- Detailed IP, gravity surveys and geochemical sampling
commenced at high priority Romana West target
- Copper mineralization exposed at surface and nearby historic
mine workings indicates copper mineralization continues and remains
open 250m along-strike west of the La
Romana mineralization
- 25-to-30 Romana West drill hole program planned under
approved 2023 budget
VANCOUVER, BC, May 17, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company")
(TSXV: PGZ) (OTCQB: PGZFF) is pleased to announce the commencement
of exploration activities at the Romana West target of the Escacena
Project ("Escacena") in the Iberian Pyrite Belt, southern
Spain.
Romana West is a high-priority gravity anomaly on the potential
western continuation of Pan Global's La Romana copper-tin-silver
discovery. The gravity anomaly at Romana West and the coincident
historic mine workings indicate potential to extend the La Romana
mineralization a further 800-1,000 meters beyond the 1.2 km of
strike already defined by more than 150 holes drilled to-date. The
drilling at La Romana shows the copper, tin and silver
mineralization remains open to the west in the direction of the
Romana West target and is open down-dip.
Since gaining surface access to the 680-hectare area west of La
Romana last week, the Company has accelerated an exploration
program over the Romana West target including detailed gravity and
Induced Polarization (IP) surveys, mapping, and sampling of the
historic mine workings. These surveys will help guide the planned
diamond drill program. This is the first exploration of this area
since the mineral rights were granted and since the area was last
explored in the early 1980s by Exxon. Most of the area has a thin
cover of post-mineral rocks and sediments.
The exploration program at Romana West includes an initial
100m x 50m gravity survey, a 200m line-spaced dipole-dipole IP survey and soil
sample geochemistry. The geophysics surveys and soil geochemistry
will also expand to cover several other large untested targets at
Escacena including Romana North,
Barbacena, and El Pozo. See Figure 1 below.
Specific surveying, geochemical sampling, and mapping of the
historic mine workings at Romana West has also commenced. Initial
observations of copper mineralization exposed in the mine workings
and in outcrops nearby suggests the 1.2km copper mineralized trend
at La Romana continues at least 250 meters beyond the westernmost
limit of drilling to date and remains open farther to the west. See
Figure 2 below.
An initial 25-to-30 drill hole program is planned at Romana West
with drilling to be on north-south lines 100 meters apart to help
delineate the western strike extent and test continuation of the
near-surface La Romana mineralization to 200m down-dip. Site preparations for the drill
program will commence within the next two weeks.
Drilling at the Escacena Project continues with the two planned
drill holes at the Cañada Honda target now complete and core
samples sent for chemical analysis. Drill rigs are completing the
final planned holes at the La Romana and Zarcita targets and will
be mobilized to Romana West for the maiden drill campaign. Results
pending for approximately 20 drill holes will be released as soon
as they are available.
Pan Global looks forward to updating shareholders as the Romana
West exploration program progresses in the coming weeks.
About the Escacena
Project
The Escacena Project comprises a large, contiguous,
5,760-hectare land package controlled 100% by Pan Global in the
east of the Iberian Pyrite Belt. Escacena is located near operating
mines at Las Cruces and Riotinto and is immediately adjacent to the
former Aznalcóllar and Los Frailes mines where Minera Los
Frailes/Grupo Mexico is in the final permitting stage with
construction anticipated to start in 2023. The Escacena Project
hosts the La Romana copper-tin-silver discovery and a number of
other prospective targets, including Zarcita, Hornitos, La Jarosa,
Romana Deep, Romana North, Romana West, Cañada Honda, Bravo,
Barbacena, El Pozo, and San Pablo.
About Pan Global
Resources
Pan Global Resources Inc. is actively engaged in base and
precious metal exploration in southern Spain and is pursuing opportunities from
exploration through to mine development. The Company is committed
to operating safely and with respect to the communities and
environment where we operate.
Qualified Persons
James Royall, Vice President
Exploration for Pan Global Resources and a qualified person as
defined by National Instrument 43-101, has reviewed the scientific
and technical information for this news release. Mr. Royall is not
independent of the Company.
On behalf of the Board of Directors
Statements which 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 actual outcomes and 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 news release are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking information
should not be unduly relied upon. 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 should refer to the risk disclosures outlined in the
Company's Management Discussion and Analysis of its audited
financial statements filed with the British Columbia Securities
Commission.
The forward-looking information contained in this news release
is based on information available to the Company as of the date of
this news release. Except as required under applicable securities
legislation, the Company does not intend, and does not assume any
obligation, to update this forward-looking information.
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SOURCE Pan Global Resources Inc.