Pelangio Exploration Inc. completed 1,035 meters of drilling in six holes on its Gowan Project. The drill program tested several priority geophysical targets for nickel copper sulphides as well as copper zinc volcanogenic massive sulphide mineralization "VMS"targets. Drill targets in the north target area (NTA) of the property were associated with known historical copper zinc drill intercepts.

The project is located within the Kidd-Munro assemblage, the same environment that hosts the Kidd Creek Mine, just 16 kilometers northwest of the Gowan project. A follow-up ground induced polarization (IP) survey in the fall of 2021 was initiated to further evaluate a large airborne EM (VTEM) anomaly on the Gowan Property. This survey outlined two significant IP anomalies.

In the NTA an IP anomaly was outlined and is known to be associated with historical copper mineralization. The second IP anomaly in the south target area (STA) suggests the possibility of a nickel-copper disseminated sulphide-type target. This IP anomaly was coincident with a previously identified airborne VTEM target associated with a strong magnetic response.

These targets were the focus of the recent drill program. Concurrent with drilling Pelangio commissioned a Maxwell Plate modelling study of the airborne VTEM survey data to examine it further for more subtle anomalies. This work outlined six new targets of interest.

One of the targets "B" is spatially associated with the known copper occurrences in the NTA. The other five targets are new areas of interest; targets A, C, and F are proximal to established IP targets while targets E and D represent new areas of interest on the property. These targets will undergo additional analysis to establish definitive drill hole locations for subsequent drilling.

Pelangio has also recently commissioned a second airborne electromagnetic survey (AirTEM) with a revised flight line orientation. It is anticipated that this new survey will assist with further evaluation of current targets and possibly generate new targets prior to a second phase of drilling. It is anticipated that the airborne survey will be completed within the next few weeks.

A total of four holes were completed on the NTA to evaluate the extension of known historical copper mineralization associated with a coincident IP anomaly. Drill holes GO2201, GO2202 and GO2203 intersected substantial disseminated pyrite, magnetite and occasionally minor chalcopyrite. Hole GO2201A was lost in 52 meters of overburden.

The sulphide mineralization encountered is interpreted to be the cause of the IP anomaly and associated magnetic anomaly. The best copper mineralization from drilling on the NTA was an anomalous intercept from hole GO2202 which returned 0.24% Cu over 1.5 m from 76.5 m to 78 m. Hole GO2202 also returned an anomalous zinc intercept of 0.25% Zn over 1 meter from 206 to 207 meters. In hole GO2202 a 6.24 meter interval from 121.30 to 127.54 meters with up to 10% pyrite and minor strongly conductive semi massive pyrite over short sections contained moderately anomalous copper values up to 0.11% copper over 0.5 meters.

No significant gold mineralization was detected in the NTA drill holes. Note: Intervals described here are core lengths. Two holes were planned to evaluate two induced polarization and magnetic anomalies coincident with a large VTEM response in the STA.

Extremely difficult overburden and drilling conditions were encountered in this area. Hole GO2204A was lost in 94 meters of overburden and abandoned. Hole GO2204 was interpreted to have been drilled subparallel, or within a major fault zone after encountering 92-meter of overburden.

The hole was abandoned prematurely due to the difficult drilling conditions and a 3-meter sand seam at the end of hole; this sand seam was interpreted to represent a possible fault zone. Drilling at the STA did not explain the cause of the VTEM and further evaluation of the STA will be required. A petrological study and whole rock analysis is currently underway in order to obtain a better understanding of the Gowan Property lithology and the geological environment hosting known historical base metal mineralization in the NTA.

A number of samples are also being examined from the STA to further assess the lithology intersected within the large VTEM anomaly. This geological information will be compiled along with all recent geophysical surveying completed by Pelangio including the AirTEM survey currently underway. It is anticipated that a series of priority targets will be defined by this work for a second phase of drilling.

The Company wishes to acknowledge the contribution by the Province of Ontario towards exploration at the Gowan Project. Pelangio was awarded a $150,000 grant through the Province's OJEP program, which assists junior exploration companies with their exploration efforts in Ontario. This grant made a significant contribution to the cost-effective, early-stage evaluation of this project.