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Pelangio Exploration ( (TSE:PX) ) just unveiled an announcement.
Pelangio Exploration has begun the first phase of a 6,850-metre drill program at its Manfo gold project in Ghana, aiming to extend existing resources at the Pokukrom deposits through diamond drilling and test new exploration targets, including the untested Bomfaa geochemical anomaly, via reverse circulation drilling. The company also announced the termination of option agreements with FJ Minerals and Nathawo Properties, resulting in Pelangio retaining a 27% interest in the known Manfo mineral resource while relinquishing its option on the adjacent Nkosuo property, though it has secured a right of first refusal on that ground; management characterizes this as a net benefit given higher gold prices and permitting challenges on Nkosuo, positioning Pelangio to focus on growing its defined Manfo resource base, currently estimated at a combined 837,000 ounces of indicated and inferred gold.
The most recent analyst rating on (TSE:PX) stock is a Hold with a C$0.29 price target. To see the full list of analyst forecasts on Pelangio Exploration stock, see the TSE:PX Stock Forecast page.
Spark’s Take on TSE:PX Stock
According to Spark, TipRanks’ AI Analyst, TSE:PX is a Neutral.
The score is held down primarily by weak financial performance (no revenue, ongoing losses, and persistent cash burn) and limited valuation support due to a negative P/E. Offsetting factors include strong recent technical momentum and positive funding events that improve near-term liquidity, though with dilution risk.
To see Spark’s full report on TSE:PX stock, click here.
More about Pelangio Exploration
Pelangio Exploration Inc. is a Toronto-based mineral exploration company focused on advancing gold projects, including its flagship Manfo Project in Ghana. The company targets the discovery, expansion and development of gold resources in prospective mining jurisdictions to create value for shareholders through resource growth and potential future project development opportunities.
Average Trading Volume: 183,261
Technical Sentiment Signal: Buy
Current Market Cap: C$69.43M
Learn more about PX stock on TipRanks’ Stock Analysis page.