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Amarillo’s new gold deposit at least 200 metres deep

TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) — The latest assay results from a regional exploration program confirm the continuity and down dip extensions…

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TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- The latest assay results from a regional exploration program confirm the continuity and down dip extensions of the Pastinho Gold Deposit, said Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) today.

“We expect Pastinho to develop into another source of future ore feed for the Posse mill once the Posse Gold Mine is built,” said Mike Mutchler, Amarillo’s President and Chief Executive Officer. “We believe Pastinho will eventually not only extend Posse’s overall mine life, but significantly increase its average annual gold production as well.”

Pastinho is Amarillo’s second primary gold deposit on Amarillo’s Mara Rosa Property in Goiás State, Brazil. It is located 3.5 kilometres northeast of the Company’s flagship Posse Gold Deposit along the Posse north gold trend.

The assay results are from nine holes representing 1,564 metres of the 4,000 metres originally budgeted for the 2021 exploration program at Mara Rosa. These results are in addition to the positive assay results from the 15 holes released in September, after which Amarillo expanded its diamond drill program by 3,000 metres.

Highlights

  • Drillhole 21PTN021 on section line 14 intersected 11.00 metres grading 1.20 g/t gold from 222.0 metres, including 7.00 metres grading 1.81 g/t gold from 220.0 metres. This extends Pastinho to a vertical depth of approximately 200 metres. The deposit remains open at depth.
  • Drillhole 21PTN025 on section line 14 intersected four intervals of elevated gold interpreted to represent parallel gold structures. Highlights include 9.00 metres grading 1.39 g/t gold from 81.00 metres including 4.00 metres grading 2.42 g/t gold from 81.00 metres. There is another one-metre interval from 113.00 metres of greater than 10.0 g/t gold, and 3.00 metres grading 0.52 g/t gold from 145 metres.
  • Drillhole 21PTN012 on section line 26 returned three intervals of prominent gold values including 8.00 metres of 0.78 g/t gold from 44.00 metres, 2.50 metres grading 0.308 g/t gold from 72.50 metres, and 7.50 metres grading 0.731 g/t gold from 90.00 metres. These results are interpreted to represent parallel gold structures.

Discussion of results

Pastinho is located approximately 3.5 kilometres northeast of the flagship Posse Gold Project along the Posse north gold trend.

Drilling to date has defined a near surface northeast-southwest trending tabular-shape gold deposit over a strike length of 1,700 metres that dips approximately 60 degrees northwest. The apparent thickness ranges from 5 to 20 metres. Several parallel gold structures have been observed in some places.

Pastinho is interpreted to be a mesothermal orogenic gold deposit. The gold is typically associated with highly sheared mylonitic metatonalite and amphibolite rocks. The mylonite has been hydrothermally altered characterized by intense silicification, biotite, carbonate, and 3-5% disseminated pyrite occurring within the foliation of the mylonite. The gold-bearing rocks are like the flagship Posse Gold Deposit (see photos in Appendix 1).

The Pastinho drilling program is designed to expand the strike length and depth potential of the Pastinho discovery and confirm the continuity of gold mineralization. Eight of the nine holes disclosed in this press release returned elevated gold values from section line 10 through section line 26 confirming good gold continuity over 800 metres of strike length (see Table 1, Figure 1, and Figure 2). Overall, gold continuity is observed over 1,700 metres of strike length including results from previous drill programs.

Drill hole 21PTN019 was drilled off the Pastinho gold trend to the east on section line 39 and therefore is excluded from this interpretation – although anomalous gold values were encountered.

Each of the nine drill holes disclosed in this news release intersected multiple gold intervals (between three and five) suggesting several parallel gold structures exist at Pastinho. Importantly, many of these parallel gold structures are wide. For example, 21PTN012 on section line 26 returned 8.00 metres grading 0.77 g/t gold, followed by 2.50 metres grading 0.31 g/t gold, and 7.50 metres grading 0.73 g/t gold. Further work is required to better understand the nature of these parallel gold structures.

In addition to lateral continuity, good vertical continuity is developing. For example, on section line 14 drill hole 21PTN021 returned three intervals of gold mineralization highlighted by 11.00 metres grading 1.201 g/t gold at a vertical depth of approximately 200 metres followed by 4.00 metres grading 1.10 g/t gold. Drill hole 21PTN025 was drilled up dip from hole 21PTNH021 and intersected 9.00 metres grading 1.39 g/t gold at vertical depth of about 70 metres, followed by an interval of 3.00 metres grading 0.52 g/t gold. Hole 21PTN001 intersected 12 metres grading 0.78 g/t gold from 23 metres.

Summary

Recent drilling results are confirming good continuity and depth potential at Pastinho. The deposit has been defined over 1,700 metres of strike length to depths of 200 metres and widths of up to 20 metres. The deposit remains open.

The 2021 drilling program has been increased by an additional 3,000 metres based on positive results generated to date.

Two drills are currently operating, and further updates will be provided when results are received.

Qualified person

Michael Durose, P.Geo., Consulting Geologist for Amarillo Gold Corporation and a qualified person (QP) as defined by Canadian National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this release.

Quality assurance and quality control

Sample handling, preparation and analysis are monitored through the implementation of formal chain-of-custody procedures and quality assurance/quality control programs designed to follow industry best practices.

Trench channel samples were taken at 1 metre intervals and placed in a secure sample bag and submitted to ALS Laboratories Inc. in Goiania, Goiás State, Brazil for preparation by crushing to 70% passing 2.0 mm, riffle splitting to obtain 500 g aliquots, and pulverizing to 85% passing 75 microns.

All drillhole samples in this drilling program consist of split NQ diamond drill core.

Drillcore is logged and sampled in a secure facility located in Mara Rosa, Goiás State, Brazil. Drillcore samples for gold assay are cut in half using a diamond saw and submitted to ALS Laboratories Inc. in Goiania, Goiás State, Brazil for preparation by crushing to 70% passing 2.0 mm, riffle splitting to obtain 500 g aliquots, and pulverizing to 85% passing 75 microns.

Pulps are shipped to ALS Laboratories in Lima, Peru and analyzed by a 30 g fire assay and AAS finish (gold – AA23 method). For assays above 10 ppm gold, a cut of the original pulp was re-assayed with a gravimetric finish (gold – GRA21 method).

Certified standards, non-certified blanks and field duplicates are inserted into the sample stream at regular intervals, so that QA/QC accounted for about 10% of the total samples. Results are routinely evaluated for accuracy, precision, and contamination.

About Amarillo

Amarillo is advancing two gold projects located near excellent infrastructure in mining-friendly states in Brazil.

The development stage Posse Gold Project is on the Company’s Mara Rosa Property in Goiás State. It has a positive definitive feasibility study that shows it can be built into a profitable operation with low costs and a strong financial return. Mara Rosa also shows the potential for discovering additional near-surface deposits that will extend Posse’s mine life beyond its initial 10 years. The exploration stage Lavras do Sul Project in Rio Grande do Sul State has more than 23 prospects centered on historic gold workings.

Amarillo trades on the TSXV under the symbol AGC and the OTCQB under the symbol AGCBF. Visit www.amarillogold.com to learn more about the Company’s focus on becoming a mid-tier Brazilian gold producer. Follow us on LinkedIn, Twitter, and YouTube.

Contact information

Mike Mutchler
President & CEO
416-294-0736
[email protected]        

Annemarie Brissenden
Investor Relations
416-844-6284
[email protected]

NOTES

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.

Forward-looking statements

This news release contains forward-looking statements regarding the Company’s current expectations regarding future events, including its business, operations and condition, and management’s objectives, strategies, beliefs, and intentions.

Various factors may prevent or delay our plans, including but not limited to, the trading price of the common shares of the Company, capital market conditions, impacts from the coronavirus or other epidemics, counterparty risk, TSXV approval(s), contractor availability and performance, weather, access, mineral and gold prices, and success and failure of the exploration and development carried out at various stages of the program. Permission from the government and community is also required to proceed with future mining production. Readers should review the Company’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Company’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements.

Readers should also review the risk factors applicable to junior mining exploration companies generally to better understand the variety of risks that can affect the Company. The Company undertakes no obligation to update publicly or otherwise revise any Forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

TABLE 1: SUMMARY OF ASSAY RESULTS1,2

HoleAzimuth (degrees)Dip
(degrees)
From
(metres)
To
(metres)
Gold interval
(metres)
Gold grade
(grams/tonne)
Section
(line)
21PTN006110-6094.00101.007.000.56519.00
   106.00109.003.001.20519.00
   112.00113.001.000.15319.00
21PTN012110-6044.0052.008.000.76726.00
  including44.0049.005.001.14026.00
   72.5075.002.500.30826.00
   90.0097.507.500.73126.00
21PTN015110-6051.0059.008.000.68921.00
  including51.0057.006.000.80021.00
   64.0067.003.000.26721.00
   70.0072.502.500.16121.00
21PTN019110-6076.0077.001.000.26539.00
   109.00110.001.000.19739.00
   112.00113.001.000.15539.00
21PTN020110-60157.00164.007.000.64812.00
   168.00169.001.001.29012.00
   176.00177.001.000.16812.00
   178.00179.001.000.19212.00
21PTN021110-60222.00232.0011.001.20114.00
  including222.00229.007.001.81214.00
   237.00241.004.001.06714.00
  including237.00239.002.002.00014.00
   276.00277.811.810.28214.00
21PTN022110-60162.00164.002.000.23510.00
   171.00172.001.001.48510.00
   185.00190.005.000.26910.00
21PTN023110-6077.0085.009.000.57115.00
   240.00241.001.000.17415.00
   136.00137.001.000.62715.00
   159.00160.001.000.28115.00
   186.00187.001.000.23215.00
21PTN025110-6081.0090.009.001.38514.00
  including81.0085.004.002.42314.00
   113.00114.001.00>10.00014.00
   129.00134.005.000.179614.00
   145.00148.003.000.51714.00

Notes
1 Assumes 0.2 g/t gold cut-off
2 True widths have not been determined at this time

FIGURE 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/1e0deac6-e778-4264-9602-4397e6698eb7

FIGURE 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/5f900d16-29ca-4e6c-b405-3aa1b876c0b7

FIGURE 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/428d25b3-910a-430f-9575-4d14100be661

Appendix: Photos comparing gold mineralization at Pastinho and Posse

PASTINHO GOLD DEPOSIT

https://www.globenewswire.com/NewsRoom/AttachmentNg/77c5bc25-129a-46eb-9499-e6cf8f9451f6

IMAGE OF TYPICAL CORE FROM POSSE GOLD DEPOSIT

https://www.globenewswire.com/NewsRoom/AttachmentNg/c972a21d-e31e-401d-8f35-14b62bb05ea5

PDF Available: 

http://ml.globenewswire.com/Resource/Download/dbc590f3-33f5-4c78-882a-79c9e20798b4

 


Today’s News

Voyageur Mineral Explorers Corp. Announces Management and Board Changes

Toronto, Ontario–(Newsfile Corp. – October 13, 2021) – Voyageur Mineral Explorers Corp. (CSE: VOY) ("Voyageur" or the "Company") is pleased to announce…

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Toronto, Ontario--(Newsfile Corp. - October 13, 2021) - Voyageur Mineral Explorers Corp. (CSE: VOY) ("Voyageur" or the "Company") is pleased to announce changes to the management team and to the board of directors, effective immediately. Mr. Robert Cudney joins the Company as Executive Chairman and as a member of its Board of Directors. Mr. Cudney is the President and Founder of Northfield Capital Corporation. Fraser Laschinger, a current director of the Company, has also been appointed as President and Chief Executive Officer of the Company. Concurrently, Brian Howlett has stepped down as President, Chief Executive Officer and a director of the Company. In addition, Mr. William Phillips has resigned as Non-Executive Chairman but will remain on the Board of Directors.

"I am excited to be joining Voyageur as more than just a shareholder," said Mr. Cudney. "In my view, Voyageur represents an attractive and unique opportunity as it owns a valuable package of royalties and other uniquely positioned exploration assets. I wish to thank Brian Howlett for his leadership of the Company."

About Voyageur Mineral Explorers Corp.

Voyageur is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Company's properties are currently at the exploration stage. The Company has assembled a portfolio of base metal and precious metal prospects including strategic locations in the Provinces of Manitoba and Saskatchewan, all of which are 100 percent owned with no option payments or work commitments to a third party. The Company also owns a valuable package of royalties in the prolific Flin Flon greenstone belt.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Fraser Laschinger
President and CEO
Voyageur Mineral Explorers Corp.
Tel: 647-242-5511

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99478

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Today’s News

Silver Range Resources Ltd. Announces Issuances of “Shares for Services”

VANCOUVER, BC / ACCESSWIRE / October 13, 2021 / Silver Range Resources Ltd. (TSXV:SNG) ("Silver Range" or the "Company") announces that it has issued the…

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VANCOUVER, BC / ACCESSWIRE / October 13, 2021 / Silver Range Resources Ltd. (TSXV:SNG) ("Silver Range" or the "Company") announces that it has issued the following shares to Paladin Geoscience Corp. ("Paladin"), a private company controlled by Michael A. Power, Silver Range's President and Chief Executive Officer pursuant to "Shares for Services Agreements":

  1. 72,147 shares for the period October 1, 2020 to March 31, 2021, which shares were subject to a hold period which expired on October 1, 2021; and
  2. 223,136 shares for the period April 1, 2021 to September 30, 2021, which shares are subject to a hold period which expires on February 13, 2022.

The shares were issued in partial consideration for geological and other consulting services provided to Silver Range by Paladin during the above-mentioned periods.

The shares were issued at a deemed price per share equal to the market price of Silver Range's shares as traded on the TSX Venture Exchange (the "Exchange") as calculated at the end of each month in which such services were provided, minus 50% of the discount permitted under applicable Exchange policies. All consulting fees not paid for by the issuance of Silver Range shares are paid in cash.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has assembled a portfolio of 45 properties, of which 16 are currently under option to others. Three other properties have been converted to royalty interests. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.

ON BEHALF OF SILVER RANGE RESOURCES LTD.

"Michael A. Power"

President, Chief Executive Officer and Director

For further information concerning Silver Range or its exploration projects please contact:

Investor Inquiries
Richard Drechsler
Vice-President, Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
[email protected]
http://www.silverrangeresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

SOURCE: Silver Range Resources Ltd.



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Today’s News

Pelangio Exploration Provides Update On Exploration Activities in Ghana and Canada

TORONTO, ON / ACCESSWIRE / October 13, 2021 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to provide an…

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TORONTO, ON / ACCESSWIRE / October 13, 2021 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to provide an update on recent exploration activities on its projects in Ghana and Canada.

Highlights of Recent Exploration Activities

  • A diamond drilling program to test for extensions to the Pokukrom gold resource mineralization has commenced on the Manfo project in Ghana.
  • One-meter re-assays of significant mineralized intervals from the maiden Dankran project RC drilling program returned an intercept of 14.17 g/t Au over 3 meters, including 39.20 g/t Au over 1 meter.
  • Ground Induced Polarization Survey completed at Gowan Cu Zn Ag Au polymetallic project, to refine drill targets.
  • Drill contract secured for Dome West project; drilling to commence in late October.

Ingrid Hibbard, President and CEO commented, " We are anticipating three very exciting drill programs at our Manfo, Dome West and Gowan projects over the next several months. These programs follow our maiden drilling at Dankran that returned significant results over 2.7 km and intercepted 14.17 g/t Au over 3 meters, including 39.20 g/t Au over 1 m; as well as the Gowan airborne VTEM survey that identified the large, 1.5 km X 1 km moderate VTEM anomaly on the flank of large magnetic anomaly. Further, we look forward to seeing the exploration work commence at Birch Lake with our option partner First Mining."

GHANA

Manfo Project

A diamond drilling program commenced on the Manfo Project designed to test for extensions to the known mineralization in the Pokukrom East and Pokukrom West deposits. Pokukrom East and West contain the majority of the gold resource at Manfo, estimated to be 195,000 oz (at 1.52 g/t Au) Indicated and 298,000 oz (at 0.96 g/t Au) Inferred by SRK in June of 2013. Refer to the Mineral Resource Evaluation Technical Report, Manfo Gold Project, Ghana, authored by SRK and released by Pelangio on June 21, 2013.

A 3,700-meter diamond drilling program has been engineered to test for down-dip and down-plunge extensions to the mineralization in these two deposits in addition to evaluating exploration targets in the immediate vicinity. The drilling program commenced in September with two holes in progress on the smaller, higher-grade Pokukrom West deposit, where historic drilling by Pelangio returned a number of high-grade intercepts including 32.90 g/t Au over 10 meters (hole SPDD-090), 8.60 g/t Au over 12 meters (hole SPDD-084) and 4.49 g/t Au over 26 meters including 8.08 g/t Au over 12 meters (hole SPDD-083), with all Au intercepts reported "un-cut".

The first hole at Pokukrom West was completed to a final depth of 151.5 meters and was designed to provide an improved structural understanding of the mineralization from oriented drill core with the hole drilled in the midst of previous high-grade drill holes. Assays are pending. The second hole is in progress, planned for 230 meters depth, and is designed to test for the down-plunge continuation of the high-grade mineralization at Pokukrom West approximately 175 meters down-plunge (to the north) of previous drilling. Refer to Figure 1.

The drilling program will pause after completion of these initial two holes to allow for sampling to be completed and assays received as the results could alter the planned drill hole priorities if exceptional results are returned.

Figure 1: Planned Diamond Drilling at Pokukrom, Manfo Project

Dankran Project

A maiden RC exploration drilling program consisting of 2,491 meters drilled in 36 RC holes was completed on the Dankran Project in June with the results reported by Pelangio on July 21, 2021. Sampling was conducted at 1 meter drill intervals and were composited to 2 meters for analysis by Fire Assay. The 1-meter samples from all significant drill intercepts plus "shoulder' samples were recently submitted to the Intertek Minerals Limited laboratory in Tarkwa Ghana for 50g Fire Assay for a check of the results and in order to provide a more accurate measure of gold mineralized widths. Results returned varied considerably from the initial 2-meter composited results with several mineralized intervals being diminished while several others were significantly improved in the 1-meter analyses. For example, hole DKRC036, which reported 4.30 g/t Au over 2 meters from the 2-meter composite samples returned a significantly higher grade 14.17 g/t Au over 3 meters (uncut) including 39.20 g/t Au over 1 meter from the recent 1-meter assay exercise. This suggests the possibility of a nugget component to the gold mineralization at Dankran, not unusual for high-grade vein-hosted gold mineralization, and also indicates the potential for higher grades than was returned from the initial 2-meter analyses of the Dankran drilling. Future drilling will consider 2 kg bottle roll (BLEG) analysis and/or screened metallics fire assay to check for and counter a gold nugget issue. Refer to Figure 2.

The Dankran RC drilling program has returned significant results over 2.7 kilometers of strike along a regional metavolcanic-metasedimentary contact 28 kilometers northeast of AngloGold Ashanti's giant Obuasi gold mine, with minimal and shallow drill testing performed to date. Further drilling will be planned to infill the limited drilling conducted as well as to investigate the potential at depth with several deeper core holes.

Figure 2: Dankran RC Drilling Results and Soil Geochemistry

CANADA

Dome West Project

The Dome West Property is located in main portion of the Timmins mining camp, more specifically the property is comprised of 10 mining cells or 56 hectares of mineral rights located approximately 800 meters west of Newmont's Dome Mine and 450 meters northwest of the former Paymaster Mine (see Figure 3). A recent review compiled from historical level plan data from government reports and limited underground drill hole data from the adjoining former Paymaster Mine has allowed for the planning of the final proposed program. The following salient points from this review are as follows:

  • Underground Paymaster Mine drill holes collared at the 1000-foot level (304.8 m) of the mine to the east of the Dome West property boundary (see Figures 3 and 4) demonstrated the existence of a series of gold bearing felsic porphyritic (FP) intrusive bodies and sills. The better gold values from these FP intrusives returned 21.6 g/t gold over 1.82 meter and 59.6 g/t gold over 1.98 meters. The FP intrusives also contained numerous anomalous intercepts ranging from 0.342 to 1.03 g/t gold. Due to the proximity of these intrusives to the Dome West property boundary, interpretation suggests that the strike and dip projections of the FP intrusives will cross the Dome West boundary. These FP intrusives are representative of very high-quality targets which are untested on the Dome West Property. It can be noted that substantial amounts of gold and copper ore have been mined from FP intrusives in the various mines in Timmins such as the former McIntyre Mine and Preston East Dome. (References: Historical Paymaster Drill Holes PM10155 & PM10156; and Gold 86 International Symposium Proceedings, A.J. Macdonald,1986)
  • The review of composite level plan data from OGS Report 58 (Furguson, S.1968) and a recent Pelangio drill hole DW1901 demonstrated that the prospective Vipond stratigraphy which hosts a substantial portion of the ore at the Dome and Paymaster mines crosses the Dome West boundary from the Paymaster Mine at the 1000-foot level (304.8 m). (See Figure 4) This significant target horizon is virtually untested on the Dome West Property for 400 meters of strike length and no drilling below 300 meters, the depth at which the Vipond stratigraphy crosses the Dome West boundary line.

Figure 3: Area Location Map with Proposed Hole Locations

Pelangio has signed a drill contract and anticipates commencing a first phase drill program of 1200 meters in late October. This is the first test of both the feldspar porphyry target extension and the prospective Vipond stratigraphy in the history of the property.

Figure 4: Composite Level Plan

Gowan Property

The Gowan polymetallic property is a 4.3 square kilometer property located in Gowan Township, 27 kilometers ("km") northeast of the City of Timmins, Ontario and approximately 16 km due east of Glencore's Kidd Mine Site. The property is prospective for both copper-zinc-VMS deposits with associated precious metals, and nickel-copper-sulphide deposits.

The northeastern portion of the Gowan property is underlain by a prospective felsic volcanic package of rocks. Limited exploration efforts in the early to mid 1970's focused on evaluating the northern portion of the property for a Kidd style copper-zinc volcanogenic massive sulphide ("VMS") deposit. These early exploration programs were successful in demonstrating the potential for this type of mineralization. The highlight of these early exploration efforts was a broad semi-massive sulphide intercept grading 0.32% Cu and 0.35 oz/ton Ag over 36 feet. A shorter interval within this broad section returned 0.66% Cu and 0.31 oz/ton Ag over 12.5 feet including an interval of 0.95% Cu and 0.20 oz/ton Ag across 3 feet. Also of note is a bedrock sample from the bottom of a reverse circulation (RC) drill hole returned 2.26% Cu and 0.11 oz/ton Au . Very limited follow up was conducted on the massive sulphide intercepts and no drill follow up was completed on the copper gold occurrence detected in the bottom of the RC hole. The southern portion of the property is interpreted to be underlain by ultramafic volcanics from limited drilling and magnetic data; this area of the property is thought to be a prospective for nickel-copper sulphides. (Reference: Alamo Petroleum Assessment File, R.S. Middleton P.Eng. 1975)

In late March of 2021, Pelangio received preliminary results from an airborne VTEM Plus electromagnetic survey and magnetic survey. The survey outlined a large (1 km by 1.5 km) moderate VTEM response on the flank of a large magnetic anomaly (see Figure 5). In October of 2021, Pelangio completed an induced polarization survey over the central portion of anomaly to define priority drill targets within the broad anomaly. The field data has just been received and processing of the data and interpretation is under way. A drill program for this project is fully funded and will be initiated after a review of the data.

Figure 5: Gowan VTEM Response and Compilation Map

Qualified Persons

Mr. Kevin Thomson, P.Geo. (Ontario, #0191), is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Thomson approved the technical data disclosed in the Ghana section of this release.

Mr. Kevin Filo, P.Geo. (Ontario, #0221), is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Filo approved the technical data disclosed in the Canada section of this release.

About Pelangio

Pelangio acquires and explores world-class land packages on strategic gold belts in Ghana, West Africa and Canada. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km 2 Manfo property, the site of seven near-surface gold discoveries, and the 284 km 2 Obuasi property, located four km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property. In Canada, the Company is currently focused in Ontario on its Grenfell property, located 10 km from Kirkland Lake, at its Dome West property, situated some 800 meters from the Dome Mine in Timmins and is advancing its Hailstone property in Saskatchewan. See www.pelangio.com for further detail.

For additional information, please visit our website at www.pelangio.com, or contact:

Ingrid Hibbard, President and CEO

Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: [email protected]

Forward Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, and the Company's ability to complete the planned exploration programs. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, delays due to COVID-19 safety protocols, and other risks involved in the gold exploration industry. See the Company's annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward- looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Pelangio Exploration Inc.



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