Pelangio Exploration Inc (PGXPF)

[NYBob]

Pelangio Explores Potential for Near-Term Production at Manfo
V.PX | 8 hours ago
Assessment of near-surface gold resources could capitalize on record-high gold prices, positioning Pelangio for accelerated growth.

TORONTO, ON / ACCESSWIRE / August 15, 2024 / Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it is currently evaluating the potential for near-term production at its Manfo gold project in Southwest Ghana. A review of the resource models of the three deposits at Manfo to determine the gold content and tenor of mineralization at shallow depths which could be exploited by open-pit mining is underway and will proceed to a formal study of possible near-term production scenarios which could be economic under the current record high gold price.

Ingrid Hibbard, President and CEO, commented:

"The NI43-101 maiden mineral resource estimate ("MRE") for the Manfo gold project was conducted eleven years ago using a gold price of $1,450 USD and estimated 195,000 oz Au Indicated plus 298,000 oz Au Inferred to be present.¹ We believe that the 70% increase to the gold price over that used for the 2013 MRE has significantly upgraded the economics of gold production for the Manfo project. As such, we are evaluating possibilities for smaller-scale near term production at Manfo, and have commenced a review of the near-surface gold resource content to be followed by an economic assessment of potential development and production plans. Ongoing drilling efforts will continue with the potential for successful outcomes to complement profitable near-term production that could serve as a foundation for financing a larger-scale operation in the future."

About the Manfo Project

The 96 km² Manfo project is located in the Sefwi-Bibiani greenstone belts of the Paleoproterozoic Birimian of southwest Ghana, 15 km southeast of Newmont's Ahafo gold mine and 40 km north of Asante Gold's Bibiani gold mine. Pelangio acquired the property in 2010 and conducted considerable exploration resulting in seven significant gold discoveries with three of them drilled to a resource status. In 2013 SRK Consulting (Canada) estimated the project hosts a gold mineral resource of 195,000 oz (at 1.5 g/t Au) Indicated and 298,000 oz (at 1.0 g/t Au) Inferred with the majority of the resource contained in the adjacent Pokukrom East and West deposits.¹ SRK used a gold price of $1,450 USD per ounce Au and a cut-off grade of 0.5 g/t Au for their MRE. Refer to SRK's NI43-101 report "Mineral Resource Evaluation Technical Report, Manfo Gold Project, Ghana" released on June 21, 2013, for the details.

In 2021 Pelangio identified opportunities to grow the project through step-out drill testing of open-ended mineralization in the known deposits plus drill testing of multiple exploration targets along and near the 9 km of mineralized structures within the property. Diamond drilling programs were conducted by Pelangio in 2021 and 2023 with a total of 1,423 meters of drilling conducted at the Pokukrom East and West deposits. These drilling programs and their results are detailed in Pelangio's press releases of November 16, 2021 and July 24, 2023.

The results were encouraging and demonstrated extensions to the known mineralization in both deposits and concluded continued drilling around the deposits for potential resource additions is warranted. Significant intercepts from the 2021 and 2023 drill programs included:

https://stockhouse.com/news/press-releases/2024/08/15/pelangio-explores-potential-for-near-term-production-at-manfo

PX
Pelangio Exploration Inc
0.02
0.00 (0.00%)
Volume: 965,000
Day Range: 0.02 - 0.025
Last Trade Time: 3:37:26 PM EDT