Pan Global – Escacena Investigation Permit Granted
1199 West Hastings Street, Suite 700, Vancouver, BC V6E 3T5
Tel: 604-689-9930 Fax: 604-689-9940
December 10, 2018
Shares Issued and Outstanding: 91,793,387
TSXV: PGZ
PAN GLOBAL – ESCACENA INVESTIGATION PERMIT GRANTED AND
DRILLING IN PROGRESS, SPAIN
VANCOUVER, BRITISH COLUMBIA – (December 10, 201 8) – Pan Global
Resources Inc . (“Pan Global” or the "Compan y") (TSXV: PGZ) is pleased to
announce the grant of a mineral exploration permit on the Escacena gold / copper /
zinc prospect in the Iberian Pyrite Belt in southern Spain. The Company also provides
an update on drilling progress in the Aguilas project, in Córdoba and Ciudad Real
provinces, Spain.
Key Points:
The Escacena Investigation Permit has been granted and formal notice
received by EVALAM 2003 SL (EVALAM) on 28 December, 2018. Pan Global
has a binding Letter of Intent with EVALAM, providing the company an
exclusive option to acquire 100% of the Escacena mineral rights.
Exploration on the Escacena property can commence immediately. The target
is volcanic-hosted massive sulphide copper and zinc in the Iberian Pyrite Belt
on-strike from Aznalcollar, Los Frailes and Las Cruces mines.
Drilling is advancing in the Aguilas Project with approximately 25% of the
planned drilling completed and results awaited for several drill holes . Assays
will be released early in the new year.
The drilling on the Torrubia trend has confirmed the presence of a large multi-
stage breccia system with IOCG-style hematite alteration and associated
copper mineralisation. A small portion of the >12 kilometre long Torrubia Trend
has been tested so-far.
Drilling is now shifting to the Zumajo lead-zinc-silver trend. Drilling will resume
on the Torrubia copper target as soon as access is granted.
Tim Moody, President and CEO states, “ The granting of the Escacena Investigation
Permit is an important milestone and allows exploration to commence on this highly
prospective property in the World’s premier volcanic-hosted massive sulphide district.
Drilling on the copper targets in the Aguilas project is encouraging at this early stage
and shows many components of a large iron oxide copper gold (IOCG) style system.”
Escacena Project
On June 8, 2017, the TSX Venture Exchange accepted for filing the Letter of Intent
dated May 15, 2017 between Pan Global and E VALAM whereby the Company may
acquire a 100% interest in the Escacena Investigation Permit (2,060 hectares) in the
Iberian Pyrite Belt, southern Spain (Figure 1).
Consideration is $350,000 cash over a 3 -year period and $1,000,000 in exploration
work commitments. The Vendor will retain a NSR of 0.5% on the first 12,500 tonnes
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of copper equivalent and 0.75% on any amount in excess of 12,500 tonnes of copper
equivalent. The NSR has a lifetime cap of $5,000,000. On November 26, 2018, the
Junta de Andalucia issued written notice to E VALAM granting “Escacena”
Investigation Permit No. 14,903.
The Escacena property includes two large gravity anomalies. Wide-spaced historical
drilling on the La Romana gravity anomaly in the south of the property confirmed
massive sulphide and stock work mineralisation over approximately 1.3 kilometres of
strike, including a best drill interval of 4.68 metres @ 2.94% Cu (open). In the North of
the property, t he Cañada Honda target is a 1.5 x 0.5 kilometre untested gravity
anomaly in a favourable geological setting along -strike from the nearby Aznalcollar
and Los Frailes massive sulphide deposits.
Aguilas Project
The Aguilas project covers more than 16,000 hectares in northern Andalucia, Spain
and includes the Las Aguilas group of mineral rights (Figure 2). The area contains
several major Northeast trending fault / breccia structures with indications of hematite-
dominant iron oxide copper gold (IOCG) style mineralisation. Exploration to-date has
focused on the >12 km long Torrubia copper trend and >20 kilometre long Northwest
trending Zumajo lead -silver mine trend. None of the targets have been drill tested
previously.
The company commenced systematic exploration in the Aguilas Project in 2017
resulting in de lineation of two large copper anomalies on the Torrubia copper trend
with up to 0.69% Cu in soils and up to 28% Cu, 33% Fe, 1.7g/t Au, 15.5g/t Ag and
0.13% Co in rock samples. The Torrubia copper target is approximately 3.1 x 0.32
kilometres and Cerro Aguila copper target is approximately 0.6 x 0.3 kilometres.
Soil geochemistry on a 6 kilometre section of the Zumajo trend outlined two large lead-
zinc-silver soil anomalies with historical mine reports and sampling of mine dumps
indicating potential for high metal grades. This includes a 1.8 kilometre long target
associated with the former San -Juan and San Rafael mines and a separate target
extending for 1 kilometre along strike from the former San Cayetano mine. Results
include up to 8.9% Pb, 0.97% Zn, 17.5g/t Ag and 672ppm Cu in soils and up to >20%
Pb, 20.7% Zn, 235g/t Ag and 12.75% Cu in rock grab samples from mine dumps.
In September 2018, the company commenced its first drill campaign at the Aguilas
project. The planned program includes approximately 20 to 25 drill holes and total of
3000 to 4000 metres. The drill holes are designed to provide the first test of the copper
and polymetallic targets, and provide information on the geology and nature of the
mineralisation to help future targeting . Approximately 25% of the planned drill holes
have been completed to-date. Samples are delivered to ALS Laboratories in Seville,
Spain for preparation and analysis. The company expects to release assay results
early in 2019. Photos of drill core shown in Figure 3.
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.
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About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration
in Spain and pursuing opportunities from exploration through to mine
development. The company has committed to operating safely and with respect to
the communities and environment where we operate.
On behalf of the Board of Directors
www.panglobalresources.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
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. Risks and
uncertainties include, but are not limite d 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 Anal ysis of its audited financial
statements filed with the British Columbia Securities Commission.
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.
Figure 1 – Escacena Project
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H Figure 2 - Aguilas Project, Targets and Planned Drill Holes ôtel Domaine
Figure 3 – Drill core from the Torrubia copper trend
(a) TOR-001 oxide and sulphide copper mineralisation, (b) TOR-001 marcasite +
chalcopyrite with bornite rims, (c) TOR-001 breccia and (d) CDA-002 breccia