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TSXV: PGZ | OTCQX: PGZFF | FSE: 2EU
VANCOUVER, BC, January 8, 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 nine new drillings at the La Romana copper-tin-silver (Cu-Sn-Ag) deposit in the Escacena Project, 100% owned by the Company, in the Iberian Pyrite Belt, southern Spain. The surveys are part of a program of 25 surveys aimed at delimiting the western extension of the La Romana deposit.
The importance of these drilling results lies in:
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"These drilling results highlight a significant new high-grade copper zone at La Romana that remains open to the northwest. Drilling continues to expand the La Romana deposit, demonstrating good continuity of mineralization over 1, 4 kilometers and from surface to over 200 meters deep. We expect to resume drilling shortly and advance the growing portfolio of high priority exploration targets at the Escacena Project, particularly the copper/gold discovery at Cañada Honda and Bravo high priority target upon gaining access," said Tim Moody, President and CEO of Pan Global.
"Ongoing exploration continues to demonstrate multi-discovery potential with numerous untested targets. The project is located in a world-class mining district, very close to producing copper mines and projects in advanced development, as well as excellent infrastructure," declared Mr. Moody.
The location of the boreholes is shown in Figure 1. The test results are summarized in Table 1 and the details of the nozzles are presented in Table 2.
The main copper mineralization at La Romana occurs in two very continuous layers, Zone B and Zone C, which begin on the surface or directly beneath a thin cover of post-mineral sediments. Mineralization includes primary chalcopyrite and bornite to a lesser extent, replaced at shallow depth by secondary/supergene copper sulfide (chalcosine) and an overlying oxide zone with locally native copper and copper oxides. The tin mineralization is cassiterite, the preferred mineral for commercial extraction.
Table 1 - Summary of new drilling results from La Romana
1 Copper Equivalent = CuEq. CuEq is calculated using the grades of Cu, Sn and Ag. 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/ton Cu, US$ 29,069/ton Sn and US$ 23.72/oz Ag, corresponding to the monthly average prices for three years until July 2023. The effective formula is [CuEq % ] = [Cu %] 2.6440 * [Sn %] 0.0057 * [Ag ppm].
Table 2 - Information on manholes in Romana (9 boreholes, total 1,590.1m)
2 Coordinate system: UTM29N ETRS89
About the Escacena Project
The Escacena project comprises a large, contiguous 5,760 hectare tract of land 100% controlled by Pan Global in the eastern Iberian Pyrite Belt. The project is located near the operating Las Cruces and Riotinto mines and is immediately adjacent to the former Aznalcóllar and Los Frailes mines, where Minera Los Frailes/Grupo México is in the final phase of obtaining permits to resume exploitation. mining. The Escacena project hosts the La Romana copper-tin-silver discovery and other prospective 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 pursuing copper-rich mineral deposits, given compelling copper supply-demand fundamentals and prospects for strong long-term prices as a critical metal for global electrification and the energy transition. The Company's flagship Escacena 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 Strategic Raw Material by part of the European Commission collectively define a first-level jurisdiction for mining investment. The Pan Global team is made up of professionals with recognized talent in exploration, discovery, development and mining 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 signatory of the United Nations Global Compact and operates in accordance with its principles.
QA/QC procedures
The control was HQ diameter (63 mm) and all samples were ½ control. The nominal sample size was 1 m core length and ranged from 0.5 to 2 m. Sampling intervals were defined according to 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 using (method PUL-31). Gold analysis was carried out by 50 g fire assay with ICP finish (Au-ICP22 method) and multi-element analysis was carried out by 4-acid digestion with ICP AES finish (ME-ICP61 method). High-grade base metal results were analyzed by ICP AES 4-acid digestion (OG-62 method). High-grade tin was determined by peroxide melting with ICP finishing (Sn-ICP81x method).
Qualified Persons
James Royall, Vice President of Exploration at Pan Global Resources and Qualified Person as defined by NI 43-101, has approved 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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