Monday 10th December 2018

Resource Clips

Pelangio VP Brendan Cahill on Ghana gold assays of 14.1 g/t over 7m

“Last fall we hit high grade results within 10 metres of surface, 36 g/t gold over 9 metres and 8.6 g/t over 12 metres. That was along 50 metres of strike. So now that we’ve hit those grades at 100-metres depth it’s looking like it’s a continuous zone over 100 metres strike. So it’s a very positive development in that we’ve got the high grade and oxide and we’re confirming that high grade in the fresh rock beneath. We’ll see what comes of it, but there are similar underground-style deposits at the nearby mines of Ahafo and Chrano. It adds a further interesting dimension to the Manfo property and makes it look comparable to the other mines in the area.

“We made the first discovery in September last year, so we’re eight months in and moving as fast as we can. We know we’ve got a lot of potential there, but in terms of putting a specific date on resources, it’s a bit early for that.

“We’re hoping to add more drills at Pokukrum West as soon as we can, subject to availability of course,” Cahill continues. “We’ve got one on it now. Pokukrum East is something we really want to go back to and extend the strike length and then start drilling to depth, and infill drilling it a bit. Pokukrum West is high grade and everybody likes high grade; we’ve got to start tracing it down to depth and along strike as well. That’s the plan for those two this year. And then Nfante West—where we hit a 1.5 g/t gold over 61 metres last fall—we followed it up with more good results earlier this year, and it’s a target that definitely warrants further drilling. We’ll be trying to drill all of these targets, as well as looking for other new discoveries on the property at the same time.

“We’re drilling away at Obuasi. We have some really good targets there. If we don’t hit on the first go around then we’ll go back and drill them again, because some of the targets there warrant it.

“In this market there’s three avenues you can go through. At $1,500 gold, there’s production. The Detour Gold transaction was extremely profitable for our shareholders—where you take an equity position in the company that brought it from late-stage exploration through development and to production. Or there’s the take-out along the way. All we know is what we can control, and that’s taking all the steps we need to put together a resource and then make a decision from there. The thing that’s in our control is going towards production, but there’s lots of other things you can do along the way. That’s the thing about Pelangio: as we move down the path, we look at these three avenues and decide which is best for our shareholders.”

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