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Pelangio Continues With Option at Dome West Property - Timmins, Ontario
TORONTO, ON / ACCESSWIRE / January 26, 2021 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PG...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Continues With Option at Dome West Property - Timmins, OntarioTORONTO, ON / ACCESSWIRE / January 26, 2021 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that it will continue to exercise its option on its Dome West property in Timmins, Ontario, by making a cash payment of $75,000 and issuing 100,000 common shares of the Company to Francois Desrosiers and to 6398651 Canada Inc., the optionees, in accordance with the terms of the agreement.Highlights of the Dome West Property10 claims, located 800 meters (\"m\") west of Newmont's Dome Mine and 450 meters northwest of the former Paymaster Mine (see figure 1);Gold mineralization was intersected proximal to the Dome West Property in historical underground drilling from the Paymaster Mine 1000-foot level:Paymaster drill hole PM10155, with an azimuth of 20 degrees and an inclination of -12 degrees collared at the 1000-foot level of the Paymaster Mine, intersected 1.74 oz/ton gold over 6.5 ft from 75 to 81.5 feet down hole. This intersection is approximately 82m southeast of the southeast corner of the Dome West Property. (Reference: Copy of Original Paymaster Drill Log PM10155 & Assessment File Level Plan File T-125)A second horizontal drill hole, PM10156, at azimuth 20 degrees from the same collar location as hole PM10155 at the 1000-foot level of the Paymaster Mine, returned 0.63 oz/ton gold over 6 feet, from 941 to 947 feet down hole. This intercept is located approximately 176 meters east of the property boundary. (Reference: Copy of Original Paymaster Drill Log PM10156 & Assessment File Level Plan File T-125)The initial gold intercept in Paymaster hole PM10155 is interpreted to be associated with the same porphyritic intrusive intersected in Pelangio's drill hole DW1901. (Reference: Ontario Resident Geologist Assessment File T125 and OGS Report 58; Ferguson, S.1968);Initial drilling by Pelangio in 2019 intersected 3.21 g/t gold over 1.25m (including 4.754 g/t Au over 0.75m) in DW1901 (see Pelangio press release June 13, 2019). The hole also confirmed the presence of prospective Tisdale Group stratigraphy, variolitic flows, and porphyritic intrusives known to be associated with gold deposits at the adjoining Dome and Paymaster Mines and represented the first known recorded gold intercept on the Dome We...