Pelangio Grants Earn-IN Option ON a Portion of the Obuasi Project
Pelangio Exploration Inc. News Release July 31st, 2023 1
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
NEWS RELEASE
PELANGIO GRANTS EARN-IN OPTION ON A PORTION OF THE OBUASI PROJECT
TORONTO, Ontario (July 31st, 2023) – Pelangio Exploration Inc. (TSXV:PX; OTC PINK:PGXPF) (“Pelangio” or
the “Company”) is pleased to announce it has entered into an earn-in binding letter of intent granting TuNya
Mineral Resources Ltd. (“TuNya”) the right to earn an 80% interest on the southern portion of two of the four
licenses that comprise Pelangio’s Obuasi Project (the southern portion of these two licenses to be referred to
as the “TuNya Earn-In Property”). The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy,
including the strike extension of TuNya’s Kyereboso project located to the south. Pelangio will retain a 100%
interest in the remainder of the Obuasi property (“Main Property”), including the strike extension of the Obuasi
Mine stratigraphy (“Obuasi Targets”) and the main Birimian-Tarkwaian contact (“NGA Targets”) where Pelangio
will focus its exploration efforts.
Highlights:
• Collaboration with TuNya, a strategic partner with significant technical expertise and considerable
experience at the Obuasi Mine and in the Ashanti Belt.
• The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike
extension of TuNya’s Kyereboso project.
• Pelangio retains 100% of the Main Property, including the strike extension of the Obuasi Mine
stratigraphy (“Obuasi Targets”) and the main Birimian-Tarkwaian contact (“NGA Targets”) where
Pelangio will focus its exploration efforts.
• TuNya may acquire up to an 80% interest in the TuNya Earn-In Property by completing a US$250,000
comprehensive technical review of Pelangio’s Main Property, completing 2,000 meters of drilling on
the TuNya Earn-In Property, and paying Pelangio US$150,000.
• Pelangio will only contribute to expenditures on the TuNya Earn-In area once a 100,000 oz resource
has been delineated.
“We are delighted to enter into the earn-in agreement with TuNya, providing access to its management and
technical team who have a combined 125 years’ experience working in senior technical roles at the Obuasi
Mine and elsewhere on the Ashanti Belt. We believe Pelangio will receive tremendous value from the technical
review to be completed by TuNya on our 100% owned Pelangio Main Property and the drill program to be
completed by TuNya on the TuNya Earn-In,” commented Ingrid Hibbard, President and CEO of Pelangio. “The
284 square kilometer Obuasi Project is a district-size land package requiring significant exploration. This
collaboration with TuNya ensures exploration will be completed on both the Main Property and the TuNya
Earn-In Property in the near term at no cost to Pelangio. In this way, Pelangio will retain its focus on the Obuasi
Targets and the NGA Targets and gain exposure to near term exploration of the Tarkwaian potential of the
TuNya Earn-In Property.”
Pelangio Exploration Inc. News Release – July 31st, 2023 2
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
Agreement Terms:
Under the terms of the binding Letter of Intent, TuNya can earn an 80% interest in the TuNya Earn-In Property
by undertaking a US$250,000 technical review of the Pelangio Main Property, completing 2,000 meters of
drilling on the TuNya Earn-In Property, and paying Pelangio US$150,000 within 18 months of the effective date
of the agreement. A joint venture corporation will be formed once TuNya has acquired its 80% interest .
However, Pelangio shall retain its 20% interest and shall not have an obligation to fund work on the TuNya
Earn-In Property until a mineral resource of at least 100,000 ounces of gold has been defined in the Measured
or Indicated category in accordance with Canadian National Instrument 43-101 (NI 43-101).
The binding Letter of Intent is subject to customary preliminary authorizations, including the valid issuance of
a new Pelangio license covering only the TuNya Earn-In Property, receipt of approval of the TSX Venture
Exchange and receipt of approval of the Minister of Lands and Natural Resources of the Republic of Ghana.
TuNya Company Profile
TuNya Mineral Resources Ltd. (“TuNya”) is a private company that has been active in West Africa since 2015.
TuNya, an Akan language phrase, translates to English as “to unearth fortune.” The company has undertaken
drilling on its 80% owned Kyereboso Gold Project in Ghana and has defined a mineral resource of 448,000
ounces at 1.37 g/t Au¹ with a best drill intersection of 359 m at 1.2 g/t from surface. TuNya’s management have
a combined 50 years of experience working at the Obuasi Mine in senior positions. With their technical advisors
factored in, they possess 125 years of combined experience in exploration, discovery and mining on the Ashanti
Belt and can be considered experts in Obuasi-style mineralization.
1The mineral resource for the Kyereboso deposit was estimated in an unpublished technical report by SEMS Technical
Services Ltd. dated December 10, 2015. The resource estimate is historical in nature and was not conducted in
accordance with the current standards of NI 43-101 and should not be relied upon. A qualified person has not done
sufficient work to classify the historical estimate as a current mineral resource and Pelangio Exploration is not treating
the historical estimate as current. The Kyereboso deposit falls wholly within TuNya’s Kyereboso property and Pelangio
Exploration does not gain any interest in the deposit or TuNya’s Kyereboso property through their agreement with
TuNya.
Pelangio Exploration Inc. News Release – July 31st, 2023 3
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
Figure 1: Map of Obuasi District Showing Pelangio’s Obuasi Property and TuNya Earn-In Property
HIGH GRADE ISLAN
Obuasi Project: Pelangio Main Property and TuNya Earn-In
Pelangio Exploration’s Obuasi property consists of four prospecting licenses totaling 284.4 square kilometers
situated adjacent to AngloGold Ashanti’s giant Obuasi Mine on the Ashanti Belt – the most gold endowed
greenstone belt in West Africa. The Obuasi mine has produced over 33 million ounces of gold since 1897 and
currently hosts a resource of 24.5 million ounces of gold at an average grade of 8.0 g/t Au, including a Proved
and Probable Reserve of 7.7 million ounces of gold at an average grade of 9.3 g/t Au. (Source: AngloGold
Ashanti Mineral Resource and Mineral Reserve Report, December 2022). The geological stratigraphy which
hosts the Obuasi deposits extends into Pelangio’s Obuasi Prope rty. Obuasi-style geology, alteration and
mineralization has been observed in historical drilling by Pelangio at multiple prospects.
TuNya will be earning into the TuNya Earn-In Property (the southern portions of the Kyereboso 2 and 3 licenses
of Pelangio’s Obuasi Property, covering principally Tarkwaian geology), to explore for extensions to or
additional discoveries complementary to TuNya’s Kyereboso project. The Kyereboso mineralization is hosted
in Tarkwaian conglomerates and quartzites plus a younger dolerite intrusive and is analogous to Gold Fields’
Damang Gold Mine (total gold endowment of approximately 15 Mozs) in Ghana, and Endeavour Mining’s
recent Tanda-Iguela discovery (current mineral resource of approximately 3 Mozs) in Côte d’Ivoire. With
Pelangio’s focus on the Birimian targets, the Tarkwaian in the southern parts of the Obuasi property would
have gone unexplored at least over the near term.
In partial exchange for TuNya’s earn-in on the Tarkwaian portion (TuNya Earn-In Property) of Pelangio’s Obuasi
property, Pelangio will benefit from TuNya ’s considerable Obuasi Mine and technical expertise in a
comprehensive review of Pelangio’s 100% retained Main Property. The review will identify and rank targets
most similar to the Obuasi Mine deposits for subsequent follow up by Pelangio. At the same time, TuNya will
evaluate and advance targets on the Earn-In area which could add to and enhance their Kyereboso project and
will include at least 2,000 meters of drill testing on the TuNya Earn-In Property. Once TuNya completes their
Pelangio Exploration Inc. News Release – July 31st, 2023 4
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
earn-in commitment, Pelangio will retain 20% of the Earn-In area and will contribute their share of exploration
costs only once TuNya has made a discovery of at least 100,000 oz of gold.
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 four 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. See www.pelangio.com for further details.
For additional information about Pelangio please 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
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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 gold mineralization, and the Company’s ability to complete the planned exploration programs. Wi th 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, political developments in Ghana, and Canada, increases in
costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration res ults may not be
obtained, delays due to COVID-19 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 unc ertainties 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
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forward-looking statements and information herein are qualified by this cautionary statement.
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