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WKN: A2NB53 ISIN: CA7056465031 Ticker-Symbol: 67P1 
Frankfurt
17.10.19
08:02 Uhr
0,093 Euro
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+3,91 %
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PELANGIO EXPLORATION INC Chart 1 Jahr
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PELANGIO EXPLORATION INC 5-Tage-Chart
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17.10.
13.06.2019 | 14:44
(61 Leser)
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TORONTO, ON / ACCESSWIRE / June 13, 2019 / Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to report the previously announced 543 meter diamond drill program (see Pelangio news releases April 22 and May 29, 2019) on the Dome West property in Timmins, Ontario, achieved its objective.

HIGHLIGHTS

  • Intersected a mineralized interval that returned 3.21 g/t gold ("Au") over 1.25 metersincluding a higher grade intercept of 4.754 g/t Au over 0.75 meters
  • Confirmed the presence of seven new quartz veins within known prospective stratigraphy extending from the Dome and Paymaster mines
  • Some of these quartz veins are proximal to numerous altered porphyry intrusives

"We are truly excited and encouraged by the results of this initial 543 meter drill hole. It represents our first pass in evaluating the prospectivity of the Dome West property. We are particularly pleased with the intersection of seven separate veins, two of which returned gold values and the presence of visible gold. With these results, we plan to extend the diamond drill program to further evaluate the P1 target area in the upcoming winter months", commented Ingrid Hibbard President and CEO of Pelangio.

Pelangio's Dome West property is located within the main Timmins camp approximately 800 meters west of the Dome super pit and approximately 500 meters northwest of the former Paymaster shaft. (see Map 1) Pelangio completed a single 543 meter drill hole on the property, representing the first and deepest hole on the property since the late 1930's. The purpose of the recent hole (DW1901) wasto evaluate the strike extension of a prospective porphyritic intrusive sill interpreted to extend from the former Paymaster Mine (P1 target see Map 2) andalso test for potential new vein systems in prospective stratigraphy extending from the Dome and Paymaster Mines.

The gold intersection obtained during the recent drilling (3.21 g/t Au over 1.25 m) was associated with quartz stringers and up to 5% pyrite in a strongly altered leucoxene bearing mafic flow extending from 407.00 to 476.75 meters. Also, of note, were two small specks of visible goldobserved in a small vein at 260.75 to 260.87 meters; this vein was also hosted in an altered leucoxene bearing flow. The original assay from 260.70 to 261.00 meters returned <0.005 g/t gold but a subsequent gold fire assay metallic screen analysis returned 0.48 g/t gold over 0.30 meters. The coarse fraction of the screen analysis (Au+100 mesh) returned 6.67 g/t gold confirming the presence of the visible gold observed. The vein with visible gold was within 1 meter of an altered quartz eye porphyry dyke contact.

It should be noted that reference material on the adjoining Dome Mine (Rogers, D., CIM Paper, 1982) indicates that early diamond drilling on many productive mined vein systems did not accurately reflect the eventual mined grade of a vein. Underground development was often required to accurately reflect the grade of a vein system. Consequently, Pelangio is encouraged that its early stage drilling intersected seven separate veins in its first drill hole - two of which were gold bearing.

Table of Significant Intercepts

(Hole DW1901: 480357E, 5367651N, Az:360 deg. Dip:-88 deg.)

From

To

Meters

Gold (g/t)

Comment

260.70

261.00

0.30

0.48

Visible gold in quartz vein

471.00

472.25

1.25

3.21

Quartz vein hosted in leucoxene mafic


includes




471.50

472.25

0.75

4.754


482.40

482.75

0.35

0.92

Quartz Vein in pillowed mafics

Intervals shown are core lengths; there is insufficient information to determine a true width at this time.

Pelangio also conducted surface sampling in the V1 target area (see Map 2)on the property, no significant results were obtained from this target. All assays have been received for the current drill program and for all surface sampling.

Plans for Dome West

In light of the recent drill results and the very minimal exploration on the Dome West property, Pelangio intends to continue with further exploration drilling in the P1 target area with a focus on vein systems associated with the altered leucoxene mafic flows proximal to known porphyry intrusives. It is anticipated that future drilling will be initiated from Edwards Lake during the winter of 2019-2020. Some consideration will also be given to deepening hole DW1901 beyond 543 meters as well as further metallic screen analysis.

Quality Assurance/Quality Control Procedures

All core logging and sampling were conducted in a secure core logging facility in Timmins Ontario. Core logging and sampling of NQ diamond drill core was carried out by K. Filo P.Geo. Core logging and sampling adhered to 43-101 protocols and industry standard best practices. In the case of the recent drill hole DW1901, the entire drill hole was sampled, sample intervals varied from 0.3 meters to a maximum of 1.5 meters. Drill core was sawn in half with a diamond saw, tagged, and placed in securely sealed bags. Samples were transported directly to Actlabs facility in Timmins Ontario by Pelangio personnel. Half of the core was retained for reference purposes.

Gold analysis at Actlabs was completed using a standard fire assay with 30 gram charge with an atomic absorption (AA) finish. (Actlabs 1A2-30 Procedure). Gold analysis was completed on five select samples by Actlabs 1A4-1000 gold fire assay metallic screen procedure. With each sample batch of 25 samples submitted one Oreas standard and one blank sample were submitted for QA/QC purposes. All blanks and standards analyzed fell with acceptable tolerances.Full details on these Actlabs analysis procedures and associated sample preparation can be reviewed on the Actlabs web site.

Qualified Person

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

About Pelangio

Pelangio acquires and explores large land packages in world-class gold belts in Canada and Ghana, West Africa. In Canada, the company is focusing on the Dome West property located 800 metres from the Dome Mine in Timmins, the 25 km2Birch Lake Property located in the Red Lake Mining District and the Dalton Property located 1.5 km from the Hollinger mine in Timmins. In Ghana, the Company is focusing on two 100%- owned camp-sized properties: the 100 km2 Manfo Property, the site of seven recent near-surface gold discoveries, and the 284 km2Obuasi Property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine. Ghana is an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa.

Map 1:Location of the Dome West property in reference to the Dome Mine and other strategically located mine properties


Map 2.Location of V1 and P1 targets


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

Or

Kevin Filo, Vice President Corporate Development

Tel: 705-266-6818

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 exploration of its properties, the Company's strategy of acquiring large land packages in areas of sizable gold mineralization, and the Company's plans to follow-up on previous work. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions 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, increases in costs, exchange rate fluctuations, speculative nature of gold exploration including the risk that favourable results may not be obtained, 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 source version on accesswire.com:
https://www.accesswire.com/548632/Pelangio-Exploration-Intersects-New-Gold-Zone-on-Dome-West-Property-Timmins-Ontario


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