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Pelangio Enters Option Agreement to Acquire the Hailstone Gold Property in the La Ronge Area Saskatchewan
TORONTO, ON / ACCESSWIRE / July 15, 2019 / Pelangio Exploration Inc. (...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Enters Option Agreement to Acquire the Hailstone Gold Property in the La Ronge Area SaskatchewanTORONTO, ON / ACCESSWIRE / July 15, 2019 / Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to announce that it has entered into a binding Letter of Intent (“LOI”) to acquire a 90% proportionate legal and beneficial interest in seven mineral claims located in the La Ronge area, Northern Mining District, Saskatchewan (the “Hailstone Property”) from First Geolas Consulting (“Geolas” or the “Vendors”). Highlights of the Hailstone Property:Hailstone Property is comprised of seven mineral claims located approximately 100 kilometers northeast of La Ronge, Saskatchewan,Flanked by previous producing gold deposits (see Figure 1),Prospective geology and multiple high-grade gold showings across the Property (see Figure 2); andAll season highway access.Pelangio’s CEO Ingrid Hibbard commented, “We are pleased to have the opportunity to acquire the Hailstone Property located in the highly prospective La Ronge Gold Belt. We are excited to begin our exploration activities and prospecting is currently underway.”Geological DescriptionThe Hailstone Property is located within the Central Metavolcanic Belt of the La Ronge Domain of north-central Saskatchewan, which represents a portion of the Paleoproterozoic Trans-Hudson Orogeny. The Property comprises a southwest-northeast trending metavolcanic succession intruded by multi-phase intrusive rocks of the Berven Lake Pluton. Gold and copper mineralization (Figure 2 compilation) on the Property is hosted within quartz veins and quartz rich pegmatite dikes associated with southwest-northeast trending shear zones subsidiary to the terrain-bounding McLennan Lake Tectonic Zone.The reader is cautioned that the assay values presented in the compilation map in Figure 2 are historical in nature. The Company has not confirmed these historical numbers.Terms of the Option Agreement and Work CommitmentThe Option Agreement is developed in two stages:First Option whereby Pelangio may earn 51% interest;Second Option whereby Pelangio may earn an additional 39% interest for a 90% total interest in the Hailstone PropertyA joint venture may be formed between the two part...