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TSXV: PGZ | OTCQX: PGZFF | FSE: 2EU
VANCOUVER, British Columbia, Jan. 13, 2024 /PRNewswire/ -- Pan Global Resources Inc. ("Pan Global" or the "Company") (TSX-V: PGZ; OTCQX: PGZFF; FSE: 2EU) is pleased to announce the results of the first hole of a phased 11-hole drilling program in the Cañada Honda copper-gold (Cu-Au) deposit, in the Escacena Project, 100% owned by the Company, in the Iberian Pyrite Belt, southern Spain. The objective of the program is to expand the copper-gold mineralization of Cañada Honda, discovered in 2023. The results of two other completed drillings are pending.
Highlight:
"These are the highest grade intercepts in drilling to date at Cañada Honda, and a very encouraging start to the follow-up program which began in November 2023. There is excellent potential to expand copper-gold mineralization and identify higher grade areas in this new discovery," said Tim Moody, President and CEO of Pan Global.
"The success of drilling the geophysical targets at La Romana and Cañada Honda evidences the expectation of new discoveries among the numerous targets in the Escacena Project."
The location of the boreholes is shown in Figure 1. The test results of the boreholes are summarized in Table 1 and the details of the nozzles are presented in Table 2.
Figure 1 -Map of the Cañada Honda gravimetric anomaly showing the locations of the surveys with selected results and the location of the cross section A-A' (Figure 2). The gravimetric anomaly and Cu-Au soil anomaly highlight the potential for expansion of mineralization to the west and closer to the surface in the south.
Figure 2 - Cross section A-A', showing selected test results and simplified geology from borehole CHD08. Copper-gold mineralization is coincident with DHEM targets and includes semi-massive and massive sulfides within a broader, up to 36 m wide, north-dipping zone of stock-work and disseminated sulfide mineralization.
Table 1 – Results of Selected Cañada Honda Survey
1 Approximate true thickness
Table 2 – Cañada Honda nozzle information
2 Coordinate system: UTM29N ETRS89
Results of additional Cañada Honda surveys will be published as soon as they are received.
Call for investors to comment on the results of the surveys and the expansion of La Romana
Our CEO Tim Moody will give a conference broadcast online on Friday, January 12, 2024, at 1:00 PM EST / 10:00 AM PST, to present the latest results of the Escacena Project. After a brief presentation, a question and answer session will begin.
Date: Friday, January 12, 2024 Time: 1:00 p.m. Eastern Time | 10:00 a.m. Pacific TimePlease register in advance at the following link: https://us06web.zoom.us/meeting/register...
After registering, you will receive a confirmation email with information on how to participate in the meeting. Investors are encouraged to submit questions or topics of interest in advance to investors@panglobalresources.com so that they can be addressed following the online presentation. After the live broadcast, a link with your recording can be accessed on the company's website https://panglobalresources.com.
About the Escacena Project
The Escacena Project comprises a large contiguous land package of 5,760 hectares controlled 100% by Pan Global in the east of the Iberian Pyrite Belt. The Escacena Project is located near the operating Las Cruces and Riotinto mines and is adjacent to the former Aznalcóllar and Los Frailes mines, where Minera Los Frailes/Grupo México is in the final permitting phase and is expected to construction begins in 2024. The Escacena Project hosts the La Romana copper-tin-silver discovery and other prospecting targets, such as Cañada Honda, Romana Norte, Bravo, Barbacena, El Pozo, San Pablo, Zarcita, Hornitos, La Jarosa and Romana Deep.
About Pan Global Resources
Pan Global Resources Inc. is actively seeking copper-rich mineral deposits, given the future market outlook for copper supply and demand, and the long-term price outlook as a critical metal for global electrification and the energy transition. The Escacena Project, the Company's main project, is located in the prolific Iberian Pyrite Belt in southern Spain, where a favorable permit history, excellent infrastructure, mining and professional experience, and support for copper as a Raw Material Strategic by the European Commission together 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. The Company is a member of the United Nations Global Compact and acts in accordance with its principles.
QA/QC procedures
The core diameter was HQ (63 mm) and all samples were ½ core. The nominal sample size was 1 m of core length ranging between 0.5 m and 2 m. Sampling intervals were defined by geological contacts and the beginning and end of each sample were physically marked on the core. The company's staff supervised the cutting of the cores 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 sent to the ALS laboratory in Seville (Spain) and analyzed at the ALS laboratory in Ireland. All samples were crushed and divided (method CRU-31, SPL22Y), and pulverized (method PUL-31). Gold analysis was carried out by 50 g fire assay with ICP analysis (Au-ICP22 method) and multi-element analysis was carried out by 4-acid digestion with ICP AES finishing (ME-ICP61 method). Higher grade base metal results were analyzed by ICP AES 4-acid digestion (OG-62 method). Very high-grade tin was determined by peroxide melting with ICP analysis (Sn-ICP81x method).
Qualified Persons
James Royall, Vice President of Exploration at Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information in this press release. Mr. Royall is not independent of the company.
Forward-looking statements
Statements that 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 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 press release are reasonable, but there can be no assurance that these expectations will prove to be correct and undue reliance should not be placed on such forward-looking information. 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 are referred to the risk disclosures contained in the company's management and analysis report on the company's audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained in this press release is based on information available to the company as of the date of this press release. Except as required by applicable securities laws, the company does not intend to update this forward-looking information, nor undertakes any obligation to do so.
FOR MORE INFORMATION, CONTACT: Jason Mercier, VP Investor Relations and Communications, jason@panglobalresources.com / investors@panglobalresources.com, Tel: 1-778-372-7101 / 1-604-689-9930, www. panglobalresources.com
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