TSXV: PGZ | OTCQX: PGZFF | FSE:
2EU
- VMS-style copper and stacked-vein-hosted gold mineralization
associated with a 3km-long, coincident gravity and
heliborne-electromagnetic target
- Latest drilling confirms copper-gold mineralization
continues down-dip to the north, with higher grades coincident with
the gravity anomaly
- Multiple stacked-vein-hosted gold intersections, with new
intercept grades up to 6.5g/t gold
VANCOUVER, BC, July 18,
2024 /CNW/ - Pan Global Resources Inc. ("Pan
Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is
pleased to announce results for three additional holes from the
ongoing drill program at the Cañada Honda copper-gold (Cu-Au)
discovery, in the Company's 100% owned Escacena Project in the
Iberian Pyrite Belt, southern Spain. The drillholes are part of an 11-hole
step-out drill program at Cañada Honda that started in November,
with eight completed and three additional drillholes planned.
Cañada Honda is located 3.5km north of Pan Global's La Romana
copper-tin-silver deposit, where delineation drilling
continues.
"These latest drill results testing the northern edge of the
gravity target at Cañada Honda have successfully confirmed the
down-dip continuation of the copper and gold mineralization and
expanded the surface extent to more than 450m x 450m. All
the drilling to-date is at the eastern end of a very large, mostly
untested, 3km east-west, coincident gravity and heliborne
electro-magnetic ("HEM") target. The scale of the geophysics
targets, combined with drillhole confirmation that mineralization
is associated with the anomaly, suggests Cañada Honda
mineralization may be extensive. Next planned drillholes are aiming
to test for higher grades and expand the mineralization to the
west," said Tim Moody, Pan Global's
President & CEO.
Drill highlights:
Drillhole CHD14
- 1m at 0.17% Cu, 6.52g/t
Au, 5.8g/t Ag from 290m, and
- 6.5m at 1.22g/t Au,
1.4g/t Ag from 315.5m, and
- 14m at 0.46% Cu, 0.16g/t Au,
5.2g/t Ag from 355m
Drillhole CHD16
- 13m at 0.62g/t Au from
239m including
- 1m at 0.65% Cu, 1.92g/t Au,
2.7g/t Ag
- 1m at 5.53g/t Au, 1.1g/t
Ag from 322m
- 15m at 0.23% Cu, 0.51g/t Au,
1.1g/t Ag from 340m, including
- 1m at 0.14% Cu, 3.55g/t Au,
5.4g/t Ag
Drillhole locations are shown in Figure 1 below. Drillhole assay
results are summarized in Table 1 and drillhole collar details are
presented in Table 2 below.
The three new holes were drilled along the northern margin of
the gravity target, confirming continuation of the mineralization
down-dip to the north, including multiple gold intersections.
Copper grades appear to be decreasing down-dip and away from the
gravity anomaly. Downhole electromagnetic ("DHEM") surveys
completed in all three drillholes indicates potential stronger
sulphide mineralization up-dip and coincident with the modelled
gravity target, consistent with higher copper-gold grades in the
previous drilling. The next three planned drillholes will test for
higher-grade extensions of the mineralization to the west following
vectors from the drill results and geophysics.
Additional drill results will be reported as soon as available
from the ongoing drilling, including the La Romana deposit where
183 holes have been drilled to date. In the coming weeks, the
Company also anticipates commencing exploration at the large Bravo
gravity target east of La Romana.
Table 1 – Cañada Honda Selected Drill Results
Hole
ID
|
From
|
To
|
Interval1
|
Cu
|
Au
|
Ag
|
Co
|
Pb
|
Zn
|
m
|
m
|
m
|
%
|
g/t
|
g/t
|
ppm
|
ppm
|
ppm
|
CHD14
|
100
|
103
|
3
|
0.07
|
0.37
|
7.2
|
78
|
1673
|
2889
|
and
|
134
|
135
|
1
|
0.05
|
1.29
|
11.2
|
36
|
2870
|
5450
|
and
|
271
|
272
|
1
|
0.33
|
0.63
|
23.0
|
63
|
4930
|
3160
|
and
|
290
|
291
|
1
|
0.17
|
6.52
|
5.8
|
154
|
253
|
201
|
and
|
315.5
|
322
|
6.5
|
0.07
|
1.22
|
1.4
|
122
|
30
|
66
|
Incl.
|
317.5
|
318.5
|
1
|
0.24
|
1.94
|
4.7
|
275
|
88
|
133
|
and
|
356
|
370
|
14
|
0.46
|
0.16
|
5.2
|
74
|
70
|
112
|
Incl.
|
360
|
364
|
4
|
0.87
|
0.17
|
10.5
|
109
|
144
|
140
|
Incl.
|
362
|
363
|
1
|
1.24
|
0.22
|
21.0
|
66
|
239
|
193
|
CHD15
|
No significant
results
|
CHD16
|
115
|
116
|
1
|
<0.01
|
1.37
|
0.8
|
81
|
118
|
54
|
and
|
239
|
252
|
13
|
0.06
|
0.62
|
0.4
|
33
|
5
|
47
|
Incl.
|
251
|
252
|
1
|
0.65
|
1.92
|
2.7
|
118
|
24
|
72
|
and
|
265.5
|
266.5
|
1
|
0.11
|
1.17
|
3.4
|
216
|
197
|
1200
|
and
|
322
|
323
|
1
|
0.03
|
5.53
|
1.1
|
204
|
71
|
54
|
and
|
340
|
355
|
15
|
0.23
|
0.51
|
1.1
|
134
|
68
|
145
|
Incl.
|
354
|
355
|
1
|
0.14
|
3.55
|
5.4
|
71
|
178
|
632
|
1 Approximate true
thickness
|
Table 2 – Cañada Honda Drillhole Collar
Information
Hole
ID
|
Easting2
|
Northing2
|
Azimuth
(º)
|
Dip
(º)
|
Length
(m)
|
CHD14
|
737080
|
4156488
|
175
|
-72
|
390.9
|
CHD15
|
737335
|
4156454
|
180
|
-70
|
293.4
|
CHD16
|
737201
|
4156478
|
175
|
-75
|
366.75
|
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 the
operating mine at Riotinto and is immediately adjacent to the
former Aznalcóllar and Los Frailes mines where Minera Los
Frailes/Grupo México is in the final permitting stage with
construction anticipated to start in 2024. The Escacena Project
hosts Pan Global's La Romana copper-tin-silver and Cañada
Honda copper-gold discoveries and a number of other
prospective targets, including, Bravo, Barbacena, El Pozo,
Romana Norte, San Pablo, Zarcita,
Hornitos, La Jarosa, Romana Deep,
and Cortijo.
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).
Qualified Persons
Álvaro Merino. 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. Merino is not independent of the
Company.
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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SOURCE Pan Global Resources Inc.