Pelangio Exploration Announces Maiden Resource Estimate for Manfo Gold Project in Ghana, West Africa
07 Mai 2013 - 2:00PM
Marketwired Canada
Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCQB:PGXPF) ("Pelangio" or the
"Company") is very pleased to announce the preparation of an initial mineral
resource statement for the Company's Manfo Property ("Manfo" or the "Property").
Mineral resources have been estimated in conformity with generally accepted
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Estimation of
Mineral Resource and Reserves Best Practices Guidelines and are reported in
accordance with Canadian Securities Administrators' National Instrument 43-101
("NI 43-101") by SRK Consulting (Canada) Inc. ("SRK"). The announcement of the
first resource statement for Manfo constitutes an important milestone in the
long-term exploration strategy for Pelangio's gold properties in Ghana.
Highlights
The results of the initial gold resource indicate:
-- 40% of the estimated Gold Resource is in the Indicated category;
-- Pittable Mineral Resource reported at cut-off grades of 0.40 grams of
gold per tonne ("gpt") for oxide material and of 0.50 grams of gold per
tonne ("gpt") for transitional / fresh material in relation to a
conceptual pit shell:
-- Indicated Resource of 3.973 million tonnes at 1.52 gpt gold, and
-- Inferred Resource of 9.666 million tonnes at 0.96 gpt gold; and
-- Gold mineralization remains open along strike and at depth as suggested
by the out-of-pit resources.
The Mineral Resource Statement(i) is presented below:
Mineral Resource Statement(i) Manfo Gold Project, Ghana - SRK Consulting
(Canada) Inc.,
May 6, 2013
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Indicated Inferred
----------------------------------------------------
Quantity Grade Contained Quantity Grade Contained
Cut-off (000' Au Au (000' Au Au
Category (Au gpt) tonnes) (gpt) (000'oz) tonnes) (gpt) (000'oz)
----------------------------------------------------------------------------
Inside Pit
Oxide 0.40 49 0.96 2 458 1.07 16
Transitional 0.50 382 1.96 24 876 1.13 32
Fresh 0.50 3,543 1.49 169 918 1.09 32
----------------------------------------------------------------------------
Total 3,973 1.52 195 2,253 1.10 80
----------------------------------------------------------------------------
Outside Pit
Oxide 0.40 50 0.68 1
Transitional 0.50 217 0.72 5
Fresh 0.50 7,146 0.93 213
----------------------------------------------------------------------------
Total 7,413 0.92 218
----------------------------------------------------------------------------
Combined Inside and Outside Pit
Oxide 0.40 49 0.96 2 508 1.05 17
Transitional 0.50 382 1.96 24 1,093 1.05 37
Fresh 0.50 3,543 1.49 169 8,064 0.94 245
----------------------------------------------------------------------------
Total 3,973 1.52 195 9,666 0.96 298
----------------------------------------------------------------------------
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(i)Mineral resources are not mineral reserves and do not have a demonstrated
economic viability. All figures have been rounded to reflect the relative
accuracy of the estimates. The cut-off grades are based on a gold price of
US$1,450 per ounce and metallurgical recovery of 94 percent for oxide, and
86 percent for fresh and transitional material. Mineral resources are
reported in relation to an elevation determined from optimized pit shells.
All composites have been capped where appropriate.
To view images illustrating the conceptual pits, gold mineralization and
drilling on the Manfo Property, see:
http://www.pelangio.com/Projects/Ghana/Manfo/Resource%20Estimate-PressReleaseSlides.aspx.
Commentary
Ingrid Hibbard, President and CEO of Pelangio Exploration, noted that, "We are
pleased with the results of our first resource estimation at Manfo, following
our initial period of target identification and follow-up drilling. Since
acquiring the property as a grassroots project in August 2010, we have been
successful in the discovery of seven areas of gold mineralization, three of
which are included in this resource estimate and remain open along strike and at
depth. The in-depth analysis that underlies the resource estimation,
particularly the geologic modelling coupled with geostatistical analysis, and
the development of a block model, will assist in the prioritization of known and
prospective targets for ongoing exploration over the entire Manfo Property.
Ten additional targets have been identified along and parallel to the nine
kilometre long structural corridor that is a continuation of the fault system
hosting the Chirano Mine (Kinross Gold) and the Bibiani Mine (Nobel Mineral
Resources), - deposits with multi-million ounces of gold in past production,
reserves and resources. The location, only 14 kilometres from Newmont's African
flagship Ahafo Mine, which has a similar alteration style and setting to our
Manfo resource, emphasizes Manfo's potential in an outstanding area of large
gold deposits in Ghana's gold-rich Sefwi Belt and indicates the importance of
future exploration on the Manfo targets and discoveries that are early-on in
their evaluation. With three resource areas that remain open, several recent
discoveries and ten more target areas along the nine kilometre trend, we are
well positioned to expand upon our resource base."
2013 Exploration Program
In preparation for a Rotary Air Blast (RAB) drilling program on portions of the
main trend down strike from the known mineralization and a Reverse Circulation
(RC) drilling program in the target areas adjacent to the existing resources at
Pokukrom East and West as well as at the Nkansu and Sika North discovery areas,
Pelangio is conducting an exploration program of geochemical sampling, trenching
and mechanized auger drilling. To date, Pelangio's delineation costs have been
approximately US$12.50 per ounce of gold resource. In order to reduce drilling
costs, the RAB and RC programs will be completed with the cost effective and low
environmental impact Grasshopper Rig, which is currently being shipped to Ghana
by Pelangio.
Technical Description
Gold mineralization at Manfo is hosted in sericite and hematite altered
granitoid rocks adjacent to a set of brittle-ductile faults. Within geologically
modeled alteration envelopes, gold mineralization occurs in strongly altered
zones adjacent to the brittle-ductile faults, and in fracture-controlled zones
preferentially developed in certain horizons within the granitoid rocks in the
hanging wall of the faults. Based on current exploration drilling density, three
zones were selected for resource modelling. The bulk of the gold mineralization
occurs in the Pokukrom East Zone that was sampled by drilling on sections spaced
at fifty metres. Two smaller, less well-defined zones exist to the south (Nfante
West Zone) and west (Pokukrom West Zone) of the main zone.
The Manfo Property database contains 178 surface diamond boreholes. The
drillhole data includes collar location, down-hole survey, rock codes and 36,606
sample intervals assayed for gold. The mineral resource statement utilizes a
total of 135 boreholes with 27,897 metres of drilling. Data used for mineral
resource estimation purposes was verified by SRK.
The mineral resources reported herein have been estimated using a geostatistical
block modelling approach derived from borehole data. All zones were estimated
using a traditional wireframe interpretation constructed from a sectional
interpretation of the drilling data. The block model was set on a grid of 5 by 5
by 5 metres, rotated by 30 degrees clockwise such that the block model is
oriented subparallel to the general strike of the mineralization. Gold grades
were estimated by ordinary kriging and compared with an inverse distance
algorithm (power of two) as a secondary estimator using the same estimation
parameters.
Two block models were created to cover the Pokukrom and Nfante zones of gold
mineralization at the Manfo Property. Two estimation passes were used to
populate the block model with gold grades within the alteration zones and third
estimation pass was considered for the gold grades constrained by mineralization
wireframes. The first, second and third estimation passes considered full, twice
and three times variogram ranges.
SRK is satisfied that the geological modelling honours the current geological
information and knowledge. The location of the samples and the assay data are
sufficiently reliable to support resource evaluation and do not present a risk
to resource classification. The mineral resource model is largely based on
geological knowledge derived from boreholes drilled on sections spaced at 50
metres apart. The geological information is sufficiently dense to allow
modelling with reasonable confidence the boundaries of the gold mineralization
for the Pokukrom zones, while for the Nfante West Zone, the geological
continuity can only be inferred at the current drill spacing within the meaning
of the CIM Definition Standards for Mineral Resources and Mineral Reserves
(November 2011).
SRK considers that modeled gold mineralization exhibiting good reporting grade
continuity informed by adequately spaced, reliable sampling data and estimated
during the first estimation pass within a conceptual pit shell can be classified
in the Indicated category within the meaning of the CIM Definition Standards for
Mineral Resources and Mineral Reserves (November 2011). For those blocks, SRK
considers that the level of confidence is sufficient to allow appropriate
application of technical and economic parameters to support mine planning and to
allow evaluation of the economic viability of the deposit. Those blocks located
in the Pokukrom zones can be appropriately classified as Indicated. Conversely,
blocks estimated during the second pass and all those blocks located in domains
where the geological and gold mineralization continuity can only be inferred
should be classified in the Inferred category because the confidence in the
estimates is insufficient to allow for the meaningful application of technical
and economic parameters or to enable an evaluation of economic viability. SRK
considers that portions of the Manfo gold mineralization are amenable for open
pit extraction, with "reasonable prospects" for economic extraction by an open
pit assessed using a pit optimizer. The Manfo project is at a relatively early
stage of exploration. The gold mineralization delineated by drilling is not
completely closed off by drilling. For this reason, SRK considers that the gold
mineralization located outside a conceptual pit shell but above the bottom of
the pit shell may eventually be shown to be amenable for open pit extraction.
Accordingly all blocks located outside the conceptual pit shell were
reclassified as Inferred. Open Pit Mineral Resources reported at cut-offs of
0.40 gpt for oxide material and at 0.50 gpt for transitional and fresh material.
The mineral resource estimation work was completed by Dorota El-Rassi, P. Eng.
(APEO #100012348) and Blair Hrabi (APGO #1723) under the supervision of Glen
Cole, P.Geo. (APGO #1416) of SRK. Ms. El-Rassi, Mr. Hrabi and Mr. Cole, are all
independent Qualified Persons as this is defined in National Instrument 43-101.
Mr. Hrabi has inspected the Manfo gold project from May 15 to 22, 2012. SRK's
Technical Report is expected to be filed on SEDAR within the prescribed 45 days
following the date of issuance of this news release. Mr. Glen Cole reviewed the
content of this news release.
Pelangio's Senior VP Exploration is Warren Bates, P.Geo., a Qualified Person as
defined by National Instrument 43-101 who has reviewed the technical content of
this press release.
About Pelangio Exploration Inc.
Pelangio successfully acquires and explores camp-sized land packages in
world-class gold belts, while using innovative corporate restructuring to
maximize shareholder value. The Company primarily operates in Ghana, West
Africa, an English-speaking, common law jurisdiction that is consistently ranked
amongst the most favourable mining jurisdictions in Africa. The Company is
exploring three 100%-owned camp-sized properties: the 100 km2 Manfo Property,
the site of seven recent near-surface gold discoveries, the 290 km2 Obuasi
Property, located four kilometres on strike and adjacent to AngloGold Ashanti's
prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of
gold since 1897, and the early-stage 160 km2 Akroma Property.
For additional information, please visit our website at www.pelangio.com, follow
us on Twitter @PelangioEx.
Cautionary Note Regarding Mineral Resource Estimates
Investors should not assume that any of the indicated or inferred resource
disclosed herein will ever be upgraded to a higher category of mineral resource
or to mineral reserves and that any or all of the indicated or inferred mineral
resource exist or is or will be economically or legally feasible to mine. In
addition, investors should not assume that any of the references herein to
adjacent properties (based on public information) is necessarily indicative of
the mineralization on the Manfo property or that further exploration on the
Manfo property will prove to be successful.
The disclosure herein uses mineral resource classification terms that comply
with reporting standards in Canada and the disclosure of mineral resource
estimates are made in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects. NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning mineral
projects that are considered material to the issuer.
All resource estimates contained herein are based on the definitions adopted by
CIM and recognized under NI 43-101. These standards differ significantly from
the mineral reserve disclosure requirements of the U.S. Securities and Exchange
Commission set out in Industry Guide 7. Consequently, resource information
contained in this press release is not comparable to similar information that
would generally be disclosed by U.S. companies in accordance with the rules of
the SEC. The SEC's Industry Guide 7 does not recognize mineral resources and US.
companies are generally not permitted to disclose mineral resources in documents
they file with the SEC. Investors are specifically cautioned not to assume that
any part or all of the mineral resources disclosed above will ever be converted
into SEC defined mineral reserves. Further, "inferred mineral resources" have a
great amount of uncertainty as to their existence and as to whether they can be
mined legally or economically. In accordance with Canadian rules estimates of
inferred mineral resources generally cannot form the basis of an economic
analysis.
Forward Looking Statements
Certain statements herein may contain forward-looking statements and
forward-looking information within the meaning of applicable securities laws.
Forward-looking statements or information appear in a number of places and can
be identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate" or "believes" or variations of
such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements and information include statements regarding the
mineral resource estimate, the timing of exploration programs and filing of
technical reports and the Company's exploration plans and exploration results
with respect to the Obuasi Property and the Manfo Property. With respect to
forward-looking statements and information contained herein, we have made
numerous assumptions, including assumptions about gold price, cut-off grades,
metallurgical recoveries, operating and other costs and technical assumptions
used in the estimate.
Such forward-looking statements and information are subject to risks,
uncertainties and other factors which may cause the Company's actual results,
performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statement or information. Such risks include discrepancies
between actual and estimated mineral resources, subjectivity of estimating
mineral resources and the reliance on available data and assumptions and
judgments used in the interpretation of such data, speculative and uncertain
nature of gold exploration, exploration costs, capital requirements and the
ability to obtain financing, volatility of global and local economic climate,
share price volatility, estimate gold price volatility, changes in equity
markets, political developments in Ghana, increases in costs, exchange rate
fluctuations and other risks involved in the gold exploration industry. See the
Company's annual information form and annual and quarterly financial statements
and management's discussion and analysis for additional information on risks and
uncertainties relating to the forward-looking statement and information. There
can be no assurance that a forward-looking statement or information referenced
herein will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements or information.
Also, many of the factors are beyond the control of the Company. Accordingly,
readers should not assume that any of the indicated or inferred resource will
ever be upgraded to a higher category or to mineral reserves and any or all
exist or is economically or legally feasible to mine or place undue reliance on
forward-looking statements or information. We undertake no obligation to reissue
or update any forward-looking statements or information except as required by
law. All forward-looking statements and information herein are qualified by this
cautionary statement.
To view the figures accompanying this press release, please visit the following
link:
http://file.marketwire.com/release/871868.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Pelangio Exploration Inc.
Ingrid Hibbard
President and CEO
905-875-3828 / Toll-free: 1-877-746-1632
Pelangio Exploration Inc.
Warren Bates
Senior Vice President Exploration
905-875-3828 / Toll-free: 1-877-746-1632
info@pelangio.com
www.pelangio.com
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