TSXV: PGZ |
OTCQX: PGZFF | FRA: 2EU
- High priority 2.0km x 1.5km gravity anomaly at Bravo
coincident with a large soil lead-zinc anomaly
- Helicopter electromagnetic anomalies provide additional
strong indicators of sulphide mineralization associated with the
gravity target
- IP survey underway to delineate targets for
drilling
- Upsized private placement financing on track for
closing
VANCOUVER, BC, Oct. 30,
2024 /CNW/ - Pan Global Resources Inc. ("Pan Global"
or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) is pleased
to announce it has initiated an induced polarization ("IP") survey
to prioritize and finalize initial drillhole locations at the Bravo
target ("Bravo") within the Company's 100%-owned Escacena Project
("Escacena") in the Iberian Pyrite Belt, southern Spain.
"Recent soil sample geochemistry and gravity survey results
provide strong indicators that the large Bravo target could
represent concealed volcanogenic massive sulphide (VMS)
mineralization beneath shallow cover, similar to Pan Global's
nearby La Romana copper-tin-silver discovery. The IP survey will
help identify sulphide concentrations associated with potential
copper mineralization with drilling expected to follow soon after
completion," said Tim Moody, Pan
Global's President & CEO.
"Helicopter electromagnetic (HEM) survey data also highlights
resistivity low anomalies on multiple lines coincident with the
gravity target, providing an additional positive indicator of
potential sulphide mineralization. IP surveys in combination with
gravity proved effective in leading to the discovery of the La
Romana copper mineralization," said Mr. Moody.
The planned IP survey at Bravo will target a 2.0km x 1.5km
strong gravity anomaly with coincident anomalous lead plus zinc
(Pb+Zn) and silver soil geochemistry. The IP survey method will be
dipole-dipole with 50-meter dipole spacing and will include seven
lines (12-to-15 line-kilometers) and is expected to take
approximately two-to-three weeks to complete (Figure 1).
Helicopter electromagnetic data from the Company's 2022 survey
shows low-resistivity anomalies (Figure 2) coincident with
the Bravo gravity target, providing another strong indicator of
potential sulphide mineralization.
The Bravo target is located 1.5km east of Pan Global's La
Romana copper-tin-silver discovery and 4.5km southwest of Grupo
México's Aznalcóllar and Los Frailes VMS deposits. Bravo is mostly
covered by post-mineral rocks and sediments and has never been
drill tested.
Pan Global is also pleased to note that the Company's upsized
private placement financing is on track for closing on or about
November 6, 2024. The net proceeds of
the offering will be used to advance the Company's advanced
exploration program in Spain and
for general corporate purposes.
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 the
operating mine at Riotinto and is immediately adjacent to the
former Aznalcóllar and Los Frailes mines where Minera Los
Frailes/Grupo México is in the final permitting stage to allow new
mine construction to commence. The Escacena Project hosts Pan
Global's La Romana copper-tin-silver and Cañada
Honda copper-gold discoveries, and a number of other
prospective targets, including, Bravo, Barbacena, El Pozo,
Romana Norte, San Pablo, Zarcita,
Hornitos, La Jarosa, Romana Deep,
and Cortijo.
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 low-risk
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 Persons
Álvaro Merino. Vice President Exploration for Pan Global
Resources and a qualified person as defined by National Instrument
43-101, has approved the scientific and technical information for
this media release. Mr. Merino is not independent of the
Company.
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.
