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Pelangio Exploration Options Grenfell Project To Record Gold Corp.
TORONTO, ON / ACCESSWIRE / September 7, 2022 / Pelangio Exploration Inc. (TSXV:PX; OTC PINK:P...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Exploration Options Grenfell Project To Record Gold Corp.TORONTO, ON / ACCESSWIRE / September 7, 2022 / Pelangio Exploration Inc. (TSXV:PX; OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that it has entered into an earn-in agreement (\"Earn-In\") with Record Gold Corp. (\"Record Gold\"), a privately held mineral exploration company, on Pelangio's Grenfell gold project, located in Grenfell Township, near Kirkland Lake, Ontario, approximately 10 km northwest of the Macassa Mine, one of the highest gold grade mines in the world.Highlights:Record Gold may acquire up to an 80% interest in the Grenfell project by incurring $2,000,000 in exploration expenditures and making $60,000 in cash option payments to Pelangio over a period of five years.\"This agreement ensures significant ongoing exploration at this project and maintains the upside potential of this project with a retained 20% interest for Pelangio shareholders post earn-in, while we concurrently explore and evaluate the discovery potential at our Manfo and Obuasi projects in Ghana and at our Kenogaming, Dome West and Gowan projects in Ontario,\" said Ingrid Hibbard, President and CEO. \"Further, Pelangio currently owns approximately 3.87 million common shares of Record Gold, so our shareholders have exposure to any share appreciation if realized,\" she added.Agreement Terms:Pursuant to the earn-in agreement, Record Gold may earn an 80% interest in the Grenfell Project by paying Pelangio a total of $60,000 in cash, and completing $2,000,000 in exploration expenditures, in accordance with the following schedule:Pelangio retains a 100% interest in the Grenfell project until the Earn-In option is completed. When the Earn-In is completed, Pelangio and Record Gold shall form an 80%/20% joint venture with respect to the Grenfell Project.About Grenfell:The 100% owned Grenfell property is located in Grenfell Township approximately 10km northwest of the Town of Kirkland Lake, Ontario. It is comprised of a series of contiguous mining leases and mining claims covering about 6.7km2. This property has been worked sporadically on and off since the early 1930's. The majority of work on the property took place in the 1930's to early 1940's when bulk sampling of some high-grade gold veins occurred in conjunction with diamond drilling, shaft sinking and substan...