TSXV: PGZ OTCQB: PGZFF
13m at 0.5%
Cu, 0.8g/t Au & 2.7g/t Ag, including 6.2m at 0.9% Cu, 1.5g/t Au, 3.8g/t Ag, and
5m at 0.5% Cu, 2.7g/t Au, 4.5g/t Ag
at the edge of a downhole EM conductor and a large gravity anomaly
at Cañada Honda
Exploration accelerating at the Romana West
target with drilling expected to commence in June
VANCOUVER, BC, June 1, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the
"Company") (TSXV: PGZ) (OTCQB: PGZFF) is pleased to announce
positive assay results for two new diamond drill holes at the
Cañada Honda target at the Company's 100%-owned Escacena Project in
the Iberian Pyrite Belt, southern Spain. Cañada Honda is one of more than 14
gravity anomalies in the Escacena Project, which includes the
copper-tin-silver discovery at the La Romana target.
"The new drill hole assay results have significantly enhanced
the potential for a new copper-gold discovery at the Cañada Honda
target. The results indicate an upper gold zone and deeper zone of
copper-gold mineralization at the edge of a large untested DHEM
conductor anomaly. The DHEM conductor and adjacent gravity anomaly
expands the size potential at Cañada Honda. These are exciting
results, including the highest gold grades that we have encountered
at the Escacena Project, and further highlights the prospectivity
of this land package and the many other targets not yet tested,"
said Tim Moody, Pan Global's
President & CEO.
"Excellent progress is also being made at the Romana West target
with two teams collecting gravity data, IP surveying, geochemical
sampling and mapping underway concurrently, and drilling
anticipated to commence in approximately two weeks," Mr. Moody
added.
Cañada Honda is now a high-priority target due to subsequent
down hole electromagnetic (DHEM) surveys in both drill holes that
show a large approximately 190m x
100m untested conductor anomaly with
potential for stronger sulphide mineralization to the east and
down-dip. Drilling has commenced on the first of three follow-up
drill holes based on this new information.
Drill results for Cañada Honda holes CHD03 and CHD04 are
summarized in Table 1 and drill hole collar details are presented
in Table 2 below. Drill hole locations are shown in Figure 1.
Highlights
- Holes CHD03 and CHD04, drilled on the same section, show a
vector down-dip with increasing gold and copper within a continuous
zone of massive sulphides and sulphide-stockwork mineralization,
wide open at depth and along strike
- Grades up to 5.3% Cu over 0.6m,
and up to 5.2g/t Au over 1m
intervals
- Potential for scale is indicated by the proximity to a large
untested gravity anomaly and adjacent DHEM conductor anomaly
- CHD04 intersected:
-
- 1m at 3.2g/t Au and 2.3g/t Ag
from 85m
- 5m at 1.1g/t Au and 1.7g/t Ag
from 94m, including
-
- 1m at 5.1g/t Au and 1.6g/t
Ag
- 1m at 0.3% Cu, 1.1g/t Au and
1.0g/t Ag from 107m
- 13m at 0.5% Cu, 0.8g/t Au and
2.7g/t Ag from 167m, including
-
- 6.2m at 0.9% Cu, 1.5g/t Au and
3.8g/t Ag
- 5m at 0.5% Cu, 2.7g/t Au and
4.5g/t Ag
- 0.6m at 5.3% Cu, 0.5g/t Au and
10.8g/t Ag
- CHD03 intersected:
-
- 2m at 1.4g/t Au from 58m
- 8m at 1.0 g/t Au from
66m
- 14m at 0.4% Cu, 0.3g/t Au and
2.1g/t Ag from 141m, including
-
- 6m at 0.9% Cu, 0.6g/t Au and
4.2g/t Ag
- 3m at 1.4% Cu, 0.8g/t Au and
6.6g/t Ag
- These are the highest gold grades detected in the Escacena
Project area to date, and a potentially significant addition to the
copper equivalent grade
- Downhole EM results indicate the strongest copper-gold
mineralization in drill hole CHD04 coincides with the edge of a
large untested 190m x 100m DHEM conductor plate anomaly, and potential
indicator of more significant sulphide mineralization to the East
and down-dip.
The Cañada Honda target is characterized by a large gravity
anomaly (up to 1 mGal) that extends approximately two kilometers
East-West. The new drill results confirm the target concept for
sulphide mineralization within the prospective Volcanic Sequence
(VS) concealed beneath, and potentially within the overthrust rocks
of the older shales and quartzites (PQ). See Figure 3 below.
Cañada Honda
Drill holes CHD03 and CHD04 tested approximately 150m and 210m,
respectively, down-dip of a historic mine tunnel where previous
channel sampling by Pan Global returned 26m at 0.42g/t Au and individual assay values up
to 2.9g/t Au, 27.5g/t Ag, 0.2% Cu and 0.4% Co. Hole CHD02, located
475m to the west of holes CHD03 and
CHD04, intersected 11m at 0.6% Cu,
0.12g/t Au and 3.2g/t Ag (abandoned before reaching target due to
hole collapse).
New processing and interpretation of the gravity data over the
Cañada Honda target shows drill holes CHD03 and CHD04 are on the
edge of a large gravity inversion model anomaly. Based on the
encouraging initial drill results, three additional follow-up holes
are planned to test gravity and IP anomalies down-dip from CHD-04
and a DHEM conductor anomaly east of CHD04.
Table 1 –Cañada Honda drill results summary (all
intersections are >90% to 100% of true thickness)
Hole
|
From
|
To
|
Int
|
Cu
|
Pb
|
Zn
|
Co
|
Ag
|
Au
|
|
m
|
m
|
m
|
%
|
ppm
|
ppm
|
ppm
|
g/t
|
g/t
|
CHD
03
|
58.0
|
74.0
|
16
|
<0.1
|
17
|
69
|
69
|
0.6
|
0.7
|
|
58.0
|
60.0
|
2
|
0.1
|
10
|
55
|
182
|
0.3
|
1.4
|
|
66.0
|
74.0
|
8
|
<0.1
|
30
|
98
|
73
|
1.0
|
1.0
|
|
66.0
|
68.0
|
2
|
<0.1
|
11
|
68
|
579
|
0.7
|
2.5
|
|
141.0
|
155.0
|
14
|
0.4
|
41
|
113
|
182
|
2.1
|
0.3
|
|
149.0
|
155.0
|
6
|
0.9
|
46
|
144
|
235
|
4.2
|
0.6
|
|
151.0
|
154.0
|
3
|
1.4
|
59
|
160
|
342
|
6.6
|
0.8
|
|
|
|
|
|
|
|
|
|
|
CHD
04
|
85.0
|
99.0
|
14
|
<0.1
|
139
|
50
|
27
|
0.9
|
0.6
|
|
85.0
|
86.0
|
1
|
<0.1
|
71
|
77
|
50
|
2.3
|
3.2
|
|
94.0
|
99.0
|
5
|
<0.1
|
374
|
68
|
33
|
1.7
|
1.1
|
|
94.0
|
95.0
|
1
|
<0.1
|
18
|
49
|
51
|
1.6
|
5.1
|
|
107.0
|
108.0
|
1
|
0.3
|
24
|
110
|
102
|
1.0
|
1.1
|
|
167.0
|
180.0
|
13
|
0.5
|
28
|
61
|
229
|
2.4
|
0.8
|
|
170.0
|
180.0
|
10
|
0.6
|
27
|
65
|
275
|
2.7
|
1.0
|
|
171.6
|
179.0
|
7.4
|
0.8
|
32
|
73
|
359
|
3.3
|
1.3
|
|
171.6
|
177.8
|
6.2
|
0.9
|
36
|
79
|
421
|
3.8
|
1.5
|
|
171.6
|
172.2
|
0.6
|
5.3
|
47
|
121
|
320
|
10.8
|
0.5
|
|
174.0
|
179.0
|
5
|
0.5
|
43
|
67
|
427
|
4.5
|
2.7
|
|
175.0
|
177.8
|
2.8
|
0.5
|
49
|
50
|
778
|
4.2
|
3.0
|
Table 2 – Cañada Honda drill hole collar
information
Hole
ID
|
Easting1
|
Northing1
|
Azimuth
(º)
|
Dip
(º)
|
Depth
(m)
|
CHD03
|
737232
|
4156321
|
180
|
-50
|
347.2
|
CHD04
|
737250
|
4156340
|
180
|
-72
|
479.3
|
1Coordinates are in ERTS89 datum
UTM29N
|
Drilling is ongoing in the Escacena Project at the La Romana and
Zarcita targets. Results are pending for approximately 20 drill
holes at La Romana and Zarcita with results to be reported on
completion of the final few drill holes at each target. The maiden
drill campaign at La Romana West is scheduled to commence in June.
Negotiations are also in progress with landowners for access to the
untested potential eastern extensions to the La Romana
mineralization and Bravo target.
QA/QC Procedures
Core size was HQ (63mm) and all
samples were ½ core. Nominal sample size was 1m core length and ranged from 0.4m to 2m. Sample
intervals were defined using geological contacts with the start and
end of each sample physically marked on the core. Diamond blade
core cutting and sampling was supervised at all times by Company
staff. Duplicate samples of ¼ core were taken approximately every
30 samples and Certified Reference materials inserted every 25
samples in each batch.
Samples were delivered to ALS laboratory in Sevilla, Spain and assayed at the ALS
laboratory in Ireland. All samples
were crushed and split (method CRU-31, SPL22Y), and pulverized
using (method PUL-31). Gold analysis was by 50gm Fire assay with
ICP finish (method Au-ICP22) and multi element analysis was
undertaken using a 4-acid digest with ICP AES finish (method
ME-ICP61). Over grade base metal results were assayed using a
4-acid digest ICP AES (method OG-62).
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 targeting copper-rich mineral deposits, given copper's
compelling supply-demand fundamentals and outlook for strong
long-term prices as a critical metal for global electrification and
energy transition. The Company's flagship Escacena Project is
located in the prolific Iberian Pyrite Belt in southern
Spain, where infrastructure,
mining and professional expertise, and support for copper as a
Strategic Raw Material by the European Commission collectively
define a tier-one jurisdiction for mining investment. The Pan
Global team comprises proven talent in exploration, development,
and mine operations - all of which are committed to operating
safely and with utmost respect for the environment and our
partnered communities.
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
Forward-looking statements
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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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