Pelangio Grants Earn-in Option on a Portion of the Obuasi Project

TORONTO, ON / ACCESSWIRE / July 31, 2023 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce it has entered into an earn-in binding letter of intent granting TuNya Mineral Resources Ltd. ("TuNya") the right to earn an 80% interest on the southern portion of two of the four licenses that comprise Pelangio's Obuasi Project (the southern portion of these two licenses to be referred to as the "TuNya Earn-In Property"). The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of TuNya's Kyereboso project located to the south. Pelangio will retain a 100% interest in the remainder of the Obuasi property ("Main Property"), including the strike extension of the Obuasi Mine stratigraphy ("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where Pelangio will focus its exploration efforts.

Highlights:

• Collaboration with TuNya, a strategic partner with significant technical expertise and considerable experience at the Obuasi Mine and in the Ashanti Belt.
• The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of TuNya's Kyereboso project.
• Pelangio retains 100% of the Main Property, including the strike extension of the Obuasi Mine stratigraphy ("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where Pelangio will focus its exploration efforts.
• TuNya may acquire up to an 80% interest in the TuNya Earn-In Property by completing a US$250,000 comprehensive technical review of Pelangio's Main Property, completing 2,000 meters of drilling on the TuNya Earn-In Property, and paying Pelangio US$150,000.
• Pelangio will only contribute to expenditures on the TuNya Earn-In area once a 100,000 oz resource has been delineated.

"We are delighted to enter into the earn-in agreement with TuNya, providing access to its management and technical team who have a combined 125 years' experience working in senior technical roles at the Obuasi Mine and elsewhere on the Ashanti Belt. We believe Pelangio will receive tremendous value from the technical review to be completed by TuNya on our 100% owned Pelangio Main Property and the drill program to be completed by TuNya on the TuNya Earn-In," commented Ingrid Hibbard, President and CEO of Pelangio. "The 284 square kilometer Obuasi Project is a district-size land package requiring significant exploration. This collaboration with TuNya ensures exploration will be completed on both the Main Property and the TuNya Earn-In Property in the near term at no cost to Pelangio. In this way, Pelangio will retain its focus on the Obuasi Targets and the NGA Targets and gain exposure to near term exploration of the Tarkwaian potential of the TuNya Earn-In Property."