TSXV: PGZ OTCQB: PGZFF
- Highest-grade copper-gold mineralization in all holes at
Cañada Honda drilled to date
- Mineralization open in all directions
- Gravity anomaly more than 2km long
- Cañada Honda one of more than 14 Escacena gravity
anomalies
VANCOUVER, BC, July 4, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company")
(TSXV: PGZ) (OTCQB: PGZFF) is pleased to announce positive results
for the first of three follow-up drill holes at the Cañada Honda
target at the Company's 100%-owned Escacena Project in the Iberian
Pyrite Belt, southern Spain.
"Higher-grade copper mineralization continues to be delineated
at the Cañada Honda target. Hole CHD05 reported today was a large
step-out along a two-kilometer-long gravity anomaly and intercepted
a wide zone of copper-gold mineralization 150m down-dip. It is particularly encouraging to
see an increase in thickness of the copper-gold mineralization
down-dip coincident with a gravity target. This indicates good
potential for additional mineralization associated with the gravity
anomaly," said Tim Moody, Pan
Global's President and CEO.
"Follow-up drill hole CHD06, more than 100m to the east of hole CHD05, has intersected
visible copper mineralization coincident with a downhole EM (DHEM)
conductor anomaly, confirming that mineralization at Cañada Honda
is open in all directions."
Cañada Honda, one of more than 14 gravity anomalies in the
Escacena Project, is a high-priority target following drill results
reported on June 1, 2023 that show
gold and copper mineralization increasing down-dip on the edge of a
2km long east-west gravity and DHEM anomaly. Drill hole CHD05, the
first of a three-hole follow-up drill program, targeted the gravity
anomaly 150m down-dip from previous
drill hole CHD04, and approximately 330m down-dip from a historic mine tunnel.
Results are pending for hole CHD06 located 100m east of CHD05, targeting a large DHEM
anomaly. Hole CHD07 is in-progress targeting a resistivity-low
anomaly 100m down-dip from CHD05. The
Cañada Honda target is approximately 3.5km north of Pan Global's La
Romana copper-tin-silver discovery at the Escacena Project.
Drill results for Cañada Honda hole CHD05 are summarized in
Table 1 and drill collar details are presented in Table 2 below.
Drill hole locations are shown in Figure 1. The gravity anomaly
cross-section is shown in Figure 2.
Highlights
- Hole CHD05 confirms that copper-gold mineralization
continues with increasing thickness 150m down-dip from hole CHD04, and remains wide
open.
- Results for CHD05 include:
-
- 20m at 0.5% Cu, 0.3g/t Au, and
1.9g/t Ag from 287m down-hole,
including
-
- 5.1m at 1.3% Cu, 0.5g/t Au, and
3.9g/t Ag
- 0.5m at 10.3% Cu, 1.4g/t Au and
29g/t Ag
- Assays are pending for the upper part of the drill hole
- Hole CHD06 shows visible copper mineralization coincident
with the DHEM target approximately 100m east of hole CHD05.
Table 1 – Cañada Honda drill hole CHD05 results summary
(all intersections are >90% to 100% of true thickness)
Hole
|
From
|
To
|
Int
|
Cu
|
Au
|
Ag
|
Pb
|
Zn
|
Co
|
|
m
|
m
|
m
|
%
|
g/t
|
g/t
|
ppm
|
ppm
|
ppm
|
CHD05
|
287.0
|
307.0
|
20.0
|
0.5
|
0.3
|
1.9
|
38
|
124
|
102
|
|
296.0
|
307.0
|
11.0
|
0.8
|
0.4
|
2.4
|
36
|
147
|
117
|
|
296.0
|
301.0
|
5.1
|
1.3
|
0.5
|
3.9
|
39
|
154
|
182
|
|
296.0
|
296.5
|
0.5
|
10.3
|
1.4
|
29.2
|
114
|
371
|
592
|
Table 2 – Cañada Honda drillhole CHD05 collar
information
Hole_ID
|
Easting1
|
Northing1
|
Azimuth
(º)
|
Dip
(º)
|
Depth
(m)
|
CHD05
|
737208
|
4156446
|
180
|
-70
|
443.4
|
1Coordinates are in ERTS89 datum
UTM29N
|
|
QA/QC Procedures
Core size was HQ (63mm) and all samples were ½ core. Nominal
sample size was 1m core length and
ranged from 0.4m to 2m. Sample intervals were defined using
geological contacts with the start and end of each sample
physically marked on the core. Diamond blade core cutting and
sampling was supervised at all times by Company staff. Duplicate
samples of ¼ core were taken approximately every 30 samples and
Certified Reference materials inserted every 25 samples in each
batch.
Samples were delivered to ALS laboratory in Sevilla, Spain and assayed at the ALS
laboratory in Ireland. All samples
were crushed and split (method CRU-31, SPL22Y), and pulverized
using (method PUL-31). Gold analysis was by 50gm Fire assay with
ICP finish (method Au-ICP22) and multi element analysis was
undertaken using a 4-acid digest with ICP AES finish (method
ME-ICP61). Over grade base metal results were assayed using a
4-acid digest ICP AES (method OG-62).
About the Escacena
Project
The Escacena Project comprises a large, contiguous,
5,760-hectare land package controlled 100% by Pan Global in the
east of the Iberian Pyrite Belt. Escacena is located near operating
mines at Las Cruces and Riotinto and is immediately adjacent to the
former Aznalcóllar and Los Frailes mines where Minera Los
Frailes/Grupo Mexico is in the final permitting stage with
construction anticipated to start in 2023. The Escacena Project
hosts the La Romana copper-tin-silver discovery and a number of
other prospective targets, including Zarcita, Hornitos, La Jarosa,
Romana Deep, Romana North, Romana
West, Cañada Honda, Bravo, Barbacena, El Pozo, and San
Pablo.
About Pan Global
Resources
Pan Global Resources Inc. is actively targeting copper-rich
mineral deposits, given copper's compelling supply-demand
fundamentals and outlook for strong long-term prices as a critical
metal for global electrification and energy transition. The
Company's flagship Escacena Project is located in the prolific
Iberian Pyrite Belt in southern Spain, where infrastructure, mining and
professional expertise, and support for copper as a Strategic Raw
Material by the European Commission collectively define a tier-one
jurisdiction for mining investment. The Pan Global team comprises
proven talent in exploration, development, and mine operations -
all of which are committed to operating safely and with utmost
respect for the environment and our partnered communities.
Qualified Persons
James Royall, Vice President
Exploration for Pan Global Resources and a qualified person as
defined by National Instrument 43-101, has reviewed the scientific
and technical information for this news release. Mr. Royall is not
independent of the Company.
On behalf of the Board of Directors
www.panglobalresources.com
Forward-looking
statements
Statements which are not purely historical are forward-looking
statements, including any statements regarding beliefs, plans,
expectations or intentions regarding the future. It is important to
note that actual outcomes and the Company's actual results could
differ materially from those in such forward-looking statements.
The Company believes that the expectations reflected in the
forward-looking information included in this news release are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking information
should not be unduly relied upon. Risks and uncertainties
include, but are not limited to, economic, competitive,
governmental, environmental and technological factors that may
affect the Company's operations, markets, products and prices.
Readers should refer to the risk disclosures outlined in the
Company's Management Discussion and Analysis of its audited
financial statements filed with the British Columbia Securities
Commission.
The forward-looking information contained in this news release
is based on information available to the Company as of the date of
this news release. Except as required under applicable securities
legislation, the Company does not intend, and does not assume any
obligation, to update this forward-looking information.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pan-global-drills-1-3-copper-and-0-5-gt-gold-over-5-1m-within-20m-at-0-5-copper-and-0-3-gt-gold-at-canada-honda-in-the-escacena-project-southern-spain-301869348.html
SOURCE Pan Global Resources Inc.