Pelangio Exploration plans to be drilling this winter on a new gold property that’s within sight of the Dome Mine headframe near Timmins.
The junior miner has entered into an option agreement to acquire a 56-hectare property, 8000 metres west of Goldcorp’s Dome open-pit mine property in Tisdale Township.
“The Dome West property is a major acquisition for Pelangio,” said company president Ingrid Hibbard in a Jan.22 news release.
“It is located in a geologically significant area just 800 metres from the historic Dome Mine, one of the largest and well-known gold producers in Canada.
“Planning is underway for a first-phase diamond drill program to be carried out this winter. The Dome West project complements our recently acquired Dalton project, located 1.5 km west of Goldcorp’s Hollinger Mine."
Under the terms of the deal, Pelangio must make cash payments and share issuances to Francois Desrosiers and a numbered company, 6398651 Canada, and spend $750,000 on exploration over a four-year period.
Toronto-based Pelangio has exploration properties in Canada and Ghana, West Africa.
In Ontario, the company holds its 25-square-kilometre Birch Lake exploration property near Red Lake, and the Dalton Property, situated 1.5 kilometres from the Hollinger Mine in Timmins.
It’s been an eventful two weeks for Pelangio.
On Jan.18, the company signed a binding letter of intent for Pancontinental Resources (Pancon) to take a 75 per cent stake on a nickel-cobalt-copper property near Timmins.
The Strachan Project, located 65 kilometres northwest of the city, covers 2,280 hectares within the Montcalm Greenstone Belt.
The property gives Pancon a fourth early-stage property and control of 15,760 hectares in, what’s being called, an emerging battery and energy metals district.
The letter of intent forms the basis for a potential joint venture agreement.
Pancon can earn an increasing majority ownership stake in the project through a series of cash payments, common share issuances, and exploration spending over a three-year period.
Pancon intends to explore Strachan by using airborne versatile time domain electromagnetic (VTEM) and airborne gravity geophysical surveys.
“Pancon now controls more than 157 square kilometres in a proven nickel-cobalt-copper mining location west of Timmins,”said Pancon president Layton Croft in a Jan.18 news release.
“Glencore’s former Montcalm Mine property covers less than five square kilometres of the Montcalm Gabbro Complex. With Strachan, in addition to our Montcalm, Gambler and Nova projects, Pancon is the dominant player in an emerging battery and energy metals exploration district. Pelangio is an excellent company led by high quality exploration and mining professionals, and we are excited to be their partner.”
