Pelangio Drills High Grade-17.65 g/t Gold Over 3 Metres-at Pokukrom East on Manfo Property
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 04/25/12 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCBB: PGXPF) ("Pelangio" or the "Company") is pleased to announce results from 31 additional diamond drill holes totaling 7,653 metres on the Manfo Property in Ghana. Highlights of the results reported today include:
Pokukrom East Gold Zone
"We continue to intersect consistent gold mineralization throughout the zone, including further confirmation of the shallow plunging higher grade core, and gold mineralization in the hanging wall," stated Warren Bates, Senior Vice President Exploration. "Additionally, we are in the early stages of delineating a new shoot immediately south of the main Pokukrom East zone."
Mr. Bates continued, "Pokukrom East, however, is just one of the growing number of zones on the Manfo property. Our recent surveying has defined a further nine drill ready targets, on which we are completing our initial drilling for more new discoveries."
Geological Setting
The following table summarizes significant assay results reported herein:
The Pokukrom East geochemical anomaly is approximately 1,200 metres in length. To date, Pelangio has confirmed gold mineralization at Pokukrom East along 850 metres of strike, with potential to discover new shoots in both directions along strike and as subparallel bodies in the hanging wall. Gold mineralization is generally associated with a sericite-pyrite altered metagranitoid hosted shear, with higher grade zones associated with quartz-pyrite veining. Lower grade mineralization occurs in hematite altered metagranitoid, which is a peripheral alteration to the sericite hosted gold mineralization. Most of the results announced today from Pokukrom East are from step-back or infill holes on or between previously drilled sections. Sectional drilling at Pokukrom East is providing key geological insights that will be invaluable for upcoming deposit modeling. SPDD-210, -211, -213 and -214 were drilled northeast of the main zone to test for splays off the zone at shallow depths.
Intersections in SPDD-200, -223 and -226 continue to define the moderate to higher grade zone encountered within the main Pokukrom East bulk tonnage zone, as follows:
The zone plunges to the north at approximately 40 degrees and has a currently defined plunge length of approximately 600 metres.
SPDD-219 (1.92 g/t gold over 14 metres) on section 49250 and -233 (0.46 g/t gold over 43 metres) on section 49350 suggest the presence of a shoot on strike and immediately to the south of the main Pokukrom East zone. The intersections in these holes appear to correlate with intersections in SPDD-144 (2.41 g/t over 8 metres) on section 49150 and SPDD-166 (2.24 g/t over 19 metres) on section 49450. Further drilling is required to confirm the delineation of this potential shoot.
A plan view and cross sections illustrating the Pokukrom East drill holes and intersections discussed above are available at .
The Manfo Property is predominantly a cover play, with geochemical anomalies being erosional "windows" through cover onto underlying mineralization. In areas of impermeable cover, geochemical sampling is generally ineffective. During the fourth quarter of 2011, Pelangio completed an induced polarization geophysical survey of the Manfo Property, the results of which were received in late 2011 and early 2012. The results suggested that gold mineralization on the Manfo Property is associated with areas of high resistivity. The survey identified approximately 20 new targets exhibiting such resistivity highs in areas where cover may mask geochemical anomalies. The Company is currently drill-testing nine of these targets for new discoveries and is, or will be, conducting surface work or drilling on the remainder in the coming months.
Drilling Progress and Exploration Outlook
Including the 31 holes totaling 7,653 metres reported today, Pelangio has completed 160 drill holes totaling 34,199 metres in its second phase program on the Manfo Property, of which 125 drill holes have been reported. Further assay results will be released in due course.
Pelangio's exploration focus on the Manfo Property is to identify near-surface, drill ready targets through geochemical sampling and to test and extend such targets with drilling and geophysical surveying. The Company's aim during 2012 is to prepare an initial resource estimate on the Manfo Property while demonstrating the property's potential to host numerous other gold-bearing zones with resource potential.
Quality Assurance/Quality Control and Qualified Person
The drill holes reported in this press release were drilled using HQ (63.5 mm) and NQ (47.6 mm) sized diamond drill bits. Company security is provided at the drill site. Contractors working for Pelangio conducted all logging and sampling. The core was logged, marked up for sampling using standard lengths of one metre, then divided into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Pelangio compound in Tepa, Ghana. The other half was sampled, placed into sealed bags and securely stored at the site until it was shipped to the ALS Chemex laboratory in Kumasi, Ghana. The core was dried and crushed by ALS Chemex and a 150 gram pulp was prepared from the coarse crushed material. ALS Chemex conducted routine gold analysis using a 50 gram charge and fire assaying with atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream at the rate of one per every 20 samples. In addition, ALS Chemex inserted one preparation blank and a certified reference sample in for every 20 samples, and ran one duplicate analysis every 20 samples.
The exploration program at the Manfo Property is overseen by Warren Bates, P. Geo. (Ontario), a Qualified Person within the meaning of National Instrument 43-101. Mr. Bates has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information.
About Pelangio
Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. The Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. The Company is exploring two 100%-owned camp-sized properties: the company-making 100 km2 Manfo Property, the site of five recent near-surface, high grade and bulk tonnage, gold discoveries, and the potentially game-changing 290 km2 Obuasi Property, located four kilometres on strike and adjacent to AngloGold Ashanti's prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of gold since 1897.
For additional information, please visit our website at or follow us on Twitter (at)PelangioEx.
Forward Looking Statements
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws and such statements and information may be based on numerous assumptions. Forward-looking statements and information include statements regarding the Company's exploration plans and exploration results with respect to the Manfo Property and the Obuasi Property, and are subject to forward-looking 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. Accordingly, readers should not place undue reliance on forward-looking statements or information. See the Company's annual information form, 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. The Company undertakes 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.
Manfo Gold Project - Drill Results (Pokukrom East Zone)
Neither 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.
Contacts:
Pelangio Exploration Inc.
Ingrid Hibbard
President & CEO
905-875-3828 or Toll-free: 1-877-746-1632
Pelangio Exploration Inc.
Warren Bates
Senior Vice President Exploration
905-875-3828 or Toll-free: 1-877-746-1632
Proconsul Capital
Martti Kangas
Principal
647-521-9261
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Datum: 25.04.2012 - 12:00 Uhr
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News-ID 139016
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