Pan Global Encounters Strong Borate Mineralisation at Valjevo-Update on Balkans Project
November 21 2011 - 6:26PM
Marketwired
Pan Global Resources Inc. (the "Company") (TSX VENTURE:PGZ) would
like to provide an update on exploration activities in the Republic
of Serbia undertaken by our exploration partner, Lithium Li
Holdings Inc.
The Company is extremely pleased to announce that Hole VBN-001
(eoh 607m) drilled in Valjevo has intersected mineralization
associated with two zones of alkaline/saline depositional
environments Figure 1). The first is borate mineralization in the
form of searlesite (often a weathering product of other borate and
/or jadarite mineralization) observed at surface and at shallow
depths in VBN-001, that is not of economic interest. The second is
a 11.3m zone of preserved sodium/calcium borate mineralization
(tentatively identified as ulexite and/or probertite) encountered
from 426 to 438m which is of economic interest. A general
stratigraphic summary with emphasis on mineralized zones
follows:
0-24m Marl, claystone
24-80m Claystone, marl with searlesite and calcite pseudomorphs
80-408m Siltstone, marl and claystone with 0.5m thick Tuff horizons
at 196.5m and 212.5m.
408-426.8m Claystone, marl with calcite pseudomorphs after borates near
upper contact with borate zone.
426.8-438.1m Borate zone (claystone host rock) - ranging from 2 -15%
Borates
438.1-448m Claystone with calcite pseudomorphs after borates near lower
contact with borate zone
448-504m Marl, claystone, fossiliferous towards base
504-607m(eoh) Sandstone, conglomerate with 4m thick Tuff horizon at 504m
and 4m Travertine horizon at 533m.
Confirmation of the type of mineralization is now awaited from
geochemical analyses, but if so will indicate a very favorable
vertical search thickness for the occurrence of Jadarite and other
borate minerals. (i.e. the same horizons elsewhere in the basin
represent very high priority targets and will be the focus of
future drilling). This result is akin to the first hole drilled at
the Jadar deposit by Rio Tinto which chased similar surface
geochemistry and encountered the uppermost colemanite/ulexite zone
but no jadarite, which was then identified in follow up drilling
and eventually identified in 3 principal layers. This very positive
result from the first hole at Valjevo has significantly raised the
prospectivity of the licence and the adjoining licence at Lijg.
As previously reported, four holes of an initial reconnaissance
diamond drilling program were completed in the Badanja and
adjoining Jadar West exploration license. These titles are
immediately adjacent to Rio Tinto's Jadar deposit where production
is planned to commence in 2016 (Figure 2).
The Company has decided to suspend further drilling until Q1
2012 to enable the completion of geochemical analyses and
mineralogical studies, which will be followed by a complete review
of magneto-tellurics, gravity, drilling, lithological and
geochemical core data to provide additional targets in all 3
licences (Jadar West, Badanja and Valjevo) that will be generated
as a result of this initial reconnaissance drilling.
Apart from the drilling, other work consisting of geological,
geochemical and geophysical exploration to define drill targets is
continuing to progress. Processing of gravity over the Gorobilje
licence was completed which indicates a lack of basin development,
and as a consequence prospectivity of the licence has been
downgraded.
To view Figures 1 and 2, click on the following link:
http://media3.marketwire.com/docs/pg1121.pdf
The technical information provided in this news release was
reviewed and approved by Robert. W. Baxter (FAusIMM), a director of
the Company and a qualified person for the purposes of National
Instrument 43-101.
Disclaimer. Certain of the statements made and information
contained herein may contain forward-looking information within the
meaning of applicable Canadian securities laws. Forward-looking
information includes, but is not limited to, information concerning
the Company's intentions with respect to the development of its
mineral properties. Forward-looking information is based on the
views, opinions, intentions and estimates of management at the date
the information is made, and is based on a number of assumptions
and subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated or projected in the
forward-looking information (including the actions of other parties
who have agreed to do certain things and the approval of certain
regulatory bodies). Many of these assumptions are based on factors
and events that are not within the control of the Company and there
is no assurance they will prove to be correct. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information. The Company
undertakes no obligation to update forward-looking information if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws, or to comment on
analyses, expectations or statements made by third parties in
respect of the Company, its financial or operating results or its
securities. The reader is cautioned not to place undue reliance on
forward-looking information.
Shares Issued and Outstanding: 25,501,482
Neither 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.
Contacts: Pan Global Resources Inc. Mr. Julian Bavin
604-689-9930 604-689-9940 (FAX)jbavin@panglobalresources.com
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