TSXV: PGZ | OTCQX: PGZFF
| FRA: 2EU
- Pan Global holds 100% of mineral rights on
56.5km2 Carmenes Project area, centred over two
past-producing polymetallic mines
- Profunda and Providencia mines are associated with
breccia-pipe-style Cu, Ni, Co and Au mineralization
- High grades in underground grab samples
- Providencia – 22 samples average 2.53% Cu, 1.28% Ni,
0.68% Co, 0.6g/t Au, 3.1g/t Ag
- Profunda – 8 samples average 10.30% Cu, 0.18% Ni,
0.19% Co, 0.1g/t Au, 15.6g/t Ag
- A previously drilled hole at Profunda intersected 7.72%
Cu, 0.11% Co, and 0.09% Ni over 1.95m
in the wall of a mined out cavity, verifying the high-grade nature
of mineralization previously extracted
- Gossan samples with assays up to 10.5g/t Au
indicate additional untested potential to expand the underlying
sulfide mineralization near the Providencia mine
- Excellent potential for new discoveries on numerous
untested targets
- Systematic geochemistry surveys, mapping, and drill permitting
commenced
VANCOUVER, BC, July 3, 2024
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company")
(TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) is pleased to announce that
exploration has commenced at the Company's 100%-owned,
5,653-hectare (56.5 km2) Carmenes copper, nickel, gold,
cobalt project ("Carmenes" or the "Project"), located in the
province of León, northern Spain.
The area has a history of mining and the Project is 70 kilometers
southeast of Orvana Minerals' Orovalle gold, copper, silver mining
operation in the same geological belt.
"The Carmenes Project is being advanced in conjunction with the
Escacena Project and represents a compelling addition to Pan
Global's exploration pipeline in Spain, targeting exceptionally high-grade
copper, nickel, and cobalt, which are all metals critical for the
global energy transition, plus a potentially significant
association with gold," said Tim
Moody, Pan Global's President & CEO. "The Project
includes the former Divina-Providencia ("Providencia") and Profunda
copper, cobalt, and nickel mines, both with excellent potential to
significantly expand the mineralization laterally and at depth.
These types of breccia pipe deposits typically occur in clusters,
and the area is highly prospective for discovery of additional
breccia pipes."
In addition to the early stage exploration work at Carmenes,
resource delineation drilling is ongoing at the La Romana target in
the Company's flagship Escacena Project in the Iberian Pyrite Belt,
southern Spain. Further drill
results will be reported as soon as available, including results
for recently completed drill holes at the rapidly growing Cañada
Honda target. Encouraging progress is also being made to access the
Company's large Bravo target located immediately to the east of La
Romana.
Investor webcast:
The Company will host an investor webcast with CEO Tim Moody on Tuesday,
July 9, 2024 at 1 p.m. Eastern
Time / 10 a.m. Pacific Time to
discuss the Carmenes Project opportunity and provide an update on
the ongoing work at the flagship Escacena Project. A Q&A
session will follow a short presentation.
Please register in advance:
https://us06web.zoom.us/webinar/register/WN_n-hhdVY1Qy2_M4XzfCIIgw
Planned Exploration and New Results at Carmenes
The Carmenes Project is a highly prospective area for
carbonate-hosted breccia "pipe" style mineralization, with evidence
of high grades of copper, nickel, cobalt and gold. Initial
exploration priorities include the former Profunda and Providencia
mine areas, targeting extensions to the copper-nickel-cobalt
mineralization beneath the mine workings and recently mapped
gossans. Numerous other smaller historical mine workings occur
throughout the project area, highlighting the potential for
additional breccia pipes and other styles of mineralization.
Pan Global has commenced systematic exploration in the Carmenes
Project following an initial phase of reconnaissance sampling and a
detailed review of past exploration in the area. The program
includes detailed mapping and surface geochemistry surveys, drill
planning at Profunda and Providencia, and follow-up of targets
identified from past exploration.
Table 1 (below), includes assay results from new rock samples
recovered by Pan Global from within the underground mine workings
and surface gossans at Providencia and Profunda, and previously
unreported underground sample results acquired with the mineral
rights from the previous owners, "Sociedad de Investigación y
Explotación Minera de Castilla y
León, S.A." (SIEMCALSA). A plan map of the Providencia target and
gossan sample locations is provided in Figure 2 (below). Cross
sections through the Providencia and Profunda mines with sample
locations are provided in Figure 3.
The Pan Global and SIEMCALSA rock samples were assayed using the
same laboratory and sampling protocols. The underground samples
consisted of rock chips from the walls of former mine
tunnels/stopes. Average grades from the combined Pan Global and
SIEMCALSA underground samples at Providencia and Profunda,
include:
Providencia (22 samples) – 2.53% Cu, 1.28% Ni,
0.68% Co, 0.6g/t Au, 3.1g/t Ag
Profunda (8 samples) –
10.3% Cu, 0.18% Ni, 0.19% Co, 0.1g/t Au, 15.6g/t Ag
Reconnaissance mapping by Pan Global at the Providencia target
has identified breccias hosting the historical mine workings, and
surface gossans, over an area more than 300 x 100 meters. The
target area at Profunda has similar dimensions. Assay results for
six samples of gossans (rock chips of gossan outcrops and float)
collected at Providencia average 3.8g/t Au, 0.41% Cu, 0.28% Ni,
0.10% Co and 3.7g/t Ag. The results highlight additional
untested potential for significant gold and copper-nickel-cobalt
mineralization beneath the gossans outside the mine workings.
Table 1 – Rock sample assay results,
including grab samples or rock chips from the walls in the
historical underground mine workings at Providencia and Profunda,
and samples of gossan from the Providencia target
PROVIDENCIA
UNDERGROUND
|
Cu
|
Co
|
Ni
|
Au
|
Ag
|
U
|
SAMPLE
|
COMPANY
|
TYPE
|
%
|
%
|
%
|
ppm
|
ppm
|
ppm
|
D808458
|
PGZ
|
Grab
|
1.34
|
0.40
|
0.64
|
0.24
|
<0.5
|
50
|
D808459
|
PGZ
|
Grab
|
0.30
|
0.77
|
0.45
|
0.07
|
<0.5
|
20
|
D808460
|
PGZ
|
Grab
|
0.09
|
0.05
|
0.11
|
0.46
|
<0.5
|
10
|
D808470
|
PGZ
|
Grab
|
4.51
|
1.16
|
2.09
|
0.96
|
1.8
|
100
|
D808471
|
PGZ
|
Grab
|
0.25
|
0.53
|
0.40
|
0.07
|
<0.5
|
10
|
D808472
|
PGZ
|
Grab
|
0.02
|
0.01
|
0.05
|
0.26
|
<0.5
|
<10
|
21266
|
SIEMCALSA
|
Grab
|
4.76
|
1.00
|
2.89
|
0.74
|
1.2
|
110
|
21267
|
SIEMCALSA
|
Grab
|
0.81
|
0.08
|
0.14
|
0.19
|
2.5
|
20
|
21268
|
SIEMCALSA
|
Grab
|
0.61
|
0.05
|
0.07
|
0.19
|
2.0
|
170
|
21269
|
SIEMCALSA
|
Grab
|
0.16
|
0.03
|
0.05
|
0.05
|
<0.5
|
10
|
21270
|
SIEMCALSA
|
Grab
|
4.47
|
0.30
|
0.71
|
0.19
|
2.1
|
10
|
21271
|
SIEMCALSA
|
Grab
|
0.30
|
0.03
|
0.07
|
0.14
|
<0.5
|
<10
|
21272
|
SIEMCALSA
|
Grab
|
3.95
|
1.34
|
2.74
|
0.34
|
1.8
|
10
|
21273
|
SIEMCALSA
|
Grab
|
2.22
|
0.76
|
1.06
|
1.11
|
5.2
|
<10
|
21274
|
SIEMCALSA
|
Grab
|
1.36
|
0.90
|
1.53
|
0.34
|
1.7
|
10
|
21275
|
SIEMCALSA
|
Grab
|
5.87
|
1.49
|
3.51
|
1.20
|
1.5
|
10
|
21276
|
SIEMCALSA
|
Grab
|
6.48
|
2.14
|
4.71
|
1.06
|
2.3
|
<10
|
21277
|
SIEMCALSA
|
Grab
|
1.49
|
0.34
|
0.61
|
0.18
|
1.3
|
<10
|
21278
|
SIEMCALSA
|
Grab
|
0.08
|
0.03
|
0.05
|
0.15
|
<0.5
|
10
|
21279
|
SIEMCALSA
|
Grab
|
0.89
|
0.28
|
0.42
|
0.42
|
2.4
|
<10
|
21280
|
SIEMCALSA
|
Grab
|
5.24
|
1.27
|
1.36
|
2.05
|
2.1
|
10
|
21281
|
SIEMCALSA
|
Grab
|
10.35
|
1.94
|
4.56
|
3.23
|
16.0
|
<10
|
|
|
|
|
|
|
|
|
|
PROFUNDA
UNDERGROUND
|
Cu
|
Co
|
Ni
|
Au
|
Ag
|
U
|
SAMPLE
|
COMPANY
|
TYPE
|
%
|
%
|
%
|
ppm
|
ppm
|
ppm
|
D808463
|
PGZ
|
Grab
|
5.20
|
0.06
|
0.14
|
0.25
|
13.00
|
50
|
D808477
|
PGZ
|
Grab
|
2.45
|
0.04
|
0.13
|
0.26
|
6.70
|
40
|
D808478
|
PGZ
|
Grab
|
10.40
|
0.08
|
0.09
|
0.11
|
10.60
|
410
|
26623
|
SIEMCALSA
|
Grab
|
11.25
|
0.51
|
0.33
|
0.03
|
14.20
|
370
|
26624
|
SIEMCALSA
|
Grab
|
7.21
|
0.28
|
0.15
|
0.02
|
5.70
|
1310
|
26625
|
SIEMCALSA
|
Grab
|
27.20
|
0.27
|
0.24
|
0.09
|
35.30
|
610
|
26626
|
SIEMCALSA
|
Grab
|
7.59
|
0.20
|
0.21
|
0.03
|
4.00
|
1610
|
26627
|
SIEMCALSA
|
Grab
|
11.10
|
0.09
|
0.16
|
0.05
|
35.20
|
2090
|
|
|
|
|
|
|
|
|
|
PROVIDENCIA
GOSSAN
|
Cu
|
Co
|
Ni
|
Au
|
Ag
|
U
|
SAMPLE
|
COMPANY
|
TYPE
|
%
|
%
|
%
|
ppm
|
ppm
|
ppm
|
D808457
|
PGZ
|
Grab
|
0.66
|
0.17
|
0.56
|
1.04
|
6.20
|
20
|
D808469
|
PGZ
|
Grab
|
0.87
|
0.12
|
0.44
|
1.02
|
1.90
|
20
|
G806208
|
PGZ
|
Float
|
0.22
|
0.09
|
0.30
|
10.55
|
2.40
|
20
|
G806209
|
PGZ
|
Float
|
0.36
|
0.10
|
0.17
|
3.05
|
5.70
|
10
|
G806234
|
PGZ
|
Grab
|
0.22
|
0.06
|
0.11
|
3.39
|
1.60
|
20
|
G806235
|
PGZ
|
Grab
|
0.16
|
0.08
|
0.11
|
3.66
|
4.10
|
20
|
Carmenes Project background
The Carmenes Project area comprises three Investigation Permit's
(total 4,028 hectares) that were acquired 100% by Pan Global from
the Spanish state-owned exploration company SIEMCALSA together with
all associated exploration data, and two additional granted
Investigation Permits (total 1,625 hectares) that were obtained as
a result of mineral rights applications by the Company's
wholly-owned subsidiary, Minera Águila Sociedad Limitada (MASL).
There are no royalties on any of the mineral rights.
The Profunda and Providencia copper-cobalt-nickel mines were
operated continuously between 1860 and 1880, and intermittently
until the 1930s. Mine grades (unverified) include 1.9% Cu, 1.8% Ni,
0.9% Co at Providencia and 2.2% Cu, 1.5% Ni, 0.9% Co at
Profunda.1 Elevated uranium also occurs in the
upper levels at Profunda, in the supergene zone. The mines produced
copper and cobalt concentrates, both containing nickel. Underground
mining extended to approximately 100m
depth below surface at Providencia and 260m depth at Profunda, and mineralization
remains open to depth and along strike at both. A smelter was
installed in the 1920s for the mines but was destroyed during the
Spanish civil war in the 1930s, and further mining was affected by
water ingress in the deeper levels of the mines. Subsequent plans
to restart mining did not eventuate. Artisanal mining occurred
elsewhere in the area to the 1960s.
SIEMCALSA began exploring in the area from 2009 to 2017, and
through a Joint Venture (JV) on part of the area with Riedel
Resources (ASX: RIE) from 2017 to 2019 when exploration stopped.
SIEMCALSA focussed on four target areas, Profunda, Providencia,
Fontun, and Valverdin. The exploration data indicates numerous
other untested targets that require follow-up exploration.
Four diamond drill holes were completed during the
SIEMCALSA JV with Riedel Resources, testing IP-chargeability
targets. This included hole CMN-3, that drilled in the main breccia
at the Profunda mine, intersecting grades of 7.72% Cu, 0.11% Co,
0.09% Ni, 0.44% U and 0.24% Zn over 1.95m in the wall of a 7-meter-wide previously
mined stope2. The Providencia mine area was outside the
JV and not drilled.
Soar Financial engagement
Pan Global is pleased to announce that Soar Financial Partners
(a brand of NorthStar Communications GmbH) ("Soar") has been
retained to support public relations activities pursuant to an
agreement entered into between the Company and Soar dated
June 26, 2024 (the "Public
Relations Agreement"), subject to the acceptance by the TSX Venture
Exchange ("TSX-V").
The Public Relations Agreement has an initial term of six months
and includes fees and a grant of 300,000 stock options of Pan
Global (the "Options") that vest quarterly at an exercise price of
$0.20 per common share and with
expiration 36 months following the date of grant. Soar does not
currently own any shares of the Company and the fees paid are for
services only.
|
1 Instituto Geológico y Minero de
España, Mongografia N.o 4 – Recursos Minerales, 2003, pp186-187
2 Riedel Resources media release and ASX
Announcement dated October 26, 2018 titled "Drilling
Programme Highlights Exploration Potential and Validates
Exploration Strategy": https://cdn-
api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2995-02039382-6A905981
|
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 a favourable permitting track
record, excellent 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, discovery, development, and mine operations - all
of which are committed to operating safely and with utmost respect
for the environment and our partnered communities. The Company is a
member, and operates under the principles, of the United Nations
Global Compact.
Qualified Person
Alvaro Merino, Vice President
Exploration for Pan Global Resources and a qualified person as
defined by National Instrument 43-101, has reviewed and approves
the scientific and technical information in this media release,
including the exploration and sampling by SIEMCALSA. Mr. Merino is
not independent of the Company.
QA/QC
Rock samples delivered to the ALS sample preparation facility in
Seville were prepared and assayed
at the ALS facility in Ireland.
All samples were crushed, split and pulverized using methods
CRU-31, SPL-22Y and PUL-31. Gold analysis was by 30gm Fire assay
with AA finish (Au-AA23). Multi element analysis was undertaken
using a 4 acid digest with ICP-AES finish (ME-ICP61). Overgrade
samples were analyzed using 4 acid digest with ICP-AES finish
(OG62). Certified reference materials were inserted at a 1/25
samples. The grab sample results are selective by nature, and may
not be representative of average grades for the mineralization.
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 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.
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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SOURCE Pan Global Resources Inc.