TSXV: PGZ | OTCQX: PGZFF
| FSE: 2EU
VANCOUVER, BC, Jan. 8, 2024
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company")
(TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is pleased to announce
results for nine new drillholes from the La Romana
copper-tin-silver (Cu-Sn-Ag) discovery in the Company's 100% owned
Escacena Project in the Iberian Pyrite Belt, southern Spain. The drill holes are part of a 25-hole
program aimed at delineating the western extension of the
La Romana deposit.
The significance of these drill results:
- The near surface copper mineralization is extended more
than 50m west and is now continuous
for a total strike length of 1.4km, remaining open for further
expansion along strike to the northwest and down-dip
- A new higher grade (1%-plus copper) sector has been identified
with grades ranging as high as 7.7% copper over 1.7m. This mineralization is coincident with a
290m x 90m down-hole electromagnetic (DHEM) target,
providing a strong guide to potential extensions for future
drilling
Drilling Highlights:
- LRD173: 9.7m at 1.69% CuEq1 (1.61% Cu,
0.02% Sn, 3.8 g/t Ag) from 99m, including 5.7m at 2.70% CuEq1 (2.58% Cu,
0.03% Sn, 6.2 g/t Ag);
- LRD177: 8m at 1.48% CuEq1 (1.21%
Cu, 0.10% Sn, 1.5 g/t Ag) from 55m, including 3.4m at 2.85% CuEq1 (2.72%
Cu, 0.04% Sn, 3.2 g/t Ag);
- LRD179: 18.1m at 0.65% CuEq1 (0.61% Cu,
0.01% Sn, 1.5g/t Ag) from 108m, including 6.1m at 1.50% CuEq1 (1.42% Cu,
0.02% Sn, 3.5g/t Ag);
- LRD172: 12m at 0.74% CuEq1 (0.60% Cu,
0.05% Sn, 1.4 g/t Ag) from 76m, including 6m at 1.36% CuEq1 (1.09% Cu, 0.10%
Sn, 2.6 g/t Ag);
- Drilling to resume in 2024, including five holes in the current
plan at La Romana
"These drill results highlight a significant new zone of
higher-grade copper at La Romana that remains wide open to the
northwest. Drilling continues to grow the La Romana deposit,
demonstrating good continuity of the mineralization over 1.4
kilometers strike length, and from surface to more than
200m down-dip. We look forward to
resuming drilling shortly and advancing the growing pipeline of
high priority exploration targets in the Escacena Project,
particularly the copper/gold discovery at Cañada Honda and
high-priority Bravo target following access," said Tim Moody, President and CEO of Pan Global.
"Ongoing exploration continues to demonstrate multi-discovery
potential with numerous targets not yet tested. The Project is
located in a tier one mining jurisdiction, in close proximity with
producing copper mines and advanced development projects, and
excellent infrastructure," said Mr. Moody.
Drillhole locations are shown in Figure 1 below. Drillhole assay
results are summarized in Table 1 and collar details are presented
in Table 2 below.
The main La Romana copper mineralization occurs in two highly
continuous layers, Zone B and Zone C, commencing from surface or
directly below a thin cover of post-mineral sediments. The
mineralization includes primary chalcopyrite and minor bornite,
overprinted at shallow depths by secondary/supergene copper
sulphide (chalcocite) and an overlying oxide zone with local native
copper and copper oxides. The tin mineralization is cassiterite,
the preferred mineral for commercial extraction.
Table 1 – La Romana new drill
results summary
Hole
ID
|
From
|
To
|
Interval
|
CuEq1
|
Cu
|
Sn
|
Ag
|
|
Au
|
Pb
|
Zn
|
True
Width
|
|
m
|
m
|
m
|
%
|
%
|
%
|
g/t
|
|
g/t
|
ppm
|
ppm
|
(m)
|
LRD172
|
76.00
|
88.00
|
12.00
|
0.74
|
0.60
|
0.05
|
1.4
|
|
0.02
|
8
|
86
|
12.0
|
including
|
82.00
|
88.00
|
6.00
|
1.36
|
1.09
|
0.10
|
2.6
|
|
0.03
|
14
|
109
|
6.0
|
including
|
84.00
|
87.00
|
3.00
|
1.55
|
1.28
|
0.09
|
3.3
|
|
0.03
|
9
|
116
|
3.0
|
and
|
123.00
|
135.00
|
12.00
|
0.20
|
0.15
|
0.02
|
0.3
|
|
0.01
|
4
|
75
|
12.0
|
LRD173
|
99.00
|
108.70
|
9.70
|
1.69
|
1.61
|
0.02
|
3.8
|
|
0.02
|
10
|
112
|
7.9
|
including
|
103.00
|
108.70
|
5.70
|
2.70
|
2.58
|
0.03
|
6.2
|
|
0.02
|
14
|
147
|
4.6
|
Including
|
107.00
|
108.70
|
1.70
|
7.93
|
7.73
|
0.04
|
19.1
|
|
0.08
|
35
|
313
|
1.4
|
and
|
142.00
|
146.00
|
4.00
|
0.36
|
0.29
|
0.03
|
0.7
|
|
0.02
|
8
|
68
|
3.3
|
LRD174
|
86.00
|
94.00
|
8.00
|
0.55
|
0.52
|
0.01
|
1.1
|
|
0.01
|
2.5
|
63
|
7.5
|
including
|
91.00
|
93.00
|
2.00
|
1.33
|
1.26
|
0.02
|
2.3
|
|
0.01
|
4
|
90
|
1.9
|
and
|
134.00
|
139.00
|
5.00
|
0.49
|
0.27
|
0.08
|
0.5
|
|
0.04
|
10
|
76
|
4.7
|
and
|
165.00
|
166.00
|
1.00
|
1.99
|
1.95
|
0.01
|
3.5
|
|
0.02
|
31
|
202
|
0.94
|
LRD175
|
55.00
|
68.00
|
13.00
|
0.14
|
0.11
|
0.01
|
0.4
|
|
0.0
|
3
|
62
|
13.0
|
LRD176
|
27.00
|
30.00
|
3.00
|
0.47
|
0.44
|
0.01
|
0.9
|
|
0.01
|
42
|
91
|
2.1
|
and
|
95.00
|
101.30
|
6.30
|
0.39
|
0.35
|
0.01
|
0.5
|
|
0.02
|
10
|
69
|
4.5
|
LRD177
|
4.00
|
12.00
|
8.00
|
0.25
|
0.23
|
0.0
|
0.2
|
|
0.0
|
1
|
112
|
3.4
|
and
|
55.00
|
63.00
|
8.00
|
1.48
|
1.21
|
0.10
|
1.5
|
|
0.02
|
16
|
93
|
3.4
|
including
|
56.00
|
59.4
|
3.40
|
2.85
|
2.72
|
0.04
|
3.2
|
|
0.04
|
23
|
118
|
1.4
|
Including
|
58.20
|
59.4
|
1.20
|
7.50
|
7.24
|
0.08
|
7.7
|
|
0.08
|
42
|
198
|
0.5
|
LRD178
|
114.20
|
115.10
|
0.90
|
2.20
|
1.95
|
0.08
|
5.6
|
|
0.08
|
63
|
120
|
0.64
|
LRD179
|
43.00
|
44.00
|
1.00
|
0.17
|
0.10
|
0.01
|
8.4
|
|
0.03
|
1.55 %
|
3.37 %
|
0.7
|
and
|
108.00
|
126.10
|
18.10
|
0.65
|
0.61
|
0.01
|
1.5
|
|
0.01
|
6
|
76
|
12.8
|
including
|
120.00
|
126.10
|
6.10
|
1.50
|
1.42
|
0.02
|
3.5
|
|
0.01
|
9
|
102
|
4.3
|
and
|
162.00
|
166.00
|
4.00
|
0.23
|
0.21
|
0.01
|
0.5
|
|
0.01
|
4
|
41
|
2.8
|
and
|
171.00
|
173.00
|
2.00
|
0.74
|
0.63
|
0.04
|
1.9
|
|
0.02
|
26
|
79
|
1.4
|
and
|
206.00
|
207.00
|
1.00
|
0.99
|
0.75
|
0.09
|
1.2
|
|
0.05
|
16
|
93
|
0.7
|
LRD180
|
119.00
|
132.00
|
13.00
|
0.66
|
0.60
|
0.02
|
1.2
|
|
0.01
|
10
|
86
|
9.8
|
including
|
127.00
|
131.00
|
4.00
|
1.55
|
1.45
|
0.03
|
2.8
|
|
0.02
|
17
|
122
|
3.0
|
1 Copper Equivalent = CuEq. CuEq
is calculated using Cu, Sn, and Ag grades. Metallurgical recoveries
include 86% for Cu, 68% for Sn and 56% for Ag, from preliminary
studies by Wardell Armstrong International and MinePro. The CuEq
calculation uses US$ 8,693/tonne Cu, US$ 29,069/tonne Sn and US$
23.72/oz Ag, corresponding to the three-year monthly price averages
to July 2023. The effective formula is [CuEq %] = [Cu %] + 2.6440 *
[Sn %] + 0.0057 * [Ag ppm]
|
Table 2 – La Romana
drillhole collar information (9 holes, total 1,590.1m)
Hole
ID
|
Easting
2
|
Northing
2
|
Azimuth
(o)
|
Dip
(o)
|
Depth
(m)
|
LRD172
|
735839
|
4152864
|
210
|
-45
|
203.4
|
LRD173
|
735840
|
4152867
|
190
|
-75
|
200.8
|
LRD174
|
735839
|
4152868
|
230
|
-50
|
182.7
|
LRD175
|
735721
|
4152836
|
210
|
-45
|
89.5
|
LRD176
|
735722
|
4152837
|
0
|
-90
|
159
|
LRD177
|
735719
|
4152837
|
100
|
-50
|
109.7
|
LRD178
|
735704
|
4152871
|
0
|
-90
|
190.5
|
LRD179
|
735870
|
4152842
|
0
|
-90
|
224.7
|
LRD180
|
735829
|
4152904
|
180
|
-75
|
229.8
|
2 Coordinate system: UTM29N
ERTS89
|
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 to recommence
mining. The Escacena Project hosts the La Romana copper-tin-silver
discovery and a number of other prospective targets, including
Cañada Honda, Romana North, Bravo, Barbacena, El Pozo, San
Pablo, Zarcita, Hornitos, La Jarosa, and Romana Deep.
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 a favourable permitting track
record, excellent 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, discovery, development, and mine operations - all
of which are committed to operating safely and with utmost respect
for the environment and our partnered communities. The Company is a
member, and operates under the principles of, the United Nations
Global Compact.
QA/QC Procedures
Core size was HQ (63mm) and all samples were ½ core. Nominal
sample size was 1m core length and
ranged from 0.5 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 Seville, 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). Over grade tin was determined
using peroxide fusion with ICP finish (method Sn-ICP81x).
Qualified Persons
James Royall, Vice President
Exploration for Pan Global Resources and a qualified person as
defined by National Instrument 43-101, has approved the scientific
and technical information for this media release. Mr. Royall is not
independent of the Company.
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 media 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 media release
is based on information available to the Company as of the date of
this media 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.
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