Pelangio Exploration Provides Update ON Activities IN Ghana and Canada
Pelangio Exploration Inc. News Release – January 31st, 2024 1
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
NEWS RELEASE
PELANGIO EXPLORATION PROVIDES UPDATE ON
ACTIVITIES IN GHANA AND CANADA
TORONTO, Ontario (January 31st, 2024) – Pelangio Exploration Inc. (TSX-V:PX; OTC PINK:PGXPF)
(“Pelangio” or the “Company”) is pleased to provide an update on 2023 activities and the outlook for
2024 for its projects in Ghana and Canada.
Highlights – 2023
● Exploration resumed at Pelangio’s district scale Obuasi Project, adjacent to the giant high -grade
Obuasi Mine
● Pelangio’s Obuasi Project benefits from an agreement with TuNya Mineral Resources Ltd.
(“TuNya”) to provide both exploration expenditures and access to significant technical expertise
● The recently completed Manfo Project drill program extended mineralization in both the Pokukrom
East and West deposits, demonstrating resource growth potential with continued step-out drilling
● Canada Nickel Company’s (“Canada Nickel”) significant discovery on its Mann Northwest property
enhances interest in Pelangio’s adjacent Mann property (2.2 km away)
● Barrick Gold Inc. (“Barrick”) began exploration on Hemlo Explorer’s Pic property, which surrounds
Pelangio’s Seeley Lake property
● First Mining Gold Corp (“First Mining”) began exploration on Pelangio’s Birch Lake property which
is adjacent to First Mining’s Springpole Gold Project
Outlook – 2024
● Obuasi project continues with the TuNya -funded exploration program on the Obuasi Project and
will focus on two large target areas in the southwest corner of the property closest to the Obuasi
Mine property, the Obuasi and NGA target areas
● TuNya's exploration program will also cover the Tarkwaian geology which has been under-explored
to date
● Resource extension drilling and exploration drilling planned for the Manfo project
● Record Gold is expected to complete $250,000 of exploration at Pelangio’s Grenfell property under
the terms of the option agreement
● First Mining will complete further exploration at Pelangio’s Birch Lake under the terms of the option
agreement
● Barrick is continuing exploration on Hemlo’s Pic Project including a 2,500 m drill program
● Pelangio is considering strategic opportunities for Canadian properties which are prospective for
silver, zinc, nickel, copper, cobalt, chromium, and platinum group elements (PGEs)
“2023 provided very positive developments for Pelangio in Ghana and Canada,” comments Ingrid Hibbard,
President and CEO of Pelangio. “We ’re pleased to resume exploration at our Obuasi Project following
settlement of outstanding litigation between vendors of two of the four concessions of the Obuasi property.
We entered into an agreement with TuNya, which provides both exploration funding and access to a
technical team with over 125 years of combined experience on the extremely prolific Ashanti gold belt,
including significant experience at the Obuasi mine itself. We anticipate this additional knowledge to provide
real value to the development of the next phase of exploration at Obuasi.”
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“In addition , our drill program at our Manfo Project on the Sefwi Belt in Ghana extended known
mineralization at the southern ends of both the Pokukrom East and West deposits. Potential remains to
establish additional extensions to the mineralization and to grow the Manfo resource with continued drilling
at a number of the targets yet to be drilled around these deposits , plus exploration drill testing of multiple
targets across the property.
“In Canada, several of our properties are benefitting from exploration completed by others. We anticipate
exploration at both o ur Birch Lake and Grenfell properties to be co mpleted by our option partners, First
Mining and Record Gold, in 2024. Our Seeley property near Hemlo will benefit from exploration, including
2,500 m of drilling completed by Barrick on Hemlo Explorer’s Pic Project. Our Mann property has benefitted
from new data provided by the significant discovery made by Canada Nickel on its adjacent Mann Northwest
Project.”
GHANA
Manfo Project
The 96 km² Manfo project, located in the Sefwi -Bibiani Belts 15 km south east of Newmont’s Ahafo gold
mine and 40 km north of Asante Gold’s Bibiani gold mine, has recently been Pelangio’s exploration focus
in Ghana. Refer to Figure 1. In 2013, SRK Consulting estimated the project hosts a gold mineral resource
of 195,000 oz (at 1.52 g/t Au) Indicated and 298,000 oz (at 0.96 g/t Au) Inferred with the bulk of the
resource contained in the two Pokukrom deposits.¹
In 2021, Pelangio identified opportunities to grow the project through step -out drill testing of open -ended
mineralization in the known deposits to demonstrate possible extensions that would be further drilled for
potential resource addition, plus drill te sting of multiple exploration targets along and near the 9 km of
mineralized structures within the property. A multi-phase 3,700 m diamond drill program was planned of
which
1,423 m has been drilled to date.
The 2023 drill program, detailed in Pelangio’s July 24, 2023 news release , tested for strike and down -dip
extensions in select areas of both Pokukrom East and West deposits, in addition to a soil plus auger gold
geochemical target sitting on the western flank of Pokukrom East. The drill hole south of Pokukrom West
returned an i ntercept of 1.88 g/t Au over 13 m, including 4.01 g/t over 4 m . The shallow oxide
mineralization is still open further to the south and the potential remains to expand the Pokukrom West
resource with further drilling to the south. The down-dip drill test at the shallower southern end of Pokukrom
East intercepted 0.71 g/t Au over 20 m plus 1.66 g/t Au over 7 m, including 1 m of 8.43 g/t Au . The
mineralization remains open down-dip in this area and there is potential to expand the resource to depth
here.
The 2023 program followed the 2021 program at Pokukrom West. The first hole of the 2021 program was
drilled in the midst of previous drilling to gain a better understanding of the structural controls on the
mineralization. It returned an intercept of 3.81 g/t Au over 15 m, including 5.65 g/t Au over 7 m – better
than surrounding holes. The second hole tested for the down -plunge continuation of the Pokukrom West
lode. It returned an encouraging intercept of 3.19 g/t Au over 12 m, including 6.85 g/t Au over 3 m,
demonstrating that the Pokukrom West deposit does in fact continue down -plunge. Table 1 summarizes
the significant drill intercepts at Pokukrom from the 2021 and 2023 programs, and Figure 2 illustrates the
drill hole locations.
With a number of targets yet to be drilled in the planned resource step-out diamond drilling program around
the Pokukrom deposits, potential remains to establish additional extensions to mineralization and potentially
grow the resource with infill drilling . This would be followed with a resource estimation update for Manfo
which, at a higher gold price than the US$1,450/oz used in the 2013 MRE, is expected to result in some
addition to the Manfo project gold resource. In addition, a 7,000 m exploration air -core drilling program is
planned to test up to 21 previously untested geological, geochemical, and structural targets along and near
the 9 km long main structural corridor, which could yield satellite deposit discoveries that might also add
Pelangio Exploration Inc. News Release – January 31st, 2024 3
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significantly to the project. With a defined gold mineral resource and a number of opportunities remaining
to add to it, Manfo continues to be Pelangio’s priority in Ghana.
1. The Manfo mineral resource estimation was conducted by SRK Consulting and published in June 2013. (Refer
to the Mineral Resource Evaluation Technical Report, Manfo Gold Project, by SRK Consulting (Canada) Inc.,
released on June 21, 2013 and available on Pe langio’s website). The resource estimation was made in
accordance with National Instrument 43‐101 ‐ Standards of Disclosure for Mineral Projects at the time of the
mineral resource estimation in 2013. NI 43 -101 standards for disclosure have been amended multiple times
since 2013 and as a result, Pelangio’s 2013 resource estimate is no longer NI 43 -101 compliant under the
current standards.
Obuasi Project
Pelangio’s 100% owned Obuasi project covers 284 km² immediately adjacent to and on geological strike
with AngloGold Ashanti’s 25 Moz Obuasi Mine. Refer to Figures 1 and 3. The Obuasi project is also
immediately adjacent to TuNya’s property, which hosts the Kyereboso deposit. Obuasi was Pelangio’s
flagship project in Ghana from 2007 to 2011. With the recent litigation settlement and a recently signed
binding letter of intent (“LOI”) to option a portion of the Obuasi property to TuNya Mineral Resources,
Pelangio is turning new focus to the Obuasi project.
Early exploration activity plus subsequent and more recent data reanalysis, prospectivity and targeting
exercises prioritized two large principal target areas for follow-up exploration situated in the southwestern
corner of the property closest to the Obuasi Mine property. The Obuasi Targets area covers the strike
extension of geological stratigraphy along which the Obuasi deposits lie. The NGA Targets area straddles
the m ain Birimian -Tarkwaian metasedimentary contact and has seen minimal drill testing by Pelangio,
although two drill holes returned high grades over narrow widths, including 24.50 g/t Au over 1 m and
11.28 g/t Au over 2 m. This high-grade prospect will likely be one of the first revisited after completion of
the work by TuNya.
Ongoing work on the Obuasi project will continue the desktop target development and ranking exercise,
augmented by fieldwork to include a comprehensive review of drill core, detailed field mapping and a
structural study. This effort will be conducted large ly by TuNya’s “Obuasi experts.” Pelangio and TuNya’s
LOI includes an option for TuNya to earn into an 80% interest on the southern portion of Pelangio’s Obuasi
project covering principally Tarkwaian geology. For details, refer to Pelangio’s July 31, 2023 news release.
This allows TuNya to explore the Tarkwaian for extensions and additions to their Kyereboso deposit that
could result in a more robust project for them, while Pelangio maintains a 20% interest in ground that was
unlikely to be explored by Pelangio over the near term. In exchange, TuNya will undertake a comprehensive
review of Pelangio’s Obuasi property prospects, focusing on the Obuasi and NGA Target areas and utilizing
their personnel who have considerable senior technical and management experience at the Obuasi Mine
and elsewhere along the Ashanti Belt.
Working with TuNya and their new products, Pelangio expects to be able to develop a more informed
ranked target list for ongoing Obuasi exploration. At the same time, Pelangio plans to enhance this with
improved geochemical and geophysical datasets through targeted auger drilling programs plus a high
resolution airborne aeromagnetic survey covering the western third of the Obuasi property. As has been
done in the past at Obuasi, upon completion of these programs, an AI (artificial intelligence) prospectivity
platform can be utilized to generate smarter exploration targets with better, more detailed datasets. This
work will be guided by the Obuasi expertise of TuNya’s technical people, including a structural geologist, a
geophysicist, and a GIS specialist. These efforts should ultimately delineate the very best targets for drill
testing. Drill testing will initially be performed at shallow depths, followed by deeper probes as and where
warranted.
Dankran Project
Pelangio entered into an option agreement to acquire the Dankran property adjacent to the Obuom mine
and contiguous to the northeast corner of Pelangio’s Obuasi property in late 2020. Refer to Figure 3. The
Dankran project, which is now 100% owned by Pelangio, has shown evidence of high-grade gold potential
on the Obuasi-Obuom trend from limited, shallow (<70 m vertical) RC drill testing, which warrants follow up
Pelangio Exploration Inc. News Release – January 31st, 2024 4
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drilling. While currently a lower priority than Pelangio’s Manfo and Obuasi projects, the Dankran project
represents an early-stage, high-grade gold exploration opportunity hosting 7 km of underexplored strike of
the Ashanti Belt, 25 km away from the world-class Obuasi Mine.
CANADA
Birch Lake Project
Pelangio’s 100% owned Birch Lake Project is located within the Birch -Uchi Belt, 120 km northeast of Red
Lake and contiguous with First Mining Gold’s claims covering the Springpole deposit, approximately 3 km
from the proposed open pit. See Figure 4. First Mining has an initial option to earn a 51% interest in the
project by paying Pelangio $220,000, issuing 2,100,000 shares and spending $1,500,000 in exploration
over seven years, since the signing of their earn-in agreement in 2021. First Mining has an additional option
to increase its interest to 80% by spending an additional $1,750,000 in exploration and paying $400,000 in
cash or shares over two years.
During 2022-2023, First Mining conducted mapping and geochemical sampling and flew the Birch Lake
property with an electromagnetic and magnetic survey as part of an extensive district-wide airborne survey.
One target was drilled and additional drilling is anticipated in 2024, dependent on weather conditions and
permitting.
Grenfell Project
Pelangio’s Grenfell property is located 10 km northwest of the Macassa Mine owned by Agnico-Eagle Mines
Limited. In 2022 , Pelangio granted Record Gold the option to acquire an 80% interest in the Grenfell
property by paying Pelangio $60,000 and incurring $2,000,000 in exploration expenditures over five years.
To maintain the option, Record Gold shall pay $60,000 and complete $250,000 of exploration expenditures
by August 19, 2024.
Pelangio conducted two diamond drilling programs in 2020 and 2021 with notable drilling results of
1.32 g/t Au over 26.0m including 314 g/t Au over 1.74 m (uncut) and 10.95 g/t Au over 3.00 m including
23.40 g/t Au over 1.00 m.
Seeley Project
Pelangio’s 100% owned Seeley Project located near Hemlo, Ontario, is surrounded by the Pic Project
owned by Hemlo Explorers. See Figure 5. Previous work on the project by Pelangio in 1997 and 2008
included gold results of 4.71 g Au/t over 1 m and 4.85 g Au/t over 2 m, associated with anomalous copper
and zinc values, and indicated alteration and a geologic setting similar to that found with volcanic -
associated massive sulfide (VMS) deposits, which are frequently sources of metals such as copper, lead,
and zinc. In 2009 mapping, prospecting and soil sampling resulted in seven anomalies around previous
Pelangio drilling. The geological mapping and whole rock analysis indicated potential for gold deposits and
identified ultramafic rocks anomolous in nickel. Notably, Barrick is completing a 2,500 m drill program on
Hemlo Explorer’s Pic project.
Mann Project
Pelangio’s 100% owned Mann project has come to the forefront with a recent nearby discovery by Canada
Nickel Company. Canada Nickel is advancing their 2 billion tonne Crawford nickel project and aggressively
exploring multiple properties in the district. T he Mann Property is located in Mann Township, 50 km
northeast of the City of Timmins, and covers an area of approximately 2 km². Pelangio’s patented claims
(mining and surface rights) cover a portion of a large ultramafic intrusive complex that is prospective for
nickel, copper, cobalt, chromium and PGEs close to where Canada Nickel has just reported assays from a
significant new discovery on t heir Mann Northwest Property surrounding Pelangio’s patented claims (see
Canada Nickel’s August 22, 2023 release). See Figure 6.
Canada Nickel drilled eight holes from May to July 2023, testing 2.7 km of strike. Each hole returned multi-
hundred-meter-wide intersections of “strongly serpentinized peridotite, dunite and pyroxenite with fine
Pelangio Exploration Inc. News Release – January 31st, 2024 5
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mineralization throughout.” Canada Nickel reported assays from five of the eight holes drilled which were
all mineralized with significant nickel, platinum and palladium values returning up to 348.5 m of 0.23% Ni
and 0.04 g/t Pt+Pd including 33 m of 0.31% Ni and 0.057 g/t Pt+Pd. This hole also ended with 28.9 m of
0.52 g/t Pt+Pd. Canada Nickel’s drill holes are located 2.2 km from Pelangio’s Mann property boundary.
The Mann patents cover historical airborne electromagnetic anomalies that experienced limited shallow drill
testing by Inco from 1948 to 1951 and returned significant nickel values over narrow widths. Given the very
significant nearby discovery by Canada Nickel, Pelangio is currently considering exploration programs to
evaluate the potential of the property.
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 world-class land packages on strategic 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 seven near-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, as well as its Dankran
property located adjacent to its Obuasi property. In Canada, the company has several gold properties and
two critical minerals properties. See www.pelangio.com for further details.
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]
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Appendix
Figure 1. Location of Pelangio’s Gold Projects in southwest Ghana
Table 1: Significant Results of the 2021 and 2023 Diamond Drilling Programs at Manfo
DHID Prospect AZIM(°) DIP(°) EOH(m) FROM(m) TO(m) LENGTH(m) AU(g/t)*
DD21-001 Poku W. 297 -50 121.5 110 125 15 3.81
including 112 119 7 5.65
DD21-002 Poku W. 297 -60 231.7 211 223 12 3.19
including 216 219 3 6.85
SPDD23-006 Poku W. 117 -45 74 2 15 13 1.88
including 11 15 4 4.01
35 37 2 0.71
SPDD23-007 Poku E. 117 -55 174 90 119 20 0.71
including 90 96 6 1.32
137 144 7 1.66
including 138 139 1 8.43
* Assay composites using a 0.4 g/t Au cut-off. Intervals of internal dilution do not exceed 2m < 0.4 g/t Au.
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Figure 2. 2021 and 2023 Drilling on the Pokukrom Deposits, Manfo Project
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Figure 3. Location of Pelangio’s Obuasi and Dankran Projects in Relation to AngloGold Ashanti’s Obuasi
Mine
Figure 4. Pelangio Birch Lake Project