Pelangio Exploration Inc. announced that it has entered into an earn-in agreement ("Earn-In") with Record Gold Corp. ("Record Gold") on Pelangio's Grenfell gold project, located in Grenfell Township, near Kirkland Lake, Ontario, approximately 10 km northwest of the Macassa Mine. Pursuant to the earn-in agreement, Record Gold may earn an 80% interest in the Grenfell Project by paying Pelangio a total of $60,000 in cash, and completing $2,000,000 in exploration expenditures.

Pelangio retains a 100% interest in the Grenfell project until the Earn-In option is completed. When the Earn-In is completed, Pelangio and Record Gold shall form an 80%/20% joint venture with respect to the Grenfell Project. The 100% owned Grenfell property is located in Grenfell Township approximately 10km northwest of the Town of Kirkland Lake, Ontario.

It is comprised of a series of contiguous mining leases and mining claims covering about 6.7km2. This property has been worked sporadically on and off since the early 1930's. The majority of work on the property took place in the 1930's to early 1940's when bulk sampling of some high-grade gold veins occurred in conjunction with diamond drilling, shaft sinking and substantial lateral development on two underground levels. With renewed interest in the property a series of surface exploration programs were conducted from the early 1980's to about 2013.

More recent exploration work and re-evaluation of historical work has resulted in new zones of gold mineralization and recommendations for further exploration on known historical zones from the 1930-1940 era. Pelangio completed two diamond drill programs in 2020. The drill programs consisted of 13 holes which evaluated various targets; the No.1/No.6 Vein/Structures in the vicinity of the historical shaft and the SW Zone and Central Zone.

The SW Zone and Central Zone targets were located southwest of the shaft area. Pelangio demonstrated the potential for both narrow vein high-grade mineralization and identified a number of new zones of near surface lower grade gold mineralization associated with the No.6 and No.1 Vein systems.