Pan Global Drills 1.48% Copper, 0.65 G/T GOLD, 7.2G/T Silver over 6.8M and 2.63 G/T GOLD over 8.0 Meters at Cañada Honda, Spain
PAN GLOBAL DRILLS 1.48% COPPER, 0.65 G/T GOLD, 7.2G/T SILVER
OVER 6.8M AND 2.63 G/T GOLD OVER 8.0 METERS AT CAÑADA HONDA,
SPAIN
TSXV: PGZ | OTCQX: PGZFF | FSE: 2EU
Strong potential to expand mineralization to the east and west
Gravity target at Cañada Honda extends over 2 kilometers
Investor webcast with CEO
Tim Moody
to discuss results will be held on
Friday, January 12, 2024
at 1 p.m. Eastern Time /
10 a.m. Pacific Time
. Details at
end of this release
VANCOUVER, BC
,
Jan. 11, 2024
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is pleased
to announce results for the first drillhole in an 11-hole step out drill program at the Cañada Honda copper-gold (Cu-Au) discovery, on the Company's 100% owned
Escacena Project in the Iberian Pyrite Belt, southern
Spain
. The program is targeting extensions to the Cañada Honda copper-gold mineralization discovered in
2023. Results are pending for two additional completed drillholes.
Highlights:
Drillhole CHD08
8m
at 0.12% Cu, 2.63g/t Au, 0.7g/t Ag
from
178m
, including
1.35m
at 0.68% Cu, 12.4g/t Au, 3.1g/t Ag, 0.09% Co
,
and
14m
at 0.77% Cu, 0.42g/t Au, 4.0g/t Ag
from
199m
, including
6.8m
at 1.48% Cu, 0.65g/t Au, 7.2g/t Ag
Includes
massive sulfide mineralization
with assays up to
4.76% Cu, 2.12g/t Au, 26.1g/t Ag and 0.9% Zn
over
1m
from
207.8m
Drilling confirms that copper and gold mineralization is coincident with downhole electromagnetic (DHEM) targets, and remains open
Potential to significantly expand the mineralization at Cañada Honda with further drill testing of a large (2km x 0.5km) gravity anomaly and extensions to
DHEM targets.
"These are the highest-grade drill intercepts to-date at Cañada Honda, and a very encouraging start to the follow-up drill program that commenced in
November
2023
. There is excellent potential to expand the copper and gold mineralization and identify areas of higher grade at this new discovery," said
Tim Moody
,
President and CEO of Pan Global.
"Successful drilling of geophysics targets at La Romana and Cañada Honda underscores the prospect of further discoveries among the numerous other targets in
the Escacena Project."
Drillhole locations are shown in Figure 1 below. Drillhole assay results are summarized in Table 1 and drillhole collar details are presented in Table 2 below.
Figure 1 – Cañada Honda gravity anomaly map showing drillhole locations with select results, and location of cross-section A-A’ (Figure 2). The gravity anomaly
and soil Cu-Au anomaly highlights the potential to expand the mineralization to the west and closer to surface in the south. (CNW Group/Pan Global Resources
Inc.)
Figure 2 – Cross section A-A’, showing selected assay results and simplified geology for drillhole CHD08. The copper and gold mineralization is coincident with
DHEM targets, and includes semi-massive and massive sulphides within a broader, up-to-36m wide, north-dipping zone of stock-work and disseminated sulphide
mineralization. (CNW Group/Pan Global Resources Inc.)
Table 1 – Cañada Honda Selected Drill Results
Hole ID
From
To
Interval
1
Cu
Au
Ag
Co
Pb
Zn
m
m
m
%
g/t
g/t
ppm
ppm
ppm
CHD08
178.00
186.00
8.00
0.12
2.63
0.7
257
12
70
incl.
183.65
185.00
1.35
0.68
12.4
3.1
930
55
259
and
199.00
213.00
14.00
0.77
0.42
4.0
207
136
1026
incl.
203.00
209.80
6.80
1.48
0.65
7.2
225
200
1730
incl.
206.90
209.80
2.90
2.71
1.39
14.4
334
435
3898
incl.
207.80
208.80
1.00
4.76
2.12
26.1
622
743
9000
1
Approximate true thickness
Table 2
– Cañada Honda Drillhole Collar Information
Hole ID
Easting
2
Northing
2
Azimuth (
o
)
Dip (
o
)
Length (m)
CHD08
737281
4156407
180
-60
334.8
2
Coordinate system: UTM29N ERTS89
Results from additional Cañada Honda drill holes will be released as soon as they are received.
Investor Call to Discuss Drill Results and Expanding La Romana
CEO
Tim Moody
will host a conference call and webcast on
Friday, January 12, 2024
, at
1:00 p.m. Eastern Time
/
10:00 a.m. Pacific Time
to discuss the latest
results at the Escacena Project. A Q&A session will follow a short presentation.
Date:
Friday, January 12, 2024
Time:
1:00 p.m. Eastern Time
|
10:00 a.m. Pacific Time
Please register in advance:
https://us06web.zoom.us/meeting/register/tZUscu2upzsqHtJnPxMbrlvySGcAa39j5uAJ
After registering, you will receive a confirmation email containing information about joining the meeting. Investors are encouraged to send questions or topics of
interest in advance to
to be addressed following the webcast presentation. A link to the webcast recording will be available on
the Company's website at
https://panglobalresources.com
following the live broadcast.
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 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.
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 approved the scientific
and technical information for this media release. Mr. Royall 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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For further information:
Jason Mercier, VP Investor Relations and Communications, [email protected] / [email protected], Tel:
+1-778-372-7101 / +1-604-689-9930, www.panglobalresources.com
CO: Pan Global Resources Inc.
CNW 07:30e 11-JAN-24