Pelangio Exploration Inc. News Release – June 23 , 20 2 5
Pelangio Exploration Inc. News Release
–
June 23
, 20
2
5
82 Richmond Street East, Toronto, ON M5C 1P1 T: 905
-
336
-
3828
1
NEWS RELEASE
PELANGIO EXPLORATION PROVIDES EXPLORATION AND CORPORATE
UPDATE
TORONTO, Ontario (
June 23
rd
, 20
2
5
)
–
Pelangio Exploration Inc.
(PX:TSX
-
V; OTC PINK:PGXPF)
(“Pelangio”
or the “Company”
)
is pleased to provide an update on recent corporate and
exploration developments across its Ghanaian gold projects following a two
-
week site visit by
Pelangio’s Technical Team: Kevin Thomson, Senior Vice
-
President, Exploration and Samuel
Torkornoo, Vice Pr
esident Africa in May 2025.
Manfo and Nkosuo Option Highlights
Manfo: Engaged with SEMS Exploration in their completion of Mineral Resource Update
(MRE)
Manfo MRE update: expected completion in Q3 2025
Manfo: site visit with SEMS Exploration and PX Technical Team included
GPS checks on
drill collar positions, ground status checks, a review of drill core from the 2021
-
2023
drilling programs and sampling of assay pulps for a check on assays
Nkosuo: conducted preliminary due diligence on Nkosuo project currently under option
from FJ Minerals
Nkosuo: identified
four or more
minerali
z
ed trends
with similar geology to Manfo
Manfo/Nkosuo Corridor
:
900 line
-
kilometer UAV Aeromagnetic survey planned
Pelangio Exploration Inc. News Release
–
June
23
, 20
2
5
2
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905
-
336
-
3828 Fax: 905
-
336
-
3899
Obuasi Highlights
TuNya has resumed its pitting and trenching program as part of its earn
-
in agreement.
Exploration program is nearing completion of the US$250,000 technical study
Review of pitting done following the UAV Aeromagnetic survey. Upon
the conclusion of
the field work, TuNya will prepare a final report on all their work with recommendations
for further exploration, expected by August
“Our recent technical review and site visit generated valuable insights” noted Kevin Thomson,
Senior Vice
-
President Exploration. “At Nkosuo
,
preliminary due diligence was completed,
marking our first visit to the ground since it was optioned.
Field observations suggest the
Nkosuo property to be very prospective for discovery and could contribute significantly to the
total resource of the combined projects.
At Manfo, SEMS Exploration is making good progress
on the MRE Update, with the resource estimation nea
rly completed and the
write
-
up
well
underway. At Obuasi the pitting and trenching programs have resumed and should provide
insights on the geology and structure over the northern end of the property’s most favourable
target area.
”
Geological Discussion
Manfo
-
Nkosuo
Projects
The Manfo and Nkosuo properties are being advanced as a unified exploration and
development corridor. SEMS Exploration Services is finalizing an updated Mineral Resource
Estimate (MRE) for Manfo. The updated model is
expected to yield a significantly increased
resource over that estimated in 2013, which used a gold price of $1,450.
Nkosuo, located
adjacent to Manfo, is emerging as a geologically compelling extension of the project. Field
observations identified at least four mineralized trends, with geolog
ical characteristics and
alteration similar to Manfo’s high
-
grade zones. Informal/artisanal mining activity at Nkosuo has
exposed mineralized structures that align with historical intercepts from Ashanti Goldfields
along the Pokukrom
-
Nfante West mineralize
d trend as well as on strike with the Nfante Central
prospect plus two or more additional structures, suggesting the potential for additional
discoveries.
UAV Aeromagnetic Survey Progress
A high
-
resolution UAV
-
base aeromagnetic survey is about to commence on the Manfo
-
Nkosuo
project covering approximately 900 line
-
kilometers at 50
-
meter spacing and is expected to take
three weeks, weather permitting. The survey will enhance geological and s
tructural
interpretation and assist in identifying new drill targets.
Pelangio Exploration Inc. News Release
–
June
23
, 20
2
5
3
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905
-
336
-
3828 Fax: 905
-
336
-
3899
Community engagement has been prioritized to ensure smooth operations, particularly in areas
where informal mining is active. The survey is expected to start within several days.
Figure 1. Location of the Nkosuo Mining Lease and District Geology
*Newmont Reports Fourth Quarter and Full Year 2024 Results; Provides Full Year 2025 Guidance", p. 15. Feb. 20, 2025.
**
the results of exploration or mineral resources on an adjacent property are not necessarily indicative of the mineralization
on
Pelangio’
s property
Obuasi
At the Obuasi property, TuNya has resumed its pitting and trenching program as part of its
earn
-
in agreement. The program is nearing completion of its US$250,000 technical study
commitment. A 2,000
-
meter RC drilling campaign is scheduled for August, target
ing an area of
the JV property north of TuNya’s Kyereboso deposit.
Canadian Exploration Update
Given the extent of our focus on Ghana, Pelangio converted its interest in the Hailstone
Property in Saskatchewan and the Kenogaming Property in Ontario to retain royalties on both
properties.
Pelangio Exploration Inc. News Release
–
June
23
, 20
2
5
4
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905
-
336
-
3828 Fax: 905
-
336
-
3899
Corporate Matters
In March 2025 the MFD Agreement was amended to:
1.
Extend time deadline for the expenditure of $1,000,000 to December 31
st
, 2025;
2.
Extend deadline for PEA at Manfo to March 1
st
, 2026
3.
Remove the issuance of bonus shares associated with Manfo project
development milestones by MFD.
Qualified Person
Mr. Kevin Thomson, P.Geo. (Ontario, #0191), Senior Vice
-
President, Exploration and Director, is
a qualified person within the meaning of National Instrument 43
-
101 Standards of Disclosure for
Mineral Projects. Mr. Thomson approved the technical data disclo
sed in this release.
A
bout 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 exploring its two 100% owned camp
-
sized properties: the 100 km2 Manfo property, the site of eight near
-
sur
face 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 newly optioned Dankran property located adjacent
to its Obuasi property
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
T: 905
-
336
-
3828
//
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 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 ability to complete the acquisition of the Nkosuo Project,
the planned work
programs, the Company’s strategy of acquiring large land packages in areas of sizeable gold
mineralization, the Company’s plans to follow
-
up on previous work, and the Company’s exploration plans. With
respect to forward
-
looking statements and information c
ontained 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 resu
lts, 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, inability to obtain necessary approvals
Pelangio Exploration Inc. News Release
–
June
23
, 20
2
5
5
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905
-
336
-
3828 Fax: 905
-
336
-
3899
or permits in Ghana including a forest entry permit, 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, 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 t
he 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
-
look
ing 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.