Pan Global Samples 3.11 G/T GOLD over 37 M, Confirming Significant Near-Surface Mineralization at Cármenes Project, Spain
PAN GLOBAL SAMPLES 3.11 G/T GOLD OVER 37 m, CONFIRMING
SIGNIFICANT NEAR-SURFACE MINERALIZATION AT CÁRMENES
PROJECT, SPAIN
TSXV: PGZ | OTCQX: PGZFF | FRA: 2EU
Providencia target sampling results include
3.11 g/t Au over
37m
(open)
, including
7.70 g/t Au over
6m
1.74 g/t Au, 11.2 g/t Ag over
20m
, including
2.59 g/t Au, 9.5 g/t Ag over
6m
Providencia maiden drill program in-progress: now expanded by three drillholes following the recent results to test the wider target area
VANCOUVER, BC
,
Feb. 11, 2025
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) is pleased
to announce high-grade gold results from recent underground channel sampling and surface trench sampling at the Providencia target in the Company's 100%-
owned copper, gold, nickel, cobalt Cármenes Project ("Cármenes"), in northern
Spain
.
"The first drillhole is underway at the high-priority Providencia target testing for extensions to the high-grade mineralization beneath the main historical mine
workings. Three additional drillholes are now planned in the expanded target area to the east of the historical mine workings within a strong multi-metal soil
anomaly. There has been no previous or historical drilling at Providencia. Two drill rigs are also currently operating at the Company's flagship Escacena Project in
southern
Spain
and IP data analysis is being finalized for drilling to start at the Bravo target," said
Tim Moody
, Pan Global President and CEO.
"Historical mining in the 1930s at Providencia extracted high-grade copper and cobalt within a pipe-like breccia body, with no recorded gold extraction in the area
and limited modern exploration since the mines closed. Pan Global's recent exploration led to the discovery of the new gold zone to the east at Providencia."
Highlights:
Drilling is underway at the Providencia target with the first drillhole testing beneath the historical underground mine working for extensions of the copper,
cobalt, and nickel mineralization.
Three additional drillholes are planned to test beneath higher grade gold mineralization identified by the new channel and trench sample results.
New assay results from continuous channel sampling in two historical underground adits (Gallery 1 and 2) and from shallow surface trench samples include
high gold grades over significant widths, and confirm mineralization extends east beyond the main historical Providencia mine workings (Figure 1).
Channel sampling in Gallery 1 included a
37-meter-wide gold interval
with
assays up to 14.95 grams-per-tonne (g/t) Au
, and starts and ends in high gold
mineralization, indicating good expansion potential. Significant results (Figure 2):
3.11 g/t Au over
37m
, including
7.70 g/t Au over
6m
,
7.59 g/t Au over
3m
, and
4.45 g/t Au over
3m
(surface channel at the entrance to the adit)
Channel sampling in Gallery 2 includes a 3-meter-wide higher-grade interval at the northern end of the adit, with results pending for the first
29m
of the adit.
Significant results:
1.48 g/t Au, 10.4 g/t Ag, 0.07% Cu, 0.16% Co, 0.19% Ni, 0.24% Pb over 3m
Surface trench sample results also confirm near-surface mineralization extending east of the Providencia target. Significant results (Figure 3):
1.74 g/t Au, 11.2 g/t Ag, 0.05% Cu, 0.07% Co, 0.06% Ni, 0.64% Pb over
20m
, including
2.59 g/t Au, 9.5 g/t Ag, 0.06% Cu, 0.06% Co, 0.05% Ni and 0.39% Pb over
6m
, and
1.70 g/t Au, 18.5 g/t Ag, 0.06% Cu, 0.09% Co, 0.08% Ni and 0.98% Pb over
8m
The new surface trench and underground channel results are within a
250m
x
150m
soil geochemistry anomaly (
see
January 27, 2025
media release
). The
soil anomaly indicates potential for mineralization to extend beyond the historical mine workings to the east, with assays up to 24.30 g/t gold, and high levels
of copper, nickel, and lead.
The Providencia target has not been previously drill-tested, and no records have been found of systematic exploration for gold or gold extraction at
Cármenes.
Assay results are pending for underground and surface sampling at the Profunda target, 1km south of the Providencia target.
Results are pending from a recent Helicopter Transient Electro-Magnetic (HTEM), magnetic and radiometric survey over most of the Cármenes Project.
Figure 1 – Providencia geology and alteration map showing underground channel sample (Gallery 1 & 2) and surface trench sample locations and results and
cross-section locations A-A’ (Figure 2) and B-B’ (Figure 3). (CNW Group/Pan Global Resources Inc.)
Figure 2 – Geology cross-section through Gallery 1 at Providencia target showing selected surface trench/soil sample and underground channel sample gold
results. (CNW Group/Pan Global Resources Inc.)
Figure 3 – Geology cross-section through Trench 3 at Providencia target showing selected surface trench and soil sample gold results. (CNW Group/Pan Global
Resources Inc.)
Providencia Target Channel and Trench Sampling Results
A total of
79 continuous twin saw-cut channel samples
were collected
within two historical horizontal adits
(Gallery 1 and Gallery 2) over 1-meter sample
lengths. Gallery 1 and 2 (probably historic exploration adits) are located approximately
60m
and
90m
respectively east of the main Providencia mine workings.
Each sample was collected over 1-meter length along the adit side wall. Significant results are summarized in Table 1 (below).
Table 1
– Significant underground adit channel sample results. Intervals are from south to north.
Table 1 – Significant underground adit channel sample results. Intervals are from south to north. (CNW Group/Pan Global Resources Inc.)
* Surface channel samples from Trench 1 at the entrance to the adit
A total of
306 trench / surface channel samples
were collected, comprising rock chips collected over approx. 1-meter lengths of bedrock at surface or exposed
beneath thin overburden. Significant results are summarized in Table 2 (below).
Table 2
– Significant surface trench/channel sample results >1.00 g/t gold.
Table 2 – Significant surface trench/channel sample results >1.00 g/t gold. (CNW Group/Pan Global Resources Inc.)
About the Cármenes Project
The Cármenes Project is located approx. 55km north of León in northern
Spain
and comprises five Investigation Permits over 5,653 hectares. The Project area is
highly prospective for multiple bodies or "clusters" of carbonate-hosted "pipe-like" breccia style copper, nickel, cobalt, and gold mineralization. The area includes
the former Profunda and Providencia mines that last operated in the 1930s, producing concentrates of copper and cobalt with nickel. Numerous other smaller
historical mine workings in the area highlight potential for additional breccia pipes. These types of deposits can have significant vertical dimensions exceeding 1km.
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 low-risk 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.
Qualified Persons
Álvaro Merino, 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. Merino is not independent of the Company.
QA/QC
Rock samples delivered to the ALS sample preparation facility in
Seville
were prepared and assayed at the ALS facility in
Ireland
. All samples were crushed, split
and pulverized using methods CRU-31, SPL-22Y and PUL-31. Gold analysis was by 50gm Fire assay with AA finish (Au-AA23). Multi element analysis was
undertaken using a 4-acid digest with ICP-AES finish (ME-ICP61). Over-grade samples were analyzed using 4-acid digest with ICP-AES finish for base metals
(OG62), and Fire Assay with Gravity Finish for gold (Au-GRA21). Certified reference materials were inserted at a 1/25 samples.
www.panglobalresources.com
Forward-looking statements
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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
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limited to, economic, competitive, governmental, environmental, and technological factors that may affect the Company's operations, markets, products, and
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the British Columbia Securities Commission.
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FOR MORE INFORMATION PLEASE CONTACT: Jason Mercier, VP Investor Relations and Communications,
[email protected] / [email protected], Tel: +1-236-886-9518
CO: Pan Global Resources Inc.
CNW 07:26e 11-FEB-25