TSXV: PGZ | OTCQX: PGZFF
| FRA: 2EU
- Soil geochemistry and gravity surveys at the
high-priority Bravo gravity target proceeding ahead of
schedule
- Bravo target immediately east of the La Romana
copper-tin-silver discovery at Escacena Project
- A continuous 1 kilometer-plus east-west lead-zinc soil
anomaly coincides with the gravity anomaly
- Soil geochemistry suggests good potential
for mineralization concealed beneath shallow post-mineral
cover
VANCOUVER, BC, Aug. 1, 2024
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the
"Company") (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) is pleased to
announce soil geochemistry survey results for the maiden
exploration program over the Bravo target ("Bravo") within the
Company's 100%-owned Escacena Project ("Escacena") in the Iberian
Pyrite Belt, southern Spain.
"The initial soil geochemistry results are very encouraging,
highlighting a more-than 1km continuous lead ("Pb") plus zinc
("Zn") surface anomaly coincident with a gravity anomaly at the
high-priority Bravo target. Importantly, lead and zinc commonly
occur laterally or above copper-rich mineralization in zoned
volcanogenic massive sulphide deposits. Based on these results, the
soil geochemistry survey will now be expanded to connect with the
La Romana copper-tin-silver discovery to the west," said
Tim Moody, Pan Global's President
& CEO.
"The results support our view that the large Bravo gravity
anomaly could represent massive sulphide mineralization concealed
beneath shallow cover sediments. A more detailed ground gravity
survey at Bravo is also making good progress (30% completed) and
coupled with the encouraging geochemistry results, could bring
forward the timing for drilling at the Bravo target," said Mr.
Moody.
The soil geochemistry results reported today are for 326 soil
samples, representing 57% of the planned Bravo survey. The soil
samples are collected on a 40m-spacing along lines 100m apart. Each soil sample was analyzed using a
hand-held x-ray fluorescence ("pXRF") device. Spatial
interpretation of the pXRF results confirms a Pb plus Zn anomaly
extending over 1km east-west and up to 700m north-south. Samples are ranging from 300ppm
to 1,252ppm combined Pb+Zn, and individual samples reporting up to
1,115ppm Pb and 288ppm Zn. The soil anomaly is an indicator of
potential deeper underlying sulphide mineralization concealed
beneath post-mineral cover sediments.
Bravo is a prominent 2km x 1.2km gravity anomaly located
1.5km east of Pan Global's La Romana copper-tin-silver discovery
and 4.5km southwest of the Aznalcóllar and Los Frailes volcanogenic
massive sulphide (VMS) deposits. The Bravo anomaly was originally
identified from early-1980's gravity survey data and interpreted as
potential concealed massive sulphide mineralization. The target is
mostly covered by post-mineral rocks and sediments and has never
been drill tested.
Results from planned soil geochemistry, gravity and IP surveys
at Bravo will guide future drilling. Pan Global looks forward to
updating shareholders as the Bravo exploration program progresses
in the coming weeks.
Further to the July 3, 2024 media
release announcing the engagement of Soar Financial to support
public relations activities at the Company, the agreement specifies
a monthly fee of €5,500.
QA/QC
The soil geochemistry survey includes samples collected from the
top 20cm from surface (un-sieved, weighing approx. 1kg) on a
100m x 40m grid over the gravity target area. The
samples are collected in plastic bags, and a multi-element analysis
obtained using an Olympus Vanta hand-held x-ray fluorescence
("pXRF") device. Analyses are repeated on 1 per 20 samples, and
standards analyzed to check for deviation. Additional sample
duplicates will be sent to the ALS laboratory in Seville as a further check and comparison with
the pXRF results.
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 to allow new
mine construction to commence. 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 low-risk
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.
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.