Pan Global Ongoing Drilling Extends Strike of LA Romana Near-Surface Copper-TIN-Silver Mineralization to 1.35 Kilometers
PAN GLOBAL ONGOING DRILLING EXTENDS STRIKE OF LA ROMANA
NEAR-SURFACE COPPER-TIN-SILVER MINERALIZATION TO 1.35
KILOMETERS
TSXV: PGZ | OTCQX: PGZFF
Romana West drilling extends La Romana mineralization
150m
to the west
Copper-tin grades increasing to the west
Investor webcast with CEO
Tim Moody
to discuss results will be held on
Wednesday, September 20, 2023
at
11 a.m. Eastern Time
/
8 a.m. Pacific
Time
. Details at end of this release
VANCOUVER, BC
,
Sept. 19, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) is pleased to announce
assay results for the first six holes drilled at the Romana West target, testing extensions to the La Romana copper-tin-silver discovery at the Company's 100%
owned Escacena Project in the Iberian Pyrite Belt in southern
Spain
.
Key highlights:
Copper and tin mineralization with good continuity starts immediately below a thin cover of sediments
Moderately north-dipping tabular geometry ideally suited for potential open-pit mining
High value tin grades increasing to the west
LRD162
intercepted
17m
at 0.65% CuEq
1
(
0.4% Cu 0.13% Sn, 1.1 g/t Ag)
from
50.0m
, including
6m
at 1.24% CuEq
1
(0.5% Cu, 0.29% Sn, 1.5g/t Ag)
LRD166
intercepted
14.5m
at 0.75 % CuEq
1
(0.36% Cu, 0.15% Sn, 1.2 g/t Ag
from
7.5m
, including
5m
at 1.06% CuEq
1
(0.48% Cu, 0.21% Sn, 2.0 g/t Ag)
LRD164
intercepted
16m
at
0.70% CuEq
1
(0.52 % Cu, 0.06 % Sn, 1.6 g/t Ag)
from
37.0m
, including
3m
at 1.38% CuEq
1
(1.06% Cu, 0.11% Sn, 3.9 g/t
Ag)
Mineralization remains wide open at depth and to the west
Drilling ongoing with results pending from six additional completed drill holes with
visual copper and tin mineralization
Drill hole locations are shown in Figure 1 below. Drill hole assay results are summarized in Table 1 and collar details are presented in Table 2 below.
"Drilling at Romana West commenced within weeks of being granted surface access. Twelve of our planned 25 drill holes have been completed and assay results
for the first six are very encouraging. Our drill program has been highly successful, confirming continuity of the copper-tin-silver mineralization 150 meters to the
west of the La Romana discovery. The overall strike length of La Romana is now 1.35 kilometers and is still open, with step-out drilling continuing farther to the
west. Results to date show the potential for grades to increase to the west," said
Tim Moody
, President and CEO of Pan Global.
The Romana West mineralization occurs in two main layers, Zone B and Zone C, commencing directly below a thin cover of post mineral sediments. Sulphide
mineralization was intersected in all holes at depths predicted from modelling of previous drilling and geology data. At shallow depths the primary sulphides,
including chalcopyrite and pyrite, have been overprinted by supergene chalcocite and copper enrichment.
The assay results also include some of the highest tin grades reported in the Escacena project area, with assays up to 0.62% Sn. Coarse cassiterite was
observed in both Zone B and Zone C. Importantly, cassiterite is the only tin mineral observed and is preferred for metallurgical extraction to produce a valuable tin
concentrate. Processed tin is a key ingredient in electronics and solar panels and regularly trades at three-to-four times the value of processed copper.
The ongoing drill program aims to test the near-surface La Romana mineralization a further
350m
along strike to the west.
Figure 1 –
Gravity anomaly map showing the Romana West and La Romana targets, drill hole locations with selected results, and cross-section locations A-A'
(Figure 2) and B-B' (Figure 3).
Figure 1 – Gravity anomaly map showing the Romana West and La Romana targets, drill hole locations with selected results, and cross-section locations A-A’
(Figure 2) and B-B’ (Figure 3). (CNW Group/Pan Global Resources Inc.)
Figure 2 –
Cross section
736010m
East, A-A', showing selected assay results highlights and copper grade shells for new drill holes
LRD161
,
LRD162
and
LRD166
, with mineralization commencing immediately beneath the post mineral cover to nearly
200m
down-dip (to the north).
Figure 2 – Cross section 736010m East, A-A’, showing selected assay results highlights and copper grade shells for new drill holes LRD161, LRD162 and
LRD166, with mineralization commencing immediately beneath the post mineral cover to nearly 200m down-dip (to the north). (CNW Group/Pan Global Resources
Inc.)
Figure 3 –
Cross section
735900m
East, B-B', showing selected highlights and copper grade shells for new drill holes
LRD163
,
LRD164
and
LRD165
.
Figure 3 – Cross section 735900m East, B-B’, showing selected highlights and copper grade shells for new drill holes LRD163, LRD164 and LRD165. (CNW
Group/Pan Global Resources Inc.)
Table 1 –
Romana West drill results summary
Hole ID
From
To
Interval
CuEq(
1
)
Cu
Sn
Ag
Au
Pb
Zn
True
Thickness
m
m
m
%
%
%
g/t
g/t
ppm
ppm
(m)
LRD161
117.00
130.00
13.00
0.27
0.25
0.01
0.8
0.01
11
72
11.79
Including
126.00
130.00
4.00
0.49
0.46
0.01
1.6
0.01
19
85
3.63
and
150.00
162.00
12.00
0.36
0.28
0.03
1.1
0.01
7
70
10.9
Including
150.00
156.00
6.00
0.60
0.47
0.05
1.9
0.01
12
79
5.44
Including
152.00
153.00
1.00
1.61
1.23
0.14
4.0
0.01
21
87
0.91
LRD162
50.00
67.00
17.00
0.65
0.30
0.13
1.1
0.01
49
81
17.00
Including
52.00
58.00
6.00
1.24
0.47
0.29
1.5
0.01
19
75
6.00
and
95.00
109.15
14.15
0.27
0.18
0.03
0.6
0.02
10
64
14.15
Including
107.00
109.15
2.15
0.63
0.46
0.06
2.1
0.088
36
76
2.15
and
132.50
135.00
2.50
0.89
0.10
0.30
<0.5
0.01
42
58
2.50
Including
134.00
135.00
1.00
1.64
<0.01
0.62
<0.5
0.01
6
47
1.00
LRD163
30.35
32.00
1.65
0.86
0.76
0.03
3.7
<0.01
137
103
1.27
and
60.00
72.00
12.00
0.31
0.25
0.02
2.2
0.01
80
142
9.20
and
122.00
126.00
4.00
0.29
0.23
0.02
0.5
<0.01
3
50
3.07
LRD164
37.00
53.00
16.00
0.70
0.52
0.06
1.6
0.01
7
85
16.00
Including
43.00
47.00
4.00
0.93
0.68
0.09
1.8
0.01
2
91
4.00
Including
49.00
52.00
3.00
1.38
1.06
0.11
3.9
0.02
16
78
3.00
and
87.00
91.00
4.00
0.66
0.52
0.05
0.8
0.02
3
51
4.00
Including
88.00
89.00
1.00
1.59
1.42
0.06
2.0
0.05
8
50
1.00
LRD165
86.25
87.70
1.45
0.64
0.36
0.10
1.2
0.01
5
87
1.24
and
114.00
122.85
8.85
0.59
0.55
0.01
1.4
0.008
6
74
7.58
Including
119.00
122.85
3.85
1.08
1.04
0.013
2.7
0.013
10
80
3.3
Including
122.25
122.85
0.60
5.24
5.06
0.04
13.0
0.034
29
180
0.51
LRD166
7.50
22.00
14.50
0.75
0.36
0.15
1.2
0.012
25
129
13.30
including
17.00
22.00
5.00
1.06
0.48
0.21
1.5
0.018
27
131
4.6
and
72.00
73.20
1.20
1.19
1.04
0.06
1.7
0.024
11
48
1.10
1
Copper Equivalent = CuEq. CuEq is calculated using Cu, Sn, and Ag grades. Metallurgical recoveries of 86% for Cu, 68% for Sn and 56% for Ag are based on preliminary studies performed by Wardell Armstrong International and MinePro. The CuEq calculation assumes commodity
prices of US$ 8,693/tonne Cu, US$ 29,069/tonne Sn and US$ 23.72/oz Ag, corresponding to the three-year monthly price averages to July 2023. The effective formula is [CuEq %] = [Cu %] + 2.6440 * [Sn %] + 0.0057 * [Ag ppm]
Table 2
– Romana West drill hole collar information (6 holes, total
1,004.95m
)
Hole ID
Easting
2
Northing
2
Azimuth (
o
)
Dip(
o
)
Depth (m)
LRD161
736025.3
4152813
195
-70
197.45
LRD162
735989.1
4152760
180
-50
182.05
LRD163
735921.6
4152767
180
-90
167.9
LRD164
735921.7
4152766
180
-50
140.35
LRD165
735895.7
4152851
156
-70
222.45
LRD166
736038.8
4152687
156
-55
94.75
2
Coordinate system. UTM29N ERTS89
Investor Call to Discuss Drill Results and Expanding La Romana
CEO
Tim Moody
will host a conference call and webcast on
Wednesday, September 20, 2023
, at
11:00 a.m. Eastern Time
/
8:00 a.m. Pacific Time
to discuss
the latest results at the Escacena Project. An open Q&A session will follow a short presentation.
Date:
Wednesday, September 20, 2023
Time:
11:00 a.m. Eastern Time
|
8:00 a.m. Pacific Time
Please register in advance:
https://us06web.zoom.us/meeting/register/tZEtcumhrzsqE9XnLSo4hLpyYL7Nrdq-utim
.
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 presentation. A link to the webcast 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 2023. The Escacena Project hosts the La Romana copper-tin-silver
discovery and a number of other prospective targets, including Zarcita, Hornitos, La Jarosa,
Romana Deep
,
Romana North
, Romana West, Cañada Honda,
Bravo, Barbacena, El Pozo, and San Pablo.
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 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, development, and mine operations - all
of which are committed to operating safely and with utmost respect for the environment and our partnered communities.
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 reviewed the scientific
and technical information for this news release. Mr. Royall is not independent of the Company.
On behalf of the Board of Directors
www.panglobalresources.com
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 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:
PLEASE CONTACT: Jason Mercier, VP Investor Relations and Communications, [email protected], +1 778 372-7101,
www.panglobalresources.com
CO: Pan Global Resources Inc.
CNW 07:30e 19-SEP-23