TSXV: PGZ OTCQB:
PGZFF
- Initial drilling confirms continuation of near-surface La
Romana copper-tin mineralization
- Visible copper and tin mineralization in first two
holes
- New Induced Polarization (IP) results expand target
westwards
- 25-to-30 drill hole campaign underway
VANCOUVER, BC, July 6, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the
"Company") (TSXV: PGZ) (OTCQB: PGZFF) is pleased to announce that
initial drilling at the high priority Romana West target has
intersected visible copper and tin mineralization in the first two
drill holes. The Romana West target includes the westward
projection of a large gravity anomaly coincident with the La Romana
discovery 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.
Detailed geophysics, geochemistry and geological surveys are
expanding in the area.
"We are highly encouraged by the first two drill holes on the
Romana West target, indicating a continuation of the near-surface
copper and tin mineralization to the west of the La Romana
discovery. From less than 50m below
surface, sections of the drill core show visible copper (Cu) and
tin (Sn) mineralization, including chalcocite, chalcopyrite, local
coarse-grain cassiterite, and intervals of mixed massive sulphides.
Mineralization style and composition is similar to that encountered
at La Romana. These are the first drill holes of an initial
25-to-30 drill hole campaign with the goal of extending the La
Romana near-surface Cu-Sn-Ag mineralization beyond the 1.2km of
strike already delineated," said Tim
Moody, Pan Global's President and CEO.
A 25-to-30 drill hole campaign (approximately 6,000m) commenced at Romana West in June aiming
to delineate the western extent of the near-surface La Romana
mineralization. Geophysics and geochemistry surveys are ongoing to
prioritize and refine drill hole locations. Assays are pending for
the first two completed drill holes, LRD161 and LRD162.
Visible copper and tin mineralization and alteration assemblages
observed in these drill holes confirm continuation of the
mineralization to the west of La Romana. Hole LRD163, the western-most drill hole to-date, is
in-progress, and testing approximately 100m west of the previously known extent of the
mineralization. Drill hole and target locations are shown on Figure
1 below with two new IP lines (Lines 734920E and 735200E) showing
chargeability anomalies continuing and expanding the target
300m to the west.
Additional drill results will be released as they become
available.
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.