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Posts tagged ‘Pelangio Exploration Inc (PX)’

Pelangio VP Brendan Cahill on Ghana gold assays of 1.88 g/t over 31m

April 26th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningPelangio Exploration Inc TSXV:PX announced assays from its Manfo Property in Ghana, West Africa. Results include

1.88 g/t gold over 31 metres (including 17.65 g/t over 3 metres)
1.06 g/t over 20 metres
0.97 g/t over 47 metres (including 1.92 g/t over 14 metres)
1.41 g/t over 29 metres (including 3.05 g/t over 8 metres)
1.06 g/t over 63 metres (including 3.78 g/t over 8 metres)
0.96 g/t over 22 metres

VP Corporate Development Brendan Cahill tells ResourceClips.com, “Manfo consists of 100-square kilometres on Ghana’s Sefwi Belt. It is about 14 kilometres from Newmont’s [TSX:NMC] Ahafo Mine—that’s a 19-million ounce total-resource deposit, grading about 1.6 grams per tonne and producing up to 600,000 ounces a year at $550 per ounce. So it’s a huge deposit. We have very similar geology at Manfo and have made five discoveries since mid-2010.

That’s what the goal is at Manfo: find as many of these near-surface, open-pittable deposits as possible—Brendan Cahill

”The results we put out today [were from] 31 holes—about 7,500 metres—of mostly infill drilling on the zone. There was some high grade—17.5 grams over 3 metres—and we’re seeing a higher- to high-grade zone running through about 550 metres of the zone so far. The rest of the results [showed] more good, bulk-tonnage grades in the area of 1.5 g/t to 1.9 g/t over 15 to 30 metres and some broader widths up to 60 metres. The key thing about today’s news is looking forward. Pokukrom East is just one of the targets that we’re drilling right now. We did some IP surveying late last year, and we’re seeing a host of new targets based on that—20 new targets. We’ve drilled, or are drilling, nine of them so far. And that’s what the goal is at Manfo: find as many of these near-surface, open-pittable deposits as possible.

“We’re looking towards the end of the year for a resource,” Cahill continues. “That’s aimed to be on Pokukrom East and West and Nfante West. So three of the five targets. But by the time we get to the resource we hope to have another three to five new zones to be drilled going into 2013.” He adds, “We’re working on the metallurgy right now, but [a PEA] isn’t scheduled yet. But, obviously, you go down the path, and that would be the next step.”

Regarding infrastructure at the property, Cahill reports, “There are great roads running to the property, no problem with access to water. The hydro line goes to Ahafo and runs through the northeast corner of our property. So it has everything you need. And it’s just a fantastic place to work. There’s an educated local population, and you’ve got the labourers, engineers and geologist you need. We’ve got a great geological team over there.

“We have enough cash to carry us through to the end of the year. We’re being careful with it, obviously, as everyone is in this market. So we’re going to keep an eye on the budget and see how the market turns.”

Does Cahill think Pelangio is fairly valued? “In this market I don’t know what fair value is. There are companies that are worth less than us—companies that have been hit worse than we have. We’ve held in there, but that’s because we’ve got a quality asset. When the market turns we expect our asset to be better valued than other ones.”

He concludes, “We’re in Ghana; there have been more 5-million-ounce discoveries made, permitted, developed and gone into production in the last 15 years there than probably anywhere else in the world. The government is very supportive. All the majors—except perhaps African Barrick—are there. They’re there because they know they can produce at good costs, and they’re not going to have problems politically or, for that matter, geologically. Manfo’s on the Sefwi Belt, one of the up-and-coming gold belts in the world, just down the road from Ahafo, and we have very similar geology. We’ve got the infrastructure; we’ve got discoveries and lots of exploration potential going forward. It’s a great place to be.”

View Company Profile

Contact:
Ingrid Hibbard
President/CEO
905.875.3828

or Warren Bates
Senior VP Exploration
905.875.3828

by Ted Niles

Pelangio reports Ghana Gold Assays as high as 17.65 g/t over 3m

April 25th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningPelangio Exploration Inc TSXV:PX announced assays from its Manfo Property in Ghana, West Africa. Results include

1.88 g/t gold over 31 metres (including 17.65 g/t over 3 metres)
1.06 g/t over 20 metres
0.97 g/t over 47 metres (including 1.92 g/t over 14 metres)
1.41 g/t over 29 metres (including 3.05 g/t over 8 metres)
1.06 g/t over 63 metres (including 3.78 g/t over 8 metres)
0.96 g/t over 22 metres

VP Corporate Development Brendan Cahill tells ResourceClips.com, “Manfo consists of 100-square kilometres on Ghana’s Sefwi Belt. It is about 14 kilometres from Newmont’s [TSX:NMC] Ahafo Mine—that’s a 19-million ounce total-resource deposit, grading about 1.6 grams per tonne and producing up to 600,000 ounces a year at $550 per ounce. So it’s a huge deposit. We have very similar geology at Manfo and have made five discoveries since mid-2010.

That’s what the goal is at Manfo: find as many of these near-surface, open-pittable deposits as possible—Brendan Cahill

”The results we put out today [were from] 31 holes—about 7,500 metres—of mostly infill drilling on the zone. There was some high grade—17.5 grams over 3 metres—and we’re seeing a higher- to high-grade zone running through about 550 metres of the zone so far. The rest of the results [showed] more good, bulk-tonnage grades in the area of 1.5 g/t to 1.9 g/t over 15 to 30 metres and some broader widths up to 60 metres. The key thing about today’s news is looking forward. Pokukrom East is just one of the targets that we’re drilling right now. We did some IP surveying late last year, and we’re seeing a host of new targets based on that—20 new targets. We’ve drilled, or are drilling, nine of them so far. And that’s what the goal is at Manfo: find as many of these near-surface, open-pittable deposits as possible.

“We’re looking towards the end of the year for a resource,” Cahill continues. “That’s aimed to be on Pokukrom East and West and Nfante West. So three of the five targets. But by the time we get to the resource we hope to have another three to five new zones to be drilled going into 2013.” He adds, “We’re working on the metallurgy right now, but [a PEA] isn’t scheduled yet. But, obviously, you go down the path, and that would be the next step.”

Regarding infrastructure at the property, Cahill reports, “There are great roads running to the property, no problem with access to water. The hydro line goes to Ahafo and runs through the northeast corner of our property. So it has everything you need. And it’s just a fantastic place to work. There’s an educated local population, and you’ve got the labourers, engineers and geologist you need. We’ve got a great geological team over there.

“We have enough cash to carry us through to the end of the year. We’re being careful with it, obviously, as everyone is in this market. So we’re going to keep an eye on the budget and see how the market turns.”

Does Cahill think Pelangio is fairly valued? “In this market I don’t know what fair value is. There are companies that are worth less than us—companies that have been hit worse than we have. We’ve held in there, but that’s because we’ve got a quality asset. When the market turns we expect our asset to be better valued than other ones.”

He concludes, “We’re in Ghana; there have been more 5-million-ounce discoveries made, permitted, developed and gone into production in the last 15 years there than probably anywhere else in the world. The government is very supportive. All the majors—except perhaps African Barrick—are there. They’re there because they know they can produce at good costs, and they’re not going to have problems politically or, for that matter, geologically. Manfo’s on the Sefwi Belt, one of the up-and-coming gold belts in the world, just down the road from Ahafo, and we have very similar geology. We’ve got the infrastructure; we’ve got discoveries and lots of exploration potential going forward. It’s a great place to be.”

View Company Profile

Contact:
Ingrid Hibbard
President/CEO
905.875.3828

or Warren Bates
Senior VP Exploration
905.875.3828

by Ted Niles

Pelangio reports Ghana Results including 1.12 g/t Gold over 82m

November 21st, 2011

Resource Clips - essential news on junior gold mining and junior silver miningPelangio Exploration Inc TSXV:PX announced assays from its Manfo Property in Ghana. Highlights include

1.12 g/t gold over 82 metres
(including 3.12 g/t over 14 metres)
1.17 g/t over 62 metres
(including 2.61 g/t over 22 metres)
1.2 g/t over 55 metres
(including 2.5 g/t over 14 metres)
1.35 g/t over 26 metres
(including 2.51 g/t over 11 metres)
10.29 g/t over 3 metres
(including 29.5 g/t over 1 metre)

Senior VP of Exploration Warren Bates remarked, “The Pokukrom East Zone continues to grow on strike and at depth and we are starting to see broader widths as we drill the northern part of the zone. We have now confirmed the presence of significant mineralization at the 200+ metre level along 450 metres of strike length, with some of the best bulk-tonnage grades that we have hit on the project in holes SPDD-179, 180 and 186 in the northern end of the zone.”

View Company Profile

Contact:
Ingrid Hibbard
President/CEO
or Warren Bates
Senior VP of Exploration
905.875.3828
877.746.1632

Read feature story on Pelangio Exploration Inc.

by Greg Klein

Pelangio reports Ghana Gold Assays as high as 1 g/t over 60m

October 31st, 2011

Resource Clips - essential news on junior gold mining and junior silver miningPelangio Exploration Inc TSXV:PX announced assays from the Pokukrom East and Nfante East zones of its Manfo property in Ghana. Results include

1.06 g/t gold over 22 metres
1 g/t over 60 metres
2.48 g/t over 9 metres
2.47 g/t over 9 metres
2.24 g/t over 19 metres
1.03 g/t over 23 metres
1.07 g/t over 19 metres

Senior VP Exploration Warren Bates commented, “Infill drilling at Pokukrom East continues to confirm a consistent bulk tonnage gold zone from section to section and down-dip extension beyond 250-metres depth. We continue to encounter higher grades (2+ g/t) along the footwall of the mineralization, as seen in SPDD-166, and excellent potential for the zone to continue to depth beyond the northern end of the defined geochemical anomaly. We are now well on our way to drilling out Pokukrom East on 50-metre centres as we move towards an initial resource by mid next year.”

View Company Profile

Read More about Pelangio Exploration

Contact:
Ingrid Hibbard
President/CEO
905.875.3828

or Warren Bates
Senior VP Exploration
905.875.3828

by Ted Niles

Pelangio reports Ghana Gold Results up to 1.2 g/t over 54m

September 8th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningPelangio Exploration Inc TSXV:PX announced assays from its Manfo Property in Ghana. Results include 1.2 g/t gold over 54 metres (including 3.26 g/t over 13 metres), 0.61 g/t over 75 metres (including 0.9 g/t over 30 metres), 0.58 g/t over 57 metres (including 1.11 g/t over 16 metres) and 0.73 g/t over 34 metres (including 1.05 g/t over 11 metres).

Senior VP of Exploration Warren Bates commented, “We have now extended the strike of the Pokukrom East gold zone to 850 metres as we step out on 100-metre sections. Additionally SPDD-152 and SPDD-153, which were drilled as depth-extension holes at Pokukrom East, represent two of the most broadly mineralized drill holes that we have yet encountered at Manfo, with both intersecting the target mineralization as well as new, near-surface hanging wall zones. We have also encountered a new Nfante Central zone 250 metres east of the Nfante West zone. We expect the strike extension and new zones announced today to enhance the project’s resource potential as we move towards an initial estimate over the coming year.”

View Company Profile

Contact:
Ingrid Hibbard
President/CEO
or Warren Bates
Senior VP of Exploration
905.875.3828
877.746.1632

by Greg Klein

The Beverly Hills of West Africa

July 12th, 2011

Pelangio is Surrounded by Gold Coast Giants

By Ted Niles

Brendan Cahill can’t think of a better place to be. “Ghana is kind of the Beverly Hills of gold exploration,” declares the VP of Corporate Development for Pelangio Exploration. “It’s all big players and stars out there.” Among them: Kinross, AngloGold Ashanti, Newmont, Gold Fields and Golden Star. Cahill says, “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. 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.”

Of its three properties in the West African nation—Obuasi, Manfo and Akroma—Pelangio’s Manfo property has received the lion’s share of attention so far. Manfo comprises 100 square kilometres and is located on the Sefwi Greenstone Belt. Cahill refers to it as a “company-making property,” and there might be something to that, given that Kinross’s Chirano Mine is located a mere 14 kilometres to the southwest, and Newmont’s Ahafo Mine is 50 kilometres to the north. Cahill remarks, “[Manfo] is one that people can invest in and be sure that there’s something there.”

Pelangio is Surrounded by Gold Coast Giants

Pelangio reported its first drill results from Manfo as recently as September 2010, so a date for a resource estimate hasn’t yet been decided, although Cahill estimates that it will likely be sometime in 2012. He explains, “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.”

Pelangio in currently in the middle of a 25,000-metre drill program at Manfo, focusing on four targets there: Pokukrom East, Pokukrom West, Nfante East and Nfante West. “We’ve got bulk tonnage and high grade, and there’s lots of room for other discoveries that we’re working on as well,” Cahill says. “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.”

July 11 Manfo assays include 1 gram per tonne gold over 50 metres, 1.12 g/t over 23 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). May 24 assays included 2.6 g/t gold over 19 metres (including 5.79 g/t over 8 metres), 14.1 g/t over 7 metres and 0.99 g/t over 22 metres (including 2.95 g/t over 6 metres). Cahill comments, “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.”

A 5,000-metre drill program is also underway at Pelangio’s Obuasi property, adjacent to and on-strike with AngloGold’s Obuasi Mine, which produced 317,000 ounces gold in 2010. Cahill is optimistic about its prospects: “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 warrant it.” He adds, “[Obuasi] is a potential game-changer. If we hit there, all bets are off.”

Between the company-maker and the game-changer, Pelangio has much to consider. But, insists Cahill, “All we can do is focus on what we can control right now. That’s putting together a really solid resource.”

We think we’re on to the next big gold deposit there; it’s just going to take work to get it together —Brendan Cahill

He continues, “We have a team that can go well beyond that stage, but once we get the resource done, then we’ll look about ourselves and see whether going to production is the way to do it.” He suggests the possibility, for instance, of Pelangio spinning the project out into another company—as it did in 2007 with its Detour Lake project in Ontario. “The wild card is always whether you get taken out along the way. But that’s not something we can control.”

In addition to its Ghana properties, Pelangio has several in Canada, including Ontario’s Birch Lake and Poirier properties. At press time, the company has 138.1 million shares trading at $0.57 for a market cap of $78.7 million.

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

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

July 12th, 2011

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 ResourceClips.com, “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.”

View Company Profile

Contact:
Warren Bates
Senior VP of Exploration
905.875.3828
877.746.1632

by Greg Klein and Ted Niles

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

May 25th, 2011

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

May 9th, 2011

“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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Pelangio VP Exploration Warren Bates on Ghana gold assays of 1.36 g/t over 52 metres

January 26th, 2011

“The project is in the Sefwi Belt in Ghana. We acquired it last September. We’re about half-way through a 5,000-metre program, and we expect to do quite a bit more drilling this year. We’ve got four zones that we’ve hit mineralization on. The Nfante West stuff is at the north end of that mineralization, and the Pokukrom East results were great results, sitting right in the middle of it. Very shallow, bulk-tonnage style results. And we’ve got a lot of room on that anomaly—it’s about 1.3 kilometres long. We’re really encouraged by that.

“In 2011 we’ll be doing a major surface program. We’re going to drill another 3,500 metres in 25 holes. We’re going to continue surface work—we just finished flying it last fall with geophysics, and we’re just getting that. So we’ll put that all together and probably start drilling again later on in the year. We’re pretty happy.”

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