PAN GLOBAL ANNOUNCES FULLY FUNDED 20,000-METER ESCACENA PROJECT DRILL PROGRAM Board of Directors approves 20,000-meter, multi-target drill program at the Escacena Project for 2023 Plan includes La Romana drilling expansion and resource delineation
PAN GLOBAL ANNOUNCES FULLY FUNDED 20,000-METER
ESCACENA PROJECT DRILL PROGRAM
Board of Directors approves 20,000-meter, multi-target drill program at the Escacena Project for 2023
Plan includes La Romana drilling expansion and resource delineation
Drilling underway at La Romana, Romana Deep, and Zarcita
La Romana metallurgical studies continuing
VANCOUVER, BC
,
Jan. 30, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTC: PGNRF) is
pleased to announce that the Board of Directors of the Company has approved plans for a fully funded 20,000-meter drill program at the
Company's flagship Escacena Project ("Escacena"). Escacena is located approximately 35
kilometers northwest of
Seville
on the Iberian
Pyrite Belt in southern
Spain
, a prolific volcanogenic massive sulphide (VMS) district and tier one mining jurisdiction with a number of
significant producing copper and polymetallic mines.
Pan Global's President and CEO
Tim Moody
noted: "Escacena has been the focus of Pan Global's exploration since the recent
copper/tin/silver discovery at the La Romana target. To the end of 2022, we completed approximately 140 drill holes at La Romana with
mineralization in almost every hole. Our 2023 plan is expected to include more than 50
additional drill holes at Escacena. This includes a 10-
hole stepout and infill drill program at La Romana that is already underway targeting electromagnetic anomalies, further testing the continuity
and potential down-dip extensions of the mineralization."
Catalysts for 2023 include:
Assay results from the ongoing exploration drilling at La Romana, the Romana Deep target (electromagnetic anomaly on the down-dip
projection of the La Romana mineralization) and Zarcita target (located 4
km north of La Romana)
Gaining access to the west and east of La Romana to continue testing extensions of the geophysics target
Ongoing La Romana metallurgy testwork
Assay results from drilling on additional exploration targets
Mr. Moody added: "With a fully funded program for 2023, and three drill rigs currently operating on three targets at La Romana, Romana
Deep, and Zarcita, plus exploration advancing on a number of other targets, we are well set up for an exciting year ahead at Escacena."
Annual incentive grant approved
The Pan Global Board of Directors has approved grants under the Company's shareholder-approved Omnibus Equity Incentive Compensation
Plan (the "Plan") of a total of 2.165
million incentive stock options; 0.55
million Restricted Share Units (RSUs); and 0.65
million Deferred
Share Units (DSUs) to officers, directors, employees, and consultants to the Company.
The incentive stock option entitles the holder to purchase the equivalent number of common shares of the Company at a price of
$0.44
per
common share for a period of five years from the date of grant. The options will vest as follows: 25% on grant, followed by additional 25% on
each of 6-month, 12-month, and 18-month anniversaries from date of grant. The RSUs and DSUs will vest over two years from the effective
date of grant, with one-third vesting 12
months after the effective date, and one-third vesting on each of the 18-month and 24-month
anniversaries.
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. The project 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 mining anticipated to restart in late 2023. The
Escacena Project hosts the La Romana copper-tin discovery and a number of other prospective targets, including Zarcita, Hornitos, La
Jarosa, Romana Deep, Bravo, Barbacena, El Pozo, and San Pablo.
About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in southern
Spain
and is pursuing opportunities from
exploration through to mine development. The Company is committed to operating safely and with respect to the communities and
environment where we operate.
On behalf of the Board of Directors
www.panglobalresources.com
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.
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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For further information:
Jason Mercier, VP Investor Relations and Communications, [email protected], +1 778 372-7101,
www.panglobalresources.com
CO: Pan Global Resources Inc.
CNW 08:00e 30-JAN-23