Toronto, Ontario--(Newsfile Corp. - November 9, 2026) - Pelangio Exploration Inc. (TSXV: PX) (OTC Pink: PGXPF) ("Pelangio" or the "Company") is pleased to announce that geophysical surveys at its Manfo and Obuasi projects are complete, diamond drilling is underway at Dankran, and a new structural study supports deeper drilling at the Pokukrom East deposit at Manfo.
Controlled Source Electromagnetic Surveys ("CSEM") at Manfo and Obuasi are now complete, designed to explore for mineral targets up to one kilometre deep or more.
Diamond drilling now underway at Dankran, following up on Pelangio's successful 2021 maiden RC drill program.
Manfo structural study complete, concluding that the Pokukrom East deposit remains open at depth and recommending 1,280 meters of follow-up drilling.
Partner TuNya has completed 2,281 meters of RC drilling on its earn-in portion of Pelangio's Obuasi Property, exceeding its 2,000-meter commitment, with assays pending.
"The work we've completed this fall is giving us a sharper picture of where to drill next," said Ingrid Hibbard, President and CEO of Pelangio. "The structural study supports what our drilling has shown: Pokukrom East remains open at depth, with opportunities to further define and potentially extend the mineralization. With geophysical survey results from Manfo and Obuasi on the way and drilling underway at Dankran, there is more to come from across our Ghana portfolio."
CSEM Surveys
Pelangio Exploration's planned CSEM surveys have been completed on both the Manfo and Obuasi projects. The 2.8 km² (100 station) Manfo survey was completed mid-September and the 9.2km² (295 station) Obuasi survey was completed on November 5, 2026. Refer to Figures 1 and 2.
SEMS Exploration Services of Ghana has been contracted to conduct CSEM surveys to explore for mineral targets at depths up to one kilometre or more. The CSEM method is effective at mapping resistive bodies and detecting conductive features at shallow to intermediate depths (up to several km) and should be effective at resolving Obuasi-style mineralization (conductive sulphide ore and resistive gold-bearing quartz lodes) plus Manfo style mineralization (resistive silicified gold zones) comfortably to a depth of 1 kilometre or more.
The Manfo and Obuasi CSEM survey datasets are now in Sweden, where the data will be processed (including 3D inversion), interpreted and reported on, with products expected by year-end. Both surveys are anticipated to show compelling electromagnetic targets, suggesting possible mineralization at depth, which will be tested by drilling in 2027.
Dankran Drilling Program
The planned diamond drilling program on the Dankran property is now underway. A program of six holes totalling 800 meters is planned. The program is designed to follow up on Pelangio's successful maiden RC drilling program conducted in 2021, which returned up to 3 meters of 14.17 g/t Au plus 2 meters of 6.02 g/t Au. Previous work by Pelangio delineated a 2.5-kilometer-long target along the principal Ashanti Belt volcanic-sedimentary contact 2 to 4.5 kilometers southwest of the Obuom Mine, a WWII-era small underground mine that produced approximately 30Koz of gold at 15+ g/t Au from quartz lodes in a shear along the contact. Considerable ASM mining has taken place in the district, both alluvial and hard rock underground mining, and the Dankran property is considered prospective for a higher-grade discovery. Refer to Figure 3. The Dankran drill program is expected to take approximately four to six weeks to complete, and assays are anticipated by year end.
Manfo Structural Study Supports Continued Resource Extensional Drilling
A one-week litho-structural study was conducted on the Manfo project, with detailed logging of the recent Pokukrom East drill core plus analysis of the property-wide geological and geophysical data sets to improve the understanding of geological and structural controls on gold mineralization. The study was conducted by structural geologist Dr. Ghislain Tourigny of SEMS Technical Services in mid-September, and the report was recently received.
Several of the main observations and conclusions from the structural study include:
Manfo gold mineralization is largely confined to a 400-m-wide, fault-bounded corridor oriented NE and moderately dipping towards the northwest. The corridor is dominantly composed of mafic metavolcanic rocks and granodiorite intrusions (dykes, sills) that have been pervasively altered. In more detail, the gold-bearing alteration zones and quartz veinlets are located within the hinge zone of a large regional-scale antiform plunging ~ 30° towards the northeast.
The deformation history recorded at the Pokukrom East deposit suggests an early ductile deformation that evolved into a dominantly brittle deformation increment accompanied by the reactivation of earlier ductile faults as brittle structures and the development of gold-bearing quartz veins.
This gold-bearing lithological assemblage includes abundant granodiorite dykes or sills which emplaced within the volcano-sedimentary rocks of the Sefwi Belt. The strong rheological contrasts between competent intrusive rocks and a weaker volcano-sedimentary assemblage likely promoted the development of a major NE-trending mineralized structural corridor and associated second-order structural discontinuities.
Gold mineralization at Pokukrom East consists predominantly of a broad zone of sericitization, pyritization and disseminated gold mineralization, which is overprinted by later stockwork type gold mineralization. Quartz veins are not predominant in the deposit and appear mainly developed within the most silicified zones or at structurally favourable sites within the broader mineralized zone. Due to the predominance of disseminated-type mineralization and less abundant quartz veining, the deposit is best interpreted as a disseminated stockwork type gold deposit.
Recent exploration drilling at Pokukrom East demonstrates that the deposit remains open at depth towards the northeast and additional deep drilling is warranted. The proposed exploration program includes a total of 1,280 metres of diamond drilling targeting the down-plunge extension of the high-grade zone intersected in SPDD26-008, which returned 26 m @ 2.99 g/t Au including an interval of 6 m @ 11.74 g/t Au.
Dr. Tourigny notes that higher gold grades are commonly associated with more intense silicification and sericitization, a greater abundance of quartz veinlets, and locally elevated pyrite contents. Quartz veining is generally not abundant, however, and gold content is more related to the intensity of hydrothermal alteration. As Pelangio has also observed, strong alteration, mainly bleaching +/- sericite and minor pyrite, can occur with no significant gold. Based on macroscopic observation alone, Dr. Tourigny suggests the concentration and precipitation of gold may in part be related to less visible variations in the geochemistry and fluid pressures of the hydrothermal fluids. The Pokukrom East deposit is considered somewhat atypical of orogenic gold deposits with an absence of classical shear-hosted quartz veins and might be best described as a hybrid gold deposit, displaying characteristics of intrusion-hosted gold mineralization possibly overprinted by a later orogenic quartz-veining event associated with fluctuations in fluid pressure within the mineralized system.
Lastly, Dr. Tourigny concludes that the Pokukrom East orebody offers significant exploration potential and additional, deeper drilling is warranted. The mineralization is open down-plunge to the north, and a 1,280-meter follow-up drilling program to further extend the mineralization was recommended.
Refer to Figure 4.
TuNya RC Drilling Program
TuNya Mineral Resources, which is earning-in to the southern Tarkwaian portion of Pelangio's Obuasi property, completed an RC drilling program on September 16, 2026, to test several robust Au-in-soil anomalies TuNya delineated on the earn-in property. As part of TuNya's commitment to earn 80% of this portion of Pelangio's Obuasi property, TuNya is required to conduct 2,000 meters of drilling. TuNya drilled a total of 2,281 meters in 36 RC holes ranging from 50 to 120 meters in length. TuNya's drilling encountered mafic volcanics or intrusives plus lesser Tarkwaian sandstones with local silicification, quartz veining and disseminated pyrite. Assays are pending. Refer to Figure 5.
Figure 1. Completed Manfo CSEM Survey Over the Pokukrom Deposits
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Figure 2. District Geology and Location of Obuasi CSEM Survey
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The Obuasi Au trends depicted above are from AngloGold Ashanti's Obuasi Underground Analyst Site Visit presentation, p.10, posted on their website on March 17, 2025. The location of the Far North (Adansi) ore shoot is estimated from p.31 of the same presentation.
Figure 3. Planned Diamond Drilling, Dankran Property
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Figure 4. Main Interpreted Structural Elements at Manfo on UAV Magnetics
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Figure 5. Location of TuNya's Soil Au Targets and area of Completed RC Drilling
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Qualified Person
Mr. Kevin Thomson, P.Geo. (Ontario, #0191), Senior Vice-President, Exploration and Director, is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Thomson approved the scientific and technical disclosure in this release.
About Pelangio Exploration Inc.:
For additional information, please visit our website at www.pelangio.com, or contact: Ingrid Hibbard, President and CEO Tel: 905-336-3828 / / Email: info@pelangio.com
Forward-Looking Statements: Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Company's ability to complete proposed targeted infill drilling, step-out drilling and exploration to further define and expand the resource base, as well as further drilling at Pokukrom East and the other deposits, potential expansion of the Resource, potential conversion of Inferred to Indicated ounces, planned work programs, advancing technical studies, future development decisions, the potential addition of satellite deposits, the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, the Company's plans to follow-up on previous work, and the Company's exploration plans. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the changes in equity markets, share price volatility, volatility of global and local economic climate, inability to obtain necessary approvals or permits in Ghana, gold price volatility, political developments in Ghana and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, and other risks involved in the gold exploration industry. See the Company's annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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