Pelangio Grants Earn-in Option on a Portion of the Obuasi Project - Seite 3

Foto: Accesswire

Obuasi Project: Pelangio Main Property and TuNya Earn-In

Pelangio Exploration's Obuasi property consists of four prospecting licenses totaling 284.4 square kilometers situated adjacent to AngloGold Ashanti's giant Obuasi Mine on the Ashanti Belt - the most gold endowed greenstone belt in West Africa. The Obuasi mine has produced over 33 million ounces of gold since 1897 and currently hosts a resource of 24.5 million ounces of gold at an average grade of 8.0 g/t Au, including a Proved and Probable Reserve of 7.7 million ounces of gold at an average grade of 9.3 g/t Au. (Source: AngloGold Ashanti Mineral Resource and Mineral Reserve Report, December 2022). The geological stratigraphy which hosts the Obuasi deposits extends into Pelangio's Obuasi Property. Obuasi-style geology, alteration and mineralization has been observed in historical drilling by Pelangio at multiple prospects.

TuNya will be earning into the TuNya Earn-In Property (the southern portions of the Kyereboso 2 and 3 licenses of Pelangio's Obuasi Property, covering principally Tarkwaian geology), to explore for extensions to or additional discoveries complementary to TuNya's Kyereboso project. The Kyereboso mineralization is hosted in Tarkwaian conglomerates and quartzites plus a younger dolerite intrusive and is analogous to Gold Fields' Damang Gold Mine (total gold endowment of approximately 15 Mozs) in Ghana, and Endeavour Mining's recent Tanda-Iguela discovery (current mineral resource of approximately 3 Mozs) in Côte d'Ivoire. With Pelangio's focus on the Birimian targets, the Tarkwaian in the southern parts of the Obuasi property would have gone unexplored at least over the near term.

In partial exchange for TuNya's earn-in on the Tarkwaian portion (TuNya Earn-In Property) of Pelangio's Obuasi property, Pelangio will benefit from TuNya's considerable Obuasi Mine and technical expertise in a comprehensive review of Pelangio's 100% retained Main Property. The review will identify and rank targets most similar to the Obuasi Mine deposits for subsequent follow up by Pelangio. At the same time, TuNya will evaluate and advance targets on the Earn-In area which could add to and enhance their Kyereboso project and will include at least 2,000 meters of drill testing on the TuNya Earn-In Property. Once TuNya completes their earn-in commitment, Pelangio will retain 20% of the Earn-In area and will contribute their share of exploration costs only once TuNya has made a discovery of at least 100,000 oz of gold.