CORRECTING AND REPLACING: Exploration Update on the Aguilas Project And Grant of Incentive Stock Options
CORRECTING AND REPLACING: Exploration Update on the Aguilas Project And
Grant of Incentive Stock Options
VANCOUVER, British Columbia, Nov. 23, 2017 -- In a release issued under the same headline earlier today by Pan Global
Resources Inc. (TSX Venture Exchange:PGZ) please note that in the Incentive Stock Options paragraph of the release, the
price per option share should be $0.20, not $0.10 as previously stated.
Pan Global Resources Inc . (“Pan Global” or the "Company") (TSX Venture Exchange:PGZ) herein provides a progress
update on the Aguilas Copper Project in Spain.
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/405759eb-afc8-4257-a165-d93df9bb9974
http://www.globenewswire.com/NewsRoom/AttachmentNg/486fe468-1efe-40ef-adf7-02f478cff97a
Highlights:
• Assay results were received for an additional 370 soil samples on the Torrubia Copper Trend, for a total of
approximately 890 soil samples.
• In-fill soil sampling results have enhanced the copper anomaly at the Torrechuela target in the North of the Torrubia
Trend and shows good continuity over 2.8 km of strike and up to 320 m width.
• The first soil sampling results were received over the Aguilas target area in the South of the Torrubia Trend. A strong
copper anomaly is evident in soils and rocks over approximately 700 m of strike and up to 300 m width.
• Additional potential for polymetallic (Pb, Zn, Cu, Ag) mineralisation has been identified along a further 6 km of strike on
the southeast extension of the Zumajo structure. This includes several historical Pb-Ag mine workings with associated
Cu mineralisation with little or no exploration since mining ceased nearly 70 years ago.
• The Las Aguilas I and Las Aguilas II mineral rights have been granted and Aguilas III is in the process of being granted
and fully permitted.
• Two new mineral rights applications were submitted, expanding the Aguilas Project to approximately 14,949 hectares.
Background
The company manages the Aguilas Project through its agreement to acquire 100% interest in Minera Aguila SLU and the Las
Aguilas mineral rights, together referred to as the “Aguilas Project”. The Las Aguilas mineral rights, including new
applications, now cover approximately 14,940 hectares over the Pedroches Batholith, in southern Spain (Figure 1). The
Company also has a Letter of Intent, providing exclusive rights to acquire the Escacena mineral rights in the Iberian Pyrite
Belt, in southern Spain.
Soil sample results – Torrubia Trend
New assay results have been received for approximately 370 soil samples, including in-fill samples in the north of the Torrubia
Copper Trend and the first sampling on the Aguilas target area more than 3 km to the south. This brings the total soil samples
collected along the Torrubia Copper Trend to approximately 890. Samples were collected every 20 m along lines spaced
100m, 200m and 400m apart. The results to-date show two large Cu (± elevated Fe, Co, Ag, Au) anomalies on the Torrubia
Trend at Torrechuela and Aguilas in the South (Figure 2).
A strong copper anomaly has been defined at the Torrechela target in the north of the Torrubia Trend over approximately 2.8
km of strike and up to 320 m width with values >40 ppm Cu to 0.68% Cu-in-soils. The new in-fill soil sampling results have
enhanced and confirmed continuity of the Cu geochemistry. Previous rock sampling from the same area includes numerous
samples with >1% Cu and up to 8.43% Cu, 15.2g/t Ag, 1.7g/t Au, 0.12% Co, plus a boulder of gossanous semi-massive
sulphide with 28% Cu and 17.5g/t Ag.
Soil and rock sample results over the Aguilas target area, in the south of the Torrubia Copper Trend, shows a copper anomaly
over approximately 700 m of strike and up to 320 m width. Soil sample values range from >40 ppm to 1470 ppm Cu.
Previously reported rock sample results in the same area includes several samples with >1% Cu up to 11.7% Cu, and up to
0.13% Co and 4.3 g/t Ag.
Zumajo Trend extension
The Zumajo Trend comprises a series structures and mine workings containing polymetallic (Pb, Zn, Cu, Ag) in veins, breccia
and stock work style mineralisation over a total strike length of approximately 20 km. Additional exploration potential for Pb-Ag
± Cu has been identified over 6 km of strike on the southeast extension of the Zumajo Trend. Historical reports show this
section of the Trend contains a number of old Pb-Ag mines with associated Cu that were last in production in the late 1940’s.
This includes the San Antonio mine workings where reconnaissance has revealed a series of continuous small pits and at
least two galleries over >600 m strike and continuing to the northwest and southeast. There is no historical exploration
information to confirm grades across the structure and no drilling or geophysics.
Expansion of the Aguilas Project area
The Las Aguilas I and Las Aguilas II mineral rights have been granted and fully permitted. The Las Aguilas III mineral right
application is in the final stages of granting and permitting. Two new Investigation Permit applications have been submitted,
expanding the Aguilas Project area, including mineral rights granted and under application, to approximately 14,949 hectares.
Incentive Stock Options
The Company also announces the grant of an aggregate of 2,775,000 incentive stock options to directors, officers and
consultants. The options are exercisable for a period of 10 years for $0.20 per option share.
Analytical methods and Quality Control
All samples were submitted to ALS Laboratories in Seville, Spain. Rock samples were crushed, split and pulverized and then
analyzed with a 36 element Mass spectrometry and ICP-AES analysis following a 4-acid digestion. Au was determined by
30g Fire Assay with ICP-AES finish. Rocks returning above detection for Cu, Pb and Zn were re-assayed using an ore grade
analysis by conventional ICP-AES with a 4-acid digestion. All soil samples were dried and sieved to -180um in the laboratory
and subject to aqua regia and/or 4-acid digest and assayed by Super Trace ICP for a large multi-element suite (up to 53
elements, including Au) and a selection of samples assayed for comparison by 30g Fire Assay with ICP-AES finish for gold.
Quality Control procedures included review of ALS duplicates and checks, field duplicates, non-sequential sample numbering
and results compared for a large selection of samples using aqua regia digestion versus mixed acid digestion, and Fire Assay
versus ICP for Au. All samples were collected and transported under close supervision by experienced Geologists.
Qualified Person
Robert Baxter (FAusIMM), a Director of Pan Global Resources and a qualified person as defined by National Instrument 43-
101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Baxter is not
independent of the Company.
About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in Spain, and is pursuing opportunities
from exploration through to mine development.
On behalf of the Board of Directors
www.panglobalresources.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
MICHELLE BORROMEO
Investor Relations
E-mail: [email protected]
Phone: +1 604-715-6845
TIM MOODY
President & CEO
E-mail: [email protected]
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. 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.
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.