gold gold goldPelangio Mines Inc. (TSX: PLG) ("Pelangio") has been advised by Detour Gold Corporation ("Detour Gold") that it has released drill results of 27 holes from the Calcite and Gap Zones of its Phase II drilling program at the Detour Lake property in northern Ontario. Detour Gold started Phase II drilling in July 2007 and thus far has completed 302 holes totaling 119,002 metres (including 19 holes abandoned for 1,624 metres). Detour Gold has now reported 187 holes totaling 68,428 metres (including 15 holes abandoned for 1,290 metres). There are four (4) active drill rigs on site.
Pelangio has a 44.6% equity interest in Detour Gold (20 million shares). Detour Gold issued a press release today, the verbatim text of which follows:
"Detour Gold Reports Wide Gold Intersections in the Calcite Zone of its Detour Lake Project in Northern Ontario (1.85 g/t over 113.5 metres and 1.37 g/t over 71 metres)
Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") is pleased to report the drill results of 27 holes from the Calcite and Gap Zones of its Phase II drilling program at the Detour Lake property in northern Ontario. The Company started Phase II drilling in July 2007 and thus far has completed 302 holes totaling 119,002 metres (including 19 holes abandoned for 1,624 metres). The Company has now reported 187 holes totaling 68,428 metres (including 15 holes abandoned for 1,290 metres).
Detour Gold has been very successful in drilling the Calcite Zone, which will have a positive impact on the upcoming resource update. Results from 22 holes in the Calcite Zone are indicating additional gold mineralization outside the US$575 pit shell and within the US$700 pit shell. Of importance, near-surface mineralization was encountered in holes DG-07-267 with 1.83 g/t (cut) over 113.5 metres and DG-07-265 with 1.37 g/t (cut) over 71 metres. Several significant mineralized zones were intersected at the contact of the SLDZ and massive flow below the US$700 pit shell (DG-08-309 on section 17,900E and DG-07-251 on section 18,220E).
Gold mineralization was encountered in all five (5) holes drilled in the Gap Zone. Of importance, hole DG-08-301 intersected 0.93 g/t over 70.0 metres near-surface at approximately 400 metres northward in the hanging wall and DG-08-294, located 40 metres to the east, intersected the same zone with 1.05 g/t over 47.0 metres.
The best mineralized (uncut) intervals encountered are shown below.
Calcite Zone
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DG-07-251 DG-07-265 DG-07-267 DG-07-271
------------ ------------ ------------- -------------
1.38 g/t 1.37 g/t 1.85 g/t 1.15 g/t
over 47.0 m over 71.0 m over 113.5 m over 28.0 m
1.30 g/t 4.57 g/t 1.76 g/t
over 26.0 m over 7.0 m over 31.0 m
1.64 g/t
over 26.0 m
DG-07-275 DG-07-276 DG-07-281 DG-07-282
------------ ------------ ------------- -------------
1.68 g/t 2.67 g/t 7.01 g/t 12.29 g/t
over 45.0 m over 29.0 m over 16.0 m over 7.0 m
2.35 g/t 1.45 g/t
over 15.0 m over 27.0 m
DG-08-295 DG-08-303
------------ ------------
3.29 g/t 5.85 g/t
over 21.5 m over 10.0 m
Gap Zone
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DG-08-294 DG-08-299 DG-08-301 DG-08-307
------------ ------------ ------------- --------------
1.05 g/t 7.36 g/t 0.93 g/t 3.40 g/t
over 47.0 m over 10.0 m over 70.0 m over 17.0 m
5.34 g/t 2.06 g/t 1.03 g/t 2.37 g/t
over 11.0 m over 20.0 m over 33.0 m over 25.0 m
4.11 g/t
over 10.0 m
The Company is extremely confident in meeting its objectives of outlining a mineral resource of over 10 million ounces of gold at Detour Lake. The Company expects to release its mineral resource update on July 2 at 5:00 PM ET followed by a conference call on July 3 at 10:00 AM ET. The base case will be using a gold price of US$700 per ounce (equivalent to 0.5 g/t cut-off grade) and a US$ exchange rate of 1.10. The resource update will be based on a fully designed and engineered open pit based on a 30,000 tpd operation for the first few years and increasing to 60,000 tpd thereafter. This scenario will serve as the basis of our 2008 feasibility study to be completed by year-end.
The Phase II drill program (135,000 metres) is expected to be completed by mid-2008. Approximately half of that program, along with Phase I, will be included in the new resource update. The Company will be planning a Phase III drill program in the coming months to complete the feasibility study and further test the western extension of the Detour Lake deposit.
Complete tables of results, surface and longitudinal plans and cross-sections for the Detour Lake deposit are posted on the Company's website www.detourgold.com /Projects/Detour Lake or https://www.detourgold.com/s/LatestDrillResults.asp or on the home page "Explore Detour Lake".
Detour Gold's exploration program is being managed by Project Manager, Mr. Roger Aubertin, P.Eng., a Qualified Person within the meaning of National Instrument 43-101. Mr. Aubertin has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. Details on the current mineral resource are available in the January 2008 Technical Report, which is posted on the Company's website or on SEDAR (www.sedar.com).
Samples are prepared and assayed at SGS Minerals Services in Don Mills, Ontario, Canada. Analysis for gold is done on sawn half core samples using fire assay (AA finish). Samples with higher grade gold (greater than 5 g/t) are re-assayed using the pulp and metallics procedures. Standard reference materials, blank and field duplicate samples are inserted prior to shipment from site to monitor the quality control of the assay data. For additional information on Quality Assurance and Quality Control ("QA/QC"), refer to the press release dated April 11, 2007.