Pelangio Provides Exploration Update ON Hailstone Project
Pelangio Exploration Inc. News Release May 7, 2021 1
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
NEWS RELEASE
PELANGIO PROVIDES EXPLORATION UPDATE ON HAILSTONE PROJECT
TORONTO, Ontario (May 7, 2021) Pelangio Exploration Inc. (TSX-V:PX
has completed a total of 908 meters of diamond drilling and tested eight targets at its Hailstone
project located in Northern Saskatchewan. All assay results have now been received. The eight holes
intersected shear zone structures, extensive disseminated pyrite and zones of silicification associated with pyrite,
however, there were no significant gold values to report from this first drill program.
The geological information obtained from the program contributes
to our understanding of the project and we intend to continue our exploration efforts at this large strategically
located property. It is our opinion that the La Ronge Belt is becoming a re-vitalized gold exploration camp with
excellent gold exploration potential and it is opportunistic to control and maintain a large land position here. Along
with good mineral potential, Saskatchewan is a very mining friendly province with excellent mineral exploration
incentives allowing us to conduct very cost-
The recent drill program was focused on the Asbell Bay target area. These holes targeted known gold occurrences
such as the Bornite Zone which returned surface grabs of 15.9 g/t Au and 2.68% Cu as well as several coincident
geophysical and gold till anomalies along the 1.8 km long Asbell Bay trend. Although the recent drill program did not
detect significant gold mineralization the eight drill holes did intersect zones of interest. These zones included shear
zone structures, extensive disseminated pyrite and zones of silicification associated with pyrite.
These geological indicators along with known gold occurrences are all indicative of a favourable environment for
gold deposition. Exploration to date on the property has been concentrated on approximately 3% of the 75 square
kilometer property. In light of the project s proximity to a number of former gold mines and deposits (see figure1),
with similar prospective property geology at Hailstone the Company intends to continue to evaluate the property
and plan for further target development work. Particular attention will be paid to areas where high gold grain counts
in till samples were detected on the periphery of the Asbell Bay trend; these areas require further follow up.
The 75 square kilometer property is located within the Central Metavolcanic Belt of the La Ronge Domain of north-
central Saskatchewan, which represents a portion of the Paleoproterozoic Trans-Hudson Orogeny. The property
comprises a southwest-northeast trending metavolcanic succession intruded by multi-phase intrusive rocks of
the Berven
quartz-rich pegmatite dikes associated with southwest-northeast trending shear zones subsidiary to the terrane-
bounding McLennan Lake Tectonic Zone.
Pelangio Exploration Inc. News Release May 7, 2021 2
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
Figure 1: Hailstone Property Location Map, Saskatchewan Canada
Qualified Person
Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr.
Filo approved the technical data disclosed in this release.
About Pelangio
Pelangio acquires and explores world-class land packages on prolific gold belts in Ghana, West Africa and
Canada. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km 2 Manfo
property, the site of seven near-surface gold discoveries, and the 284 km 2 Obuasi property, located 4 km on
-grade Obuasi Mine, as well as the newly optioned
Dankran property located adjacent to its Obuasi property . In Canada, the Company is currently focused in
Ontario on its Grenfell property, located 10 km from Kirkland Lake, at its Dome West property, situated some
800 meters from the Dome Mine in Timmins and is advancing its Hailstone property in Saskatchewan. See
www.pelangio.com
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
-looking statements
and
mineralization, and ability to complete the planned exploration programs. With 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
Pelangio Exploration Inc. News Release May 7, 2021 3
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
may cause the Compan
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 results may not be obtained, delays due to COVID-19 safety protocols,
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.