Pelangio Mines Inc.
COMPANY DATA |
INTRODUCTION | PROJECTS IN HAND
| MANAGEMENT | NEWS UPDATE
| CONCLUSION | CHINESE
|| 539 Moorelands Crescent
|| (905) 875-3828
|| (905) 875-3829
|| Ingrid Hibbard
|52 Week High:
|| $ 0.27
|52 Week Low:
|| $ 0.05
Pelangio is an innovative mineral exploration and development company. Pelangio has 11 properties located in historical mining districts in Ontario and Quebec, where there is a cost-effective exploration, mining infrastructure, access to a trained workforce and no foreign political risk. Its primary mineral exploration property, Detour Lake, held jointly with Newmont Mining Corp. Of Canada Ltd., consists of approximately 52 square miles of the Abitibi Greenstone Belt.
PROJECTS IN HAND
(1) Detour Lake Property
Pelangio and its 50% joint venture partner, Newmont Mining Corp. of Canada Ltd. control approximately 52 square miles of under-explored area located on the prolific Abitibi Greenstone Belt. The property includes an option to acquire from Placer Dome the Detour Lake mine, which produced approximately 1.6 million ounces of gold. Current gold resources on the Detour Lake Joint Venture stand at 1.7 million ounces in the Measured, Indicated and Inferred categories as determined by Placer Dome.
Abitibi Greenstone Belt is the most prolific producer of minerals in Canada and Detour is located in the under-explored northern extension of the belt. The belt produced over 65% of all the gold ever produced in all of Canada and contains numerous mining camps containing more than one mine.
The discovery of multiple mineralized zones at Detour Lake with the exploration completed to date shows the potential for Detour to become a new mining camp.
As part of the acquisition of the property from Placer Dome the joint venture acquired Placer Dome's geological database.
Placer Dome developed a working model that demonstrated that proximal to the mine and along the same deformation zone hosting the mine, ("DZ") are a series of stacked, tiered or en echelon gold bearing mineralized zones, which can be traced by induced polarization surveys. The gold-bearing zones tend to have a consistent geometric shape that resembles a "hockey stick" in a longitudinal section. To date, the working model has identified six hockey stick shaped zones, including the main mine deposit. In the previous drilling, it intersected 44.7 g/t gold (uncut) over 17.53 m (1.297 opt gold over 57 feet).
(2) Birch Lake Property
Pelangio's 100% owned Birch Lake property is located approximately 75 miles northwest of the town of Red Lake. Previous diamond drilling by Pelangio and Placer Dome Inc. indicated that a narrow multi-ounce high grade zone starts at the 100 meter level. Results from this zone include 209 g/t Au over 1 m (6.09 oz/ton Au over 3.28 ft), 109 g/t Au over 1 m (3.17 oz/ton Au over 3.28 ft), 41.6 g/t over 1.35 m (1.21 oz/ton Au over 4.42 ft) and 8.66 g/t over 3.4 m (0.25 oz/ton Au over 11.15 ft).
(3) STAZ Property
The STAZ Property is a gold exploration project located in the Harker-Holloway Area approximately 14 km due east of Newmont Canada Limited's (Newmont) Holloway Mine and Barrick Gold Corp's Holt-McDermott Mine in Northern Ontario. Currently the STAZ Property is an 80:20 joint venture between Newmont and Pelangio respectively. Pelangio is currently project operator and has the right to earn up to 50% of the project by completing a further exploration expenditure of approximately $125,000, by June of 2002.
Pelangio Mines Inc. has well experienced management in different areas. They include:
Ingrid Hibbard, LL.B., President and Director
Kevin Filo, P.Geo., Vice President and Director
Ian Shaw, C.A., Treasurer
Albert Gourley, LL.B., Secretary
Partner at Macleod Dixon
Philip E. Olson, MSc. (Geology), P.Geo., Director
A. Gordon Slade, P.Eng., Director
Carl J. Nurmi, C.A., Director
Jean-Pierre Colin, LL.L., M.B.A., Director
On May 28, 2002, Pelangio Mines Inc. announced that it has acquired an additional 17 square miles by staking in the Detour Lake area of northeastern Ontario. These claims were staked to cover prospective geology proximal to or along the extensions of known gold-bearing structures. The Company now controls a total of approximately 76 square miles in one of the most prospective gold projects in the Abitibi Greenstone Belt. The Abitibi Greenstone Belt has produced approximately 65% of Canada's gold and a substantial portion of its base metals from a series of world class gold and base metals mines within established mining camps.
On May 16, 2002, Pelangio Mines Inc. announced that it has completed the purchase of all of the property interests of Newmont Mining Corporation of Canada ("Newmont", formerly Franco-Nevada Mining Corporation) in the Detour Lake area of Northeastern Ontario (the "Detour Lake Property") by paying $1,500,000, issuing 1,250,000 common shares of Pelangio at $0.20 per share, and allowing Newmont to retain a 2% net smelter royalty. Pelangio also announced the issuance of 10,250,000 shares at $0.20 for $2,050,000.
On May 13, 2002, Pelangio Mines Inc. announced that it has optioned its Birch Lake gold property to Mosquito Consolidated Gold Mines Ltd. The Birch Lake property is located within the Birch-Uchi Greenstone Belt in Northwestern Ontario, approximately 120 kilometers northeast of the town of Red Lake.
On April 30, 2002, Pelangio Mines Inc. reported that it is in negotiations to raise up to $2,000,000 by way of private placement of common shares at an issue price of $0.20 per share. It is currently anticipated that the proceeds will be used for strategic property acquisitions in the Detour Lake area and for working capital.
On February 01, 2002, Pelangio Mines Inc. announced that it has completed diamond drilling of one hole (hole PR-02-01) on the Stoughton Staz property. This hole was collared approximately 100 meters due west and 140 meters north of ST99-26 and was designed to further evaluate both the strike and down plunge extents of known gold mineralization intersected by Newmont in hole ST99-26.
A second hole is planned contingent upon the results from hole PR-02-01 and upon receipt of funds from Hemlo North Shore Inc.
There are many reasons why Pelangio Mines Inc. is a good potential growing company in the near future:
They own 11 good properties in Ontario and Quebec
Although Pelangio Mines Inc. is a junior mining company, they still can attract Newmont Mining Corp. of Canada Ltd. as their joint venture partner. It reflects the potential growth in Detour Lake Property
Top-level management to keep the Company on the cutting edge. Pelangio Mines Inc. has very competent officers and directors, with the necessary experience and expertise to guide it through the development of this area play to the maximum benefit of shareholders
The gold price in the international market has been constantly increased from US$260/oz to US$300/oz in the past six months. It will help Pelangio Mines Inc. to increase the business opportunities with those major companies. Also, it will attract more investors who are favourable to discover some good potential junior mining companies like Pelangio Mines Inc.