrice 300 RTK drone along
50-meter spaced lines with a total of 400 line-kilometers covering an area of approximately 20 square kilometers.
The survey is expected to take three weeks, depending on the weather.
SEMS inhouse geophysicist will process and image the survey data and provide a report plus GIS imagery to Pelangio
within ten days of completion of the survey.
Figure 1. Obuasi project UAV Magnetics Survey Area
Qualified Person
Mr. Kevin Thomson, P.Geo. (Ontario, #0191), is a qualified person within the meaning of National Instrument 43-101
Standards of Disclosure for Mineral Projects. Mr. Thomson approved the technical data disclosed in this release.
About Pelangio
Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa and Canada.
In Ghana, the Company is focused on its two 100% owned camp-sized properties: the 100 km2 Manfo property,
the site of eight near-surface gold discoveries, and the 284 km2 Obuasi property, located 4 km on strike and
adjacent to AngloGold Ashanti’s prolific high-grade Obuasi Mine, as well as the Dankran property located
adjacent to its Obuasi property.
See http://www.pelangio.com for further details on all Pelangio’s properties.
https://pelangio.com/news-releases/2024/obuasidronenov2024/
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=175015670
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Email: info@pelangio.com
NYBob
3 months ago
Pelangio Exploration Inc. NEWS - Pelangio’s Manfo project is situated roughly in the middle of the Sefwi-Bibiani Belt between
Newmont’s Ahafo mine; the Subika deposit being only 14 kilometres to the NNE,
Manfo Highlights
https://pelangio.com/projects/ghana/manfo/
Pelangio has discovered seven near surface areas of gold mineralization along a 9-kilometre trend of multiple structures
three areas comprise the initial resource stage: Pokukrom East and West, Nfante West
Maiden resource estimate of 195,000 oz (at 1.5 g/t Au) Indicated, plus 298,000 oz (at 1.0 g/t Au) Inferred developed
by SRK Consulting, in 2013
Ownership
100% ownership
100 square kilometres on Ghana’s prodigious Sefwi Greenstone Belt
Pelangio’s Manfo project is situated roughly in the middle of the Sefwi-Bibiani Belt between Newmont’s Ahafo mine;
the Subika deposit being only 14 kilometres to the NNE, and
Resolute’s Bibiani mine 25 kilometres to the south of the Manfo project area and
50 kilometres from Kinross’ Chirano Mine.
Similar to the Subika and Chirano deposits, the mineralization at Manfo is likewise hosted in granitoid intrusive rocks.
https://operations.newmont.com/africa/ahafo-ghana
Ahafo South: Ghana’s Largest Gold Mine
Over 8 Moz produced to date.
Development of Ahafo North mine will raise combined production to approximately 850 Koz of gold per year.
Long-term district strategy to extend mine life beyond 2050.
Ahafo North: Best Unmined Deposit in West Africa
Pelangio Exploration Inc. Enters Agreement to Develop the Manfo Project
V.PX | 14 hours ago
Strategic Partnership Aims to Advance the Project into Production in Ghana's Sefwi Gold Belt
TORONTO, ON / ACCESSWIRE / August 27, 2024 /
Pelangio Exploration Inc. (TSXV:PX) ("Pelangio") is pleased to announce that on August 26th, 2024 it has entered a binding Letter of Intent (LOI) with
MFD Investment Holdings SA ("MFD"), granting MFD the option to earn an undivided 10% interest in the Manfo Project, located on the Sefwi Gold Belt
in the Ashanti Region of Ghana. This strategic partnership will accelerate the development of the project, aiming for a first gold pour in 2027.
The agreement outlines MFD's commitment to complete a Preliminary Economic Assessment (PEA) and invest up to $1 million in developmental
expenditures by December 31, 2025. Upon fulfilling these obligations, or achieving a first gold pour by December 2027,
MFD will acquire a 10% interest in the Manfo Project.
"We are excited to collaborate with MFD on this significant project," said Ingrid Hibbard, CEO of Pelangio Exploration Inc. "
This partnership aligns with Pelangio's strategy to leverage partnerships to expedite project development while retaining
a strong interest in high-potential assets.
This agreement provides Pelangio shareholders with a non-dilutive financing partner that will focus on Manfo, allowing us
to accelerate development efforts and unlock the project's full potential."
Under the terms of the agreement, MFD will engage a qualified consultant to conduct the PEA, which will evaluate the economic
viability of the Manfo Project in accordance with National Instrument 43-101 standards.
The joint venture structure that follows the successful completion of the option will see Pelangio retain a 90% interest in the project,
with MFD holding 10%.
Pelangio will remain the operator of the joint venture, overseeing the exploration, development and eventual operating activities
with the aim of going into production.
"It is rare to find these types of opportunities in the mining sector," stated Antonios Maragakis, CEO and Director of MFD Investment Holdings.
"The Manfo Project has extensive drilling, is located in a Tier 1 mining jurisdiction with the potential for significant upside
through technical work plus continuing resource and expansion drilling.
We look forward to leveraging Pelangio's extensive experience and excellent reputation in West Africa to sustainably develop
this with the local and federal authorities."
Additional Information
The Manfo Project, located in the Sefwi Gold Belt, is situated in one of the most historically productive
gold regions in West Africa.
The Sefwi Belt is home to several significant gold deposits and mining operations, including
Newmont's nearby Ahafo mine which produces more than 500,000 ounces of gold annually.
The Manfo Project consists of three key concessions: Subriso, Twabidi, and Sempekrom.
Subriso is the primary focus due to its advanced exploration status and potential for resource
expansion, while Twabidi and Sempekrom serve as buffer zones with future exploration potential.
There was a historic resource on the property done by SRK in 2013 which estimated
the project hosts a gold mineral resource of 195,000 ounces (at 1.5 g/t Au) Indicated
and 298,000 (at .96 g/t Au) Inferred.1
As part of the agreement, MFD's role includes procuring a Preliminary Economic Assessment on the
Manfo Project, a critical step towards determining the project's economic feasibility.
Resolute Bibiani gold mine in Ghana to Asante... 25KM SOUTH OF THE MANFO GOLD MINE PROJECT.
Kinross divests 90% stake in Ghana’s Chirano mine for $225m
Chirano is an operating open-pit and underground gold mine situated south of Asante Gold’s Bibiani asset.
50KM FROM M ANFO GOLD MINE PEOJECT.. August 11, 2022
...In order for MFD to fully acquire the 10% into the Manfo project, the Company will need to
show either $1,000,000 in expenditures by December 2025 or a first pour of gold by December 2027.
Subject to approval of the TSXV, Pelangio shall issue MFD a bonus of common shares based on
results from the next MRE completed on the Project and funded by MFD as follows:
If the base case estimate is at least 1,000,000 ounces and less than 1,500,000 ounces,
1,000,000 common shares;
If the base case estimate is at least 1,500,000 ounces and less that 2,000,000 ounces,
1,500,000 common shares; or
If the base case estimate is at least 2,000,000 ounces, 2,000,000 common shares.
Qualified Person
Mr. Kevin Thomson, P.Geo. (Ontario, #0191), is a qualified person within the meaning of National
Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Thomson approved the technical data disclosed in this release.
About MFD Investment Holdings
MFD is a private investment company that focuses on developing quick-to-cashflow mining assets with significant exploration upside.
With a global team of experts in geology, metallurgy, project management, and finance, MFD
specializes in early-stage investments and
operational efficiencies that maximize value for its stakeholders.
MFD leverages advanced technology and systems to improve mine development and
operational management, addressing inefficiencies within the mining industry.
The company aims to generate substantial returns by identifying and advancing high-potential mining
projects across diverse geographies and commodities.
About Pelangio Exploration Inc.
Pelangio Exploration Inc. is a Canadian-based mineral exploration company focused on advancing its portfolio of gold projects in West Africa and Canada.
The company's strategy is centered on acquiring and developing highly prospective projects with the potential for significant returns.
Pelangio holds a 100% interest in several properties located on the prolific Sefwi and Ashanti Gold Belts in Ghana and continues
to advance its exploration efforts in one of the world's most productive gold regions.
1The Manfo mineral resource estimation was conducted by SRK Consulting and published in June 2013. (Refer to the Mineral Resource Evaluation Technical
Report, Manfo Gold Project, by SRK Consulting (Canada) Inc., released on June 21, 2013 and available on Pelangio's website).
The resource estimation was made in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects
at the time of the mineral resource estimation in 2013.
NI 43-101 standards for disclosure have been amended multiple times since 2013 and as a result, Pelangio's 2013 resource estimate is no longer NI 43-101
compliant under the current standards.
Pelangio Exploration Inc.: https://pelangio.com
82 Richmond Street East, TORONTO ON M5C 1P1, CA
Phone(s):
Primary: +1 905 875-3828
Fax: +1 905 336-3899
Contact(s):
ir@pelangio.com
Key Officers:
J. Ingrid Hibbard - CEO
President, Chief Executive Officer, Director
For further information, please contact:
Ingrid Hibbard, CEO
Pelangio Exploration Inc.
Email: ihibbard@pelangio.com
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. Forward-looking statements and information include statements regarding the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, and the Company's ability to complete the planned exploration programs. Regarding forward-looking statements and information contained herein, we have made many assumptions, including about the state of the equity markets. Such forward-looking statements and information are subject to 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 the changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, the option may not be exercised, near-term production may not be viable, delays due to COVID-19 or other safety protocols, 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 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.
SOURCE: Pelangio Exploration Inc.
View the original press release on accesswire.com
Tags:
GOLD
NYBob
3 months ago
Pelangio Exploration Inc. - Pelangio’s Manfo project is situated roughly in the middle of the Sefwi-Bibiani Belt between
Newmont’s Ahafo mine; the Subika deposit being only 14 kilometres to the NNE,
Manfo Highlights
https://pelangio.com/projects/ghana/manfo/
Pelangio has discovered seven near surface areas of gold mineralization along a 9-kilometre trend of multiple structures
three areas comprise the initial resource stage: Pokukrom East and West, Nfante West
Maiden resource estimate of 195,000 oz (at 1.5 g/t Au) Indicated, plus 298,000 oz (at 1.0 g/t Au) Inferred developed
by SRK Consulting, in 2013
Ownership
100% ownership
100 square kilometres on Ghana’s prodigious Sefwi Greenstone Belt
https://operations.newmont.com/africa/ahafo-ghana
Ahafo South: Ghana’s Largest Gold Mine
Over 8 Moz produced to date.
Development of Ahafo North mine will raise combined production to approximately 850 Koz of gold per year.
Long-term district strategy to extend mine life beyond 2050.
Ahafo North: Best Unmined Deposit in West Africa
Pelangio Exploration Inc. Enters Agreement to Develop the Manfo Project
V.PX | 14 hours ago
Strategic Partnership Aims to Advance the Project into Production in Ghana's Sefwi Gold Belt
TORONTO, ON / ACCESSWIRE / August 27, 2024 /
Pelangio Exploration Inc. (TSXV:PX) ("Pelangio") is pleased to announce that on August 26th, 2024 it has entered a binding Letter of Intent (LOI) with
MFD Investment Holdings SA ("MFD"), granting MFD the option to earn an undivided 10% interest in the Manfo Project, located on the Sefwi Gold Belt
in the Ashanti Region of Ghana. This strategic partnership will accelerate the development of the project, aiming for a first gold pour in 2027.
The agreement outlines MFD's commitment to complete a Preliminary Economic Assessment (PEA) and invest up to $1 million in developmental
expenditures by December 31, 2025. Upon fulfilling these obligations, or achieving a first gold pour by December 2027,
MFD will acquire a 10% interest in the Manfo Project.
"We are excited to collaborate with MFD on this significant project," said Ingrid Hibbard, CEO of Pelangio Exploration Inc. "
This partnership aligns with Pelangio's strategy to leverage partnerships to expedite project development while retaining
a strong interest in high-potential assets.
This agreement provides Pelangio shareholders with a non-dilutive financing partner that will focus on Manfo, allowing us
to accelerate development efforts and unlock the project's full potential."
Under the terms of the agreement, MFD will engage a qualified consultant to conduct the PEA, which will evaluate the economic
viability of the Manfo Project in accordance with National Instrument 43-101 standards.
The joint venture structure that follows the successful completion of the option will see Pelangio retain a 90% interest in the project,
with MFD holding 10%.
Pelangio will remain the operator of the joint venture, overseeing the exploration, development and eventual operating activities
with the aim of going into production.
"It is rare to find these types of opportunities in the mining sector," stated Antonios Maragakis, CEO and Director of MFD Investment Holdings.
"The Manfo Project has extensive drilling, is located in a Tier 1 mining jurisdiction with the potential for significant upside
through technical work plus continuing resource and expansion drilling.
We look forward to leveraging Pelangio's extensive experience and excellent reputation in West Africa to sustainably develop
this with the local and federal authorities."
Additional Information
The Manfo Project, located in the Sefwi Gold Belt, is situated in one of the most historically productive
gold regions in West Africa.
The Sefwi Belt is home to several significant gold deposits and mining operations, including
Newmont's nearby Ahafo mine which produces more than 500,000 ounces of gold annually.
The Manfo Project consists of three key concessions: Subriso, Twabidi, and Sempekrom.
Subriso is the primary focus due to its advanced exploration status and potential for resource
expansion, while Twabidi and Sempekrom serve as buffer zones with future exploration potential.
There was a historic resource on the property done by SRK in 2013 which estimated
the project hosts a gold mineral resource of 195,000 ounces (at 1.5 g/t Au) Indicated
and 298,000 (at .96 g/t Au) Inferred.1
As part of the agreement, MFD's role includes procuring a Preliminary Economic Assessment on the
Manfo Project, a critical step towards determining the project's economic feasibility.
In order for MFD to fully acquire the 10% into the Manfo project, the Company will need to
show either $1,000,000 in expenditures by December 2025 or a first pour of gold by December 2027.
Subject to approval of the TSXV, Pelangio shall issue MFD a bonus of common shares based on
results from the next MRE completed on the Project and funded by MFD as follows:
If the base case estimate is at least 1,000,000 ounces and less than 1,500,000 ounces,
1,000,000 common shares;
If the base case estimate is at least 1,500,000 ounces and less that 2,000,000 ounces,
1,500,000 common shares; or
If the base case estimate is at least 2,000,000 ounces, 2,000,000 common shares.
Qualified Person
Mr. Kevin Thomson, P.Geo. (Ontario, #0191), is a qualified person within the meaning of National
Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Thomson approved the technical data disclosed in this release.
About MFD Investment Holdings
MFD is a private investment company that focuses on developing quick-to-cashflow mining assets with significant exploration upside.
With a global team of experts in geology, metallurgy, project management, and finance, MFD
specializes in early-stage investments and
operational efficiencies that maximize value for its stakeholders.
MFD leverages advanced technology and systems to improve mine development and
operational management, addressing inefficiencies within the mining industry.
The company aims to generate substantial returns by identifying and advancing high-potential mining
projects across diverse geographies and commodities.
About Pelangio Exploration Inc.
Pelangio Exploration Inc. is a Canadian-based mineral exploration company focused on advancing its portfolio of gold projects in West Africa and Canada.
The company's strategy is centered on acquiring and developing highly prospective projects with the potential for significant returns.
Pelangio holds a 100% interest in several properties located on the prolific Sefwi and Ashanti Gold Belts in Ghana and continues
to advance its exploration efforts in one of the world's most productive gold regions.
1The Manfo mineral resource estimation was conducted by SRK Consulting and published in June 2013. (Refer to the Mineral Resource Evaluation Technical
Report, Manfo Gold Project, by SRK Consulting (Canada) Inc., released on June 21, 2013 and available on Pelangio's website).
The resource estimation was made in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects
at the time of the mineral resource estimation in 2013.
NI 43-101 standards for disclosure have been amended multiple times since 2013 and as a result, Pelangio's 2013 resource estimate is no longer NI 43-101
compliant under the current standards.
Pelangio Exploration Inc.: https://pelangio.com
82 Richmond Street East, TORONTO ON M5C 1P1, CA
Phone(s):
Primary: +1 905 875-3828
Fax: +1 905 336-3899
Contact(s):
ir@pelangio.com
Key Officers:
J. Ingrid Hibbard - CEO
President, Chief Executive Officer, Director
For further information, please contact:
Ingrid Hibbard, CEO
Pelangio Exploration Inc.
Email: ihibbard@pelangio.com
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. Forward-looking statements and information include statements regarding the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, and the Company's ability to complete the planned exploration programs. Regarding forward-looking statements and information contained herein, we have made many assumptions, including about the state of the equity markets. Such forward-looking statements and information are subject to 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 the changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, the option may not be exercised, near-term production may not be viable, delays due to COVID-19 or other safety protocols, 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 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.
SOURCE: Pelangio Exploration Inc.
View the original press release on accesswire.com
Tags:
GOLD
NYBob
3 months ago
Pelangio Exploration Inc. Enters Agreement to Develop the Manfo Project
V.PX | 14 hours ago
Strategic Partnership Aims to Advance the Project into Production in Ghana's Sefwi Gold Belt
TORONTO, ON / ACCESSWIRE / August 27, 2024 /
Pelangio Exploration Inc. (TSXV:PX) ("Pelangio") is pleased to announce that on August 26th, 2024 it has entered a binding Letter of Intent (LOI) with
MFD Investment Holdings SA ("MFD"), granting MFD the option to earn an undivided 10% interest in the Manfo Project, located on the Sefwi Gold Belt
in the Ashanti Region of Ghana. This strategic partnership will accelerate the development of the project, aiming for a first gold pour in 2027.
The agreement outlines MFD's commitment to complete a Preliminary Economic Assessment (PEA) and invest up to $1 million in developmental
expenditures by December 31, 2025. Upon fulfilling these obligations, or achieving a first gold pour by December 2027,
MFD will acquire a 10% interest in the Manfo Project.
"We are excited to collaborate with MFD on this significant project," said Ingrid Hibbard, CEO of Pelangio Exploration Inc. "
This partnership aligns with Pelangio's strategy to leverage partnerships to expedite project development while retaining
a strong interest in high-potential assets.
This agreement provides Pelangio shareholders with a non-dilutive financing partner that will focus on Manfo, allowing us
to accelerate development efforts and unlock the project's full potential."
Under the terms of the agreement, MFD will engage a qualified consultant to conduct the PEA, which will evaluate the economic
viability of the Manfo Project in accordance with National Instrument 43-101 standards.
The joint venture structure that follows the successful completion of the option will see Pelangio retain a 90% interest in the project,
with MFD holding 10%.
Pelangio will remain the operator of the joint venture, overseeing the exploration, development and eventual operating activities
with the aim of going into production.
"It is rare to find these types of opportunities in the mining sector," stated Antonios Maragakis, CEO and Director of MFD Investment Holdings.
"The Manfo Project has extensive drilling, is located in a Tier 1 mining jurisdiction with the potential for significant upside
through technical work plus continuing resource and expansion drilling.
We look forward to leveraging Pelangio's extensive experience and excellent reputation in West Africa to sustainably develop
this with the local and federal authorities."
Additional Information
The Manfo Project, located in the Sefwi Gold Belt, is situated in one of the most historically productive
gold regions in West Africa.
The Sefwi Belt is home to several significant gold deposits and mining operations, including
Newmont's nearby Ahafo mine which produces more than 500,000 ounces of gold annually.
The Manfo Project consists of three key concessions: Subriso, Twabidi, and Sempekrom.
Subriso is the primary focus due to its advanced exploration status and potential for resource
expansion, while Twabidi and Sempekrom serve as buffer zones with future exploration potential.
There was a historic resource on the property done by SRK in 2013 which estimated
the project hosts a gold mineral resource of 195,000 ounces (at 1.5 g/t Au) Indicated
and 298,000 (at .96 g/t Au) Inferred.1
As part of the agreement, MFD's role includes procuring a Preliminary Economic Assessment on the
Manfo Project, a critical step towards determining the project's economic feasibility.
In order for MFD to fully acquire the 10% into the Manfo project, the Company will need to
show either $1,000,000 in expenditures by December 2025 or a first pour of gold by December 2027.
Subject to approval of the TSXV, Pelangio shall issue MFD a bonus of common shares based on
results from the next MRE completed on the Project and funded by MFD as follows:
If the base case estimate is at least 1,000,000 ounces and less than 1,500,000 ounces,
1,000,000 common shares;
If the base case estimate is at least 1,500,000 ounces and less that 2,000,000 ounces,
1,500,000 common shares; or
If the base case estimate is at least 2,000,000 ounces, 2,000,000 common shares.
Qualified Person
Mr. Kevin Thomson, P.Geo. (Ontario, #0191), is a qualified person within the meaning of National
Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Thomson approved the technical data disclosed in this release.
About MFD Investment Holdings
MFD is a private investment company that focuses on developing quick-to-cashflow mining assets with significant exploration upside.
With a global team of experts in geology, metallurgy, project management, and finance, MFD
specializes in early-stage investments and
operational efficiencies that maximize value for its stakeholders.
MFD leverages advanced technology and systems to improve mine development and
operational management, addressing inefficiencies within the mining industry.
The company aims to generate substantial returns by identifying and advancing high-potential mining
projects across diverse geographies and commodities.
About Pelangio Exploration Inc.
Pelangio Exploration Inc. is a Canadian-based mineral exploration company focused on advancing its portfolio of gold projects in West Africa and Canada.
The company's strategy is centered on acquiring and developing highly prospective projects with the potential for significant returns.
Pelangio holds a 100% interest in several properties located on the prolific Sefwi and Ashanti Gold Belts in Ghana and continues
to advance its exploration efforts in one of the world's most productive gold regions.
1The Manfo mineral resource estimation was conducted by SRK Consulting and published in June 2013. (Refer to the Mineral Resource Evaluation Technical
Report, Manfo Gold Project, by SRK Consulting (Canada) Inc., released on June 21, 2013 and available on Pelangio's website).
The resource estimation was made in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects
at the time of the mineral resource estimation in 2013.
NI 43-101 standards for disclosure have been amended multiple times since 2013 and as a result, Pelangio's 2013 resource estimate is no longer NI 43-101
compliant under the current standards.
Pelangio Exploration Inc.: https://pelangio.com
82 Richmond Street East, TORONTO ON M5C 1P1, CA
Phone(s):
Primary: +1 905 875-3828
Fax: +1 905 336-3899
Contact(s):
ir@pelangio.com
Key Officers:
J. Ingrid Hibbard - CEO
President, Chief Executive Officer, Director
For further information, please contact:
Ingrid Hibbard, CEO
Pelangio Exploration Inc.
Email: ihibbard@pelangio.com
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. Forward-looking statements and information include statements regarding the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, and the Company's ability to complete the planned exploration programs. Regarding forward-looking statements and information contained herein, we have made many assumptions, including about the state of the equity markets. Such forward-looking statements and information are subject to 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 the changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, the option may not be exercised, near-term production may not be viable, delays due to COVID-19 or other safety protocols, 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 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.
SOURCE: Pelangio Exploration Inc.
View the original press release on accesswire.com
Tags:
GOLD
NYBob
3 months ago
Pelangio Explores Potential for Near-Term Production at Manfo
V.PX | 8 hours ago
Assessment of near-surface gold resources could capitalize on record-high gold prices, positioning Pelangio for accelerated growth.
TORONTO, ON / ACCESSWIRE / August 15, 2024 / Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it is currently evaluating the potential for near-term production at its Manfo gold project in Southwest Ghana. A review of the resource models of the three deposits at Manfo to determine the gold content and tenor of mineralization at shallow depths which could be exploited by open-pit mining is underway and will proceed to a formal study of possible near-term production scenarios which could be economic under the current record high gold price.
Ingrid Hibbard, President and CEO, commented:
"The NI43-101 maiden mineral resource estimate ("MRE") for the Manfo gold project was conducted eleven years ago using a gold price of $1,450 USD and estimated 195,000 oz Au Indicated plus 298,000 oz Au Inferred to be present.¹ We believe that the 70% increase to the gold price over that used for the 2013 MRE has significantly upgraded the economics of gold production for the Manfo project. As such, we are evaluating possibilities for smaller-scale near term production at Manfo, and have commenced a review of the near-surface gold resource content to be followed by an economic assessment of potential development and production plans. Ongoing drilling efforts will continue with the potential for successful outcomes to complement profitable near-term production that could serve as a foundation for financing a larger-scale operation in the future."
About the Manfo Project
The 96 km² Manfo project is located in the Sefwi-Bibiani greenstone belts of the Paleoproterozoic Birimian of southwest Ghana, 15 km southeast of Newmont's Ahafo gold mine and 40 km north of Asante Gold's Bibiani gold mine. Pelangio acquired the property in 2010 and conducted considerable exploration resulting in seven significant gold discoveries with three of them drilled to a resource status. In 2013 SRK Consulting (Canada) estimated the project hosts a gold mineral resource of 195,000 oz (at 1.5 g/t Au) Indicated and 298,000 oz (at 1.0 g/t Au) Inferred with the majority of the resource contained in the adjacent Pokukrom East and West deposits.¹ SRK used a gold price of $1,450 USD per ounce Au and a cut-off grade of 0.5 g/t Au for their MRE. Refer to SRK's NI43-101 report "Mineral Resource Evaluation Technical Report, Manfo Gold Project, Ghana" released on June 21, 2013, for the details.
In 2021 Pelangio identified opportunities to grow the project through step-out drill testing of open-ended mineralization in the known deposits plus drill testing of multiple exploration targets along and near the 9 km of mineralized structures within the property. Diamond drilling programs were conducted by Pelangio in 2021 and 2023 with a total of 1,423 meters of drilling conducted at the Pokukrom East and West deposits. These drilling programs and their results are detailed in Pelangio's press releases of November 16, 2021 and July 24, 2023.
The results were encouraging and demonstrated extensions to the known mineralization in both deposits and concluded continued drilling around the deposits for potential resource additions is warranted. Significant intercepts from the 2021 and 2023 drill programs included:
https://stockhouse.com/news/press-releases/2024/08/15/pelangio-explores-potential-for-near-term-production-at-manfo
PX
Pelangio Exploration Inc
0.02
0.00 (0.00%)
Volume: 965,000
Day Range: 0.02 - 0.025
Last Trade Time: 3:37:26 PM EDT
NYBob
7 months ago
Pelangio Exploration Announces Issuance of Shares for Litigation Settlement
V.PX | February 6, 2024
TORONTO, ON / ACCESSWIRE / February 6, 2024 /
Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") pursuant to
the release on July 11, 2023, the Company has agreed to issue 500,000 (C$10,000) common shares
in the capital of Pelangio at a deemed per-share price of $0.02, which is equal to the end of the day
price of Pelangio Shares on the TSX Venture Exchange (the "TSXV").
The shares for debt settlement remain subject to approval by the TSXV.
The Pelangio Shares will be subject to a four-month hold period which will expire on the date that is
four months and one day from the date of issuance.
Under the terms of the settlement agreement Pelangio will be required to issue a final C$30,000 of
common shares in the capital of Pelangio on the twelve-month anniversary of the settlement
agreement.
The common shares will be priced based upon the closing price on the respective anniversary dates.
The second and final share issuance will be subject to approval by the TSXV.
About Pelangio
Pelangio acquires and explores world-class land packages on strategic gold belts 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 four km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine,
as well as its Dankran property located adjacent to its Obuasi property.
See www.pelangio.com for further detail.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
T: 905-336-3828 / TF: 1-877-746-1632 / Email: info@pelangio.com
Pelangio Grants Earn-in Option on a Portion of the Obuasi Project
by ACCESSWIRE
July 31, 2023 7:30 AM | 9 min read | Make a Comment
TORONTO, ON / ACCESSWIRE / July 31, 2023 /
Pelangio Exploration Inc. PX PGXPF
("Pelangio" or the "Company") is pleased to announce it has entered into an earn-in binding letter of intent granting
TuNya Mineral Resources Ltd. ("TuNya") the right to earn an 80% interest on the southern portion of two of
the four licenses that comprise Pelangio's Obuasi Project
(the southern portion of these two licenses to be referred to as the "TuNya Earn-In Property").
The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project located to the south. Pelangio will retain a 100% interest in the remainder of
the Obuasi property ("Main Property"), including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.
Highlights:
Collaboration with TuNya, a strategic partner with significant technical expertise and considerable experience
at the Obuasi Mine and in the Ashanti Belt.
The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project.
Pelangio retains 100% of the Main Property, including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.
TuNya may acquire up to an 80% interest in the TuNya Earn-In Property by completing a US$250,000
comprehensive technical review of Pelangio's Main Property, completing 2,000 meters of drilling on
the TuNya Earn-In Property, and paying Pelangio US$150,000.
Pelangio will only contribute to expenditures on the TuNya Earn-In area
once a 100,000 oz resource has been delineated.
"We are delighted to enter into the earn-in agreement with TuNya, providing access to its management and
technical team who have a combined 125 years' experience working in senior technical roles at
the Obuasi Mine and elsewhere on the Ashanti Belt.
We believe Pelangio will receive tremendous value from the technical review to be completed by TuNya on our
100% owned Pelangio Main Property and the drill program to be completed by TuNya on
the TuNya Earn-In," commented Ingrid Hibbard, President and CEO of Pelangio.
"The 284 square kilometer Obuasi Project is a district-size land package requiring significant exploration.
This collaboration with TuNya ensures exploration will be completed on both the Main Property and
the TuNya Earn-In Property in the near term at no cost to Pelangio. In this way,
Pelangio will retain its focus on the Obuasi Targets and the NGA Targets and gain exposure to
near term exploration of the Tarkwaian potential of the TuNya Earn-In Property."
Agreement Terms:
https://www.benzinga.com/pressreleases/23/07/ac33466802/pelangio-grants-earn-in-option-on-a-portion-of-the-obuasi-project
Pelangio Exploration Announces Settlement of Obuasi Litigation
Accesswire
· Jul 11, 2023 06:27
PGXPF
TORONTO, ON / ACCESSWIRE / July 11, 2023 /
Pelangio Exploration Inc. (TSX-V:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company")
is pleased to announce that settlement agreements
have been reached to resolve all outstanding litigation with respect to an action
commenced in 2009 in the Ghana High Court
involving the vendor of two of the four prospecting licenses comprising Pelangio's Obuasi property.
The two prospecting licenses involved in the litigation and referenced as Kyereboso 2 License and
Kyereboso 3 License in the attached Figure 1 are hereinafter referred to as the "Property".
The litigation related to a dispute between the Property vendor's corporate history and the estate of
one of its founding shareholders (the "Plaintiff).
Pelangio was subsequently added as a co-defendant in 2012.
Although no monetary consideration was claimed from Pelangio by the Plaintiff in the litigation, an interlocutory injunction had been granted which
had the effect of preventing all parties from selling any interest in or conducting mining on the
Property pending final determination of the matter.
"This settlement is a positive development for Pelangio," stated Ingrid Hibbard President and CEO.
"It avoids the continued uncertainty, expense, and burden associated with litigation and
removes the injunction preventing the sale of any interest in or mining of the Property.
We are excited to have these impediments removed and planning for
the next phase of exploration at the Property is underway."
https://www.moomoo.com/news/post/24861650/pelangio-exploration-announces-settlement-of-obuasi-litigation?level=1&data_ticket=1714581834631476
https://www.youtube.com/watch?v=g3uLp_64ciE
Pelangio Exploration Completes Diamond Drilling At Manfo Project, Ghana And Provides Assay Results
https://www.linkedin.com/pulse/pelangio-exploration-completes-diamond-drilling-manfo-project
About Pelangio
Pelangio acquires and explores world-class land packages on strategic gold belts 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 four km on strike and adjacent to AngloGold Ashanti’s prolific
high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property.
See https://www.pelangio.com for further details.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
NYBob
7 months ago
Pelangio Grants Earn-in Option on a Portion of the Obuasi Project
by ACCESSWIRE
July 31, 2023 7:30 AM | 9 min read | Make a Comment
TORONTO, ON / ACCESSWIRE / July 31, 2023 /
Pelangio Exploration Inc. PX PGXPF
("Pelangio" or the "Company") is pleased to announce it has entered into an earn-in binding letter of intent granting
TuNya Mineral Resources Ltd. ("TuNya") the right to earn an 80% interest on the southern portion of two of
the four licenses that comprise Pelangio's Obuasi Project
(the southern portion of these two licenses to be referred to as the "TuNya Earn-In Property").
The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project located to the south. Pelangio will retain a 100% interest in the remainder of
the Obuasi property ("Main Property"), including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.
Highlights:
Collaboration with TuNya, a strategic partner with significant technical expertise and considerable experience
at the Obuasi Mine and in the Ashanti Belt.
The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project.
Pelangio retains 100% of the Main Property, including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.
TuNya may acquire up to an 80% interest in the TuNya Earn-In Property by completing a US$250,000
comprehensive technical review of Pelangio's Main Property, completing 2,000 meters of drilling on
the TuNya Earn-In Property, and paying Pelangio US$150,000.
Pelangio will only contribute to expenditures on the TuNya Earn-In area
once a 100,000 oz resource has been delineated.
"We are delighted to enter into the earn-in agreement with TuNya, providing access to its management and
technical team who have a combined 125 years' experience working in senior technical roles at
the Obuasi Mine and elsewhere on the Ashanti Belt.
We believe Pelangio will receive tremendous value from the technical review to be completed by TuNya on our
100% owned Pelangio Main Property and the drill program to be completed by TuNya on
the TuNya Earn-In," commented Ingrid Hibbard, President and CEO of Pelangio.
"The 284 square kilometer Obuasi Project is a district-size land package requiring significant exploration.
This collaboration with TuNya ensures exploration will be completed on both the Main Property and
the TuNya Earn-In Property in the near term at no cost to Pelangio. In this way,
Pelangio will retain its focus on the Obuasi Targets and the NGA Targets and gain exposure to
near term exploration of the Tarkwaian potential of the TuNya Earn-In Property."
Agreement Terms:
https://www.benzinga.com/pressreleases/23/07/ac33466802/pelangio-grants-earn-in-option-on-a-portion-of-the-obuasi-project
Pelangio Exploration Announces Settlement of Obuasi Litigation
Accesswire
· Jul 11, 2023 06:27
PGXPF
TORONTO, ON / ACCESSWIRE / July 11, 2023 /
Pelangio Exploration Inc. (TSX-V:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company")
is pleased to announce that settlement agreements
have been reached to resolve all outstanding litigation with respect to an action
commenced in 2009 in the Ghana High Court
involving the vendor of two of the four prospecting licenses comprising Pelangio's Obuasi property.
The two prospecting licenses involved in the litigation and referenced as Kyereboso 2 License and
Kyereboso 3 License in the attached Figure 1 are hereinafter referred to as the "Property".
The litigation related to a dispute between the Property vendor's corporate history and the estate of
one of its founding shareholders (the "Plaintiff).
Pelangio was subsequently added as a co-defendant in 2012.
Although no monetary consideration was claimed from Pelangio by the Plaintiff in the litigation, an interlocutory injunction had been granted which
had the effect of preventing all parties from selling any interest in or conducting mining on the
Property pending final determination of the matter.
"This settlement is a positive development for Pelangio," stated Ingrid Hibbard President and CEO.
"It avoids the continued uncertainty, expense, and burden associated with litigation and
removes the injunction preventing the sale of any interest in or mining of the Property.
We are excited to have these impediments removed and planning for
the next phase of exploration at the Property is underway."
https://www.moomoo.com/news/post/24861650/pelangio-exploration-announces-settlement-of-obuasi-litigation?level=1&data_ticket=1714581834631476
https://www.youtube.com/watch?v=g3uLp_64ciE
Pelangio Exploration Completes Diamond Drilling At Manfo Project, Ghana And Provides Assay Results
https://www.linkedin.com/pulse/pelangio-exploration-completes-diamond-drilling-manfo-project
About Pelangio
Pelangio acquires and explores world-class land packages on strategic gold belts 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 four km on strike and adjacent to AngloGold Ashanti’s prolific
high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property.
See https://www.pelangio.com for further details.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
NYBob
9 months ago
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
https://invest.stockhouse.com/dealroom/pelangio/
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada -
https://pelangio.com/projects/ghana/manfo/
https://www.anglogoldashanti.com/portfolio/africa/obuasi/
https://pelangio.com/projects/ghana/obuasi/
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Join in on this exciting investment opportunity with Pelangio Exploration
For more information, please enter your details below and someone from the Pelangio Exploration
team will be in touch to discuss the opportunity.
Some of Pelangio’s recent highlights include:
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program
extended known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and
is adjacent to TuNya’s property, which is host to the Kyereboso deposit.
The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne VTEM/magnetic surveys,
geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length up to 602 metres and
averaging approximately 200 metres.
Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling
in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and targeting exercises
prioritized two large principal target areas for follow-up exploration situated in the southwestern corner of the property
closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and ranking exercise,
augmented by fieldwork to include a comprehensive review of the drill core, detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent where
TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project
covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is
also eager to provide investors with the same opportunities through a non-brokered private placement
valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share
of Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05
for a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs,
which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources to provide
exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of the Kyereboso 2
and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology), to explore
for extensions to or additional discoveries complementary to TuNya’s Kyereboso project
The recently completed Manfo drill program extended mineralization in the Pokukrom East and
West deposits, demonstrating resource growth potential with continued step-out drilling
Yes, I want to participate!
https://invest.stockhouse.com/dealroom/pelangio/
$Pelangio Exploration (TSXV:PX) A golden investment opportunity in Ghana and Canada
Jocelyn Aspa Jocelyn Aspa, The Market Herald
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update
In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Some of Pelangio’s recent highlights include:
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources
to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of
the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology),
to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project.
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits,
demonstrating resource growth potential with continued step-out drilling
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program extended
known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and
is adjacent to TuNya’s property, which is host to the Kyereboso deposit.
The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne
VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length
up to 602 metres and averaging approximately 200 metres.
Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling
in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and
targeting exercises prioritized two large principal target areas for follow-up exploration situated in
the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and
ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core,
detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent
where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project
covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also
eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of
Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 f
or a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs,
which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
To view or participate in the Pelangio Exploration Deal Room offering, click here.
The Deal Room: your destination to participate in exclusive financing, featuring some of the best companies –
and deals – currently available on the market.
Join the discussion: Find out what everybody’s saying about this stock on the Pelangio Exploration Bullboard, and
check out the rest of Stockhouse’s stock forums and message boards.
This is sponsored content issued on behalf of Pelangio Exploration, please see full disclaimer here.
https://stockhouse.com/news/newswire/2023/09/21/a-golden-investment-opportunity-ghana-and-canada
Detour Lake: A Partnership Success Story -
Pelangio
https://www.youtube.com/watch?v=z8J14X7fvas
Pelangio Exploration joins the Morning Drive with attending PDAC2023
https://www.youtube.com/watch?v=eFpmw3jwADI
Pelangio Exploration Inc. (PGXPF) - Activities In Ghana And Canada - Ingrid Hibbard, CEO
Pelangio Exploration (TSXV:PX) Provides Update on Activities In Ghana And Canada
https://stockhouse.com/news/press-releases/2023/09/06/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
View source version on accesswire.com:
https://www.accesswire.com/781103/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
The Swedish Gold Coast (Swedish: Svenska Guldkusten) was a colony of the Swedish Africa Company founded in 1650 by
Hendrik Carloff on the Gulf of Guinea in present-day Ghana in Africa.
History
Following the foundation of the Swedish Africa Company (1649) by Louis de Geer, an expedition under the command
of Hendrik Carloff was sent to Africa in 1650.
Carloff made a treaty with the Akan King of Futu (also Feta) on selling some areas of land. On 22 April 1650,
the Swedish Gold Coast was founded and Carloff became its first administrator.
In 1652, the foundations were laid of the Fort Carlsborg.
https://en.wikipedia.org/wiki/Swedish_Gold_Coast
NYBob
1 year ago
Gold: A Journey With Idris Elba
World Gold Council
135K subscribers
https://www.youtube.com/watch?v=R7UikzYdgTc&t=1047s
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
https://invest.stockhouse.com/dealroom/pelangio/
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Join in on this exciting investment opportunity with Pelangio Exploration
For more information, please enter your details below and someone from the Pelangio Exploration
team will be in touch to discuss the opportunity.
Some of Pelangio’s recent highlights include:
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program
extended known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and is adjacent to TuNya’s property, which is host to the Kyereboso deposit. The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length up to 602 metres and averaging approximately 200 metres. Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and targeting exercises prioritized two large principal target areas for follow-up exploration situated in the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core, detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 for a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs, which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology), to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits, demonstrating resource growth potential with continued step-out drilling
Yes, I want to participate!
https://invest.stockhouse.com/dealroom/pelangio/
$Pelangio Exploration (TSXV:PX) A golden investment opportunity in Ghana and Canada
Jocelyn Aspa Jocelyn Aspa, The Market Herald
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172871764
NYBob
1 year ago
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
https://invest.stockhouse.com/dealroom/pelangio/
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Join in on this exciting investment opportunity with Pelangio Exploration
For more information, please enter your details below and someone from the Pelangio Exploration
team will be in touch to discuss the opportunity.
Some of Pelangio’s recent highlights include:
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program
extended known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and is adjacent to TuNya’s property, which is host to the Kyereboso deposit. The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length up to 602 metres and averaging approximately 200 metres. Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and targeting exercises prioritized two large principal target areas for follow-up exploration situated in the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core, detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 for a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs, which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology), to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits, demonstrating resource growth potential with continued step-out drilling
Yes, I want to participate!
https://invest.stockhouse.com/dealroom/pelangio/
$Pelangio Exploration (TSXV:PX) A golden investment opportunity in Ghana and Canada
Jocelyn Aspa Jocelyn Aspa, The Market Herald
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update
In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Some of Pelangio’s recent highlights include:
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources
to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of
the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology),
to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project.
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits,
demonstrating resource growth potential with continued step-out drilling
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program extended
known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and
is adjacent to TuNya’s property, which is host to the Kyereboso deposit.
The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne
VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length
up to 602 metres and averaging approximately 200 metres.
Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling
in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and
targeting exercises prioritized two large principal target areas for follow-up exploration situated in
the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and
ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core,
detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent
where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project
covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also
eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of
Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 f
or a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs,
which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
To view or participate in the Pelangio Exploration Deal Room offering, click here.
The Deal Room: your destination to participate in exclusive financing, featuring some of the best companies – and
deals – currently available on the market.
Join the discussion: Find out what everybody’s saying about this stock on the Pelangio Exploration Bullboard, and
check out the rest of Stockhouse’s stock forums and message boards.
This is sponsored content issued on behalf of Pelangio Exploration, please see full disclaimer here.
https://stockhouse.com/news/newswire/2023/09/21/a-golden-investment-opportunity-ghana-and-canada
Detour Lake: A Partnership Success Story -
Pelangio
https://www.youtube.com/watch?v=z8J14X7fvas
Pelangio Exploration joins the Morning Drive with attending PDAC2023
https://www.youtube.com/watch?v=eFpmw3jwADI
Pelangio Exploration Inc. (PGXPF) - Activities In Ghana And Canada - Ingrid Hibbard, CEO
Pelangio Exploration (TSXV:PX) Provides Update on Activities In Ghana And Canada
https://stockhouse.com/news/press-releases/2023/09/06/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
View source version on accesswire.com:
https://www.accesswire.com/781103/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
NYBob
1 year ago
A golden investment opportunity in Ghana and Canada
Jocelyn Aspa Jocelyn Aspa, The Market Herald
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update
In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Some of Pelangio’s recent highlights include:
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources
to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of
the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology),
to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project.
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits,
demonstrating resource growth potential with continued step-out drilling
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program extended
known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and
is adjacent to TuNya’s property, which is host to the Kyereboso deposit.
The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne
VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length
up to 602 metres and averaging approximately 200 metres.
Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling
in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and
targeting exercises prioritized two large principal target areas for follow-up exploration situated in
the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and
ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core,
detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent
where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project
covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also
eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of
Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 f
or a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs,
which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
To view or participate in the Pelangio Exploration Deal Room offering, click here.
The Deal Room: your destination to participate in exclusive financing, featuring some of the best companies – and
deals – currently available on the market.
Join the discussion: Find out what everybody’s saying about this stock on the Pelangio Exploration Bullboard, and
check out the rest of Stockhouse’s stock forums and message boards.
This is sponsored content issued on behalf of Pelangio Exploration, please see full disclaimer here.
https://stockhouse.com/news/newswire/2023/09/21/a-golden-investment-opportunity-ghana-and-canada
Detour Lake: A Partnership Success Story -
Pelangio
https://www.youtube.com/watch?v=z8J14X7fvas
Pelangio Exploration joins the Morning Drive with attending PDAC2023
https://www.youtube.com/watch?v=eFpmw3jwADI
Pelangio Exploration Inc. (PGXPF) - Activities In Ghana And Canada - Ingrid Hibbard, CEO
Pelangio Exploration (TSXV:PX) Provides Update on Activities In Ghana And Canada
https://stockhouse.com/news/press-releases/2023/09/06/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
View source version on accesswire.com:
https://www.accesswire.com/781103/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
NYBob
3 years ago
First Mining Gold Corp. to Option Pelangio Exploration's Birch Lake Project
TORONTO, Ontario (October 4, 2021) –
https://www.pelangio.com/news-releases/2021/pelangio-exploration-options-birch-lake-project/
Pelangio Exploration Inc. (TSXV:PX; OTC PINK:PGXPF) (“Pelangio” or the
“Company”) is pleased to announce that it has entered into an earn-in
agreement with First Mining Gold Corp.
(“First Mining”) and Gold Canyon Resources Inc. (“Gold Canyon”), a
wholly-owned subsidiary of First Mining, on Pelangio’s Birch Lake and
Birch Lake West properties (together, the “Birch Lake Project”) which
is adjacent to First Mining’s Springpole Gold Project (see Figure 1),
located approximately 120 km northeast of Red Lake, Ontario.
Highlights:
Collaboration with First Mining, a well-financed strategic partner in a potential new mining camp.
First Mining, through Gold Canyon, may acquire up to an 80% interest in the Birch Lake Project by incurring $3,500,000 in exploration expenditures, making $750,000 in cash option payments to Pelangio ($400,000 of which may, at First Mining’s election, be made in shares of First Mining) and issuing 1,300,000 shares of First Mining to Pelangio.
“We are delighted to have entered into the earn-in agreement with First Mining in this new and evolving gold camp. We believe that Pelangio’s Birch Lake Project represents a high-grade gold exploration opportunity with significant potential to complement ongoing mine development at First Mining’s Springpole Gold Project. We are looking forward to working with First Mining,” commented Ingrid Hibbard, President and CEO. “This agreement unlocks the inherent value of this project for our shareholders while we concurrently explore and evaluate the discovery potential at Dome West and Gowan in Ontario, and at our Manfo and Obuasi projects in Ghana,” she added.
Agreement Terms:
Pursuant to the earn-in agreement among Pelangio, First Mining and Gold Canyon, Gold Canyon may earn an initial 51% interest in the Birch Lake Project by paying Pelangio a total of $350,000 in cash, issuing to Pelangio 1,300,000 First Mining shares and completing $1,750,000 in exploration expenditures, in accordance with the following schedule:
Cash Payments
Share Issuances
Exploration
Expenditures
Year
$50,000
250,000
On the Closing Date
$50,000
250,000
Minimum $250,000
On or before the First Anniversary of the Closing Date
$50,000
250,000
On or before the Second Anniversary of the Closing Date
$50,000
250,000
On or before the Third Anniversary of the Closing Date
$150,000
300,000
Additional $1,500,000
On or before the Fourth Anniversary of the Closing Date
Upon completion of the 51% earn-in, Gold Canyon has the right to earn a further 29% interest (for a total interest of 80%) in the Birch Lake Project for a period of up to two years from the date of the exercise of the 51% earn-in right (the “Second Earn-In Period”). In order to earn the additional 29%, Gold Canyon or First Mining shall complete, within the Second Earn-In Period, a further $1,750,000 in exploration expenditures and either pay Pelangio $400,000 in cash or issue to Pelangio such number of shares of First Mining equal to $400,000 divided by the market price of First Mining shares on the day immediately prior to the date of issuance. Gold Canyon and Pelangio shall form a 51%/49% joint venture with respect to the Birch Lake Project if the 51% earn-in is completed and the second earn-in is not completed. If the second earn-in is completed, Gold Canyon and Pelangio shall form an 80%/20% joint venture with respect to the Birch Lake Project.
Figure 1: Claim Map
Birch Lake Property, Red Lake District
Pelangio's Birch Lake property is located within the Birch-Uchi Greenstone Belt, approximately 120 km northeast of the town of Red Lake, Ontario. Within an eight km radius of the Birch Lake property, there is a large gold resource (Springpole Deposit) and a past producer (Argosy Mine) which produced 101,875 ounces of gold at an average grade of 0.37 ounce per ton (reference: Ontario Geological Survey Open File Report 5835). Over the last decade, significant exploration was conducted in this area by Gold Canyon on the Springpole Deposit, now controlled by First Mining. The Pelangio land holdings are contiguous....
cont....
https://www.pelangio.com/news-releases/2021/pelangio-exploration-options-birch-lake-project/
https://www.pelangio.com/
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