Wednesday 26th October 2016

Resource Clips

Pelangio VP Brendan Cahill on Ghana gold assays of 0.89 g/t over 85m

“Pokukrom East is a very sizeable anomaly. We’ve hit a strike length now of 660 metres plus, with further extensions of the strongest part of the anomaly to the south. We’re also hitting outside of the anomaly 150 to 250 metres to the north. Hole 127 from today’s results is very positive and is one of the most consistent holes we’ve hit so far. It really extends that mineralization to the north, confirming the presence there. We have to do a lot more work. We have to keep on looking for more strike length, particularly to the south at this stage, and start drilling deeper. This hole is at 175 metres vertical depth now, but we can go a lot deeper than that and still have it in a pit-type context. But very positive results today, and we’re very happy with them.

“We made this discovery in October 2010. Obviously a resource estimate is something we’re looking forward to in the future, but it’s a bit too early to put a time frame on it now. We have to do a lot more drilling.

“We have over $10 million in cash right now, and we’re drilling on two properties. Manfo with four discoveries, and Obuasi is our other property. Obuasi is 290 square kilometres and is beside a 60-million-ounce mine. We have a drill going there as well. We’re trying to make a discovery there, looking for high-grade gold shoots. Manfo is just about putting in the work, and we’re going to build up ounces there, but we still have the wild-card, blue-sky play of Obuasi, where one drill hole could completely change the company.

“The outlook for Pokukrom East is extremely positive. Nfante West is also extremely positive—it’s another target about four or five kilometres to the southwest. We’ve got some really good results there. We’ve only got two drill holes in Nfante East, one discovery hole. It’s really interesting, and we have to go back there. We’ve hit high grade at Pokukrom West and we’re in the midst of finishing up all the planned holes there. If we can continue to hit high grade there, it’ll be really exciting. And that doesn’t even account for the rest of the property where we still have to do some of the ground work to make more discoveries there. We’re fairly confident there are more potential deposits elsewhere on the property.

“Too bad about the market, but we’re happy with these results.”

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