Pan Global Secures Surface Access to Explore a 680 Hectare Area WEST of the LA Romana Copper-TIN Discovery at the Escacena Project, Spain
PAN GLOBAL SECURES SURFACE ACCESS TO EXPLORE A 680
HECTARE AREA WEST OF THE LA ROMANA COPPER-TIN DISCOVERY AT
THE ESCACENA PROJECT, SPAIN
TSXV: PGZ OTCQB: PGZFF
Exploration to commence immediately at Romana West, including ground geophysics and an initial 25-30 drill hole program
Potential to extend the current
1,200m
strike-length of the La Romana mineralization a further 800-
1,000m
to the west
Surface access agreement allows exploration to also commence at three additional untested targets: Barbacena, El Pozo and Romana North
VANCOUVER, BC
,
May 11, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQB: PGZFF) is pleased to announce
that a surface access agreement has been reached clearing the way for exploration and drilling to commence immediately on the Romana West target. The
Romana West target is on-strike from the La Romana copper-tin-silver discovery at the Company's 100%-owned Escacena Project ("Escacena") in the Iberian
Pyrite Belt, southern
Spain
. The agreement also provides access to several other large untested gravity and heliborne-electromagnetic (HEM) targets within
Escacena.
"This access agreement is a significant breakthrough on a largely unexplored part of Escacena and allows exploration to commence immediately on the potential
on-strike continuation of the near-surface La Romana copper-tin-silver mineralization at the Romana West target," said
Tim Moody
, Pan Global President and
CEO. "Gaining access to Romana West follows on from the strong relationships already established and developed with local communities. The access
agreement also allows exploration to begin on several other compelling gravity and HEM targets at Escacena that are untested. Pan Global will expand
geochemical sampling and ground geophysics to this area and execute a drill plan on the Romana West target testing a further 800-1,000 meters along strike
west of the La Romana copper-tin-silver mineralization."
The access agreement opens up 680 hectares of Escacena to exploration for the next three years, with potential to continue beyond this period. The area
represents 12% of the existing Pan Global mineral rights at the Escacena Project and has remained largely unexplored since the mineral rights were granted. This
includes the potential western extension of the La Romana discovery at the Romana West target as well as the Romana North, Barbacena, and El Pozo targets.
See Figure 1 below.
While the agreement encompasses a number of targets, the priority is Romana West. The Romana West target includes the westward projection of a large
gravity anomaly coincident with the La Romana mineralization and indicates potential to extend the La Romana mineralization a further 800 to
1,000m
. Ground
geophysics, including detailed gravity and IP, will commence immediately at Romana West and two drill rigs will begin mobilizing to the area. Drilling to-date at La
Romana shows the mineralization extends over approximately 1.2 kilometers of strike and remains wide open to the west in the direction of the historical La
Romana mine workings and Romana West target. The mineralization also remains open down dip in several areas.
The planned drill program at Romana West includes an initial 25 to 30 drill holes on north-south lines approximately
100m
apart to delineate the western extent of
the near-surface La Romana mineralization.
Exploration will also expand to the largely unexplored Barbacena, El Pozo, and Romana North targets as part of the ongoing systematic exploration program to
define and prioritize further targets for drill testing.
Figure 1 – Escacena Project Map highlighting the area covered by the new surface access agreement and target locations, including the La Romana discovery.
(CNW Group/Pan Global Resources Inc.)
Drill rigs are currently operating at the La Romana and Cañada Honda and results are pending for approximately 20 drill holes at La Romana, Cañada Honda, and
Zarcita. Negotiations are also continuing with land owners for access along strike to the east of the La Romana mineralization and the Bravo target.
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 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.
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
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.
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For further information:
Jason Mercier, VP Investor Relations and Communications, [email protected], +1 778 372-7101
CO: Pan Global Resources Inc.
CNW 07:30e 11-MAY-23