TSXV: PGZ OTCQB:
PGZFF
Romana West on strike and contiguous to La
Romana copper-tin discovery
Initial 25-30 drill hole program underway
at Romana West
Drilling in-progress at the Cañada Honda
high-grade Cu-Au target
VANCOUVER, BC, June 20,
2023 /CNW/ - Pan Global Resources Inc. ("Pan
Global" or the "Company") (TSXV: PGZ) (OTCQB: PGZFF) is pleased to
announce that it has commenced diamond drilling at the Romana West
target at the Company's 100%-owned Escacena Project in the Iberian
Pyrite Belt, southern Spain. New
detailed geophysics, geochemistry and geological surveys, along
with the location of historical mine workings, highlight the
potential to extend the La Romana copper-tin-silver (Cu-Sn-Ag)
mineralization for more than 800m to
the west at the Romana West target. Drilling also continues at the
high priority Cañada Honda target.
"We are excited to have the first drill turning on the
high-priority Romana West copper target as exploration in the
Escacena Project continues to accelerate. Mineralization at La
Romana has already been defined over a strike of over one kilometer
and has the potential to expand to more than two kilometers at the
contiguous Romana West target. The first 13 drill sites have been
positioned as part of an initial 25 to 30 drillhole campaign with
the goal of extending the La Romana near-surface Cu-Sn-Ag
mineralization. A second drill rig is expected to arrive in
approximately three weeks," said Tim
Moody, Pan Global's President & CEO.
The Romana West target includes the westward projection of a
large gravity anomaly coincident with the La Romana mineralization
and potential extension to the near-surface La Romana Cu-Sn-Ag
mineralization. Drilling to date at La Romana shows the
mineralization extends over approximately 1.2 kilometers of strike
and remains wide open to the west in the direction of the
historical La Romana mine workings at the Romana West target. The
mineralization also remains open down dip in several areas.
The planned drill program at Romana West includes 25 to 30 drill
holes (approximately 6,000m) on
north-south lines approximately 100m
apart to delineate the western extent of the near-surface La Romana
mineralization. Ongoing geophysics and geochemistry surveys will be
used to prioritize and refine drill hole locations. Initial planned
drill hole locations are shown on Figure 1 below.
After recently securing surface access to the Romana West
target, detailed gravity, Induced Polarity (IP), soil geochemistry
and geological surveys commenced and is ongoing in the surrounding
area. More than 750 gravity data points, 500 soil samples analyzed
by portable-XRF (pXRF) and three 200m-to-250m-spaced IP lines have been completed
covering the Romana West target. Geological mapping and Lidar
surveys are in progress over the historical mine workings.
The new survey results highlight a prominent, 0.6mGal gravity
anomaly at Romana West extending for up to 1,000m west of the La Romana drilling. The peak
of the Romana West gravity anomaly coincides with the location of
the historical mine workings. A pXRF soil-Cu-Sn anomaly and IP
chargeability high indicate strong potential to extend the La
Romana near-surface Cu-Sn-Ag mineralization in this area.
Additional gravity anomalies have been identified by the new
survey to the west and north of Romana West, which require further
investigation.
Investigation of the historical mine workings at Romana West has
identified several shallow surface pits and tunnels, with secondary
copper mineralization evident at surface. The historical mine
workings align with the projected strike continuation of the La
Romana mineralization.
Drilling is also ongoing at the Cañada Honda target with the
second of three follow-up drill holes in-progress.
Assay results are pending for approximately 20 drill holes from
Zarcita and La Romana.
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.
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SOURCE Pan Global Resources Inc.