Exploration Commences a UAV Magnetics Survey on its Obuasi Project, Ghana
1
NEWS RELEASE
Pelangio
Exploration Commences a UAV Magnetics Survey on
its
Obuasi Project, Ghana
TORONTO, Ontario (
November
5
th
,
202
4
)
–
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
Anglo
G
old Ashanti
PL
C
.
The survey is expected to take 3
-
4
weeks to complete.
Ingrid Hibbard, President and CEO, commented:
“The
high
-
resolution
airborne
drone
magnetics survey
cov
ers
one of the most prospective areas of our
Obuasi property situated
on strike with
the
r
enowned
Obuasi Mine
. The survey is
being
c
onducted in
collaboration with TuNya Mineral Resources Ltd. as part of their earn
-
in on
the
southern Tarkwaian
portion of o
ur
propert
y.
T
his survey is expected to yield critical data that will enhance our targeting of
Obuasi
-
style gold mineralization
o
n our pro
perty
.
We are eager to review the survey results and explore
the targets it identifies for further evaluation and follow
-
up.
”
Background
Pelangio
’s
284 s
quare kilom
eter Obua
si
property
is
loca
ted in Ghana
,
Africa’s large
st gold pro
ducer. I
t is
s
trategicall
y situated
in
the
As
hanti
Gold
Belt,
W
est Afric
a’s largest
gold belt and
globally r
ecognized for
it
s rich,
high
-
g
rade gold
deposit
s
with centuries
of suc
c
essful gold minin
g.
Our Obu
asi propert
y is adjac
ent
to
Anglo
-
Gold
’s Ashan
ti’s
hig
h
-
grade
Obuasi
M
ine
with
gold e
ndowment
ex
ceeding
s
ix
ty
million ou
nces
.
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
includ
ed
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.
Pelangio Exploration Inc. News Release
–
November
5
th
, 2024
82 Richmond Street East, Toronto, ON M5C 1P1 T: 905
-
336
-
3828
2
Survey Details
The drone
(UAV)
a
irborne
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
Matri
ce
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 km
2
Manfo property, the site of eight near
-
surface gold discoveries, and the 284 km
2
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 www.pelangio.com for further
details
on
all Pelangio’s properties.
Pelangio Exploration Inc. News Release
–
November
5
th
, 2024
82 Richmond Street East, Toronto, ON M5C 1P1 T: 905
-
336
-
3828
3
For
additional information, please visit our website at
www.pelangio.com
,
or contact:
Ingrid Hibbard, President and CEO
Tel: 905
-
336
-
3828 / Email:
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 wo
rds 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 ce
rtain
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 gol
d
minerali
zation, 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, perfo
rmance
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 develo
pments 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
, 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 th
e
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 anticipat
ed in
such s
tatements 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
-
looki
ng 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 Ven
ture
Exchange) accepts responsibility for the adequacy or accuracy of this release.