Pelangio Exploration Grants Extension ON Gowan Property Option to AMEX Exploration Inc.
Pelangio Exploration Inc.
Pelangio Exploration Inc. News Release – July 23, 2019 1
82 Richmond Street East,
Toronto, ON M5C 1P1
Tel: 905-336-3828
Fax: 905-336-3899
NEWS RELEASE
PELANGIO EXPLORATION GRANTS EXTENSION ON GOWAN PROPERTY OPTION
TO AMEX EXPLORATION INC.
TORONTO, Ontario (July 23, 2019) – Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio”
or the “Company”) announces that, through its wholly owned subsidiary 5007223 Ontario Inc., an
extension of the May 1, 2017 Option Agreement with Amex Exploration Inc. (“AMX”) has been granted
to complete an exploration program on the Gowan Property located in Timmins, Ontario.
HIGHLIGHTS
The Gowan Property was obtained through Pelangio's recent acquisition of 5007223 Ontario Inc.
(formerly 5SD Capital) in December 2018 (see Pelangio’s press release December 10, 2018). The
extension provides AMX with the right to earn a 100% interest in the Gowan Property by completing the
following:
• Issue 10,000 AMX shares in consideration of the extension (upon TSXV approval), or make an
equivalent cash payment in lieu;
• Complete a minimum of 500 meters of diamond drilling on or before April 15, 2020; and
• Fulfill the commitments of the original option agreement by issuing 300,000 AMX shares and
make a cash payment of $15,000, on or before May 5, 2020
Upon exercise of the option by AMX, the Gowan Property will be subject to a 2.5% Net Smelter Return
(“NSR”), and 1% of the NSR may be bought back by AMX for $1 million.
The Gowan Property and Area
The Gowan Property Option is located in Gowan Township and is comprised of 20 cell claims covering
approximately 256 hectares of land. The property is located approximately 16 kilometers (“km”) east of
Glencore's Kidd Creek Mine (see Map 1). The Kidd Creek Mine is considered to be a world class copper
zinc volcanogenic massive sulphide deposit that has been in production for over 52 years. As of year-end
2018, the total historical production of the mine from 1966 to 2018 was 160,400,000 tons of copper,
zinc, lead and silver ore. (Ontario Geological Survey Activities Report, 2018 Open File Report 6354).
Geologically the Gowan property is strategically located , covering a prospective package of felsic
volcanic rocks similar to those which host the Kidd Creek Mine.
The Gowan property is of significant interest due to the presence of a previously discovered massive to
disseminated sulphide zone discovered in the mid 1970's by Alamos Petroleum. Historical intercepts of
interest include Alamos Petroleum Hole No . 2 which intersected a 36 foot interval of sulphide
mineralization. This interval which returned 0.341% copper included higher grade intercepts of 12.5 feet
of 0.658% copper and 3 feet of 0.95% copper. Alamos Hole No. 3 returned a number of interesting
mineralized zones as well. Three base metal intercepts were noted in this hole; the upper zone assayed
0.68% copper and 0.02 oz/ton gold across 1.5 feet; the middle zone returned 1.24% copper over 1.2
feet and the lower zone intersected 1.23% zinc, 0.17% copper across a 2 foot interval. These historical
intercepts are associated with a distinctive induced polarization anomaly. (The reader is cautioned that
these reported intercepts are historical in nature and taken from an Alamos Petroleum internal summary
Pelangio Exploration Inc. News Release – July 23, 2019 2
report by R.S. Middleton, 1975; the results pre-date NI-43-101 standards. The corporation has not drilled
holes to verify these historical numbers).
There has been extremely limited exploration follow-up on the mineralized zones on the Gowan
Property. It is anticipated that AMX's 2019/2020 exploration program will follow up on the
aforementioned mineralized zones of interest and/or proximal targets in order to evaluate the extent of
the mineralization.
Map 1: Gowan Property and Area Geology Map
Qualified Person
Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101.
Mr. Filo has approved the material 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 km2 Birch 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-
Pelangio Exploration Inc. News Release – July 23, 2019 3
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. Ghana is an English -speaking, common law
jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa.
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: [email protected]
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 h ave 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 pri ce 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.