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Pelangio Exploration Options the Dankran Property Expanding Its Position on the Ashanti Belt in Ghana
TORONTO, ON / ACCESSWIRE / November 12, 2020 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:P...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Exploration Options the Dankran Property Expanding Its Position on the Ashanti Belt in GhanaTORONTO, ON / ACCESSWIRE / November 12, 2020 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that it has entered into an Option Agreement (the \"Option\") with BNT Resources Ghana Ltd., (\"BNT Ghana\") to acquire a 100% interest in the 34.65 square kilometer (\"km2\") Subriso-Kokotro concession, (\"Dankran property\") located adjacent to Pelangio's Obuasi project, on the prolific Ashanti Gold Belt in Ghana.Highlights of the Dankran PropertyThe Dankran property covers the same Birimian sedimentary and volcanic stratigraphy that hosts AngloGold Ashanti's 30+ million ounce Obuasi Mine;Adjacent to historic Obuom mine which in the 1930's produced 29,000 ounces at an average grade of 16 g/t Au, with recent extensive artisanal mining activity evident extending from the mine site into the Dankran property;Seven kilometers of strike of the world-class Ashanti Belt, one of the last remaining untested strike-extensive stretches of highly favourable Ashanti Belt geology; andVery limited exploration to date on the property offers Pelangio excellent opportunities for early discovery.Ingrid Hibbard, President and CEO of Pelangio, commented, \"We are very pleased to have the opportunity to extend our land holdings northeast from our Obuasi project. The Dankran property covers the geology that hosts AngloGold Ashanti's 30+ million ounce Obuasi Mine, located 25 kilometers to the southwest. We are excited to immediately begin our initial soil sampling program to be followed by scout drill testing of significant gold in soil anomalism. Terms of the Option AgreementIn order to acquire 100% interest in the Dankran property, Pelangio must pay to BNT Ghana an aggregate of $300,000, and issue 1,000,000 shares in accordance with the following schedule:Cash PaymentsShare IssuancesYear$50,000-On the date an offer letter is received from the Minerals Commission of Ghana$50,000-On the Effective Date$100,000250,000On or before six months from the Effective Date$100,000750,000On or before the date two years from the date the Agreement was executed$300,000$1,000,000 The Agreement is subject to:Valid issuance of the Prospecting License to BNT Ghana;Approval of the Agreement by the Minister of Lands an...