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PAN GLOBAL DRILLS 1.48% COPPER, 0.65 G/T GOLD, 7.2G/T SILVER OVER 6.8M AND 2.63 G/T GOLD OVER 8.0 METERS AT CAÑADA HONDA, SPAIN

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PAN GLOBAL DRILLS 1.48% COPPER, 0.65 G/T GOLD, 7.2G/T SILVER OVER 6.8M AND 2.63 G/T GOLD OVER 8.0 METERS AT CAÑADA HONDA, SPAIN

 

 

 

 

 

  • Strong potential to expand mineralization to the east and west
  • Gravity target at Cañada Honda extends over 2 kilometers

 

Pan Global Resources Inc. (TSX-V: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is pleased to announce results for the first drillhole in an 11-hole step out drill program at the Cañada Honda copper-gold (Cu-Au) discovery, on the Company’s 100% owned Escacena Project in the Iberian Pyrite Belt, southern Spain. The program is targeting extensions to the Cañada Honda copper-gold mineralization discovered in 2023. Results are pending for two additional completed drillholes.

 

Highlights:

  • Drillhole CHD08
    • 8m at 0.12% Cu, 2.63g/t Au, 0.7g/t Ag from 178m, including
      • 1.35m at 0.68% Cu, 12.4g/t Au, 3.1g/t Ag, 0.09% Co, and
    • 14m at 0.77% Cu, 0.42g/t Au, 4.0g/t Ag from 199m, including
      • 6.8m at 1.48% Cu, 0.65g/t Au, 7.2g/t Ag
    • Includes massive sulfide mineralization with assays up to 4.76% Cu, 2.12g/t Au, 26.1g/t Ag and 0.9% Zn over 1m from 207.8m
  • Drilling confirms that copper and gold mineralization is coincident with downhole electromagnetic (DHEM) targets, and remains open
  • Potential to significantly expand the mineralization at Cañada Honda with further drill testing of a large (2km x 0.5km) gravity anomaly and extensions to DHEM targets.

 

“These are the highest-grade drill intercepts to-date at Cañada Honda, and a very encouraging start to the follow-up drill program that commenced in November 2023. There is excellent potential to expand the copper and gold mineralization and identify areas of higher grade at this new discovery,” said Tim Moody, President and CEO of Pan Global.

 

“Successful drilling of geophysics targets at La Romana and Cañada Honda underscores the prospect of further discoveries among the numerous other targets in the Escacena Project.”

 

Drillhole locations are shown in Figure 1 below. Drillhole assay results are summarized in Table 1 and drillhole collar details are presented in Table 2 below.

 

Table 1 – Cañada Honda Selected Drill Results

 

Hole ID From To Interval1 Cu Au Ag Co Pb Zn
m m m % g/t g/t ppm ppm ppm
CHD08 178.00 186.00 8.00 0.12 2.63 0.7 257 12 70
incl. 183.65 185.00 1.35 0.68 12.4 3.1 930 55 259
and 199.00 213.00 14.00 0.77 0.42 4.0 207 136 1026
incl. 203.00 209.80 6.80 1.48 0.65 7.2 225 200 1730
incl. 206.90 209.80 2.90 2.71 1.39 14.4 334 435 3898
incl. 207.80 208.80 1.00 4.76 2.12 26.1 622 743 9000
1 Approximate true thickness

 

Table 2 – Cañada Honda Drillhole Collar Information

 

Hole ID Easting 2 Northing 2 Azimuth (o) Dip (o) Length (m)
CHD08 737281 4156407 180 -60 334.8
Coordinate system: UTM29N ERTS89

 

Results from additional Cañada Honda drill holes will be released as soon as they are received.

 

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 2024. The Escacena Project hosts the La Romana copper-tin-silver discovery and a number of other prospective targets, including Cañada Honda, Romana North, Bravo, Barbacena, El Pozo, San Pablo, Zarcita, Hornitos, La Jarosa, and Romana Deep.

 

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 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.

 

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.

 

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 approved the scientific and technical information for this media release. Mr. Royall is not independent of the Company.

 

 


Figure 1 – Cañada Honda gravity anomaly map showing drillhole locations with select results, and location of cross-section A-A’ (Figure 2). The gravity anomaly and soil Cu-Au anomaly highlights the potential to expand the mineralization to the west and closer to surface in the south. (CNW Group/Pan Global Resources Inc.)

 

 

 


Figure 2 – Cross section A-A’, showing selected assay results and simplified geology for drillhole CHD08. The copper and gold mineralization is coincident with DHEM targets, and includes semi-massive and massive sulphides within a broader, up-to-36m wide, north-dipping zone of stock-work and disseminated sulphide mineralization. (CNW Group/Pan Global Resources Inc.)

 

Posted January 11, 2024

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