NYBob
2 months ago
Pelangio Exploration Announces Issuance of Shares for Litigation Settlement
V.PX | February 6, 2024
TORONTO, ON / ACCESSWIRE / February 6, 2024 /
Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") pursuant to
the release on July 11, 2023, the Company has agreed to issue 500,000 (C$10,000) common shares
in the capital of Pelangio at a deemed per-share price of $0.02, which is equal to the end of the day
price of Pelangio Shares on the TSX Venture Exchange (the "TSXV").
The shares for debt settlement remain subject to approval by the TSXV.
The Pelangio Shares will be subject to a four-month hold period which will expire on the date that is
four months and one day from the date of issuance.
Under the terms of the settlement agreement Pelangio will be required to issue a final C$30,000 of
common shares in the capital of Pelangio on the twelve-month anniversary of the settlement
agreement.
The common shares will be priced based upon the closing price on the respective anniversary dates.
The second and final share issuance will be subject to approval by the TSXV.
About Pelangio
Pelangio acquires and explores world-class land packages on strategic gold belts in Ghana,
West Africa and Canada.
In Ghana, the Company is exploring its two 100% owned camp-sized properties:
the 100 km2 Manfo property, the site of seven near-surface gold discoveries, and
the 284 km2 Obuasi property,
located four km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine,
as well as its Dankran property located adjacent to its Obuasi property.
See www.pelangio.com for further detail.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
T: 905-336-3828 / TF: 1-877-746-1632 / Email: info@pelangio.com
Pelangio Grants Earn-in Option on a Portion of the Obuasi Project
by ACCESSWIRE
July 31, 2023 7:30 AM | 9 min read | Make a Comment
TORONTO, ON / ACCESSWIRE / July 31, 2023 /
Pelangio Exploration Inc. PX PGXPF
("Pelangio" or the "Company") is pleased to announce it has entered into an earn-in binding letter of intent granting
TuNya Mineral Resources Ltd. ("TuNya") the right to earn an 80% interest on the southern portion of two of
the four licenses that comprise Pelangio's Obuasi Project
(the southern portion of these two licenses to be referred to as the "TuNya Earn-In Property").
The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project located to the south. Pelangio will retain a 100% interest in the remainder of
the Obuasi property ("Main Property"), including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.
Highlights:
Collaboration with TuNya, a strategic partner with significant technical expertise and considerable experience
at the Obuasi Mine and in the Ashanti Belt.
The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project.
Pelangio retains 100% of the Main Property, including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.
TuNya may acquire up to an 80% interest in the TuNya Earn-In Property by completing a US$250,000
comprehensive technical review of Pelangio's Main Property, completing 2,000 meters of drilling on
the TuNya Earn-In Property, and paying Pelangio US$150,000.
Pelangio will only contribute to expenditures on the TuNya Earn-In area
once a 100,000 oz resource has been delineated.
"We are delighted to enter into the earn-in agreement with TuNya, providing access to its management and
technical team who have a combined 125 years' experience working in senior technical roles at
the Obuasi Mine and elsewhere on the Ashanti Belt.
We believe Pelangio will receive tremendous value from the technical review to be completed by TuNya on our
100% owned Pelangio Main Property and the drill program to be completed by TuNya on
the TuNya Earn-In," commented Ingrid Hibbard, President and CEO of Pelangio.
"The 284 square kilometer Obuasi Project is a district-size land package requiring significant exploration.
This collaboration with TuNya ensures exploration will be completed on both the Main Property and
the TuNya Earn-In Property in the near term at no cost to Pelangio. In this way,
Pelangio will retain its focus on the Obuasi Targets and the NGA Targets and gain exposure to
near term exploration of the Tarkwaian potential of the TuNya Earn-In Property."
Agreement Terms:
https://www.benzinga.com/pressreleases/23/07/ac33466802/pelangio-grants-earn-in-option-on-a-portion-of-the-obuasi-project
Pelangio Exploration Announces Settlement of Obuasi Litigation
Accesswire
· Jul 11, 2023 06:27
PGXPF
TORONTO, ON / ACCESSWIRE / July 11, 2023 /
Pelangio Exploration Inc. (TSX-V:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company")
is pleased to announce that settlement agreements
have been reached to resolve all outstanding litigation with respect to an action
commenced in 2009 in the Ghana High Court
involving the vendor of two of the four prospecting licenses comprising Pelangio's Obuasi property.
The two prospecting licenses involved in the litigation and referenced as Kyereboso 2 License and
Kyereboso 3 License in the attached Figure 1 are hereinafter referred to as the "Property".
The litigation related to a dispute between the Property vendor's corporate history and the estate of
one of its founding shareholders (the "Plaintiff).
Pelangio was subsequently added as a co-defendant in 2012.
Although no monetary consideration was claimed from Pelangio by the Plaintiff in the litigation, an interlocutory injunction had been granted which
had the effect of preventing all parties from selling any interest in or conducting mining on the
Property pending final determination of the matter.
"This settlement is a positive development for Pelangio," stated Ingrid Hibbard President and CEO.
"It avoids the continued uncertainty, expense, and burden associated with litigation and
removes the injunction preventing the sale of any interest in or mining of the Property.
We are excited to have these impediments removed and planning for
the next phase of exploration at the Property is underway."
https://www.moomoo.com/news/post/24861650/pelangio-exploration-announces-settlement-of-obuasi-litigation?level=1&data_ticket=1714581834631476
https://www.youtube.com/watch?v=g3uLp_64ciE
Pelangio Exploration Completes Diamond Drilling At Manfo Project, Ghana And Provides Assay Results
https://www.linkedin.com/pulse/pelangio-exploration-completes-diamond-drilling-manfo-project
About Pelangio
Pelangio acquires and explores world-class land packages on strategic gold belts in Ghana, West Africa and Canada.
In Ghana, the Company is exploring its two 100% owned camp-sized properties:
the 100 km2 Manfo property, the site of seven near-surface gold discoveries, and
the 284 km2 Obuasi property, located four km on strike and adjacent to AngloGold Ashanti’s prolific
high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property.
See https://www.pelangio.com for further details.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
NYBob
2 months ago
Pelangio Grants Earn-in Option on a Portion of the Obuasi Project
by ACCESSWIRE
July 31, 2023 7:30 AM | 9 min read | Make a Comment
TORONTO, ON / ACCESSWIRE / July 31, 2023 /
Pelangio Exploration Inc. PX PGXPF
("Pelangio" or the "Company") is pleased to announce it has entered into an earn-in binding letter of intent granting
TuNya Mineral Resources Ltd. ("TuNya") the right to earn an 80% interest on the southern portion of two of
the four licenses that comprise Pelangio's Obuasi Project
(the southern portion of these two licenses to be referred to as the "TuNya Earn-In Property").
The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project located to the south. Pelangio will retain a 100% interest in the remainder of
the Obuasi property ("Main Property"), including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.
Highlights:
Collaboration with TuNya, a strategic partner with significant technical expertise and considerable experience
at the Obuasi Mine and in the Ashanti Belt.
The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project.
Pelangio retains 100% of the Main Property, including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.
TuNya may acquire up to an 80% interest in the TuNya Earn-In Property by completing a US$250,000
comprehensive technical review of Pelangio's Main Property, completing 2,000 meters of drilling on
the TuNya Earn-In Property, and paying Pelangio US$150,000.
Pelangio will only contribute to expenditures on the TuNya Earn-In area
once a 100,000 oz resource has been delineated.
"We are delighted to enter into the earn-in agreement with TuNya, providing access to its management and
technical team who have a combined 125 years' experience working in senior technical roles at
the Obuasi Mine and elsewhere on the Ashanti Belt.
We believe Pelangio will receive tremendous value from the technical review to be completed by TuNya on our
100% owned Pelangio Main Property and the drill program to be completed by TuNya on
the TuNya Earn-In," commented Ingrid Hibbard, President and CEO of Pelangio.
"The 284 square kilometer Obuasi Project is a district-size land package requiring significant exploration.
This collaboration with TuNya ensures exploration will be completed on both the Main Property and
the TuNya Earn-In Property in the near term at no cost to Pelangio. In this way,
Pelangio will retain its focus on the Obuasi Targets and the NGA Targets and gain exposure to
near term exploration of the Tarkwaian potential of the TuNya Earn-In Property."
Agreement Terms:
https://www.benzinga.com/pressreleases/23/07/ac33466802/pelangio-grants-earn-in-option-on-a-portion-of-the-obuasi-project
Pelangio Exploration Announces Settlement of Obuasi Litigation
Accesswire
· Jul 11, 2023 06:27
PGXPF
TORONTO, ON / ACCESSWIRE / July 11, 2023 /
Pelangio Exploration Inc. (TSX-V:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company")
is pleased to announce that settlement agreements
have been reached to resolve all outstanding litigation with respect to an action
commenced in 2009 in the Ghana High Court
involving the vendor of two of the four prospecting licenses comprising Pelangio's Obuasi property.
The two prospecting licenses involved in the litigation and referenced as Kyereboso 2 License and
Kyereboso 3 License in the attached Figure 1 are hereinafter referred to as the "Property".
The litigation related to a dispute between the Property vendor's corporate history and the estate of
one of its founding shareholders (the "Plaintiff).
Pelangio was subsequently added as a co-defendant in 2012.
Although no monetary consideration was claimed from Pelangio by the Plaintiff in the litigation, an interlocutory injunction had been granted which
had the effect of preventing all parties from selling any interest in or conducting mining on the
Property pending final determination of the matter.
"This settlement is a positive development for Pelangio," stated Ingrid Hibbard President and CEO.
"It avoids the continued uncertainty, expense, and burden associated with litigation and
removes the injunction preventing the sale of any interest in or mining of the Property.
We are excited to have these impediments removed and planning for
the next phase of exploration at the Property is underway."
https://www.moomoo.com/news/post/24861650/pelangio-exploration-announces-settlement-of-obuasi-litigation?level=1&data_ticket=1714581834631476
https://www.youtube.com/watch?v=g3uLp_64ciE
Pelangio Exploration Completes Diamond Drilling At Manfo Project, Ghana And Provides Assay Results
https://www.linkedin.com/pulse/pelangio-exploration-completes-diamond-drilling-manfo-project
About Pelangio
Pelangio acquires and explores world-class land packages on strategic gold belts in Ghana, West Africa and Canada.
In Ghana, the Company is exploring its two 100% owned camp-sized properties:
the 100 km2 Manfo property, the site of seven near-surface gold discoveries, and
the 284 km2 Obuasi property, located four km on strike and adjacent to AngloGold Ashanti’s prolific
high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property.
See https://www.pelangio.com for further details.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
NYBob
2 months ago
Pelangio Exploration Announces Settlement of Obuasi Litigation
Accesswire
· Jul 11, 2023 06:27
PGXPF
TORONTO, ON / ACCESSWIRE / July 11, 2023 /
Pelangio Exploration Inc. (TSX-V:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company")
is pleased to announce that settlement agreements
have been reached to resolve all outstanding litigation with respect to an action
commenced in 2009 in the Ghana High Court
involving the vendor of two of the four prospecting licenses comprising Pelangio's Obuasi property.
The two prospecting licenses involved in the litigation and referenced as Kyereboso 2 License and
Kyereboso 3 License in the attached Figure 1 are hereinafter referred to as the "Property".
The litigation related to a dispute between the Property vendor's corporate history and the estate of
one of its founding shareholders (the "Plaintiff).
Pelangio was subsequently added as a co-defendant in 2012.
Although no monetary consideration was claimed from Pelangio by the Plaintiff in the litigation, an interlocutory injunction had been granted which
had the effect of preventing all parties from selling any interest in or conducting mining on the
Property pending final determination of the matter.
"This settlement is a positive development for Pelangio," stated Ingrid Hibbard President and CEO.
"It avoids the continued uncertainty, expense, and burden associated with litigation and
removes the injunction preventing the sale of any interest in or mining of the Property.
We are excited to have these impediments removed and planning for
the next phase of exploration at the Property is underway."
https://www.moomoo.com/news/post/24861650/pelangio-exploration-announces-settlement-of-obuasi-litigation?level=1&data_ticket=1714581834631476
https://www.youtube.com/watch?v=g3uLp_64ciE
Pelangio Exploration Completes Diamond Drilling At Manfo Project, Ghana And Provides Assay Results
https://www.linkedin.com/pulse/pelangio-exploration-completes-diamond-drilling-manfo-project
About Pelangio
Pelangio acquires and explores world-class land packages on strategic gold belts in Ghana, West Africa and Canada.
In Ghana, the Company is exploring its two 100% owned camp-sized properties:
the 100 km2 Manfo property, the site of seven near-surface gold discoveries, and
the 284 km2 Obuasi property, located four km on strike and adjacent to AngloGold Ashanti’s prolific
high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property.
See https://www.pelangio.com for further details.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
NYBob
4 months ago
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
https://invest.stockhouse.com/dealroom/pelangio/
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada -
https://pelangio.com/projects/ghana/manfo/
https://www.anglogoldashanti.com/portfolio/africa/obuasi/
https://pelangio.com/projects/ghana/obuasi/
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Join in on this exciting investment opportunity with Pelangio Exploration
For more information, please enter your details below and someone from the Pelangio Exploration
team will be in touch to discuss the opportunity.
Some of Pelangio’s recent highlights include:
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program
extended known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and
is adjacent to TuNya’s property, which is host to the Kyereboso deposit.
The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne VTEM/magnetic surveys,
geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length up to 602 metres and
averaging approximately 200 metres.
Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling
in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and targeting exercises
prioritized two large principal target areas for follow-up exploration situated in the southwestern corner of the property
closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and ranking exercise,
augmented by fieldwork to include a comprehensive review of the drill core, detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent where
TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project
covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is
also eager to provide investors with the same opportunities through a non-brokered private placement
valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share
of Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05
for a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs,
which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources to provide
exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of the Kyereboso 2
and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology), to explore
for extensions to or additional discoveries complementary to TuNya’s Kyereboso project
The recently completed Manfo drill program extended mineralization in the Pokukrom East and
West deposits, demonstrating resource growth potential with continued step-out drilling
Yes, I want to participate!
https://invest.stockhouse.com/dealroom/pelangio/
$Pelangio Exploration (TSXV:PX) A golden investment opportunity in Ghana and Canada
Jocelyn Aspa Jocelyn Aspa, The Market Herald
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update
In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Some of Pelangio’s recent highlights include:
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources
to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of
the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology),
to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project.
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits,
demonstrating resource growth potential with continued step-out drilling
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program extended
known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and
is adjacent to TuNya’s property, which is host to the Kyereboso deposit.
The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne
VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length
up to 602 metres and averaging approximately 200 metres.
Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling
in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and
targeting exercises prioritized two large principal target areas for follow-up exploration situated in
the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and
ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core,
detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent
where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project
covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also
eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of
Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 f
or a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs,
which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
To view or participate in the Pelangio Exploration Deal Room offering, click here.
The Deal Room: your destination to participate in exclusive financing, featuring some of the best companies –
and deals – currently available on the market.
Join the discussion: Find out what everybody’s saying about this stock on the Pelangio Exploration Bullboard, and
check out the rest of Stockhouse’s stock forums and message boards.
This is sponsored content issued on behalf of Pelangio Exploration, please see full disclaimer here.
https://stockhouse.com/news/newswire/2023/09/21/a-golden-investment-opportunity-ghana-and-canada
Detour Lake: A Partnership Success Story -
Pelangio
https://www.youtube.com/watch?v=z8J14X7fvas
Pelangio Exploration joins the Morning Drive with attending PDAC2023
https://www.youtube.com/watch?v=eFpmw3jwADI
Pelangio Exploration Inc. (PGXPF) - Activities In Ghana And Canada - Ingrid Hibbard, CEO
Pelangio Exploration (TSXV:PX) Provides Update on Activities In Ghana And Canada
https://stockhouse.com/news/press-releases/2023/09/06/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
View source version on accesswire.com:
https://www.accesswire.com/781103/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
The Swedish Gold Coast (Swedish: Svenska Guldkusten) was a colony of the Swedish Africa Company founded in 1650 by
Hendrik Carloff on the Gulf of Guinea in present-day Ghana in Africa.
History
Following the foundation of the Swedish Africa Company (1649) by Louis de Geer, an expedition under the command
of Hendrik Carloff was sent to Africa in 1650.
Carloff made a treaty with the Akan King of Futu (also Feta) on selling some areas of land. On 22 April 1650,
the Swedish Gold Coast was founded and Carloff became its first administrator.
In 1652, the foundations were laid of the Fort Carlsborg.
https://en.wikipedia.org/wiki/Swedish_Gold_Coast
NYBob
5 months ago
NEWS RELEASE: PELANGIO EXPLORATION PROVIDES UPDATE ON ACTIVITIES IN GHANA AND CANADA
TORONTO, Ontario (January 31st, 2024) – Pelangio Exploration Inc. (TSX-V:PX; OTC PINK:PGXPF)
(“Pelangio” or the “Company”) is pleased to provide an update on 2023 activities and the outlook for
2024 for its projects in Ghana and Canada.
Highlights – 2023
Exploration resumed at Pelangio’s district scale Obuasi Project, adjacent to the giant high-grade
Obuasi Mine
Pelangio’s Obuasi Project benefits from an agreement with TuNya Mineral Resources Ltd.
(“TuNya”) to provide both exploration expenditures and access to significant technical expertise
The recently completed Manfo Project drill program extended mineralization in both the Pokukrom
East and West deposits, demonstrating resource growth potential with continued step-out drilling
Canada Nickel Company’s (“Canada Nickel”) significant discovery on its Mann Northwest property
enhances interest in Pelangio’s adjacent Mann property (2.2 km away)
Barrick Gold Inc. (“Barrick”) began exploration on Hemlo Explorer’s Pic property, which surrounds
Pelangio’s Seeley Lake property
First Mining Gold Corp (“First Mining”) began exploration on Pelangio’s Birch Lake property which
is adjacent to First Mining’s Springpole Gold Project
Outlook – 2024
Obuasi project continues with the TuNya-funded exploration program on the Obuasi Project and
will focus on two large target areas in the southwest corner of the property closest to the Obuasi
Mine property, the Obuasi and NGA target areas
TuNya's exploration program will also cover the Tarkwaian geology which has been under-explored
to date
Resource extension drilling and exploration drilling planned for the Manfo project
Record Gold is expected to complete $250,000 of exploration at Pelangio’s Grenfell property under
the terms of the option agreement
First Mining will complete further exploration at Pelangio’s Birch Lake under the terms of the option
agreement
Barrick is continuing exploration on Hemlo’s Pic Project including a 2,500 m drill program
Pelangio is considering strategic opportunities for Canadian properties which are prospective for
silver, zinc, nickel, copper, cobalt, chromium, and platinum group elements (PGEs)
“2023 provided very positive developments for Pelangio in Ghana and Canada,” comments Ingrid Hibbard,
President and CEO of Pelangio. “We’re pleased to resume exploration at our Obuasi Project following
settlement of outstanding litigation between vendors of two of the four concessions of the Obuasi property.
We entered into an agreement with TuNya, which provides both exploration funding and access to a
technical team with over 125 years of combined experience on the extremely prolific Ashanti gold belt,
including significant experience at the Obuasi mine itself. We anticipate this additional knowledge to provide
real value to the development of the next phase of exploration at Obuasi.
https://pelangio.com/news-releases/2024/010_final_close-2/
https://pelangio.com/site/assets/files/5606/2023-09_px_presentation.pdf
https://pelangio.com/projects/ghana/obuasi/
https://pelangio.com/projects/ghana/manfo/
https://pelangio.com/projects/canada/gowan/
https://pelangio.com/projects/projects-overview/
NYBob
8 months ago
Gold: A Journey With Idris Elba
World Gold Council
135K subscribers
https://www.youtube.com/watch?v=R7UikzYdgTc&t=1047s
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
https://invest.stockhouse.com/dealroom/pelangio/
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Join in on this exciting investment opportunity with Pelangio Exploration
For more information, please enter your details below and someone from the Pelangio Exploration
team will be in touch to discuss the opportunity.
Some of Pelangio’s recent highlights include:
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program
extended known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and is adjacent to TuNya’s property, which is host to the Kyereboso deposit. The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length up to 602 metres and averaging approximately 200 metres. Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and targeting exercises prioritized two large principal target areas for follow-up exploration situated in the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core, detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 for a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs, which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology), to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits, demonstrating resource growth potential with continued step-out drilling
Yes, I want to participate!
https://invest.stockhouse.com/dealroom/pelangio/
$Pelangio Exploration (TSXV:PX) A golden investment opportunity in Ghana and Canada
Jocelyn Aspa Jocelyn Aspa, The Market Herald
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172871764
NYBob
8 months ago
Canada Nickel releases Crawford Nickel Project feasibility study
Jocelyn Aspa Jocelyn Aspa, The Market Herald
https://stockhouse.com/news/the-market-herald-news/2023/10/12/canada-nickel-releases-crawford-nickel-project-feasibility-study
Pelangio's Mann Property
The Mann property is located in Mann Township 50 km northeast of the City of Timmins and
covers an area of approximately 2 km2.
The patented claims cover a portion of a large ultramafic complex that is prospective for nickel,
copper and cobalt.
Some historical untested EM anomalies are present on the property. No recent
work of significance has been conducted on the property.
It's inside Canada Nickel - Crawford Nickel Project -
feasibility study
Jocelyn Aspa Jocelyn Aspa, The Market Herald;
https://pelangio.com/projects/canada/additional-properties/
Canada Nickel (TSXV:CNC) has released a feasibility study for its Crawford Nickel Sulphide Project in Ontario
The project is the world’s second-largest nickel reserve and will become one of Canada’s largest carbon storage facilities
The study highlights the potential use of trolley-assisted trucking and the company’s carbon capture and storage technology
Shares of Canada Nickel are down 3.17 per cent to C$1.22 as of 11:52 am ET
Canada Nickel (TSXV:CNC) released a bankable feasibility study for its Crawford Nickel Sulphide Project in Ontario, highlighting the potential use of trolley-assisted trucking and the company’s carbon capture storage technology.
In a news release, the company stated the study displayed an after-tax NPV discount of US$2.5 billion and internal rate of 17.1 per cent, based on a long-term nickel price of $21,000 per ton and oil price of $70 per barrel.
It is estimated that the project is the world’s second-largest nickel reserve and, once in production, is expected to become one of Canada’s largest carbon storage facilities.
The project is also expected to be a net negative contributor of C02 over the project’s lifespan.
“This bankable feasibility study is a significant milestone for Crawford and a major step forward in demonstrating the value of our Timmins Nickel District and its potential to anchor a Zero Carbon Industrial Cluster in the Timmins-Cochrane region,” Mark Selby, CEO of Canada Nickel, said in a statement. “Crawford is poised to be a leader in the energy transition through the large-scale production of critical minerals, including nickel and cobalt, and is expected to become the sole North American producer of chromium, while also supporting Canada’s climate objectives through industrial-scale carbon capture and storage.”
Other highlights from the bankable feasibility study include:
a large initial mineral reserve anchored by a large mineral resource
proven and probable reserves of 3.8 million tons contained nickel from 1.7 billion tons of ore grading 0.22 per cent nickel
large scale, low cost and long life
an annual average nickel production of 83 million pounds over a 41-year life
The project will also be a conventional open pit mine and mill operation built in two phases.
Canada Nickel is focused on obtaining permits, developing a financing package and moving towards a production decision by 2025. The company anticipates first production by the end of 2027.
Shares of Canada Nickel are down 3.17 per cent to C$1.22 as of 11:52 am ET.
Join the discussion: Find out what everybody’s saying about this stock on the Canada Nickel Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172871764
Pelangio Exploration Inc.: https://pelangio.com
NYBob
9 months ago
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
https://invest.stockhouse.com/dealroom/pelangio/
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Join in on this exciting investment opportunity with Pelangio Exploration
For more information, please enter your details below and someone from the Pelangio Exploration
team will be in touch to discuss the opportunity.
Some of Pelangio’s recent highlights include:
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program
extended known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and is adjacent to TuNya’s property, which is host to the Kyereboso deposit. The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length up to 602 metres and averaging approximately 200 metres. Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and targeting exercises prioritized two large principal target areas for follow-up exploration situated in the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core, detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 for a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs, which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology), to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits, demonstrating resource growth potential with continued step-out drilling
Yes, I want to participate!
https://invest.stockhouse.com/dealroom/pelangio/
$Pelangio Exploration (TSXV:PX) A golden investment opportunity in Ghana and Canada
Jocelyn Aspa Jocelyn Aspa, The Market Herald
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update
In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Some of Pelangio’s recent highlights include:
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources
to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of
the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology),
to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project.
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits,
demonstrating resource growth potential with continued step-out drilling
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program extended
known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and
is adjacent to TuNya’s property, which is host to the Kyereboso deposit.
The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne
VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length
up to 602 metres and averaging approximately 200 metres.
Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling
in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and
targeting exercises prioritized two large principal target areas for follow-up exploration situated in
the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and
ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core,
detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent
where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project
covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also
eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of
Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 f
or a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs,
which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
To view or participate in the Pelangio Exploration Deal Room offering, click here.
The Deal Room: your destination to participate in exclusive financing, featuring some of the best companies – and
deals – currently available on the market.
Join the discussion: Find out what everybody’s saying about this stock on the Pelangio Exploration Bullboard, and
check out the rest of Stockhouse’s stock forums and message boards.
This is sponsored content issued on behalf of Pelangio Exploration, please see full disclaimer here.
https://stockhouse.com/news/newswire/2023/09/21/a-golden-investment-opportunity-ghana-and-canada
Detour Lake: A Partnership Success Story -
Pelangio
https://www.youtube.com/watch?v=z8J14X7fvas
Pelangio Exploration joins the Morning Drive with attending PDAC2023
https://www.youtube.com/watch?v=eFpmw3jwADI
Pelangio Exploration Inc. (PGXPF) - Activities In Ghana And Canada - Ingrid Hibbard, CEO
Pelangio Exploration (TSXV:PX) Provides Update on Activities In Ghana And Canada
https://stockhouse.com/news/press-releases/2023/09/06/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
View source version on accesswire.com:
https://www.accesswire.com/781103/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
NYBob
9 months ago
A golden investment opportunity in Ghana and Canada
Jocelyn Aspa Jocelyn Aspa, The Market Herald
Pelangio Exploration (TSXV:PX) is a Canadian-based exploration company focusing its efforts in Ghana and Canada.
In Ghana, the Toronto-based company is advancing its Manfo and Obuasi projects while in Canada,
Pelangio Exploration is focused on the Kenogaming, Gowan and Mann projects.
Thanks to its presence in West Africa and Canada, Pelangio Exploration has exposure to a diversified portfolio
in two world-class gold-mining jurisdictions.
Exploration update
In early September, the company provided an update on recent activities and
plans for its projects in Ghana and Canada.
Some of Pelangio’s recent highlights include:
The Obuasi Project will benefit from an agreement with TuNya Mineral Resources
to provide exploration expenditures and access to technical expertise
TuNya will be earning into the TuNya Earn-In Property (the southern portions of
the Kyereboso 2 and 3 licenses of Pelangio’s Obuasi Property, covering principally Tarkwaian geology),
to explore for extensions to or additional discoveries complementary to TuNya’s Kyereboso project.
The recently completed Manfo drill program extended mineralization in the Pokukrom East and West deposits,
demonstrating resource growth potential with continued step-out drilling
“Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi Project,
a district-scale land package adjacent to the giant high-grade Obuasi mine.
The agreement provides both exploration funding and access to a technical team with over 125 years of expertise
on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself,”
Ingrid Hibbard, CEO of Pelangio Exploration, said in a statement. “Secondly, our Manfo drill program extended
known mineralization at the southern ends of both the Pokukrom East and West deposits.”
The Obuasi project
Pelangio Exploration owns 100 per cent interest in the Obuasi project, which spans 284 square kilometres and
is adjacent to TuNya’s property, which is host to the Kyereboso deposit.
The project is also next to and on strike with AngloGold-Ashanti’s 30 million-ounce Obuasi mine.
Between 2007 and 2011, Pelangio Exploration conducted work on the project, including two airborne
VTEM/magnetic surveys, geological and geochemical surveys and trenching, as well as diamond drilling.
In total, the company has drilled 129 diamond drill holes for a total of 27,883 metres ranging in length
up to 602 metres and averaging approximately 200 metres.
Broadly speaking, drilling has lightly tested targets in eight general areas, with more than 85 per cent of the drilling
in the western half of the property.
The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and
targeting exercises prioritized two large principal target areas for follow-up exploration situated in
the southwestern corner of the property closest to the Obuasi Mine property.
Moving forward, additional work on the Obuasi project will continue the desktop target development and
ranking exercise, augmented by fieldwork to include a comprehensive review of the drill core,
detailed field mapping and a structural study.
TuNya’s “Obuasi experts” will conduct the work, while Pelangio Exploration recently entered into a letter of intent
where TuNya has the option to earn into an 80 per cent interest on the southern portion of the Obuasi project
covering principally Tarkwaian geology.
The deal
As Pelangio Exploration gears up to unlock the potential of the Obuasi project and beyond, the company is also
eager to provide investors with the same opportunities through a non-brokered private placement valued at C$500,000.
Under the offering, the company is issuing each unit at a price of $0.03 and will consist of one common share of
Pelangio Exploration and one common share purchase warrant.
Each whole warrant offers the holder the opportunity to purchase one common share at a price of $0.05 f
or a period of five years from the initial closing date of the offering.
Pelangio Exploration will use the funds for working capital and general corporate costs,
which include land maintenance costs.
The initial offering is expected to close around Sept. 25 but could occur in one more tranches.
To view or participate in the Pelangio Exploration Deal Room offering, click here.
The Deal Room: your destination to participate in exclusive financing, featuring some of the best companies – and
deals – currently available on the market.
Join the discussion: Find out what everybody’s saying about this stock on the Pelangio Exploration Bullboard, and
check out the rest of Stockhouse’s stock forums and message boards.
This is sponsored content issued on behalf of Pelangio Exploration, please see full disclaimer here.
https://stockhouse.com/news/newswire/2023/09/21/a-golden-investment-opportunity-ghana-and-canada
Detour Lake: A Partnership Success Story -
Pelangio
https://www.youtube.com/watch?v=z8J14X7fvas
Pelangio Exploration joins the Morning Drive with attending PDAC2023
https://www.youtube.com/watch?v=eFpmw3jwADI
Pelangio Exploration Inc. (PGXPF) - Activities In Ghana And Canada - Ingrid Hibbard, CEO
Pelangio Exploration (TSXV:PX) Provides Update on Activities In Ghana And Canada
https://stockhouse.com/news/press-releases/2023/09/06/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
View source version on accesswire.com:
https://www.accesswire.com/781103/pelangio-exploration-provides-update-on-activities-in-ghana-and-canada
NYBob
3 years ago
First Mining Gold Corp. to Option Pelangio Exploration's Birch Lake Project
TORONTO, Ontario (October 4, 2021) –
https://www.pelangio.com/news-releases/2021/pelangio-exploration-options-birch-lake-project/
Pelangio Exploration Inc. (TSXV:PX; OTC PINK:PGXPF) (“Pelangio” or the
“Company”) is pleased to announce that it has entered into an earn-in
agreement with First Mining Gold Corp.
(“First Mining”) and Gold Canyon Resources Inc. (“Gold Canyon”), a
wholly-owned subsidiary of First Mining, on Pelangio’s Birch Lake and
Birch Lake West properties (together, the “Birch Lake Project”) which
is adjacent to First Mining’s Springpole Gold Project (see Figure 1),
located approximately 120 km northeast of Red Lake, Ontario.
Highlights:
Collaboration with First Mining, a well-financed strategic partner in a potential new mining camp.
First Mining, through Gold Canyon, may acquire up to an 80% interest in the Birch Lake Project by incurring $3,500,000 in exploration expenditures, making $750,000 in cash option payments to Pelangio ($400,000 of which may, at First Mining’s election, be made in shares of First Mining) and issuing 1,300,000 shares of First Mining to Pelangio.
“We are delighted to have entered into the earn-in agreement with First Mining in this new and evolving gold camp. We believe that Pelangio’s Birch Lake Project represents a high-grade gold exploration opportunity with significant potential to complement ongoing mine development at First Mining’s Springpole Gold Project. We are looking forward to working with First Mining,” commented Ingrid Hibbard, President and CEO. “This agreement unlocks the inherent value of this project for our shareholders while we concurrently explore and evaluate the discovery potential at Dome West and Gowan in Ontario, and at our Manfo and Obuasi projects in Ghana,” she added.
Agreement Terms:
Pursuant to the earn-in agreement among Pelangio, First Mining and Gold Canyon, Gold Canyon may earn an initial 51% interest in the Birch Lake Project by paying Pelangio a total of $350,000 in cash, issuing to Pelangio 1,300,000 First Mining shares and completing $1,750,000 in exploration expenditures, in accordance with the following schedule:
Cash Payments
Share Issuances
Exploration
Expenditures
Year
$50,000
250,000
On the Closing Date
$50,000
250,000
Minimum $250,000
On or before the First Anniversary of the Closing Date
$50,000
250,000
On or before the Second Anniversary of the Closing Date
$50,000
250,000
On or before the Third Anniversary of the Closing Date
$150,000
300,000
Additional $1,500,000
On or before the Fourth Anniversary of the Closing Date
Upon completion of the 51% earn-in, Gold Canyon has the right to earn a further 29% interest (for a total interest of 80%) in the Birch Lake Project for a period of up to two years from the date of the exercise of the 51% earn-in right (the “Second Earn-In Period”). In order to earn the additional 29%, Gold Canyon or First Mining shall complete, within the Second Earn-In Period, a further $1,750,000 in exploration expenditures and either pay Pelangio $400,000 in cash or issue to Pelangio such number of shares of First Mining equal to $400,000 divided by the market price of First Mining shares on the day immediately prior to the date of issuance. Gold Canyon and Pelangio shall form a 51%/49% joint venture with respect to the Birch Lake Project if the 51% earn-in is completed and the second earn-in is not completed. If the second earn-in is completed, Gold Canyon and Pelangio shall form an 80%/20% joint venture with respect to the Birch Lake Project.
Figure 1: Claim Map
Birch Lake Property, Red Lake District
Pelangio's Birch Lake property is located within the Birch-Uchi Greenstone Belt, approximately 120 km northeast of the town of Red Lake, Ontario. Within an eight km radius of the Birch Lake property, there is a large gold resource (Springpole Deposit) and a past producer (Argosy Mine) which produced 101,875 ounces of gold at an average grade of 0.37 ounce per ton (reference: Ontario Geological Survey Open File Report 5835). Over the last decade, significant exploration was conducted in this area by Gold Canyon on the Springpole Deposit, now controlled by First Mining. The Pelangio land holdings are contiguous....
cont....
https://www.pelangio.com/news-releases/2021/pelangio-exploration-options-birch-lake-project/
https://www.pelangio.com/
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ernie44
9 months ago
TenKay
6 years ago
