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    PX   CA7056465031

PELANGIO EXPLORATION INC.

(PX)
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Pelangio Exploration Inc. Announces 1,200 Meter Drill Program Underway at Pelangio's Dome West Project, Timmins, Ontario

11/09/2021 | 02:56pm EST

Pelangio Exploration Inc. announced that a 1200 meter diamond drill program is well underway at its Dome West Project located 800 meters west of Newmont's Dome Mine in Timmins, Ontario. Highlights: Deep exploration test of previously unexplored Vipond stratigraphy which hosts a substantial portion of the gold mineralization at the Dome Mine and Paymaster Mine; Vipond stratigraphy crosses the Dome West property boundary from the Paymaster at the 1000-foot (304.8 meter ("m") level); Historical data from underground drill intercepts grading 21.6 g/t gold over 1.82 m and 59.6 g/t gold over 1.98 m from the adjoining Paymaster Mine hosted within a feldspar porphyritic intrusive and felsic fragmental volcanic respectively to the east boundary of the Dome West property; Information to date suggests the gold bearing feldspar porphyry intrusive and felsic fragmental dip and strike respectively on to Pelangio's property. Dome West Property: Dome West is located in the main portion of the Timmins mining camp. It is comprised of 10 mining cells or 56 hectares of mineral rights located approximately 800 meters west of Newmont's Dome Mine and 450 meters northwest of the former Paymaster Mine. In March 2021, a more thorough review and compilation of data was completed. This review compiled historical level plan data from government reports and underground drill hole data from the adjoining former Paymaster Mine to plan the current drilling on the Dome West project. Two underground Paymaster Mine drill holes collared at the 1000-foot level (304.8 m) of the mine to the east of the Dome West property boundary demonstrated the existence of a gold-bearing feldspar porphyritic ("FP") intrusive sill proximal to the south property boundary. The better gold values from this FP intrusive sill returned 59.6 g/t gold over 1.98 m. Due to the proximity of the gold bearing FP intrusive to the Dome West boundary, interpretation suggests that the down dip projection of the FP sill extends into the Dome West property along with one other prospective FP sill. A cursory review of initial drill core from Pelangio hole DW2101, currently in progress, suggests an early geological interpretation (1953) by Paymaster geologists of a large gold bearing porphyritic unit in the end of Paymaster underground drill hole P10156 is in fact a felsic fragmental volcanic unit with porphyry fragments and feldspar metacrysts in the matrix. Ferguson, S. in OGS Report 58 (1968) designated this unit the the Krist Fragmental. A sample from within the felsic fragmental from the historical underground hole P10156 returned 21.6 g/t gold over 1.82 meters along with numerous anomalous intercepts ranging from 0.342 to 1.03 g/t gold. Further, the review of composite level plan data (Figure 4) from OGS Report 58 (Ferguson, S.1968), and a recent Pelangio drill hole, DW1901, demonstrated that the prospective Vipond stratigraphy which hosted a substantial portion of the ore at the Dome and Paymaster mines crosses the Dome West boundary from the Paymaster Mine at the 1000-foot level (304.8 m). This is a third significant target horizon that is untested on the Dome West Property The gold-bearing FP intrusive and felsic fragmental unit along with the prospective Vipond stratigraphic package represent very high-quality targets which have never been tested on the Dome West property. The Company has collared a single 900 meter drill hole (DW2101) to test the strike extension of a large gold-bearing felsic fragmental volcanic unit, and the dip extension of a gold-bearing porphyry sill, as well as the Vipond stratigraphy as seen in accompanying figures. A second shorter 300 meter hole is also planned to further test the up dip portion of the felsic fragmental and a prospective porphyry sill proximal to the hanging wall of the Vipond stratigraphy. The second hole is contingent on a review of the stratigraphy and/or mineralization noted in the first hole. The dip and length of the second hole may be altered to better evaluate zones of interest.


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Financials
Sales 2020 - - -
Net income 2020 -1,81 M -1,42 M -1,42 M
Net cash 2020 2,43 M 1,91 M 1,91 M
P/E ratio 2020 -3,75x
Yield 2020 -
Capitalization 9,94 M 7,79 M 7,79 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 5
Free-Float 94,2%
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Ingrid Jo-Ann Hibbard President, CEO & Non-Independent Director
Paul Rokeby Chief Financial Officer & Treasurer
David Vaughn Mosher Independent Director
Jean-Claude R. St. Amour Independent Director
Kevin Peter Thomson Director & SVP-Exploration
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