(Information sent by the signatory company)
TSXV: PGZ | OTCQX: PGZFF | FSE: 2EU
VANCOUVER, BRITISH COLUMBIA, Jan. 30, 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 two holes from the Company's 11-hole drilling program at its Cañada Honda copper-gold (Cu-Au) discovery at the Company's 100%-owned Escacena Project in the Iberian Pyrite Belt, south of Spain. Drilling has resumed and additional drilling is planned to expand Cañada Honda's copper-gold mineralization.
"These excellent results provide a further indication of the potential size and continuity of copper-gold mineralization at the Cañada Honda target. We are also excited by the results showing significant gold mineralization to the top of the formation at Cañada Honda" said Tim Moody, President and CEO of Pan Global.
"Next steps at Cañada Honda include further drilling to test shallow extensions to the east, where copper-gold soil geochemistry indicates mineralization is approaching the surface, and continuing to test a large gravimetric anomaly extending two kilometers westward."
Highlight:
Two styles of mineralization are recognized in Cañada Honda:
Table 1 – Selected Results of Surveys in Cañada Honda
1 Approximate real power
Table 2 – Information on Mouthpieces in Cañada Honda
2 Coordinate system: UTM30N ETRS89
More poll results will be posted as they are received.
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 Riotinto's operating mine and is immediately adjacent to the former Aznalcóllar and Los Frailes mines, where Minera Los Frailes/Grupo México is in the final permitting phase and construction is expected start in 2024. The Escacena Project hosts the La Romana copper-tin-silver and Cañada Honda copper-gold discoveries, as well as other prospecting targets, such as Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita , Hornitos, La Jarosa and Romana Deep.
On Pan Global Resources
Pan Global Resources Inc. is actively seeking copper-rich mineral deposits due to strong copper supply and demand fundamentals and prospects for high 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 member of the United Nations Global Compact and operates in accordance with its principles.
QA/QC procedures
The core size is HQ (63 mm) and all samples are ½ core. The nominal sample size is 1 m core length and ranges between 0.5 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 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 metals 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).
Competent person
James Royall, Vice President of Exploration at Pan Global Resources and a qualified person as defined by National Instrument 43-101, has approved the scientific and technical information in this press release. Mr. Royall is not independent of the company.
Forecast information
Statements that are not purely historical should be considered forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual exploration and Company 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 information 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 PLEASE 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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