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    PX   CA7056465031

PELANGIO EXPLORATION INC.

(PX)
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Pelangio Exploration Inc. Provides Initial Assay Results from Diamond Drilling At the Pokukrom West Deposit on Its 100%-Owned, Manfo Project in Ghana

11/17/2021 EST

Pelangio Exploration Inc. provided initial assay results from diamond drilling at the Pokukrom West deposit on its 100%-owned, Manfo project in Ghana. Details of Pokukrom West Diamond Drilling: A diamond drilling program commenced on the Manfo Project in October designed to test for extensions to the known mineralization in the Pokukrom East and Pokukrom West deposits with 3,700 meters of drilling planned. Pokukrom East and West contain most of the gold resource at Manfo, estimated to be 195,000 oz (at 1.52 g/t gold) Indicated and 298,000 oz (at 0.96 g/t gold) Inferred by SRK in June of 2013. Refer to the Mineral Resource Evaluation Technical Report, Manfo Gold Project, Ghana, authored by SRK and released by Pelangio on June 21, 2013. The drilling program has been initiated with the completion of two diamond drill holes on the smaller, but higher grade Pokukrom West deposit. Gold mineralization in the Pokukrom deposits is associated with broad zones of pervasive to fracture-controlled quartz-sericite-carbonate-pyrite alteration overprinting an earlier phase of hematite alteration hosted predominantly in sheared and locally brecciated granitoid rocks and lesser mafic metavolcanic rocks. Two diamond drill holes were completed at Pokukrom West for a total of 383.2 meters. The first hole, DD21-001, was completed to a depth of 151.5 meters and was drilled in the middle of previous drill holes to provide information on the structural controls of the high-grade mineralization at Pokukrom West by way of core orientation and detailed structural logging. The analysis and interpretation of this data is underway. Drill hole DD21-001 returned an intercept of 3.81 g/t gold over 15 meters including 5.65 g/t gold over 7 meters, comparable to or better than adjacent historic drill hole intercepts. The second hole, DD21-002, was drilled to a depth of 231.7 meters and was designed to test down-plunge of the known Pokukrom West mineralized lode which appeared to be limited in extent by surrounding weak drill intercepts apparently cutting off a potential down-dip and down-plunge continuation of the mineralization. Hole DD21-002 effectively discovered a new lode of gold mineralization approximately 175 meters down-plunge of the known Pokukrom West lode, returning 3.19 g/t gold over 12 meters including 6.85 g/t gold over 3 meters, open ended further down-plunge, down-dip and along strike to the north. The high grade Pokukrom West mineralization is also open on strike to the south, at least to shallow depths. Refer to Figures 1 and 2 and to Table 1 which lists the drill hole details and significant gold intercepts. The balance of the planned diamond drilling program, designed to test for extensions to the mineralized zones at both Pokukrom East and West to demonstrate the potential for resource growth on the Manfo project, will continue in December or early 2022. Drilling will prioritize the continued testing of the higher grade Pokukrom West mineralization, which has now demonstrated potential for expansion. A 6,750 meter air-core drilling program has also been planned for Manfo, designed to test multiple promising exploration targets, and is expected to commence in First Quarter of 2022.


ę S&P Capital IQ 2021
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Financials
Sales 2020 - - -
Net income 2020 -1,81 M -1,44 M -1,44 M
Net cash 2020 2,43 M 1,94 M 1,94 M
P/E ratio 2020 -3,75x
Yield 2020 -
Capitalization 9,12 M 7,28 M 7,26 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 5
Free-Float 89,4%
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Managers and Directors
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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