Pan Global Granted "Al Andaluz" Mineral Rights, Southern Spain Government authorizes the Al Andaluz Investigation Permit Area permitted for exploration in the Escacena Project more than doubles (115% increase) Exploration to begin immediately on several large high priority targets and extensions to
Pan Global Granted "Al Andaluz" Mineral
Rights, Southern Spain
Government authorizes the Al Andaluz Investigation Permit
Area permitted for exploration in the Escacena Project more than doubles (115% increase)
Exploration to begin immediately on several large high priority targets and extensions to
the La Romana copper tin discovery
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2021) -
Pan Global Resources
Inc.
(TSXV: PGZ) (OTC Pink: PGNRF)
("Pan Global" or the "Company")
is pleased to announce
that the Regional Government of Andalusia (Junta de Andalucia) has authorised the "Al Andaluz"
Investigation Permit at the Escacena Project. The permitting of "Al Andaluz" significantly expands the
area for exploration in the Escacena Project. Al Andaluz is located immediately adjacent to the former
Aznalcollar open pit mine and approximately 12km west of the Las Cruces copper mine, in the Iberian
Pyrite Belt, southern Spain.
Tim Moody, Pan Global President and CEO, states: "The granting of the Al Andaluz Investigation Permit
is a significant step forward for Pan Global. The property hosts several large gravity targets similar to the
gravity anomaly associated with our La Romana discovery and has outstanding potential for the
discovery of additional large copper deposits (See Figure 1 below). A drill hole with 9.5m at 1.42% Cu
by Exxon in 1985 on the edge of one of these gravity anomalies at La Jarosa, confirms this potential.
With Al Andaluz now granted and over $15mm in the treasury our plans to immediately commence an
aggressive exploration program opens the opportunity to make additional copper discoveries in this
highly prospective area."
INVESTIGATION PERMIT (PERMISO DE INVESTIGACION) GRANTED FROM THE REGIONAL
GOVERNMENT OF ANDALUSIA - "AL ANDALUZ"
The Al Andaluz Investigation Permit (previously referred to as Al Andalus) is granted by the Regional
Government of Andalusia (Junta de Andalucia) for an initial period of three years and can be renewed for
additional periods.
Al Andaluz adds approximately 2,365 hectares to the area now permitted for exploration in the
Escacena Project area. This represents a 115% increase to the area which now totals approx. 4,428
hectares. An additional 1,030.5 hectares remains under application (total 5,458.3 hectares).
Figure 1
- Escacena Project area, mineral rights (approx. 5,458 Ha) and targets
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5190/104523_125122ffe4151b2a_001full.jpg
The newly issued investigation permit allows Pan Global to begin exploration immediately.
Reprocessing of regional gravity data has identified several large gravity targets in Al Andaluz that will
be followed up with geophysics prior to drilling. A gravity survey over the entire area will now commence
and a detailed airborne electromagnetic and magnetic survey is planned for January 2022.
An Induced Polarity and detailed gravity survey will begin as soon as possible at the La Jarosa target,
where a drill hole completed by Exxon in 1985 intersected 9.5m at 1.42% Cu on the edge of a large
gravity anomaly. There has been no other follow up at La Jarosa since 1985. Other priority targets
include two areas at El Pozo and Zarcita with surface indications of Cu Pb Zn Ag Au mineralization,
extensive alteration and historical mine workings. The Company anticipates a significant follow-up drill
program in 2022 on targets generated from the ongoing exploration work.
Drill testing gravity anomalies has directly led to other copper discoveries in the surrounding area,
including Las Cruces (>40 million tonnes), Los Frailes (>70 million tonnes) and Pan Global's La Romana
deposit (drilling in progress).
Qualified Person
Patrick Downey, 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. Downey is not independent of the Company.
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
.
FOR FURTHER INFORMATION PLEASE CONTACT:
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
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