TSXV: PGZ OTCQB: PGZFF
VANCOUVER, British Columbia, July 4, 2023 /PRNewswire/ -- Pan Global Resources Inc. ("Pan Global" or the "Company") (TSX-V: PGZ; OTCQB: PGZFF) is pleased to announce the positive results of the first of three additional boreholes in the Cañada Honda anomaly at the Escacena Project, 100% owned by the Company, in the Iberian Pyrite Belt, southern Spain.
"High grade copper mineralization continues to be defined in the Cañada Honda anomaly. The CHD05 borehole, reported today, has been drilled at a distance from previous boreholes within the two kilometer long gravimetric anomaly and intersected a wide zone of copper-gold mineralization to 150 m following dip at depth. Particularly encouraging is an increase in thickness of copper-gold mineralization at depth coincident with a gravimetric target. This indicates good potential for additional mineralization associated with the severity anomaly," said Tim Moody, President and CEO of Pan Global.
"Follow-up drilling CHD06, more than 100m east of drilling CHD05, has intersected visible copper mineralization coincident with a conductive downhole EM (DHEM) anomaly, confirming that mineralization at Cañada Honda is open in all directions ."
Cañada Honda, one of more than 14 gravity anomalies within the Escacena Project, is a high-priority target following drilling results reported on June 1, 2023, showing increased gold-copper mineralization at depth at the flank of a 2 km long gravity and DHEM anomaly on an east-west course. Drill hole CHD05, the first of a program of three confirmatory drill holes, targeted the gravimetric anomaly located 150 m down from the previous drill hole CHD04, and approximately 330 m away down-dip of mineralization from a historic drift. . The results of the CHD06 sounding, located 100 m to the east of CHD05, whose objective is a large DHEM anomaly, are pending. Drilling CHD07 is underway and its goal is to intersect a low resistivity anomaly 100 m down from CHD05. The Cañada Honda target is located approximately 3.5 km north of the La Romana copper-tin-silver discovery, within Pan Global's Escacena Project.
The results of the Cañada Honda CHD05 survey are summarized in Table 1 and the details of the inlets are presented below in Table 2 . Figure 1 shows the location of the probes. The cross section of the gravimetric anomaly is shown in Figure 2.
Table 1 - Summary of the results of the Cañada Honda CHD05 survey (all intersections are >90% to 100% of true thickness)
Table 2 - Information on the mouth of the CHD05 well of Cañada Honda
1Coordenadas and date ERTS89 UTM29N
The control diameter was HQ (63 mm) and all samples were ½ control. The nominal sample size was 1 m core length and ranged from 0.4 m to 2 m. Sampling intervals were defined by geological contacts and the start and end of each sample were physically marked on the core. The company personnel supervised the cutting of the witnesses and the taking of samples at all times. Duplicate ¼ control samples were taken approximately every 30 samples and certified reference materials were inserted every 25 samples in each batch.
The samples were taken to the ALS laboratory in Seville (Spain) and analyzed in the ALS laboratory in Ireland. All samples were crushed and divided (CRU-31 method, SPL22Y), and pulverized using (PUL-31 method). Gold analysis was carried out by fire assay of 50 g with ICP analysis (Au-ICP22 method) and multi-element analysis was carried out by 4-acid digestion with ICP AES analysis (ME-ICP61 method). Higher grade base metal results were analyzed by ICP AES 4-acid digestion (OG-62 method).
About the Escacena Project
The Escacena Project comprises a continuous piece of land of 5,760 hectares in the eastern Iberian Pyrite Belt owned 100% by Pan Global. The Escacena Project is located close to the operating Las Cruces and Riotinto mines and is adjacent to the Aznalcóllar and Los Frailes mines, where Minera Los Frailes/Grupo México is in the final permitting phase and is expected to be Construction begins in 2023. The Escacena Project hosts the La Romana copper-tin-silver discovery and other potential targets, including Zarcita, Hornitos, La Jarosa, Romana Deep, Romana North, Romana West, Cañada Honda, Bravo, Barbacena, El Well and Saint Paul.
About Pan Global Resources
Pan Global Resources Inc. is actively seeking copper-rich mineral deposits given the future supply and demand market prospects for copper, and long-term price prospects as a critical metal for global electrification and energy transition. The Escacena Project, the Company's main one, is located in the prolific Iberian Pyrite Belt, in southern Spain, where infrastructure, mining and professional experience, and support for copper as a Strategic Raw Material by the European Commission Together they define a first level jurisdiction for mining investment. The Pan Global team is made up of professionals with recognized talent in mining exploration, development and exploitation, all of them committed to operating safely and with the utmost respect for the environment and the communities with which we collaborate.
James Royall, Vice President of Exploration for Pan Global Resources and a Qualified Person as defined by National Instrument 43-101, has reviewed the scientific and technical information in this news release. Mr. Royall is not independent of the company.
On behalf of the Board of Directors
Statements that are not purely historical are forward-looking statements, including any statements relating to beliefs, plans, expectations or intentions regarding the future. It is important to note that actual results and the actual results of the company 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 there can be no assurance that these expectations will prove to be correct and such forward-looking information should not be undue relied on. 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 pricing. Readers should refer to the risk information contained in the company's management report on its audited financial statements, filed with the British Columbia Securities and Exchange Commission.
The forward-looking information contained in this news release is based on information available to the company as of the date of this release. Except as required by applicable securities law, the company does not intend to update this forward-looking information, nor does it assume any obligation to do so.
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