Pelangio Announces Discovery of Additional Gold Mineralization Along 700 Metre Trend at Manfo

Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCBB:PGXPF) ("Pelangio" or the
"Company") is pleased to announce a new gold discovery resulting from nine
additional diamond drill holes totaling 1,891 metres in a newly drilled area of
the Manfo Property in Ghana. Highlights of the results reported today include:


Nkansu Gold Discovery



--  0.57 grams per tonne (g/t) gold over 70 metres (including 1.00 g/t gold
    over 12 metres) in SGDD-201 from 39 metres downhole; 
--  0.77 g/t gold over 23 metres (including 1.06 g/t gold over 12 metres) in
    SGDD-203 from 42 metres downhole. 



"Gold bearing intersections in this series of nine diamond drill holes indicate
an area of mineralization along a 700 metre distance, on the north and south
peripheries of a well-defined high resistivity induced polarization ("IP")
anomaly," stated Warren Bates, Senior Vice President Exploration. "The new
discovery between the Pokukrom East and Nfante West zones was made in an area of
hardpan cover, or duricrust, where the geochemical response is very weak. The
results of these holes, which were spotted based on high resolution airborne
magnetic data and early-on orientation resistivity surveying, confirm that
geophysical data coupled with rock properties gleaned from our drilling program
is a viable targeting method. Based on the more extensive IP surveying that we
completed early this year, we believe that we have only drilled the periphery of
this new discovery. Our program is already paying dividends as we have more than
15 targets for further testing with drilling and surface work going forward."


Geological Setting

The following table summarizes significant assay results reported herein:



----------------------------------------------------------------------------
                                                        Core length         
Area                  BHID   From (metre) To (metre)    (metres)(1) Au (g/t)
----------------------------------------------------------------------------
Nkansu            SGDD-194              5         12              7     0.35
----------------------------------------------------------------------------
                  SGDD-196             80         88              8     1.32
----------------------------------------------------------------------------
                  SGDD-196            124        125              1     5.77
----------------------------------------------------------------------------
                  SGDD-197              0        186            NSR      NSR
----------------------------------------------------------------------------
                  SGDD-199             23         42             19     0.53
----------------------------------------------------------------------------
                  SGDD-199            145        147              2     1.03
----------------------------------------------------------------------------
                  SGDD-201             39        109             70     0.57
----------------------------------------------------------------------------
                 including             59         71             12     1.00
----------------------------------------------------------------------------
                  SGDD-203             42         65             23     0.77
----------------------------------------------------------------------------
                 including             52         64             12     1.06
----------------------------------------------------------------------------
                  SGDD-205              0        254            NSR      NSR
----------------------------------------------------------------------------
                  SGDD-207             28         59             31     0.39
----------------------------------------------------------------------------
                  SGDD-255            103      115.8           12.8     0.54
----------------------------------------------------------------------------
( 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 newly discovered gold mineralization is associated with sericite and
hematite altered granitoid rocks, just as at Pokukrom East which is 2.5 km to
the northeast and Nfante West, 1.3 km to the southwest. The mineralization has
been intersected along a distance of approximately 700 metres.


Plan views, (attached) and cross sections illustrating the Nkansu drill holes
and intersections discussed above are available at
http://www.pelangio.com/Projects/Ghana/Manfo/Exploration-Results/Nkansu.aspx. 


The Manfo Property is predominantly a "cover" play, with geochemical anomalies
occurring with erosional "windows" through the material overlying bedrock and
into the underlying mineralization. In areas of cover, geochemical response is
weak. Airborne magnetics, coupled with responses to IP and resistivity surveys
will be key to discovering mineralization in these blind areas. The surveying
has identified more than 15 new targets exhibiting such resistivity highs in
areas where cover may mask geochemical anomalies. The Company has drill tested
nine of these targets for new discoveries and has begun an exploration program
which will consist of surface work or drilling on the remainder in the coming
months.


Drilling Progress and Exploration Outlook

Including the nine holes totaling 1,891 metres reported today, Pelangio has
completed 178 drill holes totaling 37,313 metres on the Manfo Property, of which
152 drill holes have been reported. Further assay results will be released as
they are received and evaluated. 


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 100 km2 Manfo Property, the
site of five recent near-surface, high grade and bulk tonnage, gold discoveries,
and the 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  or
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 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.
Pelangio Exploration (TSXV:PX)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024