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Pelangio Options Strachan Property Battery Metals Project to Pancontinental Resources Corp.
TORONTO, ON / ACCESSWIRE / January 18, 2019 / Pelangio Exploration Inc. (PX: TSX-V; OTC PINK:...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Options Strachan Property Battery Metals Project to Pancontinental Resources Corp.TORONTO, ON / ACCESSWIRE / January 18, 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 with Pancontinental Resources Corporation (\"Pancontinental\" or \"Pancon\") pursuant to which Pancon can earn up to a 75% interest in Pelangio's Strachan Property. Under the terms of the letter of intent, Pancontinental has the right to earn an initial 60% interest in the Strachan Property over a three year period through the issuance of 400,000 common shares, payments of $40,000 to be issued in four equal installments, and completion of a $250,000 work commitment. Upon acquiring the initial 60% interest Pancontinental may elect to earn a further 15% interest in the property by incurring an additional $500,000 in exploration expenditures over three years. The Strachan Property will be the third copper, nickel, cobalt property that Pelangio will have under option to Pancon in the emerging Montcalm battery metals district, along with Pelangio's 50% interest in the Nova and Montcalm properties. On January 7, 2019, Pancon announced the launch of its initial drill program on the Montcalm property (see Pancon press release dated January 7, 2019). \"We are very pleased with the ongoing collaboration with Pancontinental\", commented Ingrid Hibbard, President and CEO of Pelangio. \"The optioning of the three properties to Pancon provides Pelangio with direct and indirect exposure to a substantial battery metals exploration program with camp size potential.\"Strachan PropertyThe Strachan property is located approximately 65 kilometres (\"km\") northwest of Timmins, Ontario or about 19 km south of Glencore's former Montcalm Mine which had historical production during 2004-2009 of 3,931,610 tonnes of ore grading 1.25% nickel, 0.67% copper and 0.051% cobalt, and which produced in excess of four million pounds of cobalt (Source: Ontario Geological Survey, Atkinson, 2011).The Strachan property was acquired by Pelangio, along with the 50% interest in the Nova and Montcalm properties when it completed the acquisition of 2522962 Ontario Inc. (\"5SD Capital\") in December of 2018 (see press release December 10, 2018).The Strachan Property is comprised...