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Pelangio Exploration Inc. Announces Option to Acquire up to an 83% Interest in the Nkosuo Project Adjacent to Pelangio's Manfo Project
Toronto, Ontario--(Newsfile Corp. - February 24, 2025) - Pelangio Exploration Inc. (TSXV: PX) (O...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Exploration Inc. Announces Option to Acquire up to an 83% Interest in the Nkosuo Project Adjacent to Pelangio's Manfo ProjectToronto, Ontario--(Newsfile Corp. - February 24, 2025) - Pelangio Exploration Inc. (TSXV: PX) (OTC PINK: PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce it has entered into a strategic agreement dated February 24th, 2025 with FJ Minerals Limited (\"FJ\") granting Pelangio the right to acquire up to an 83% interest in FJ's Nkosuo Project, located adjacent to Pelangio's Manfo Project on the Sefwi Belt in the Ashanti Region of Ghana.The agreement outlines the terms of cooperation between Pelangio and FJ for the development of our joint exploration projects. FJ, a privately held Ghanaian company, has significant experience in the mining sector in Ghana. This alliance is expected to accelerate the exploration and development of both the Manfo and Nkosuo Projects.\"We are very excited about the opportunity to work with FJ to explore and develop the Manfo and Nkosuo Projects together,\" commented Ingrid Hibbard, President and CEO of Pelangio. \"This acquisition aligns with our strategies of collaborative exploration and expansion of our presence in the world-class gold belts.\"Highlights of the Nkosuo Project:30- year Mining Lease has been granted covering the 18 km2 Nkosuo ProjectNkosuo Project is located directly south and adjacent to Pelangio's Manfo ProjectPrevious exploration and artisanal workings on the Nkosuo Project indicate the structures hosting the deposits on the Manfo Project continue into the Nkosuo Project for up to 4.4 km of strike lengthExploration highlights from RC drilling and trenching by Ashanti Goldfields Corp. include an RC hole returning 37 meters of 1.52 g/t Au situated 400 meters southwest of the Manfo property boundary plus a trench which assayed 37 meters of 5.60 g/t Au including 22 meters of 7.89 g/t Au (uncut) 1.0 kilometers into the Nkosuo Project Terms of the Acquisition and Additional OptionsPelangio has the right to acquire an 83% interest in the Nkosuo Project, subject to due diligence and other customary conditions, by transferring a 17% interest in the Manfo Project to FJ (the \"Nkosuo Option\").If the Nkosuo Option is exercised a Joint Venture will be formed to hold title to both the Manfo and Nkosuo Projects, with Pelangio holding an 83% interest, ...