TSXV: PGZ | OTCQX:PGZFF
VANCOUVER, British Columbia, Sept. 8, 2023 /PRNewswire/ -- Pan Global Resources Inc. ("Pan Global" or the "Company") (TSX-V: PGZ; OTCQX: PGZFF) is pleased to report positive results of its monitoring surveys at the Cañada Honda and Zarcita targets of the Escacena Project, 100% owned by the Company, in the Iberian Pyrite Belt, southern Spain. Both targets are located 4 km north of the La Romana copper-tin-silver deposit, where ongoing drilling is expanding mineralization at Romana Oeste. Three follow-up drillholes have been completed at the Cañada Honda copper-gold target and a further 13 drillholes at the Zarcita copper target.
The Company will host a video conference broadcast online on Monday, September 11, 2023, at 10:00 a.m. ET (UTC-4) / 7:00 a.m. PT (UTC-7) to discuss the Cañada Honda and Zarcita drilling results and also provide an overview of the current exploration and drilling campaign at Romana Oeste. After a brief presentation there will be a question and answer session. For more details about this broadcast, please see the information at the end of this release.
"The monitoring campaign at Cañada Honda confirms copper-gold mineralization coincident with a gravimetric anomaly, and extends copper-gold mineralization from surface to 600 m downdip, where it remains open. The new results highlight additional gold potential at the top of the mineralization Drilling is being developed at the eastern end of a 2 km long east-west gravimetric anomaly, indicating significant mineralization expansion potential, making this an attractive target and a high priority for future surveys," said Tim Moody, President and CEO of Pan Global.
Drilling at Escacena is currently focused on the high interest western (Romana Oeste) extension of the La Romana copper-tin-silver deposit. In addition to the 12 geophysical targets that are being sequentially prioritized for testing, exploration at the 5,760-hectare Escacena Project continues to identify new drill targets. The first results of the first series of surveys in Romana Oeste are expected shortly.
The locations of the Cañada Honda and Zarcita boreholes are shown in Figure 1. The results of the tests in the Cañada Honda boreholes are summarized in Table 1 and the details of the nozzles are presented in Table 2. The results of The Zarcita drilling tests are summarized in Table 3 and the details of the nozzles are presented in Table 4.
The highlight of Cañada Honda
The follow-up drilling program included holes CHD05, CHD06 and CHD07. Drill hole CHD05, carried out at a depth of 150 m compared to the previous drill hole CHD04 and at about 330 m depth compared to a historic gallery, confirmed copper-gold mineralization coincident with the target gravimetric anomaly. Hole CHD06, located 100 m east of CHD05, intersected copper-gold mineralization coincident with a DHEM target. The CHD07 survey verified a low resistivity anomaly at a depth of 190 m compared to CHD05. Each of these drillholes also intersected more top-to-top gold mineralization.
The DHEM technique in drill holes CHD06 and CHD07 confirmed new conductive anomalies that will be probed in the future to verify possible more intense sulfide mineralization. See figure 3.
Anomalous gold assays of 28 rock samples at Cañada Honda indicate a gold anomaly extending 200 m to the west of the historic drift and shallower than recent drilling, with several samples indicating >0.1 g/t Au and up to 9.0 g/t Au.
Table 1 - Summary of drilling results at Cañada Honda (all intervals approximate actual thickness); Results in italics for CHD05 were first reported on July 4, 2023.
Table 2 - Information on inlets in Cañada Honda (3 soundings 1,238.95m)
1Coordenadas and datum ERTS89 UTM29N
Commentary on Zarcita results
"Recent exploration drilling and mapping of Zarcita have highlighted a pattern of copper, lead, zinc, gold and silver anomalies along its 2.1 km length. The greatest potential remains centered in the area of the historic Zarcita mine, where drilling has intersected narrow intervals of higher-grade copper within a broader zone of stockwork and alteration.While unproven Down Hole Electromagnetic Conductivity (DHEM), gravimetry and IP anomalies define potential targets for Future campaigns in Zarcita, Romana Oeste and Cañada Honda targets are key short-term priorities," said Tim Moody, President and CEO of Pan Global.
Zarcita Highlights
The drilling program completed at Zarcita includes 17 boreholes totaling 4,363 m, along a 2.1 km east-west alignment. The drillings were programmed to test a combination of geophysical, geological and geochemical objectives, and to acquire information on mineral alteration to help identify vectors towards possible higher grade mineralization. Results from the first four boreholes, ZAD01 to ZAD04, drilled in a single north-south section, were reported on January 17, 2023, and showed copper grades increasing to 400 m depth depending on dip and narrow higher-grade intervals ( for example, drilling ZAD04: 17 m with 0.3% Cu, including 1.9% Cu in 1.1 m). The new boreholes, ZAD05 to ZAD17, were drilled 100 to 600 m apart along that alignment. To date, much of the deposit's potential had only been verified with widely spaced individual drillings.
The most promising results come from a 600 m section of the 2.1 km alignment, coincident with work at the former Zarcita mine. It includes narrow bands of semi-massive and massive sulfide intervals within a broader zone of stockwork veins and chlorite-sericite alteration. DHEM in drillholes ZAD01 and ZAD05 identified untested anomalies outside and below these drillholes, which represent possible more intense sulfide mineralization nearby.
Hole ZAD05 intersected 0.2% Cu (oxide zone) over 14.85 m from surface, followed by 10.5 m without core recovery in a presumed historic mining cavity, and traces of chalcopyrite continuing into the drill core below said hole. Holes ZAD06 and ZAD15 intersected narrow high-grade copper intervals. Mineralization remains open throughout the historic mining area.
Table 3 - Summary of drilling results at Zarcita (all intervals approximate actual thickness by >90%)
Table 4 - Information on the Zarcite nozzles (13 perforations 3221.15m)
1Coordinates are in ERTS89 datum UTM29N
Call to investors to comment on the results of the surveys and the update of the exploration in Escacena
The Company will convene a video conference broadcast online on Monday, September 11, 2023, at 10:00 a.m. ET (UTC-4) / 7:00 a.m. PT (UTC-7) to discuss the Cañada Honda and Zarcita drilling results and also provide an overview of the current exploration and drilling campaign at Romana Oeste. After a brief presentation there will be a question and answer session. For more details about this broadcast, please see the information at the end of this release.
The company will host a video conference broadcast online on Monday, September 11, 2023, at 10:00 a.m. ET (UTC-4), to discuss drilling results from Cañada Honda and Zarcita and also provide an overview of the current exploration and drilling campaign at Romana Oeste. After a brief presentation there will be a question and answer session.
Date: Monday, September 11, 2023 Time: 10:00 a.m. ET (UTC-4) / 7:00 a.m. PT (UTC-7) Please 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 they can be addressed following the presentation. After the live conference, there will be a link to the broadcast 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. Escacena 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 permitting phase and is expected to Construction begins in 2023. The Escacena project hosts the La Romana copper-tin-silver discovery and other prospective targets, such as Romana Oeste, Cañada Honda, Bravo, Barbacena, El Pozo, Zarcita, Hornitos, La Jarosa, Romana Profundo, Romana North and San Pablo.
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 one, is located in the prolific Iberian Pyrite Belt, in southern Spain, where the 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.
QA/QC procedures
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 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.
Samples were sent to the ALS laboratory in Seville (Spain) and analyzed at the ALS laboratory in Ireland. All the samples were crushed and divided (CRU-31 method, SPL22Y), and pulverized (PUL-31 method). 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.
On behalf of the Board of Directors
www.panglobalresources.com
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 and 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 report on its 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 Communicationsjason@panglobalresources.com 1 778 372-7101
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