TORONTO, ONTARIO
-- (MARKET WIRE)
-- 01/17/12
Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCBB:PGXPF) ("Pelangio" or the "Company") is pleased to announce results from seven additional diamond drill holes totaling 1,574 metres on the Manfo Property in Ghana. Highlights of the results reported today include:
Pokukrom East Gold Zone
-- 1.19 grams per tonne (g/t) gold over 113 metres (or 1.15 g/t gold, cut
to 30 g/t) in SPDD-184 from 131 metres down-hole, including 9.05 g/t
gold over 7 metres (or 8.36 g/t gold, cut to 30 g/t);
-- 2.60 g/t gold over 64 metres (or 2.36 g/t gold, cut to 30 g/t) in SPDD-
188 from 96 metres down-hole, including 11.94 g/t gold over 10 metres
(or 10.46 g/t gold cut to 30 g/t);
-- 16.72 g/t gold over 4 metres (or 13.50 g/t gold, cut to 30 g/t) in SPDD-
192 from 49 metres down-hole;
-- Higher grade, shallow north plunging core of Pokukrom East zone now
recognized from section 49350 to 49900 with an open plunge of 600 metres
from near surface in SPDD-088 (7.01 g/t gold over 19 metres) to 210
metres depth in SPDD-184.
"Drill holes SPDD-184 and SPDD-188 are our best holes on the Manfo Property to date," stated Warren Bates, Senior Vice President Exploration. "These holes represent the north-plunging core of higher grader mineralization at Pokukrom East, now demonstrating an open plunge length of 600 metres."
Geological Setting
The following table summarizes significant assay results reported herein:
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Core
From To Length Au Au (cut)
Area DHID (metre) (metre) (metres)(1) (g/t) (g/t)(2)
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Pokukrom East SPDD-184 97 116 19 0.75
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131 244 113 1.19 1.15
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including 215 222 7 9.05 8.36
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SPDD-188 96 160 64 2.60 2.36
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including 136 146 10 11.94 10.46
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SPDD-190 48 72 24 0.86
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SPDD-192 49 53 4 16.72 13.50
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59 82 23 1.41
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including 70 81 11 2.52
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1 Intervals are core length. Unless otherwise indicated, a cut-off grade
of 0.2 g/t gold was used in calculating intervals with allowance for up
to five metres of internal dilution.
2 High grade intervals cut to 30 g/t, as applicable.
The Pokukrom East geochemical anomaly is approximately 1,200 metres in length. To date, Pelangio has confirmed gold mineralization at Pokukrom East along 850 metres that is open at depth. Gold mineralization is generally associated with a sericite-pyrite altered metagranitoid hosted shear, with higher grade zones associated with quartz-pyrite veining. Lower grade mineralization occurs in hematite altered metagranitoid, which is a peripheral alteration to the sericite hosted gold mineralization. The results announced today from Pokukrom East are step-back or infill holes on or between previously drilled sections.
To view a plan view of drilling at Pokukrom East to date, see: http://media3.marketwire.com/docs/px_f1_117.pdf
SPDD-181, -182 and -184 were drilled on section 49800, which had not previously been drilled. SPDD-184 intersected the main Pokukrom East zone at 140 metres depth and included the longest mineralized intersection yet encountered at Manfo - 1.19 g/t gold over 113 metres. The intersection also included 9.05 g/t gold over 7 metres, which correlates well with a moderate to higher grade zone encountered within the main Pokukrom East bulk tonnage zone, as follows:
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Section DHID Core Length (m) Au (g/t)
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49350 SPDD-088 19 7.01
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49450 SPDD-192 4 16.72
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SPDD-106 13 3.47
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49500 SPDD-107 11 3.53
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49550 SPDD-085 13 3.37
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SPDD-152 13 3.26
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49600 SPDD-188 10 11.94
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49650 SPDD-110 10 3.05
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SPDD-157 7 2.58
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49700 SPDD-179 14 3.12
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49750 SPDD-186 9 3.74
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49800 SPDD-184 7 9.05
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49850 SPDD-127 13 2.25
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49900 SPDD-178 11 2.51
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SPDD-180 14 2.50
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(i) Section 49400 has not yet been drilled;
drill holes in bold have been released today.
The zone plunges to the north at approximately 40 degrees and has an open plunge length of approximately 600 metres. Significantly, SPDD-179, -186, -184, -127 and -180 form the core of the down plunge extent of the higher grade mineralization across approximately 200 metres of strike at approximately 200+ metres depth, which remains open and undrilled to date. The Company intends to continue testing the down plunge extent of this higher grade zone to at least 300 metres depth.
SPDD-181 (0.31 g/t gold over 16 metres) and -182 (0.49 g/t gold over 29 metres) appears to have intersected the upper portion of the Pokukrom East bulk tonnage zone.
SPDD-188 and -195 were drilled on section 49600, which had not been previously drilled. SPDD-188 intersected 2.60 g/t gold over 64 metres, including the high grade intersection noted above - 11.94 g/t gold over 10 metres. SPDD-195 intersected a shallow portion of the Pokukrom East bulk tonnage zone, intersecting 0.49 g/t gold over 49 metres, along with two anomalous zones within 28 metres from 82 metres.
SPDD-190 was drilled on section 49500 as a step-back from SPDD-107 and -161. The hole intersected multiple zones of gold mineralization, including 0.86 g/t gold over 24 metres, in the hanging wall of the main zone. Lower grade mineralization was encountered in two intersections deeper in the hole (0.38 g/t gold over 38 metres and 0.66 g/t gold over 18 metres) and probably represents a portion of the main zone on the section, or potentially the upper periphery of the zone intersected in SPDD-166 (2.24 g/t gold over 19 metres).
SPDD-192 was drilled on section 49450 to follow up on the high grade mineralization encountered on section 49350 in SPDD-088 (7.01 g/t gold over 19 metres, including 24.68 g/t gold over 5 metres). The hole successfully intersected the high grade zone, returning 16.72 g/t gold over 4 metres from 49 metres as well as an adjacent zone from 59 metres of 1.41 g/t gold over 23 metres, including 2.52 g/t gold over 11 metres.
Cross sections illustrating the Pokukrom East drill holes and intersections discussed above are available at www.pelangio.com.
Drilling Progress and Exploration Outlook
Including the seven holes totaling 1,574 metres reported today, Pelangio has completed 124 drill holes totaling 25,150 metres in its second phase program on the Manfo Property, of which 94 drill holes have been reported. Further assay results will be released in due course.
Pelangio's exploration focus on the Manfo Property is to identify near-surface, drill ready targets through geochemical sampling and to test and extend such targets with drilling and geophysical surveying. The Company's aim during 2012 is to prepare an initial resource estimate on the Manfo Property while demonstrating the property's potential to host numerous other gold-bearing zones with resource potential.
Quality Assurance/Quality Control and Qualified Person
The drill holes reported in this press release were drilled using HQ (63.5 mm) and NQ (47.6 mm) sized diamond drill bits. Company security is provided at the drill site. Contractors working for Pelangio conducted all logging and sampling. The core was logged, marked up for sampling using standard lengths of one metre, then divided into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Pelangio compound in Tepa, Ghana. The other half was sampled, placed into sealed bags and securely stored at the site until it was shipped to the ALS Chemex laboratory in Kumasi, Ghana. The core was dried and crushed by ALS Chemex and a 150 gram pulp was prepared from the coarse crushed material. ALS Chemex conducted routine gold analysis using a 50 gram charge and fire assaying with atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream at the rate of one per every 20 samples. In addition, ALS Chemex inserted one preparation blank and a certified reference sample in for every 20 samples, and ran one duplicate analysis every 20 samples.
The exploration program at the Manfo Property is overseen by Warren Bates, P. Geo. (Ontario), a Qualified Person within the meaning of National Instrument 43-101. Mr. Bates has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information.
About Pelangio
Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. The Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. The Company is exploring two 100%-owned camp-sized properties: the company-making 100 km2 Manfo Property, the site of five recent near-surface, high grade and bulk tonnage, gold discoveries, and the potentially game-changing 290 km2 Obuasi Property, located four kilometres on strike and adjacent to AngloGold Ashanti's prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of gold since 1897.
For additional information, please visit our website at www.pelangio.com, follow us on Twitter @PelangioEx.
Forward Looking Statements
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws and such statements and information may be based on numerous assumptions. Forward-looking statements and information include statements regarding the Company's exploration plans and exploration results with respect to the Manfo Property and the Obuasi Property, and are subject to forward-looking risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. See the Company's annual information form, annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. The Company undertakes no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.
Manfo Gold Project - Drill Results (Pokukrom East Zone)
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Core
Length Au Hole Az Dip
From To (metres) (g/t) Length (deg- (deg-
Section DHID (metre) (metre) (1) (2) (metres) rees) rees)
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Pokukrom East Gold Zone
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49800 SPDD-181 57 73 16 0.31 159 117 -45
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49800 SPDD-182 32 61 29 0.49 263 117 -45
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49800 SPDD-184 97 116 19 0.75 280 117 -70
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131 244 113 1.19
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113 1.15
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including 215 222 7 9.05
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7 8.36
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49600 SPDD-188 29 50 21 0.26 278 117 -70
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69 90 21 0.53
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96 160 64 2.60
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64 2.36
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including 136 146 10 11.94
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10 10.46
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49500 SPDD-190 48 72 24 0.86 271 117 -53
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174 211 37 0.38
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222 240 18 0.66
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49450 SPDD-192 49 53 4 16.72 180 117 -45
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4 13.50
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59 82 23 1.41
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including 70 81 11 2.52
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49600 SPDD-195 25 74 49 0.49 143 117 -45
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1 Intervals are core length. At Pokukrom East, true width of holes drilled
at -45 degrees and -50 degrees is estimated to be approximately core
length, while true width of holes drilled at -65 degrees and -70 degrees
is estimated to be approximately 90% of core length.
2 Intersections containing high-grade intervals that have been cut to 30
g/t are shaded following the uncut intervals.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Pelangio Exploration Inc.
Ingrid Hibbard
President & CEO
905-875-3828 / Toll-free: 1-877-746-1632
Pelangio Exploration Inc.
Warren Bates
Senior Vice President Exploration
905-875-3828 / Toll-free: 1-877-746-1632
info@pelangio.com
www.pelangio.com
Proconsul Capital
Martti Kangas
Principal
647-521-9261
mkangas@proconsulcapital.com
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