(Dallas, TX. – November 1, 2011) StockGuru Shines its Spotlight on Pelangio Exploration Inc. (TSX-V: PX) (OTCBB: PGXPF). The Company closed results from 21 additional diamond drill holes totaling 4,627 metres on the Manfo Property in Ghana yesterday. The Company closed on October 31, 2011, at $0.6101, trading in a fifty-two week range of $1.294 – 0.3867.
Highlights of the results reported today include:
Pokukrom East Gold Zone
- 1.06 grams per tonne (g/t) gold over 22 metres in SPDD-156 from surface;
- 1.00 g/t gold over 60 metres in SPDD-157 from 163 metres down-hole;
- 2.48 g/t gold over 9 metres in SPDD-159 from surface;
- 2.47 g/t gold over 9 metres in SPDD-164 from 123 metres down-hole;
- 2.24 g/t gold over 19 metres in SPDD-166 from 263 metres down-hole, confirming the zone to 277 metres depth;
- 1.03 g/t gold over 23 metres in SPDD-172 from surface.
Nfante East Gold Zone
- 1.07 g/t gold over 19 metres in SFDD-150 from 48 metres down-hole;
“Infill drilling at Pokukrom East continues to confirm a consistent bulk tonnage gold zone from section to section and down dip extension beyond 250 metres depth,” stated Warren Bates, Senior Vice President Exploration. “We continue to encounter higher grades (2+ g/t) along the footwall of the mineralization, as seen in SPDD-166, and excellent potential for the zone to continue to depth beyond the northern end of the defined geochemical anomaly. We are now well on our way to drilling out Pokukrom East on 50 metre centres as we move towards an initial resource by mid next year.”
Geological Setting
The following table summarizes significant assay results reported herein:
Area | DHID | From (metre) |
To (metre) |
Core Length (metres)1 |
Au (g/t) |
Hole Length (metres) |
Pokukrom East | SPDD-156 | 0 | 22 | 22 | 1.06 | 57 |
SPDD-157 | 163 | 223 | 60 | 1.00 | 287 | |
SPDD-164 | 74 | 133 | 59 | 0.69 | 174 | |
including | 123 | 132 | 9 | 2.47 | ||
SPDD-166 | 263 | 282 | 19 | 2.24 | 295 | |
SPDD-170 | 185 | 207 | 22 | 0.94 | 330 | |
SPDD-172 | 0 | 23 | 23 | 1.03 | 159 | |
Nfante East | SFDD-150 | 48 | 67 | 19 | 1.07 | 176 |
1 Intervals are core length. Unless otherwise indicated, a cut-off grade of 0.2 g/t gold was used in calculating intervals with allowance for up to five metres of internal dilution.
The Pokukrom East geochemical anomaly is approximately 1,200 metres in length. To date, Pelangio has confirmed a gold zone at Pokukrom East measuring 850 metres in strike that is open along strike and at depth. Gold mineralization is generally associated with a sericite-pyrite altered metagranitoid hosted shear, with higher grade zones of quartz-pyrite veining. Lower grade mineralization occurs in hematite altered metagranitoid, which is a peripheral alteration to the sericite hosted mineralization. The results announced today from Pokukrom East are step-back or infill holes on or between previously drilled sections.
To view a plan view of drilling at Pokukrom East to date, see: http://media3.marketwire.com/docs/pe10311.pdf.
SPDD-159 was drilled on section 49250 in front of SPDD-143 (0.58 g/t gold over 57 metres including 1.11 g/t gold over 16 metres) and successfully intersected the oxidized portion of the zone near surface.
SPDD-161 was a step-back hole drilled on section 49350 behind SPDD-087 (0.55 g/t gold over 44 metres). The hole intersected zones of anomalous hematite hosted gold mineralization, likely representing the periphery of the mineralized zone on the section.
SPDD-164 and -166 were drilled as step-back holes from the same collar on section 49450 behind SPDD-106 (0.84 g/t gold over 29 metres and 3.47 g/t gold over 13 metres). Both holes intersected wide zones of hematite altered rock and confirmed a higher grade (2+ g/t) footwall zone, with -166 confirming this higher grade zone to 277 metres depth, which represents the deepest interval yet encountered on the Manfo Property.
To view section 49450 at Pokukrom East, see: http://media3.marketwire.com/docs/pe10312.pdf.
SPDD-168 was drilled on section 49500 from the same collar as, and behind, SPDD-107 (1.37 g/t gold over 57 metres including 3.53 g/t gold over 11 metres). The hole was highly anomalous, intersecting 0.42 g/t gold over 83 metres, dominated by hematite altered rock. Further drilling is required to determine whether the hole was drilled on the periphery or in a lower grade area of the zone.
To view section 49500 at Pokukrom East, see: http://media3.marketwire.com/docs/pe10313.pdf.
SPDD-156 was drilled on section 49550 in front of -086 (0.60 g/t gold over 57 metres) and successfully intersected the oxidized mineralized zone near surface.
To view section 49550 at Pokukrom East, see: http://media3.marketwire.com/docs/pe10314.pdf.
SPDD-157 was a step-back hole on section 49650 behind SPDD-110 (2.14 g/t gold over 16 metres). Significantly, SPDD-157 intersected broader and more consistent sericite hosted mineralization than the other holes drilled on the section, in addition to confirming the zone to 170 metres depth on the section.
To view section 49650 at Pokukrom East, see: http://media3.marketwire.com/docs/pe10315.pdf.
SPDD-170 and -172 were infill holes on section 49850. SPDD-170 was drilled from the same collar as SPDD-127 (1.53 g/t gold over 42 metres), which was terminated in mineralization, to infill the section. SPDD-172 was drilled between SPDD-128 (1.59 g/t gold over 16 metres) and SPDD-089 (1.03 g/t gold over 46 metres) and appears to have intersected the main Pokukrom East zone (also encountered in SPDD-089, -127 and -170 on the section).
To view section 49850 at Pokukrom East, see: http://media3.marketwire.com/docs/pe10316.pdf.
At Nfante East, SFDD-150 was drilled on section 45800, 100 metres north of and on strike with the discovery hole on the target, SFDD-094 (0.87 g/t gold over 38 metres). The drill hole returned 15 metres at 0.62 g/t gold in oxide mineralization from surface to 15 metres down-hole and a second hematite altered zone from 48 metres to 67 metres down-hole of 1.06 g/t gold over 19 metres. Further drilling is required at Nfante East to locate higher grade sericite-style mineralization as intersected at Pokukrom East.
Drilling at the Nfante West and Nfante Central zones returned mainly anomalous results, with the exception of SFDD-171 at Nfante West, which returned 0.91 g/t gold over 19 metres from 123 metres down-hole. The Company plans to further review geophysical and geochemical information prior to planning further infill and step-out holes on these two targets.
Drilling Progress and Exploration Outlook
Including the 21 holes totaling 4,627 metres reported today, Pelangio has completed 99 drill holes totaling 19,541 metres (including two holes abandoned for 134 metres) in its second phase program on the Manfo Property, of which 78 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 2011 is to discover and delineate as many gold mineralized zones on the Manfo Property as possible.
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. Drilling is currently underway on two 100%-owned camp-sized properties: the company-making 100 km2 Manfo Property, the site of four 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 www.pelangio.com, follow us on Twitter @PelangioEx.
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 words 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. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Forward-looking statements and information include statements regarding the Company’s exploration plans and exploration results with respect to the Obuasi Property and the Manfo 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. Such risks include gold price volatility, changes in equity markets, political developments in Ghana, increases in costs, exchange rate fluctuations 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 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.
Manfo Gold Project – Drill Results (Pokukrom East and Nfante West, Central and East) | ||||||||
Section | DHID | From (metre) |
To (metre) |
Core Length (metres)1 |
Au (g/t) |
Hole Length (metres) |
Az (°) |
Dip (°) |
Pokukrom East Gold Zone | ||||||||
49550 | SPDD-156 | 0 | 22 | 22 | 1.06 | 57 | 117 | -45 |
including | 14 | 21 | 7 | 2.66 | ||||
49650 | SPDD-157 | 36 | 48 | 12 | 0.20 | 287 | 117 | -50 |
107 | 115 | 8 | 0.26 | |||||
133 | 141 | 8 | 0.72 | |||||
163 | 223 | 60 | 1.00 | |||||
including | 210 | 217 | 7 | 2.58 | ||||
49250 | SPDD-159 | 0 | 9 | 9 | 2.48 | 108 | 117 | -50 |
16 | 48 | 32 | 0.49 | |||||
49350 | SPDD-161 | 84 | 92 | 8 | 0.29 | 264 | 117 | -50 |
106 | 112 | 6 | 0.87 | |||||
126 | 149 | 23 | 0.36 | |||||
156 | 186 | 30 | 0.31 | |||||
49450 | SPDD-164 | 16 | 25 | 9 | 0.41 | 174 | 117 | -45 |
31 | 52 | 21 | 0.37 | |||||
74 | 133 | 59 | 0.69 | |||||
including | 123 | 132 | 9 | 2.47 | ||||
49450 | SPDD-166 | 199 | 235 | 36 | 0.59 | 295 | 117 | -80 |
263 | 282 | 19 | 2.24 | |||||
49500 | SPDD-168 | 52 | 65 | 13 | 0.36 | 213 | 117 | -66 |
73 | 156 | 83 | 0.42 | |||||
49850 | SPDD-170 | 135 | 151 | 16 | 0.69 | 330 | 117 | -48 |
175 | 209 | 34 | 0.75 | |||||
including | 185 | 207 | 22 | 0.94 | ||||
49850 | SPDD-172 | 0 | 23 | 23 | 1.03 | 159 | 117 | -45 |
119 | 128 | 9 | 0.82 | |||||
Nfante West Gold Zone | ||||||||
45400 | SFDD-158 | No Significant Results | 289 | 117 | -45 | |||
45500 | SFDD-160 | 189 | 216 | 27 | 0.36 | 264 | 117 | -50 |
45600 | SFDD-162 | 134 | 141 | 7 | 0.95 | 216 | 117 | -50 |
45300 | SFDD-163 | 221 | 267 | 46 | 0.36 | 306 | 117 | -70 |
including | 223 | 241 | 18 | 0.62 | ||||
45300 | SFDD-171 | 123 | 142 | 19 | 0.91 | 291 | 117 | -50 |
182 | 199 | 17 | 0.27 | |||||
Nfante Central Gold Zone | ||||||||
45400 | SFDD-165 | 100 | 113 | 13 | 0.27 | 198 | 117 | -50 |
45250 | SFDD-167 | 4 | 26 | 22 | 0.23 | 219 | 117 | -50 |
45300 | SFDD-169 | No Significant Results | 123 | 117 | -50 | |||
Nfante East Gold Zone | ||||||||
45800 | SFDD-150 | 48 | 67 | 19 | 1.07 | 176 | 117 | -50 |
45500 | SFDD-151 | No Significant Results | 204 | 117 | -50 | |||
45600 | SFDD-154 | 214 | 222 | 8 | 0.47 | 275 | 117 | -75 |
240 | 246 | 6 | 0.48 | |||||
45700 | SFDD-155 | 7 | 21 | 14 | 0.49 | 179 | 117 | -50 |
102 | 112 | 10 | 0.81 |
1 Intervals are core length. At Pokukrom East, true width of holes drilled at -45° and -50° is estimated to be approximately core length, while true width of holes drilled at -65° is estimated to be approximately 90% of core length. At the Nfante Zones, true widths will be defined with further drilling. Unless otherwise indicated, a cut-off grade of 0.2 g/t gold was used in calculating intervals with allowance for up to five metres of internal dilution.
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.
To view this StockGuru Spotlight, please visit: http://stockguru.com/category/latest-spotlights/
To get free alerts on this and other similar stocks, please register here:
What is the StockGuru Spotlight?
Many companies covered in The StockGuru Spotlight have positive increases in both volume and share price. While this is not true in all cases, StockGuru strives to cover companies in The StockGuru Spotlight that are worth of our readers’ attention.
StockGuru looks for potential break-out candidates in The StockGuru Spotlight. Many of these companies have had recent news and appear to be getting the attention of investors. StockGuru does not typically feature companies in The StockGuru Spotlight that are compensating StockGuru for this coverage. There are times when StockGuru covers a stock in The StockGuru Spotlight that had previously compensated Stockguru. Where that is the case, a proper disclosure is included below. StockGuru and its partners, employees and writers never hold shares, short positions, warrants or any other current position in a stock featured in The StockGuru Spotlight.
To feature a company in The StockGuru Spotlight please contact the Publisher at [email protected]. If our reader is a key person for a publicly traded company, StockGuru can consider that company for either a StockGuru Spotlight or a StockGuru Profile. Please contact the StockGuru Publisher John Pentony at this email address: [email protected].
Stockguru.com (“SG”) provides its members with the latest news, press releases, and trade alerts for all the companies highlighted on the site StockGuru.com. SG utilizes information believed to be reliable herein prepared all material. The information contained herein is not guaranteed by SG to be accurate, and should not be considered to be all-inclusive. The owner, publisher, editor and their associates are not responsible for errors and omissions. SG encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled, or is available from public sources and SG makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies or the information contained herein. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. SG is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.Stockguru.com or mentioned herein.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and SG undertakes no obligation to update such statements. StockGuru is occasionally compensated for coverage. When this is the case, SG clearly indicates this with a disclosure of all compensation received in the past and present. Additionally SG also discloses any anticipated compensation in the future. Compensation is typically in cash. Sometimes a company pays SG in restricted shares. Pentony Enterprise and its associated companies does not take free trading shares for any reason at anytime. StockGuru is not a registered investment adviser or a broker-dealer. StockGuru makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.
John Pentony, Publisher, Stockguru.com
Tel: +1 469 252 3031
e-mail: [email protected]