Business
Pelangio Provides Corporate and Exploration Update
TORONTO, ON / ACCESSWIRE / August 15, 2019 / Pelangio Exploration Inc. (TSX-V:PX)(OTCPINK:PGX...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Provides Corporate and Exploration UpdateTORONTO, ON / ACCESSWIRE / August 15, 2019 / Pelangio Exploration Inc. (TSX-V:PX)(OTCPINK:PGXPF) (“Pelangio” or the “Company”) is pleased to provide a summary of recent corporate and exploration activities.HIGHLIGHTSFinancing:Completed a flow through and hard dollar financing totaling $290,00Dalton Property:Completed mobile metal ion (MMI) soil geochemical survey over the more prospective portions of the propertyFinalizing target development to prepare for a fall diamond drilling program anticipated to commence in mid to late September of 2019Grenfell Property:Completed a re-evaluation of the Grenfell property in order to plan for a 2020 winter diamond drill programDome West Property:A single 543 meter drill hole was completed on the Dome West property in April 2019This hole intersected 3.21 g/t gold over 1.25 meters including a higher grade intercept of 4.754 g/t gold over 0.75 metersPlans to initiate a substantial deep drilling program on the Dome West property in April 2020Hailstone Property:Completed a rock sampling program - waiting for analysis and resultsContinue target development to develop drill ready targetsFinancingPelangio completed a non-brokered private placement on August 12, 2019 which raised a total of $290,000 for the issuance of 1,000,000 common shares issued on a “flow-through” basis (the “FT Shares”) and 1,000,000 common shares (“HD Shares”) of the Company at a price of $0.15 per FT Share and a price of $0.14 per HD Share.Dalton Property UpdateThe Dalton property comprised of 23 patented mining claims is located approximately 1.5 kilometers (“km”) southwest of the historic Hollinger Gold Mine which has had historical production of over 19.3 million ounces of gold; the Hollinger Gold Mine is currently being operated by Newmont Goldcorp as a surface open pit operation (see Figure 1). Pelangio recently completed a Mobile Metal Ion (“MMI”) soil geochemical survey over the more prospective portions of the Dalton property; just over 200 MMI soil samples were recently submitted for multi -element analysis. A total of 43 rock samples from across the entire property have also been submitted for analysis. During the course of prospecting, a number of strong east-west tren...