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Pelangio Grants $2,000,000 Earn-in Option on Gowan Project

TORONTO, ON / ACCESSWIRE / January 20, 2022 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it has entered into an earn-in letter agreement with 11530313 Canada Inc. ("Privco") on …

TORONTO, ON / ACCESSWIRE / January 20, 2022 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it has entered into an earn-in letter agreement with 11530313 Canada Inc. ("Privco") on Pelangio's Gowan Project, located 16 km east of Glencore's Kidd Creek Mine and approximately 23 km southeast of Canada Nickel Company's Crawford deposit near Timmins, Ontario. (see Pelangio's press release dated October 19, 2021, https://pelangio.com/news-releases/2021/two-high-priority-base-metal-t ...)

Highlights:

  • Privco must pay $500,000 and incur $1,500,000 in exploration expenditures to earn 50%
  • Pelangio to be operator of the project prior to and after formation of JV
  • Two high-priority base metal targets were identified by VTEM and IP surveys:
    • A copper-zinc volcanogenic massive sulphide "VMS" target in the northeast of the property, and
    • A nickel copper target in the ultramafics centered on the larger airborne VTEM anomaly
  • Mobilization for a diamond drill program is underway at Gowan to test Cu-Zn VMS and Ni-Cu targets

"We are pleased to have entered into an earn-in agreement with 11530313 Canada Inc., a private company financed by Dr. K. Sethu Raman and Robert Hirschberg, to provide funding for the Gowan Project," commented Ingrid Hibbard, President and CEO. "Recently, our team has struck significant agreements on two of our assets in Ontario: the Birch Lake Project and the Gowan Project, enabling us to ensure extensive exploration is occurring on numerous properties," she added.

Agreement Terms:

Pursuant to the earn-in agreement between Pelangio and Privco, Privco may earn an initial 25% interest in the Gowan Project by paying Pelangio a total of $400,000 in cash, incurring $600,000 in exploration expenditures in accordance with the following schedule:

Cash Payments

Exploration

Expenditures

Year

$400,000

On the Closing Date

$600,000

On or before July 1, 2023

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Pelangio Grants $2,000,000 Earn-in Option on Gowan Project TORONTO, ON / ACCESSWIRE / January 20, 2022 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it has entered into an earn-in letter agreement with 11530313 Canada Inc. ("Privco") on …

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