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Pelangio confirms broad 1.5 km By 1 km VTEM Anomaly near Kidd Creek

Jun 15, 2021

Pelangio Exploration Inc. has received the final data on the VTEM Plus electromagnetic survey over its Gowan polymetallic project located 27 kilometers ("km") northeast of Timmins and 16 km east of Glencore's Kidd Mine. The final data confirmed a broad 1.5 km by 1 km electromagnetic ("EM") response located on the flank of a strong magnetic response, proximal to known copper, zinc, silver volcanogenic massive sulphide ("VMS") occurrences.

Highlights of the Gowan Project (See Figures 1, 2 & 3):

  • The target is prospective for VMS copper-zinc with associated precious metals;
  • The VTEM anomaly is proximal to a historical semi-massive sulphide zone which intercepted 0.32 % copper and 0.35 oz/ton silver over 36 feet
  • The VTEM confirmed a moderate broad 1.5 km by 1 km electromagnetic (EM) response extending vertically from about 75 m below surface to a depth greater than 400 meters.
  • The VTEM anomaly is located on the flank of a strong magnetic response.
  • The target is also prospective for nickel-copper sulphide deposits within the ultramafic complex in southern portion of the project;

A ground Induced Polarization ("IP") survey will commence shortly to refine the target for diamond drilling.

Ingrid Hibbard, President and CEO commented; "We are pleased to report that the final VTEM Plus airborne survey data on Gowan has been received. In light of this captivating information, exploration permits for ground geophysics and drilling were filed immediately and have been granted. Given the size of this anomaly proximal to known polymetallic VMS occurrences, a ground IP survey will be conducted to refine this large target for drill testing. The diamond drill program will be designed and initiated following review of the IP data."

Gowan Property (See Figures 1, 2, and 3)

The 100%-owned, Gowan polymetallic project is a 4.3 km2 property located in Gowan Township, 27 km northeast of the City of Timmins, Ontario and 16 km due east of Glencore's Kidd Mine Site (see Figure 1). The property is prospective for both copper-zinc VMS deposits with associated precious metals, and nickel-copper sulphide deposits.

The northeastern portion of the Gowan property is underlain by a prospective felsic volcanic package of rocks associated with feldspar porphyritic intrusives. Limited exploration efforts in the early to mid -1970's focused on evaluating the northern portion of the property for a Kidd-style copper-zinc VMS deposit. These early exploration programs were successful in demonstrating the potential for this type of mineralization. Pelangio Exploration Inc. News Release - June 14, 2021 2 82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899

The highlight of these early exploration efforts was a broad semi-massive sulphide intercept grading 0.32% Cu and 0.35 oz/ton Ag over 36 feet. A shorter interval within this broad section returned 0.66% Cu and 0.31 oz/ton Ag over 12.5 feet including an interval of 0.95% Cu and 0.20 oz/ton Ag across 3 feet. Also of note is a bedrock sample from the bottom of a reverse circulation ("RC") drill hole which returned 2.26% Cu and 0.11 oz/ton Au. Very limited follow up was conducted on the massive sulphide intercepts and no drill follow up was completed on the copper-gold occurrence detected in the bottom of the RC hole. The southern portion of the property is interpreted to be underlain by ultramafic volcanics from limited drilling and magnetic data. This area of the property is thought to be a prospective for nickel-copper sulphides. (Reference for assay data: Alamo Petroleum Assessment File, R.S. Middleton P.Eng. 1975)

Pelangio recently received a complete report on the results of an airborne VTEM Plus electromagnetic survey and magnetic survey completed on its Gowan Prospect. The final data, in conjunction with an independent consultation with a geophysicist, confirmed the presence of a broad moderate conductor with a triangular surface expression of 1.5 km by 1 km. (see Figures 2 & 3) The conductor extends from just below the overburden depth of approximately 75 meters to a depth greater than 400 meters vertical and is located on the flank of a large magnetic response. A series of IP survey lines across the conductor was recommended in order to better define optimum drill target locations within the broad conductive body. Once the survey is completed, a review of the IP data will be initiated to formalize drill plans.

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