Pan Global Reports Drill Results FOR Cañada Honda and Zarcita Targets at the Escacena Project, Spain
PAN GLOBAL REPORTS DRILL RESULTS FOR CAÑADA HONDA AND
ZARCITA TARGETS AT THE ESCACENA PROJECT, SPAIN
TSXV: PGZ | OTCQX: PGZFF
Cañada Honda copper-gold mineralization extended to
600m
down-dip at east end of a 2km long east-west gravity anomaly
Zarcita drilling intersects narrow intervals of higher-grade copper within a wider zone of stockwork and alteration
Drilling at Escacena now focused on highly prospective western extension of the La Romana copper-tin-silver mineralization at Romana West
VANCOUVER, BC
,
Sept. 8, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) is pleased to announce
positive results for its follow-up drilling at the Cañada Honda and Zarcita targets at the 100%-owned Escacena Project in the Iberian Pyrite Belt, southern
Spain
.
Both targets are located 4km north of the La Romana copper-tin-silver discovery where ongoing drilling is extending mineralization at Romana West. Three
follow-up drill holes have been completed at the Cañada Honda copper-gold target and an additional 13 drill holes have been completed at the Zarcita copper
target.
The Company will host a conference call and webcast on
Monday, September 11, 2023
, at
10:00 a.m. Eastern Time
/
7:00 a.m. Pacific Time
to discuss the
Cañada Honda and Zarcita drill results and also provide an overview of current exploration and drilling at Romana West. An open Q&A session will follow a short
presentation. For webcast details please see information at the conclusion of this release.
"The follow-up drilling at Cañada Honda confirms copper-gold mineralization coincident with a gravity anomaly, and extends the copper-gold mineralization from
surface to
600m
down-dip where it remains wide open. The new results highlight additional gold potential in the hanging wall. The drilling is at the eastern end of
a 2km long east-west gravity target, indicating potential for the mineralization to significantly expand, making this a compelling, high priority target for additional
drilling," said
Tim Moody
, Pan Global's President & CEO.
Currently, drilling at Escacena is focused along the highly prospective western extension (Romana West) of the La Romana copper-tin-silver discovery. In
addition to the 12 geophysical targets that are being sequentially prioritized for drill testing, exploration on the 5,760-hectare Escacena Project continues to
identify new drill targets. Initial assay results from the first set of drill holes at Romana West are expected soon.
Cañada Honda and Zarcita drill hole locations are shown in Figure 1 below. Drill hole assay results for Cañada Honda are summarized in Table 1 and collar
details are presented in Table 2 below. Drill assay results for Zarcita are summarized in Table 3 and collar details provided in Table 4.
Figure 1 – Simplified geology map with Cañada Honda and Zarcita drill hole locations. Cross section location (A-A’) shown in Figure 2. (CNW Group/Pan Global
Resources Inc.)
Cañada Honda Highlights
New drill hole results include:
CHD05 –
20m
at 0.5% Cu, 0.8g/t Au, 1.9g/t Ag
, including
5.1m
at 1.3% Cu, 0.5g/t Au, 3.9g/t Ag
(reported
July 4, 2023
); and new results including
2m
at 1.6g/t Au
CHD06 –
7m
at 0.6% Cu, 0.8g/t Au, 6.5g/t Ag
, including
3m
at 1.1g/t Au, 5.5g/t Ag
CHD07 –
5m
at 1.1g/t Au, 0.2% Cu, 2.3g/t Ag
Surface rock samples up to 9g/t Au
New untested DHEM conductor anomalies
The follow-up drill program included holes CHD05, CHD06 and CHD07. Drill hole CHD05, testing
150m
down-dip from previous drill hole CHD04 and
approximately
330m
down-dip from a historical mine tunnel, confirmed copper-gold mineralization coincident with the targeted gravity anomaly. CHD06, located
100m
east of CHD05, intersected copper-gold mineralization coincident with a DHEM target. Hole CHD07 tested a resistivity low anomaly
190m
down-dip from
CHD05. Each of the drill holes also intersected additional gold mineralization in the hanging wall.
DHEM in holes CHD06 and CHD07 confirmed new off-hole conductor anomalies for future drilling to test the potential for stronger sulphide mineralization. See
Figure 3 below.
Anomalous gold assays from 28 rock grab samples at Cañada Honda indicate a gold anomaly extending
200m
west of the historical mine tunnel and up-dip from
the recent drilling, with several samples reporting >0.1g/t Au up to 9.0g/t Au.
Figure 2 – Geology cross section 737250mE, A-A’, showing new results for follow-up drill holes CHD05 and CHD-7, and previous holes CHD03 and CHD04. The
results show the main Cu-Au zone extending 600m down-dip from a historical mine tunnel, and multiple Au veins in the hanging wall. Approximately 150m
separates CHD04 and CHD05, and 190m separates CHD05 and CHD07. (CNW Group/Pan Global Resources Inc.)
Figure 3 – Cañada Honda target map showing a large gravity anomaly extending west of the drill holes, DHEM conductors, soil and rock sample copper-gold
anomalies. (CNW Group/Pan Global Resources Inc.)
Table 1
– Cañada Honda drill results summary (all intervals close to true thickness); Results in italics for CHD05 were first reported on
July 4, 2023
.
Hole ID
From
To
Interval
Cu
Au
Ag
Co
Pb
Zn
m
m
m
%
g/t
g/t
ppm
ppm
ppm
CHD05
65.00
66.00
1.00
0.28
1.41
14.8
367
3430
4100
100.00
102.00
2.00
<0.01
1.61
0.5
414
37
39
203.00
204.00
1.00
0.06
0.41
9.3
603
3900
1.32 %
287.00
307.00
20.00
0.50
0.28
1.9
102
38
124
inc.
296.00
307.00
11.00
0.76
0.44
2.4
117
36
147
inc.
296.00
301.10
5.10
1.31
0.47
3.9
182
39
154
inc.
296.00
296.50
0.50
10.3
1.42
29.2
592
114
371
CHD06
57.00
58.00
1.00
<0.01
1.23
<0.5
155
8
45
73.00
76.00
3.00
0.47
0.05
1.1
109
7
82
101.00
102.00
1.00
0.06
1.13
17.8
41
6180
9380
120.00
122.00
2.00
0.11
1.36
0.5
54
6
35
188.00
195.00
7.00
0.64
0.80
6.5
240
390
412
inc.
188.00
189.00
1.00
0.80
1.32
20.3
117
2140
2280
inc.
191.00
194.00
3.00
0.91
1.10
5.5
413
91
96
CHD07
75.00
76.00
1.00
<0.01
1.13
3.6
266
261
299
241.00
246.00
5.00
0.19
1.09
2.3
219
525
1151
inc.
244.00
245.00
1.00
0.94
4.39
9.0
741
1760
3860
258.00
259.00
1.00
0.02
1.17
1.2
115
129
94
428.00
433.00
5.00
0.34
0.30
0.9
125
9
53
inc.
430.00
431.00
1.00
1.33
0.69
2.7
145
23
92
Table 2
– Cañada Honda drill hole collar information (3 holes
1,238.95m
)
Hole ID
Easting
1
Northing
1
Azimuth (
o
)
Dip (
o
)
Depth (m)
CHD05
737208
4156446
180
-70
443.40
CHD06
737336
4156389
180
-75
320.40
CHD07
737286
4156582
180
-75
475.15
1
Coordinates are in ERTS89 datum UTM29N
Zarcita results commentary
"The recent exploration drilling and mapping at Zarcita has highlighted a 2.1km long trend with anomalous copper, lead, zinc, gold and silver. The highest
potential remains centered on the historical Zarcita mine workings where drilling has intersected narrow intervals of higher-grade copper within a wider zone of
stockwork and alteration. While untested down-hole electromagnetic (DHEM) conductors, gravity and IP anomalies define prospective targets for future
campaigns at Zarcita, the Romana West and Cañada Honda targets are key near-term priorities," said
Tim Moody
, Pan Global's President & CEO.
Zarcita highlights
New drill hole results include:
ZAD05: intersected copper mineralization from surface, including
14.45m
at 0.2% Cu before entering a
10.5m
assumed historical mine cavity
ZAD06:
5.5m
at 0.7% Cu from
106.2m
, including
1.85m
at 1.6% Cu, 0.15g/t Au, 2.4g/t Ag
The completed drill program at Zarcita includes 17 holes for a total of
4,363m
, along a 2.1km east-west trend. The holes were designed to test a combination of
geophysical, geological and geochemical targets, and to acquire mineral alteration information to assist in identifying vectors to potential higher-grade
mineralization. Results from the first four holes, ZAD01 to ZAD04, drilled on a single north-south section, were reported on
January 17, 2023
showing copper
grades increasing to
400m
down-dip and narrow intervals of higher grade (e.g., drill hole ZAD04:
17m
at 0.3% Cu, including 1.9% Cu over
1.1m
). The new drill-
holes, ZAD05 to ZAD17, were drilled on a
100m
to
600m
spacing along the trend. Much of the strike potential to-date has only been tested by single wide-
spaced drill holes.
The most promising results are from a
600m
section of the 2.1km trend, coincident with the Zarcita mine workings. This includes thin bands of semi-massive and
massive sulphide intervals within a wider zone of stockwork veining and chlorite-sericite alteration. DHEM in holes ZAD01 and ZAD05 identified untested off-hole
and below-hole anomalies, representing potential nearby stronger sulphide mineralization.
Drill hole ZAD05, intersected 0.2% Cu (oxide zone) over
14.85m
from surface followed by
10.5m
with no core recovery in an assumed historical mine cavity, and
trace chalcopyrite continuing in the drill core below the cavity. Drill holes ZAD06 and ZAD15, intersected narrow intervals of high-grade copper. The
mineralization remains open down-dip and along-strike within the historical mining area.
Table 3
– Zarcita drill results summary (all intervals close to true thickness to >90%)
Hole ID
From
To
Interval
Cu
Au
Ag
Co
Pb
Zn
m
m
m
%
g/t
g/t
ppm
ppm
ppm
ZAD05
0.00
14.45
14.45
0.19
0.02
0.3
33
60
281
14.45
24.95
10.50
No drill core - assumed historical mine cavity
ZAD06
106.20
111.70
5.50
0.67
0.06
1.0
173
30
487
inc.
106.20
108.05
1.85
1.61
0.15
2.4
392
73
737
inc.
146.10
146.35
0.25
1.40
0.13
5.9
197
869
3680
ZAD07
No significant results
ZAD08
130.00
132.00
2.00
0.10
0.06
1.2
12
245
2.09 %
ZAD09
185.00
186.00
1.00
0.03
0.07
1.6
9
566
1.07 %
ZAD10
No significant results
ZAD11
158.00
159.00
1.00
1.04
1.44
4.4
146
77
314
ZAD12
51.00
54.00
3.00
0.08
0.01
5.3
24
6513
1.04 %
ZAD13
No significant results
ZAD14
No significant results
ZAD15
41.50
42.00
0.50
1.93
0.41
6.5
362
186
1105
ZAD16
No Significant results
ZAD17
No Significant results
Table 4
– Zarcita drill hole collar information (13 holes
3221.15m
)
Hole ID
Easting
1
Northing
1
Azimuth (
o
)
Dip (
o
)
Depth (m)
ZAD05
738291
4156973
180
-70
179.40
ZAD06
738351
4157082
130
-55
305.00
ZAD07
738180
4157081
180
-50
241.10
ZAD08
737986
4156899
180
-55
201.85
ZAD09
737985
4156900
0
-90
203.50
ZAD10
737984
4157098
180
-70
356.25
ZAD11
737439
4156993
180
-55
275.35
ZAD12
738984
4157026
180
-60
230.20
ZAD13
738984
4157027
0
-90
179.50
ZAD14
738987
4157027
140
-55
124.40
ZAD15
738984
4157027
220
-55
117.70
ZAD16
737095
4157069
180
-60
360.90
ZAD17
739264
4157060
215
-55
446.00
1
Coordinates are in ERTS89 datum UTM29N
Investor Call to Discuss Drill Results and Escacena Exploration Update
The Company will host a conference call and webcast on
Monday, September 11, 2023
, at
10:00 a.m. Eastern Time
to discuss the Cañada Honda and Zarcita
drill results and provide an overview of current exploration and drill testing at Romana West. An open Q&A session will follow a short presentation.
Date:
Monday, September 11, 2023
Time:
10:00 a.m. Eastern Time
|
7:00 a.m. Pacific Time
Please register in advance:
https://us06web.zoom.us/meeting/register/tZ0pcumgqTksH9Qjcmz0fzUGukwCwrpLAVng
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, Romana West, Cañada Honda, Bravo, Barbacena, El Pozo, Zarcita, Hornitos, La Jarosa,
Romana Deep
,
Romana North
, 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.
Drill core and rock 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:
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CO: Pan Global Resources Inc.
CNW 07:30e 08-SEP-23