Pelangio Explores Potential for Near-Term Production at Manfo
Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF) is evaluating the potential for near-term gold production at its Manfo project in Southwest Ghana. The company is reviewing resource models of three deposits to determine gold content and mineralization at shallow depths suitable for open-pit mining. This assessment aims to capitalize on record-high gold prices, which have increased by 70% since the 2013 NI43-101 maiden mineral resource estimate.
The 2013 estimate, using a gold price of $1,450 USD, reported 195,000 oz Au Indicated plus 298,000 oz Au Inferred. Pelangio believes the current gold price has significantly improved the project's economics. The company is exploring possibilities for smaller-scale near-term production and will conduct an economic assessment of potential development plans. Ongoing drilling efforts continue, with successful outcomes potentially complementing profitable near-term production.
Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF) sta valutando il potenziale per una produzione di oro a breve termine presso il suo progetto Manfo nel sud-ovest del Ghana. L'azienda sta esaminando i modelli di risorse di tre giacimenti per determinare il contenuto d’oro e la mineralizzazione a profondità superficiali idonee per l'estrazione a cielo aperto. Questa valutazione mira a capitalizzare sui prezzi record dell'oro, che sono aumentati del 70% dal primo stima di risorse minerali NI43-101 del 2013.
La stima del 2013, utilizzando un prezzo dell'oro di 1.450 USD, ha riportato 195.000 once di Au Indicate più 298.000 once di Au Inferred. Pelangio crede che il prezzo attuale dell'oro abbia notevolmente migliorato l'economia del progetto. L'azienda sta esplorando possibilità per una produzione a breve termine su scala minore e condurrà una valutazione economica dei potenziali piani di sviluppo. Gli sforzi di perforazione in corso continuano, con risultati fruttuosi che potrebbero completare una produzione redditizia a breve termine.
Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF) está evaluando el potencial para una producción de oro a corto plazo en su proyecto Manfo en el suroeste de Ghana. La compañía está revisando los modelos de recursos de tres depósitos para determinar el contenido de oro y la mineralización a profundidades superficiales adecuadas para la minería a cielo abierto. Esta evaluación tiene como objetivo capitalizar los precios récord del oro, que han aumentado un 70% desde la primera estimación de recursos minerales NI43-101 en 2013.
La estimación de 2013, utilizando un precio del oro de 1,450 USD, reportó 195,000 onzas de Au Indicadas más 298,000 onzas de Au Inferidas. Pelangio cree que el precio actual del oro ha mejorado significativamente la economía del proyecto. La compañía está explorando oportunidades para una producción a corto plazo a menor escala y realizará una evaluación económica de los posibles planes de desarrollo. Los esfuerzos de perforación continúan, con resultados exitosos que podrían complementar una producción rentable a corto plazo.
Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF)는 가나의 남서부에 위치한 Manfo 프로젝트에서 단기 금 생산 가능성을 평가하고 있습니다. 회사는 공개 채굴에 적합한 얕은 깊이의 금 함량 및 광물화를 확인하기 위해 세 개의 광상 자원 모델을 검토하고 있습니다. 이 평가는 2013년 NI43-101 최초의 광물 자원 추정 이후 70% 증가한 역대 최고 금 가격을 활용하는 것을 목표로 하고 있습니다.
2013년 추정치는 금 가격이 1,450 USD일 때 195,000온스의 Au 확인 및 298,000온스의 Au 추정을 보고했습니다. Pelangio는 현재의 금 가격이 프로젝트의 경제성을 크게 향상시켰다고 믿고 있습니다. 회사는 소규모 단기 생산 가능성을 탐색하고 있으며 개발 계획의 경제적 평가를 수행할 것입니다. 현재 진행 중인 시추 노력이 계속되고 있으며, 성공적인 결과는 수익성 있는 단기 생산을 보완할 수 있습니다.
Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF) évalue le potentiel d'une production d'or à court terme sur son projet Manfo dans le sud-ouest du Ghana. L'entreprise examine les modèles de ressources de trois dépôts afin de déterminer le contenu en or et la minéralisation à faible profondeur adaptés à l'exploitation à ciel ouvert. Cette évaluation vise à tirer parti des prix de l'or record, qui ont augmenté de 70% depuis la première estimation des ressources minérales NI43-101 en 2013.
L'estimation de 2013, utilisant un prix de l'or de 1 450 USD, a rapporté 195 000 oz Au Indiquées plus 298 000 oz Au Inférées. Pelangio croit que le prix actuel de l'or a considérablement amélioré l'économie du projet. L'entreprise explore des possibilités de production à court terme à plus petite échelle et effectuera une évaluation économique des plans de développement potentiels. Les efforts de forage se poursuivent, avec des résultats positifs pouvant compléter une production rentable à court terme.
Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF) bewertet das Potenzial für eine kurzfristige Goldproduktion in seinem Manfo-Projekt im Südwesten Ghanas. Das Unternehmen prüft Ressourcmodelle von drei Lagerstätten, um Goldgehalt und Mineralisierung in flachen Tiefen zu bestimmen, die für den Tagebau geeignet sind. Diese Bewertung zielt darauf ab, von den rekordhohen Goldpreisen zu profitieren, die seit der ersten NI43-101- Mineralressourcenschätzung von 2013 um 70% gestiegen sind.
Die Schätzung von 2013, die einen Goldpreis von 1.450 USD verwendet, berichtete von 195.000 oz Au Indicated plus 298.000 oz Au Inferred. Pelangio glaubt, dass der aktuelle Goldpreis die Wirtschaftlichkeit des Projekts erheblich verbessert hat. Das Unternehmen untersucht Möglichkeiten für eine kleinere kurzfristige Produktion und wird eine wirtschaftliche Bewertung potenzieller Entwicklungspläne durchführen. Die laufenden Bohrungen setzen sich fort, wobei erfolgreiche Ergebnisse eine profitable kurzfristige Produktion ergänzen könnten.
- Evaluating potential for near-term gold production at Manfo project
- 70% increase in gold price since 2013 resource estimate, improving project economics
- Exploring smaller-scale production possibilities to capitalize on high gold prices
- Ongoing drilling efforts may complement near-term production plans
- Resource estimate is 11 years old and may not reflect current conditions
- Near-term production plans are still in evaluation stage, not confirmed
Assessment of near-surface gold resources could capitalize on record-high gold prices, positioning Pelangio for accelerated growth.
TORONTO, ON / ACCESSWIRE / August 15, 2024 / Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it is currently evaluating the potential for near-term production at its Manfo gold project in Southwest Ghana. A review of the resource models of the three deposits at Manfo to determine the gold content and tenor of mineralization at shallow depths which could be exploited by open-pit mining is underway and will proceed to a formal study of possible near-term production scenarios which could be economic under the current record high gold price.
Ingrid Hibbard, President and CEO, commented:
"The NI43-101 maiden mineral resource estimate ("MRE") for the Manfo gold project was conducted eleven years ago using a gold price of
About the Manfo Project
The 96 km² Manfo project is located in the Sefwi-Bibiani greenstone belts of the Paleoproterozoic Birimian of southwest Ghana, 15 km southeast of Newmont's Ahafo gold mine and 40 km north of Asante Gold's Bibiani gold mine. Pelangio acquired the property in 2010 and conducted considerable exploration resulting in seven significant gold discoveries with three of them drilled to a resource status. In 2013 SRK Consulting (Canada) estimated the project hosts a gold mineral resource of 195,000 oz (at 1.5 g/t Au) Indicated and 298,000 oz (at 1.0 g/t Au) Inferred with the majority of the resource contained in the adjacent Pokukrom East and West deposits.¹ SRK used a gold price of
In 2021 Pelangio identified opportunities to grow the project through step-out drill testing of open-ended mineralization in the known deposits plus drill testing of multiple exploration targets along and near the 9 km of mineralized structures within the property. Diamond drilling programs were conducted by Pelangio in 2021 and 2023 with a total of 1,423 meters of drilling conducted at the Pokukrom East and West deposits. These drilling programs and their results are detailed in Pelangio's press releases of November 16, 2021 and July 24, 2023.
The results were encouraging and demonstrated extensions to the known mineralization in both deposits and concluded continued drilling around the deposits for potential resource additions is warranted. Significant intercepts from the 2021 and 2023 drill programs included:
A number of resource extensional targets around the Pokukrom deposits remain to be drill tested which could deliver additions to the two Pokukrom deposits with successful infill drilling, and property-wide exploration drilling planned to test 20+ targets has yet to be conducted. These targets consist principally of untested favourable geological and structural settings with lower-order Au in soils anomalism that could deliver one or several satellite deposits with drilling successes.
While the longer term goal is to develop Manfo into a significantly larger project through continued resource and exploration drilling programs, it is recognized that the significant resource contained at Manfo could present a near term opportunity for a smaller ‘starter' mining project that exploits a shallower portion of the gold resource, which could capitalize a larger project down the road. The mineralization at Manfo comes to surface and some of the best gold grades are near surface. With the increase in the gold price from 1,450 USD in 2013 to
The Manfo mineral resource estimation was conducted by SRK Consulting and published in June 2013. (Refer to the Mineral Resource Evaluation Technical Report, Manfo Gold Project, by SRK Consulting (Canada) Inc., released on June 21, 2013 and available on Pelangio's website). The resource estimation was made in accordance with National Instrument 43‐101 ‐ Standards of Disclosure for Mineral Projects at the time of the mineral resource estimation in 2013. NI 43-101 standards for disclosure have been amended multiple times since 2013 and as a result, Pelangio's 2013 resource estimate is no longer NI 43-101 compliant under the current standards.
Figure 1. Location of the Manfo Project, Southwest Ghana Geology & Gold Mines
Figure 2. Manfo Project - Resource Areas and Exploration Target Areas
Qualified Person
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 this release.
About Pelangio
Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa and Canada. In Ghana, the Company is focused on its two
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: info@pelangio.com
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. Regarding forward-looking statements and information contained herein, we have made many assumptions, including 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, near-term production may not be viable,, delays due to COVID-19 or other 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.
View the original press release on accesswire.com
FAQ
What is Pelangio Exploration Inc. (PGXPF) currently evaluating at its Manfo gold project?
How has the gold price changed since Pelangio's 2013 resource estimate for the Manfo project?
What was the 2013 mineral resource estimate for Pelangio's (PGXPF) Manfo project?
What is Pelangio Exploration Inc. (PGXPF) considering for future development at Manfo?
