TSXV: PGZ | OTCQX:
PGZFF
- Highest grades intersected to-date in the current 25-hole drill
program
- New drilling confirms continuation of high-grade near-surface
copper-tin-silver (Cu-Sn-Ag) mineralization
- Mineralization remains wide open, with grades increasing to the
west and down-dip to the north
VANCOUVER, BC, Nov. 7, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the
"Company") (TSXV: PGZ) (OTCQX: PGZFF) is pleased to announce the
intersection of additional high-grade near-surface copper
mineralization at the Company's 100% owned Escacena Project in
the Iberian Pyrite Belt in southern Spain.
Assay results for five new drill holes from the western
extension of the La Romana copper-tin-silver discovery confirm the
mineralization extends over more than 1.35 kilometers of strike and
remains open. These drill results include the highest grades
intersected to-date in the current 25-hole drill program aimed at
testing the western extension of the La Romana mineralization.
Highlights:
- LRD171: 15.9m at 1.15% CuEq1 (1.04%
Cu, 0.03% Sn, 2.4 g/t Ag) from 79m, including 9.9m at 1.70% CuEq1 (1.57% Cu,
0.04% Sn, 3.6 g/t Ag);
- LRD170: 12m at 1.04 % CuEq1 (0.80% Cu,
0.09% Sn, 2.1 g/t Ag) from 61m,
including 7m at 1.47%
CuEq1 (1.16% Cu, 0.11% Sn, 2.9 g/t Ag);
- LRD168: 13m at 1.02% CuEq1 (0.67 %
Cu, 0.13% Sn, 1.6 g/t Ag) from 52m,
including 7m at 1.43%
CuEq1 (0.96% Cu, 0.17% Sn, 2.2 g/t Ag)
- A down-hole electromagnetic (DHEM) conductor anomaly from
LRD171 provides a strong
indication the higher-grade mineralization continues down-dip
and will be targeted for future drilling
Drill hole locations are shown in Figure 1 below. Drill hole
assay results are summarized in Table 1 and collar details are
presented in Table 2 below.
"It is very encouraging that our ongoing drill program at La
Romana confirms extensions to the high-grade copper-tin
mineralization. The potential to expand the high-grade
mineralization further along-strike to the west and down-dip is
exciting. The east-west strike length of La Romana is now more than
1.35 kilometers and remains open, with step-out drilling ongoing,"
said Tim Moody, President and CEO of
Pan Global.
"The combination of continuous near-surface copper-tin
mineralization, simple and predictable geometry, and favourable
metallurgy are significant advantages for potential open-pit
development at La Romana," said Mr. Moody. "The C$6 million non-brokered private placement
financing that closed earlier this week puts us in a strong
position to fund a multi-target exploration program and maiden
Resource for La Romana."
The main La Romana copper mineralization occurs in two highly
continuous layers, Zone B and Zone C, commencing from surface or
directly below a thin cover of post-mineral sediments. The new
results show the copper mineralization in Zone B is increasing in
grade and thickness in the west. A deeper high-grade copper layer,
Zone D, is also present in several recent drill holes, and
represents an additional prospective target horizon.
Copper mineralization intersected in drill holes includes
primary chalcopyrite, overprinted at shallow depths by
secondary/supergene copper sulphide (chalcocite) and an overlying
oxide zone with local native copper and copper oxides. Chalcocite
is a high copper content mineral, indicating upgrading of the
copper mineralization at the base of the oxide zone. This
represents an additional target for higher grade copper. The tin
mineralization is cassiterite, the preferred mineral for commercial
extraction.
Additional results are pending for eight completed drill holes
at La Romana and preparations are underway for follow-up drilling
at the recent Cañada Honda copper-gold discovery approximately 4km
to the north.
Table 1 – La Romana new drill results summary
Hole
ID
|
From
|
To
|
Interval
|
CuEq1
|
Cu
|
Sn
|
Ag
|
|
Au
|
Pb
|
Zn
|
True
Thickness
|
|
m
|
m
|
m
|
%
|
%
|
%
|
g/t
|
|
g/t
|
ppm
|
ppm
|
(m)
|
LRD167
|
20.00
|
33.05
|
15.05
|
0.49
|
0.32
|
0.06
|
1.2
|
|
0.01
|
25
|
81
|
12.43
|
and
|
73.00
|
80.00
|
7.00
|
0.64
|
0.50
|
0.05
|
1.4
|
|
0.02
|
14
|
59
|
5.78
|
and
|
117.95
|
118.50
|
0.55
|
1.70
|
1.57
|
0.05
|
0.5
|
|
0.02
|
13
|
95
|
0.45
|
LRD168
|
43.00
|
57.55
|
14.55
|
0.93
|
0.61
|
0.12
|
1.4
|
|
0.02
|
15
|
109
|
14.27
|
including
|
43.00
|
56.00
|
13.00
|
1.02
|
0.67
|
0.13
|
1.6
|
|
0.02
|
17
|
108
|
12.75
|
including
|
47.00
|
56.00
|
7.00
|
1.43
|
0.96
|
0.17
|
2.2
|
|
0.03
|
29
|
138
|
6.87
|
LRD169
|
52.00
|
59.00
|
7.00
|
1.05
|
0.97
|
0.03
|
2.0
|
|
0.01
|
16
|
96
|
5.34
|
including
|
56.00
|
59.00
|
3.00
|
2.26
|
2.11
|
0.05
|
4.3
|
|
0.02
|
13
|
105
|
2.29
|
and
|
101.00
|
111.00
|
10.00
|
0.53
|
0.33
|
0.07
|
0.7
|
|
0.03
|
10
|
59
|
7.63
|
and
|
140.00
|
141.00
|
1.00
|
1.68
|
1.64
|
0.01
|
4.7
|
|
0.02
|
25
|
176
|
0.76
|
LRD170
|
61.00
|
73.00
|
12.00
|
1.04
|
0.80
|
0.09
|
2.1
|
|
0.01
|
5
|
77
|
11.82
|
including
|
66.00
|
73.00
|
7.00
|
1.47
|
1.16
|
0.11
|
2.9
|
|
0.02
|
5
|
89
|
6.90
|
including
|
69.00
|
71.40
|
2.40
|
3.20
|
2.64
|
0.20
|
6.2
|
|
0.04
|
8
|
137
|
2.36
|
and
|
93.00
|
100.00
|
7.00
|
0.44
|
0.36
|
0.03
|
0.7
|
|
0.02
|
7
|
49
|
6.90
|
and
|
148.00
|
150.00
|
2.00
|
1.21
|
1.18
|
0.01
|
2.0
|
|
0.01
|
76
|
93
|
1.97
|
LRD171
|
79.00
|
97.00
|
18.00
|
1.03
|
0.94
|
0.03
|
2.2
|
|
0.01
|
5
|
83
|
14.74
|
including
|
79.00
|
94.90
|
15.90
|
1.15
|
1.04
|
0.03
|
2.4
|
|
0.01
|
6
|
88
|
13.02
|
including
|
85.00
|
94.90
|
9.90
|
1.70
|
1.57
|
0.04
|
3.6
|
|
0.02
|
6
|
104
|
8.11
|
including
|
92.00
|
94.90
|
2.90
|
4.28
|
4.08
|
0.06
|
8.9
|
|
0.05
|
12
|
209
|
2.38
|
and
|
123.00
|
130.00
|
7.00
|
0.56
|
0.40
|
0.06
|
0.9
|
|
0.01
|
45
|
51
|
5.73
|
and
|
183.25
|
184.15
|
0.90
|
3.64
|
3.59
|
0.01
|
2.7
|
|
0.02
|
18
|
103
|
0.74
|
1 Copper Equivalent = CuEq.
CuEq is calculated using Cu, Sn, and Ag grades. Metallurgical
recoveries include 86% for Cu, 68% for Sn and 56% for Ag, based on
preliminary studies performed by Wardell Armstrong International
and MinePro. The CuEq calculation uses US$ 8,693/tonne Cu, US$
29,069/tonne Sn and US$ 23.72/oz Ag, corresponding to the
three-year monthly price averages to July 2023. The effective
formula is [CuEq %] = [Cu %] + 2.6440 * [Sn %] + 0.0057 * [Ag
ppm]
|
Table 2 – La Romana drill hole collar information
(5 holes, total 792.10m)
Hole
ID
|
Easting
2
|
Northing
2
|
Azimuth
(o)
|
Dip
(o)
|
Depth
(m)
|
LRD167
|
735976
|
4152716
|
156
|
-50
|
122.15
|
LRD168
|
735954
|
4152761
|
180
|
-50
|
125.55
|
LRD169
|
735865
|
4152803
|
240
|
-60
|
191.65
|
LRD170
|
735866
|
4152806
|
180
|
-55
|
155.65
|
LRD171
|
735866
|
4152807
|
0
|
-90
|
197.1
|
2 Coordinate system: UTM29N
ERTS89
|
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 2024. The Escacena Project
hosts the La Romana copper-tin-silver discovery and a number of
other prospective targets, including Cañada Honda, Romana
North, Bravo, Barbacena, El Pozo, San Pablo, Zarcita, Hornitos, La
Jarosa, and Romana Deep.
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.
QA/QC Procedures
Core size was HQ (63mm) and all samples were ½ core. Nominal
sample size was 1m core length and
ranged from 0.5 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 Seville, 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). Over grade tin was determined
using peroxide fusion with ICP finish (method Sn-ICP81x).
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 media release. Mr. Royall is not
independent of the Company.
On behalf of the Board of Directors
www.panglobalresources.com
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 media 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 media release
is based on information available to the Company as of the date of
this media 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.