Wednesday 26th October 2016

Resource Clips

Pelangio VP Brendan Cahill on Ghana assays of 1 g/t gold over 50m

Pelangio Exploration Inc TSXV:PX announced results from its Manfo Property in Ghana. Highlights include 1 g/t gold over 50 metres (including 2.52 g/t over 11 metres), 1.12 g/t over 23 metres (including 2.53 g/t over 7 metres), 1.85 g/t over 17 metres (including 7 g/t over 4 metres) and 0.81 g/t over 54 metres (including 1.01 g/t over 38 metres).

VP Corporate Development Brendan Cahill tells, “From our perspective, Manfo is really a company-making property. It’s one that people can invest in and be sure that there’s something there. We just have to put the work in, get the drills on the property to prove up the ounces, which is what we’re in the process of doing right now.

“Today’s results continue to define the zone that we’re seeing at Pokukrom West, and we added a little bit to the story at Pokukrom East—two of the discoveries that we have on the property. When we got on the property, it was about trying to understand the geology, trying to understand exactly what we have. We’re at the stage now where we can start trying to prove up and grow the ounces as we work towards getting a resource together. We’ve been [at Manfo] less than a year, so we don’t have a resource estimate yet, and that’s what the goal is. We don’t want to put a time estimate on it yet, as it’s a bit early, but we are putting together some great strike at Pokukrom East, Pokukrom West and at Nfante West. It’s a matter of drilling them up to resource standard over the next year or so.

“The great thing about it is we have these four brand new discoveries on the property. They’re all near surface, we’ve got bulk tonnage and high grade, and there’s lots of room for other discoveries that we’re working on as well. So the aim is to have another drill on the property within the next few weeks, and that’ll give us quicker turnaround time in terms of results and also let us grow ounces quicker. There’s also our other property at Obuasi. That’s a potential game-changer. If we hit there, all bets are off and it’s going to be a fun fall.

Ghana is kind of the Beverly Hills of gold exploration.—Brendan Cahill

“All we can do is focus on what we can control right now,” continues Cahill. “That’s putting together a really solid resource. We have a team that can go well beyond that stage, but once we get that resource done then—and this would likely be sometime next year—then we’ll look about ourselves and see whether going to production is the way to do it, or doing something like we did at Detour Lake where we spun it into a separate company with a tight capital structure, did the financing, put the team together and brought it through to development. The wild card is always whether you get taken out along the way, but that’s not something we can control so that’s not something we’re focussed on right now.

“We’re in good company out there: Kinross, AngloGold Ashanti, Newmont, Gold Fields, Golden Star. Ghana is kind of the Beverly Hills of gold exploration. It’s all big players and stars out there. That’s why it’s great. We don’t necessarily get the buzz of everybody saying that they are staked near Pelangio because we’re surrounded by Newmont and Kinross and AngloGold. Those guys are there because it’s the best place in the world to work, and we’re lucky to have over 500 square kilometres there now. In our mind, Ghana is the best place to work. The combination of potential for massive deposits and a really supportive government and a well-trained workforce—I don’t think there’s a place in the world like it.

Cahill concludes, “Manfo is a company-maker. Everything we get continues to underline the fact that we’re on to something really significant. We think we’re on to the next big gold deposit there; it’s just going to take work to get it together.”

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Warren Bates
Senior VP of Exploration

by Greg Klein and Ted Niles

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