Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario (DG-07-157 Intersects 2.28 G/T Over 75.5 M in Calcite Zone)
Posted on: Wednesday, 16 January 2008, 09:00 CST
Pelangio Mines Inc. (TSX: PLG) ("Pelangio" or the "Company") has been advised by Detour Gold Corporation ("Detour Gold") that it has released drill results from the first 34 holes of the Phase II drilling program at its Detour Lake property in northern Ontario. Detour Gold started Phase II drilling in July 2007 and thus far has completed 181 holes totaling 63,432 metres (including 15 holes abandoned totaling 1,290 metres).
Pelangio has a 49.4% equity interest in Detour Gold (20 million shares). Detour Gold issued a press release today, the verbatim text of which follows:
"Detour Gold Reports First Results of 2007 Phase II Drilling at its Detour Lake Property in Northern Ontario, Canada (DG-07-157 intersects 2.28 g/t over 75.5 m in Calcite Zone)
Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") is pleased to report the drill results of the first 34 holes from its Phase II drilling program at its Detour Lake property in northern Ontario. The Company started Phase II drilling in July 2007 and thus far has completed 181 holes totaling 63,432 metres (including 15 holes abandoned for 1,290 metres). There are six (6) active drill rigs on site; four of which are on the Phase II program and two on the exploration program.
The 2007-08 Phase II program will total approximately 110,000 metres and is expected to be completed in the second quarter of 2008. As announced last week, approximately 50,000 metres was added to this program to expand the deposit west of the Calcite Zone and to follow up on additional mineralization that was found in the hanging wall during the 2007 campaign. The Company is planning on releasing a mineral resource update by mid-2008, which would include Phase I and approximately half of Phase II drilling.
Successful results were obtained in the Calcite Zone where four (4) of six (6) holes returned gold grades ranging from 1 to 2 g/t over wide intervals of 50 metres or more. The Calcite Zone is relatively untested with only 14 holes drilled in Phase I and remains open to the west for another 1.5 kilometres. In the Gap Zone, eight (8) of the nine (9) drill holes (including one abandoned) tested only a small portion of the mineralized corridor, near the upper level of the Chert Marker Horizon (CMH) and footwall zone. In the West Pit area, assays from 19 holes (including two abandoned holes) continue to return excellent and consistent results.
The best mineralized (uncut) intervals encountered are shown below.
West Pit: ------------------------------------------------------------------------ DG-07-128 DG-07-129 DG-07-135 DG-07-140 --------- --------- --------- ---------- 14.22 g/t 4.85 g/t 1.38 g/t 43.82 g/t over 7.0 m over 17.7 m over 52.0 m over 9.0 m 5.34 g/t over 10.0 m DG-07-144 DG-07-146 DG-07-147A --------- --------- ---------- 1.56 g/t 1.99 g/t 2.52 g/t over 75.0 m over 59.0 m over 35.0 m Calcite Zone: ------------------------------------------------------------------------ DG-07-138 DG-07-142 DG-07-145 DG-07-157 --------- --------- --------- --------- 1.38 g/t 1.34 g/t 1.14 g/t 2.28 g/t over 50.0 m over 48.0 m over 56.0 m over 75.5 m
On December 11, 2007, Detour Gold reported a resource update that included Phase I drilling. The open pit resource (capped at 20 g/t gold) contains 4.8 million ounces of gold in the measured and indicated categories (89.9 million tonnes grading 1.67 g/t) and 3.0 million ounces of gold in the inferred category (63.3 million tonnes grading 1.49 g/t), using a gold price of US$575 per ounce (equivalent to a cut-off grade of 0.64 g/t gold). The current resource is contained within one large pit, located in the area of the former Detour Lake mine, which produced 1.8 million ounces of gold from 1983 to 1999.
Complete tables of results, surface and longitudinal plans and cross-sections for the Detour Lake deposit are posted on the Company's website www.detourgold.com /Projects/Detour Lake or http://www.hdgold.com/dgc/LatestDrillResults.asp or on the home page "Explore Detour Lake".
Detour Gold's exploration program is being managed by Project Manager, Mr. Roger Aubertin, P.Eng., a Qualified Person within the meaning of National Instrument 43-101. Mr. Aubertin has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The December 2007 mineral resource was prepared by Thon Consulting and audited by Michael W. Kociumbas, P.Geo., Vice-President of Watts, Griffis and McOuat Limited. The NI 43-101 Technical Report is expected to be filed by the end of January.
Samples are prepared and assayed at SGS Minerals Services in Don Mills, Ontario, Canada. Analysis for gold is done on sawn half core samples using fire assay (AA finish). Samples with higher grade gold ( greater than 5 g/t) are re-assayed using the pulp and metallics procedures. Standard reference materials, blank and field duplicate samples are inserted prior to shipment from site to monitor the quality control of the assay data. For additional information on Quality Assurance and Quality Control, refer to the press release dated April 11, 2007.
Details on the current mineral resource are available in the Press Release dated December 11, 2007, which is posted on the Company's website or on SEDAR (www.sedar.com).
For further information, please contact: Gerald Panneton, Laurie Gaborit, President and CEO Director Investor Relations Tel: (416) 304-0800 Tel: (416) 304-0581 Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2040, Toronto, Ontario M5J 2J1
Information Concerning Estimates of Mineral Resources
This news release uses the terms 'measured', 'indicated' and 'inferred' resources. Detour Gold advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
Detour Lake Project - Highlights of Drill Results --------------------------------------------------------------------------- Au Au Cut to Host Section From To Length Uncut 20 g/t Rock Hole No. No. (m) (m) (m) (g/t) (g/t) Unit --------------------------------------------------------------------------- --------------------------------------------------------------------------- DG-07-128 19,460E 47.0 58.0 11.0 0.88 0.88 (West Pit) ---------------------------------------------------- 113.0 123.0 10.0 1.91 1.91 ---------------------------------------------------- 138.0 149.0 11.0 1.31 1.31 ---------------------------------------------------- 182.0 189.0 7.0 1.98 1.98 ---------------------------------------------------- Lower Pillow 205.0 212.0 7.0 14.22 3.75 Flow ---------------------------------------------------- Inc. 206.0 206.5 0.5 166.63 20.00 ---------------------------------------------------- 319.0 326.0 7.0 1.92 1.92 ---------------------------------------------------- 372.0 382.0 10.0 0.70 0.70 ---------------------------------------------------- PF/MF DG-07-129 19,600E 283.0 304.0 21.0 1.32 1.32 contact (West Pit) ---------------------------------------------------- Lower Pillow 326.0 343.7 17.7 4.85 3.05 Flow ---------------------------------------------------- Inc. 341.0 341.5 0.5 83.57 20.00 --------------------------------------------------------------------------- DG-07-130 19,400E 96.0 121.0 25.0 0.77 0.77 (West Pit) ---------------------------------------------------- Pillow 203.0 235.0 32.0 1.10 1.10 Flow ---------------------------------------------------- Pillow 243.9 255.0 11.1 2.93 2.73 Flow ---------------------------------------------------- Inc. 250.7 251.3 0.6 23.70 20.00 ---------------------------------------------------- 341.0 348.0 7.0 1.51 1.51 --------------------------------------------------------------------------- DG-07-131 19,400E Abandoned, not sampled (West Pit) --------------------------------------------------------------------------- DG-07-131A 19,400E No significant results, drilled in footwall (West Pit) --------------------------------------------------------------------------- DG-07-132 19,400E 68.0 75.7 7.7 1.89 1.89 (West Pit) ---------------------------------------------------- 154.0 159.0 5.0 2.38 2.38 --------------------------------------------------------------------------- DG-07-133 18,880E 153.0 159.0 6.0 1.17 1.17 (Gap Zone) ---------------------------------------------------- Upper Mafic 204.5 222.0 17.5 1.41 1.41 Flow ---------------------------------------------------- 247.0 252.0 5.0 2.33 2.33 ---------------------------------------------------- 312.0 317.0 5.0 1.56 1.56 ---------------------------------------------------- 359.0 367.0 8.0 3.00 3.00 --------------------------------------------------------------------------- DG-07-134 18,960E No significant results (Gap Zone) --------------------------------------------------------------------------- DG-07-135 PF/MF (West Pit) 19,480E 30.0 82.0 52.0 1.38 1.02 contact ---------------------------------------------------- Inc. 81.5 82.0 0.5 57.70 20.00 ---------------------------------------------------- Mafic 138.0 145.0 7.0 5.28 3.11 Flow ---------------------------------------------------- Inc. 143.0 144.0 1.0 35.20 20.00 ---------------------------------------------------- Footwall Talc 258.0 282.0 24.0 1.79 1.79 Schist --------------------------------------------------------------------------- DG-07-136 20,320E 43.0 50.0 7.0 1.15 1.15 (West Pit) ---------------------------------------------------- 283.0 290.0 7.0 1.11 1.11 --------------------------------------------------------------------------- DG-07-137 18,960E 37.0 48.0 11.0 0.79 0.79 (Gap Zone) ---------------------------------------------------- Mafic 60.0 76.4 16.4 2.76 1.63 Flow ---------------------------------------------------- Inc. 72.0 72.5 0.50 57.16 20.00 ---------------------------------------------------- 126.0 140.0 14.0 1.38 1.38 --------------------------------------------------------------------------- DG-07-138 18,460E 66.0 73.0 7.0 1.16 1.16 (Calcite Zone) ---------------------------------------------------- Pillow 190.0 240.0 50.0 1.38 1.38 Flow ---------------------------------------------------- 284.0 291.0 7.0 1.13 1.13 ---------------------------------------------------- 368.0 378.6 10.6 1.08 1.08 --------------------------------------------------------------------------- DG-07-139 20,180E 61.0 73.0 12.0 0.77 0.77 (West Pit) ---------------------------------------------------- 340.0 347.0 7.0 1.38 1.38 --------------------------------------------------------------------------- DG-07-140 19,520E 40.0 47.0 7.0 2.02 2.02 (West Pit) ---------------------------------------------------- 95.0 117.4 22.4 1.04 1.04 ---------------------------------------------------- MF/PF 133.0 142.0 9.0 43.82 1.44 contact ---------------------------------------------------- Inc. 135.9 136.4 0.5 782.84 20.00 ---------------------------------------------------- Mafic 190.0 200.0 10.0 5.34 2.59 Flow ---------------------------------------------------- Inc. 196.0 196.5 0.5 22.46 20.00 ---------------------------------------------------- Inc. 198.3 199.0 0.7 57.43 20.00 ---------------------------------------------------- 224.0 232.0 8.0 1.19 1.19 ---------------------------------------------------- 303.0 315.0 12.0 1.27 1.27 --------------------------------------------------------------------------- DG-07-141 18,920E 65.0 72.0 7.0 1.43 1.43 (Gap Zone) ---------------------------------------------------- --------------------------------------------------------------------------- DG-07-142 18,460E 63.0 70.0 7.0 1.08 1.08 (Calcite Zone) ---------------------------------------------------- Pillow 86.0 134.0 48.0 1.34 1.34 Flow ---------------------------------------------------- 188.0 199.0 11.0 0.78 0.78 --------------------------------------------------------------------------- DG-07-143 18,840E Abandoned, not sampled (Gap Zone) --------------------------------------------------------------------------- DG-07-143A 18,840E 70.0 78.0 8.0 1.10 1.10 (Gap Zone) ---------------------------------------------------- --------------------------------------------------------------------------- DG-07-144 19,520E 20.0 27.0 7.0 2.10 2.10 (West Pit) ---------------------------------------------------- Pillow 106.0 181.0 75.0 1.56 1.27 Flow ---------------------------------------------------- Inc. 106.6 107.1 0.5 63.53 20.00 --------------------------------------------------------------------------- Pillow DG-07-145 18,460E 29.0 85.0 56.0 1.14 1.14 Flow (Calcite Zone) ---------------------------------------------------- Lower Pillow 98.0 120.0 22.0 1.16 1.16 Flow ---------------------------------------------------- 163.0 172.0 9.0 0.86 0.86 ---------------------------------------------------- Upper Mafic 186.0 192.0 6.0 4.35 4.35 Flow ---------------------------------------------------- Mafic 204.0 225.0 21.0 2.08 1.59 Flow ---------------------------------------------------- Inc. 211.0 212.0 1.0 30.18 20.00 --------------------------------------------------------------------------- DG-07-146 20,080E 245.0 304.0 59.0 1.99 1.66 MF/CMH (West Pit) ---------------------------------------------------- Inc. 254.0 255.0 1.0 30.94 20.00 ---------------------------------------------------- Inc. 273.6 274.3 0.7 32.23 20.00 --------------------------------------------------------------------------- DG-07-147 19,480E Abandoned, not sampled (West Pit) --------------------------------------------------------------------------- DG-07-147A 19,480E 35.0 42.0 7.0 1.24 1.24 ---------------------------------------------------- 101.0 108.0 7.0 1.05 1.05 ---------------------------------------------------- Pillow 170.0 199.0 29.0 0.78 0.78 Flow ---------------------------------------------------- 213.0 221.0 8.0 1.53 1.53 ---------------------------------------------------- 240.8 248.0 7.2 1.48 1.48 ---------------------------------------------------- Lower Pillow 264.0 299.0 35.0 2.52 1.95 Flow ---------------------------------------------------- Inc. 274.0 275.0 1.0 39.84 20.00 ---------------------------------------------------- 364.8 376.0 11.2 0.99 0.99 --------------------------------------------------------------------------- DG-07-149 18,420E 56.0 67.0 11.0 0.88 0.88 (Calcite Zone) ---------------------------------------------------- 123.0 131.0 8.0 2.68 2.52 ---------------------------------------------------- Inc. 125.5 126.0 0.5 22.59 20.00 ---------------------------------------------------- 182.0 189.0 7.0 1.52 1.52 --------------------------------------------------------------------------- DG-07-150 20,040E No significant results- drilled in footwall (West Pit) --------------------------------------------------------------------------- DG-07-152 20,020E 443.0 453.0 10.0 2.20 2.20 (West Pit) ---------------------------------------------------- --------------------------------------------------------------------------- DG-07-153 19,520E 248.0 255.0 7.0 1.15 1.15 (West Pit) ---------------------------------------------------- PF/MF 277.0 298.0 21.0 1.32 1.32 contact --------------------------------------------------------------------------- DG-07-154 18,820E 96.0 103.0 7.0 2.32 2.32 (Gap Zone) ---------------------------------------------------- 124.0 131.0 7.0 1.93 1.93 --------------------------------------------------------------------------- DG-07-155 18,460E 66.0 71.0 5.0 2.01 2.01 (Calcite Zone) ---------------------------------------------------- --------------------------------------------------------------------------- DG-07-157 Pillow (Calcite Zone) 18,540E 147.5 223.0 75.5 2.28 1.59 Flow ---------------------------------------------------- Inc. 147.5 148.0 0.5 102.31 20.00 ---------------------------------------------------- Inc. 222.0 223.0 1.0 31.10 20.00 ---------------------------------------------------- Lower Pillow 241.0 281.0 40.0 1.29 1.05 Flow ---------------------------------------------------- Inc. 252.0 252.5 0.5 39.05 20.00 ---------------------------------------------------- PF/MF 297.0 304.0 7.0 4.50 4.48 contact ---------------------------------------------------- Inc. 299.0 300.0 1.0 20.20 20.00 --------------------------------------------------------------------------- DG-07-158 19,440E 43.0 50.0 7.0 1.41 1.41 (West Pit) ---------------------------------------------------- Pillow 72.0 86.0 14.0 3.08 2.83 Flow ---------------------------------------------------- Inc. 72.0 73.0 1.0 21.99 20.00 --------------------------------------------------------------------------- Inc. 85.5 86.0 0.5 22.99 20.00 ---------------------------------------------------- Lower Pillow 106.0 124.0 18.0 1.96 1.90 Flow ---------------------------------------------------- Inc. 115.5 116.0 0.50 22.09 20.00 ---------------------------------------------------- 330.0 337.0 7.0 1.50 1.50 --------------------------------------------------------------------------- DG-07-159 18,800E 53.0 62.0 9.0 1.53 1.53 (Gap Zone) ---------------------------------------------------- --------------------------------------------------------------------------- DG-07-160 19,720E 298.5 308.5 10.0 2.03 1.74 (West Pit) ---------------------------------------------------- Inc. 298.5 299.0 0.5 25.89 20.00 --------------------------------------------------------------------------- DG-07-162 18,760E 55.0 62.0 7.0 0.94 0.94 (Gap Zone) ---------------------------------------------------- --------------------------------------------------------------------------- Note: All values above 20 g/t in the composite are reported in the table. True width is estimated to be 65 to 75% of the drilled length.
Forward-Looking Information
Certain statements herein may contain forward-looking information within the meaning of applicable securities laws. Forward-looking information appears in a number of places and can be identified by the use of words such as "intends" 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 information includes statements regarding the Company's exploration plans with respect to the Property and the estimation of mineral resources and are subject to such forward-looking 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 information. Such risks include gold price volatility, change in equity markets, the uncertainties involved in interpreting geological data, increase in costs and exchange rate fluctuations and other risks involved in the gold exploration and development industry as well as those risk factors discussed under "Risk Factors" in the Company's final prospectus dated January 22, 2007 available at www.sedar.com. There can be no assurance that forward-looking 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 Detour Gold. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified by this cautionary statement. The Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
About Pelangio
Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.
Pelangio also has a 49.4% equity interest in Detour Gold, which controls the Detour Lake advanced exploration project. The near-term objective of Detour Gold is to advance the Detour Lake project to development and production.
Reliance on Detour Gold and Forward-Looking Statements
The information contained in this press release is a verbatim extract of the press release issued by Detour Gold. Although Pelangio believes the information included in the press release to be generally reliable, the data has not been independently verified and Pelangio does not assume any liability for the accuracy or completeness of such information. Furthermore, as noted above in the verbatim extract, the press release may contain forward-looking information within the meaning of applicable securities laws. Such information includes the statements contained in the verbatim extract regarding Detour Gold's exploration and drilling plans, plans to update the mineral resource and the estimation of mineral resources and are subject to risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The risks include those that are set out above in the verbatim extract and those contained in Detour Gold's prospectus as noted above. See also, the risks set out in Pelangio's annual information form, management information circular and quarterly and annual management's discussion and analysis. There is no assurance that the forward-looking information contained in the press release will prove to be accurate. Accordingly, readers should not place undue reliance on the forward-looking information.
All of the information contained in the press release is qualified by this cautionary statement.
Contacts: Pelangio Mines Inc. Ingrid Hibbard President & CEO (905) 875-3828 or Toll Free: 1-877-746-1632 (905) 875-3829 (FAX) Pelangio Mines Inc. Warren Bates Vice President Exploration (905) 875-3828 or Toll Free: 1-877-746-1632 (905) 875-3829 (FAX) Email: info@pelangio.com Website: www.pelangio.com
SOURCE: Pelangio Mines Inc.
Source: MARKET WIRE
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