Exploration Update ON the Aguilas Project and Grant of Incentive Stock Options
1199 West Hastings Street, Suite 700, Vancouver, BC V6E 3T5
Tel: 604-689-9930 Fax: 604-689-9940
November 23, 2017
Shares Issued and Outstanding: 79,355,387
TSXV: PGZ
EXPLORATION UPDATE ON THE AGUILAS PROJECT AND GRANT OF
INCENTIVE STOCK OPTIONS
VANCOUVER, BRITISH COLUMBIA – (November, 2017) – Pan Global Resources
Inc. (“Pan Global” or the "Company") (TSX Venture Exchange: PGZ) herein provides
a progress update on the Aguilas Copper Project in Spain.
Highlights:
• Assay results were received for an additional 370 soil samples on the
Torrubia Copper Trend, for a total of approximately 890 soil samples.
• In-fill soil sampling results have enhanced the copper anomaly at the
Torrechuela target in the N orth of the Torrubia Trend a nd shows good
continuity over 2.8 km of strike and up to 320 m width.
• The first soil sampling results were received over the Aguilas target area in
the South of the Torrubia Trend. A strong copper anomaly is evident in soils
and rocks over approximately 700 m of strike and up to 300 m width.
• Additional potential for polymetallic (Pb, Zn, Cu, Ag) mineralisation has been
identified along a further 6 km of strike on the southeast extension of the
Zumajo structure. This includes several historical Pb-Ag mine working s with
associated Cu mineralisation with little or no exploration since mining ceased
nearly 70 years ago.
• The Las Aguilas I and Las Aguilas II mineral rights have been granted and
Aguilas III is in the process of being granted and fully permitted.
• Two new mineral rights applications were submitted , expanding the Aguilas
Project to approximately 14,949 hectares.
Background
The company manages the Aguilas Project through its agreement to acquire 100%
interest in Minera Aguila SLU and the Las Aguilas mineral rights, together referred to
as the “Aguilas Project”. The Las Aguilas mineral rights, including new applications,
now cover approximately 14,940 hectares over the Pedroches Batholith, in southern
Spain (Figure 1). The Company also has a Letter of Intent, providing exclusive rights
to acquire the Escacena mineral rights in the Iberian Pyrite Belt, in southern Spain.
Soil sample results – Torrubia Trend
New assay results have been received for approximately 370 soil samples, including
in-fill samples in the north of the Torrubia Copper Trend and the first sampling on the
Aguilas target area more than 3 km to the south . This brings the total soil samples
collected along the Torrubia Coppe r Trend to approximately 890 . Samples were
collected every 20 m along lines spaced 100m, 200m and 400m apart. The results
to-date show two large Cu ( ± elevated Fe, Co, Ag, Au) anomalies on the Torrub ia
Trend at Torrechuela and Aguilas in the South (Figure 2).
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A strong copper anomaly has been defined at the Torrechela target in the north of
the Torrubia Trend over approximately 2.8 km of strike and up to 320 m width with
values >40 ppm Cu to 0.68% Cu-in-soils. The new in-fill soil sampling results have
enhanced and confirmed continuity of the Cu geochemistry. Previous rock sampling
from the same area include s numerous samples with >1% Cu and up to 8.43% Cu,
15.2g/t Ag, 1.7g/t Au, 0.12% Co, plus a boulder of gossanous semi-massive sulphide
with 28% Cu and 17.5g/t Ag.
Soil and rock sample results over the Aguilas target area, in the south of the Torrubia
Copper Trend, shows a copper anomaly over approximately 700 m of strike and up
to 320 m width. Soil sample values range from >40 ppm to 1470 ppm Cu. Previously
reported rock sample results in the same area includes several samples with >1%
Cu up to 11.7% Cu, and up to 0.13% Co and 4.3 g/t Ag.
Zumajo Trend extension
The Zumajo Trend comprises a series structures and mine workings containing
polymetallic (Pb, Zn, Cu, Ag) in veins, breccia and stock work style mineralisation
over a total strike length of approximately 20 km. Additional exploration potential for
Pb-Ag ± Cu has been identified over 6 km of strike on the southeast extension of the
Zumajo Trend. Historical reports show this section of the Trend contains a number of
old Pb-Ag mines with associated Cu that were last in production in the late 1940’s .
This includes the San Antonio mine workings where reconnaissance has revealed a
series of continuous small pits and at least two galleries over > 600 m strike and
continuing to the northwest and southeast. There is no historical exploration
information to confirm grades across the structure and no drilling or geophysics.
Expansion of the Aguilas Project area
The Las Aguilas I and Las Aguilas II mineral rights have been granted and fully
permitted. The Las Aguilas III mineral right application is in the final stages of
granting and permitting. Two new Investigation Permit application s have been
submitted, expanding the Aguilas Project area, including mineral rights granted and
under application, to approximately 14,949 hectares.
Incentive Stock Options
The Company also announces the grant of an aggregate of 2,775,000 incentive
stock options to directors, officers and consultants. The options are exercisable for a
period of 10 years for $0.10 per option share.
Analytical methods and Quality Control
All samples were submitted to ALS Laboratories in Seville, Spain. Rock samples
were crushed , split and pulverized and then analyzed with a 36 element Mass
spectrometry and ICP-AES analysis following a 4-acid digestion. Au was determined
by 30g Fire Assay with ICP -AES finish. Rocks returning above detection for Cu, Pb
and Zn were re-assayed using an ore grade analysis by conventional ICP -AES with
a 4-acid digestion . All soil samples were dried and sieved to -180um in the
laboratory and subject to aqua regia and/or 4-acid digest and assayed by Super
Trace ICP for a large multi-element suite ( up to 53 elements, including Au) and a
selection of samples assayed for comparison by 30g Fire Assay with ICP-AES finish
for gold. Quality Control procedures included review of ALS duplicates and checks,
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field duplicates, non -sequential sample numbering and results compared for a large
selection of samples using aqua regia digestion versus mixed acid digestion, and
Fire Assay versus ICP for Au. All samples we re collected and transported under
close supervision by experienced Geologists.
Qualified Person
Robert Baxter (FAusIMM), 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. Baxter is not
independent of the Company.
About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal
exploration in Spain, and is pursuing oppor tunities from exploration through to mine
development.
On behalf of the Board of Directors
www.panglobalresources.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
MICHELLE BORROMEO
Investor Relations
E-mail: [email protected]
Phone: +1 604-715-6845
TIM MOODY
President & CEO
E-mail: [email protected]
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 mate rially from those in such forward -looking statements. 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVI CES
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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Figure 1 – Aguilas Project Location
Figure 2 – Torrubia Trend Cu anomalies