TSXV: PGZ | OTCQX: PGZFF
- Cañada Honda copper-gold mineralization extended to
600m down-dip at east end of a 2km
long east-west gravity anomaly
- Zarcita drilling intersects narrow intervals of higher-grade
copper within a wider zone of stockwork and alteration
- Drilling at Escacena now focused on highly prospective western
extension of the La Romana copper-tin-silver mineralization at
Romana West
VANCOUVER, BC, Sept. 8,
2023 /CNW/ - Pan Global Resources Inc. ("Pan Global"
or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) is pleased to announce
positive results for its follow-up drilling at the Cañada Honda and
Zarcita targets at the 100%-owned Escacena Project in the Iberian
Pyrite Belt, southern Spain. Both
targets are located 4km north of the La Romana copper-tin-silver
discovery where ongoing drilling is extending mineralization at
Romana West. Three follow-up drill holes have been completed at the
Cañada Honda copper-gold target and an additional 13 drill holes
have been completed at the Zarcita copper target.
The Company will host a conference call and webcast on
Monday, September 11, 2023, at
10:00 a.m. Eastern Time /
7:00 a.m. Pacific Time to discuss the
Cañada Honda and Zarcita drill results and also provide an overview
of current exploration and drilling at Romana West. An open Q&A
session will follow a short presentation. For webcast details
please see information at the conclusion of this release.
"The follow-up drilling at Cañada Honda confirms copper-gold
mineralization coincident with a gravity anomaly, and extends the
copper-gold mineralization from surface to 600m down-dip where it remains wide open. The new
results highlight additional gold potential in the hanging wall.
The drilling is at the eastern end of a 2km long east-west gravity
target, indicating potential for the mineralization to
significantly expand, making this a compelling, high priority
target for additional drilling," said Tim
Moody, Pan Global's President & CEO.
Currently, drilling at Escacena is focused along the highly
prospective western extension (Romana West) of the La Romana
copper-tin-silver discovery. In addition to the 12 geophysical
targets that are being sequentially prioritized for drill testing,
exploration on the 5,760-hectare Escacena Project continues to
identify new drill targets. Initial assay results from the first
set of drill holes at Romana West are expected soon.
Cañada Honda and Zarcita drill hole locations are shown in
Figure 1 below. Drill hole assay results for Cañada Honda are
summarized in Table 1 and collar details are presented in Table 2
below. Drill assay results for Zarcita are summarized in Table 3
and collar details provided in Table 4.
Cañada Honda Highlights
- New drill hole results include:
-
- CHD05 – 20m at 0.5% Cu,
0.8g/t Au, 1.9g/t Ag, including 5.1m at 1.3% Cu, 0.5g/t Au, 3.9g/t Ag
(reported July 4, 2023); and new
results including 2m at 1.6g/t
Au
- CHD06 – 7m at 0.6% Cu,
0.8g/t Au, 6.5g/t Ag, including 3m at 1.1g/t Au, 5.5g/t Ag
- CHD07 – 5m at 1.1g/t Au,
0.2% Cu, 2.3g/t Ag
- Surface rock samples up to 9g/t Au
- New untested DHEM conductor anomalies
The follow-up drill program included holes CHD05, CHD06 and
CHD07. Drill hole CHD05, testing 150m
down-dip from previous drill hole CHD04 and approximately
330m down-dip from a historical mine
tunnel, confirmed copper-gold mineralization coincident with the
targeted gravity anomaly. CHD06, located 100m east of CHD05, intersected copper-gold
mineralization coincident with a DHEM target. Hole CHD07 tested a
resistivity low anomaly 190m down-dip
from CHD05. Each of the drill holes also intersected additional
gold mineralization in the hanging wall.
DHEM in holes CHD06 and CHD07 confirmed new off-hole conductor
anomalies for future drilling to test the potential for stronger
sulphide mineralization. See Figure 3 below.
Anomalous gold assays from 28 rock grab samples at Cañada Honda
indicate a gold anomaly extending 200m west of the historical mine tunnel and
up-dip from the recent drilling, with several samples reporting
>0.1g/t Au up to 9.0g/t Au.
Table 1 – Cañada Honda drill results summary
(all intervals close to true thickness); Results in italics for
CHD05 were first reported on July 4,
2023.
Hole
ID
|
From
|
To
|
Interval
|
Cu
|
Au
|
Ag
|
Co
|
Pb
|
Zn
|
|
m
|
m
|
m
|
%
|
g/t
|
g/t
|
ppm
|
ppm
|
ppm
|
CHD05
|
65.00
|
66.00
|
1.00
|
0.28
|
1.41
|
14.8
|
367
|
3430
|
4100
|
|
100.00
|
102.00
|
2.00
|
<0.01
|
1.61
|
0.5
|
414
|
37
|
39
|
|
203.00
|
204.00
|
1.00
|
0.06
|
0.41
|
9.3
|
603
|
3900
|
1.32 %
|
|
287.00
|
307.00
|
20.00
|
0.50
|
0.28
|
1.9
|
102
|
38
|
124
|
inc.
|
296.00
|
307.00
|
11.00
|
0.76
|
0.44
|
2.4
|
117
|
36
|
147
|
inc.
|
296.00
|
301.10
|
5.10
|
1.31
|
0.47
|
3.9
|
182
|
39
|
154
|
inc.
|
296.00
|
296.50
|
0.50
|
10.3
|
1.42
|
29.2
|
592
|
114
|
371
|
CHD06
|
57.00
|
58.00
|
1.00
|
<0.01
|
1.23
|
<0.5
|
155
|
8
|
45
|
|
73.00
|
76.00
|
3.00
|
0.47
|
0.05
|
1.1
|
109
|
7
|
82
|
|
101.00
|
102.00
|
1.00
|
0.06
|
1.13
|
17.8
|
41
|
6180
|
9380
|
|
120.00
|
122.00
|
2.00
|
0.11
|
1.36
|
0.5
|
54
|
6
|
35
|
|
188.00
|
195.00
|
7.00
|
0.64
|
0.80
|
6.5
|
240
|
390
|
412
|
inc.
|
188.00
|
189.00
|
1.00
|
0.80
|
1.32
|
20.3
|
117
|
2140
|
2280
|
inc.
|
191.00
|
194.00
|
3.00
|
0.91
|
1.10
|
5.5
|
413
|
91
|
96
|
CHD07
|
75.00
|
76.00
|
1.00
|
<0.01
|
1.13
|
3.6
|
266
|
261
|
299
|
|
241.00
|
246.00
|
5.00
|
0.19
|
1.09
|
2.3
|
219
|
525
|
1151
|
inc.
|
244.00
|
245.00
|
1.00
|
0.94
|
4.39
|
9.0
|
741
|
1760
|
3860
|
|
258.00
|
259.00
|
1.00
|
0.02
|
1.17
|
1.2
|
115
|
129
|
94
|
|
428.00
|
433.00
|
5.00
|
0.34
|
0.30
|
0.9
|
125
|
9
|
53
|
inc.
|
430.00
|
431.00
|
1.00
|
1.33
|
0.69
|
2.7
|
145
|
23
|
92
|
Table 2 – Cañada Honda drill hole collar
information (3 holes 1,238.95m)
Hole
ID
|
Easting1
|
Northing1
|
Azimuth
(o)
|
Dip
(o)
|
Depth
(m)
|
CHD05
|
737208
|
4156446
|
180
|
-70
|
443.40
|
CHD06
|
737336
|
4156389
|
180
|
-75
|
320.40
|
CHD07
|
737286
|
4156582
|
180
|
-75
|
475.15
|
1 Coordinates are in ERTS89 datum
UTM29N
|
Zarcita results commentary
"The recent exploration drilling and mapping at Zarcita has
highlighted a 2.1km long trend with anomalous copper, lead, zinc,
gold and silver. The highest potential remains centered on the
historical Zarcita mine workings where drilling has intersected
narrow intervals of higher-grade copper within a wider zone of
stockwork and alteration. While untested down-hole electromagnetic
(DHEM) conductors, gravity and IP anomalies define prospective
targets for future campaigns at Zarcita, the Romana West and Cañada
Honda targets are key near-term priorities," said Tim Moody, Pan Global's President &
CEO.
Zarcita highlights
- New drill hole results include:
-
- ZAD05: intersected copper mineralization from surface,
including 14.45m at 0.2% Cu before
entering a 10.5m assumed historical
mine cavity
- ZAD06: 5.5m at 0.7% Cu from
106.2m, including 1.85m at 1.6% Cu, 0.15g/t Au, 2.4g/t Ag
The completed drill program at Zarcita includes 17 holes for a
total of 4,363m, along a 2.1km
east-west trend. The holes were designed to test a combination of
geophysical, geological and geochemical targets, and to acquire
mineral alteration information to assist in identifying vectors to
potential higher-grade mineralization. Results from the first four
holes, ZAD01 to ZAD04, drilled on a single north-south section,
were reported on January 17, 2023
showing copper grades increasing to 400m down-dip and narrow intervals of higher
grade (e.g., drill hole ZAD04: 17m at
0.3% Cu, including 1.9% Cu over 1.1m). The new drill-holes, ZAD05 to ZAD17, were
drilled on a 100m to 600m spacing along the trend. Much of the strike
potential to-date has only been tested by single wide-spaced drill
holes.
The most promising results are from a 600m section of the 2.1km trend, coincident with
the Zarcita mine workings. This includes thin bands of semi-massive
and massive sulphide intervals within a wider zone of stockwork
veining and chlorite-sericite alteration. DHEM in holes ZAD01 and
ZAD05 identified untested off-hole and below-hole anomalies,
representing potential nearby stronger sulphide mineralization.
Drill hole ZAD05, intersected 0.2% Cu (oxide zone) over
14.85m from surface followed by
10.5m with no core recovery in an
assumed historical mine cavity, and trace chalcopyrite continuing
in the drill core below the cavity. Drill holes ZAD06 and ZAD15,
intersected narrow intervals of high-grade copper. The
mineralization remains open down-dip and along-strike within the
historical mining area.
Table 3 – Zarcita drill results summary (all
intervals close to true thickness to >90%)
Hole
ID
|
From
|
To
|
Interval
|
Cu
|
Au
|
Ag
|
Co
|
Pb
|
Zn
|
|
m
|
m
|
m
|
%
|
g/t
|
g/t
|
ppm
|
ppm
|
ppm
|
ZAD05
|
0.00
|
14.45
|
14.45
|
0.19
|
0.02
|
0.3
|
33
|
60
|
281
|
|
14.45
|
24.95
|
10.50
|
No drill core - assumed
historical mine cavity
|
ZAD06
|
106.20
|
111.70
|
5.50
|
0.67
|
0.06
|
1.0
|
173
|
30
|
487
|
inc.
|
106.20
|
108.05
|
1.85
|
1.61
|
0.15
|
2.4
|
392
|
73
|
737
|
inc.
|
146.10
|
146.35
|
0.25
|
1.40
|
0.13
|
5.9
|
197
|
869
|
3680
|
ZAD07
|
No significant
results
|
ZAD08
|
130.00
|
132.00
|
2.00
|
0.10
|
0.06
|
1.2
|
12
|
245
|
2.09 %
|
ZAD09
|
185.00
|
186.00
|
1.00
|
0.03
|
0.07
|
1.6
|
9
|
566
|
1.07 %
|
ZAD10
|
No significant
results
|
ZAD11
|
158.00
|
159.00
|
1.00
|
1.04
|
1.44
|
4.4
|
146
|
77
|
314
|
ZAD12
|
51.00
|
54.00
|
3.00
|
0.08
|
0.01
|
5.3
|
24
|
6513
|
1.04 %
|
ZAD13
|
No significant
results
|
ZAD14
|
No significant
results
|
ZAD15
|
41.50
|
42.00
|
0.50
|
1.93
|
0.41
|
6.5
|
362
|
186
|
1105
|
ZAD16
|
No Significant
results
|
ZAD17
|
No Significant
results
|
Table 4 – Zarcita drill hole collar
information (13 holes 3221.15m)
Hole
ID
|
Easting1
|
Northing1
|
Azimuth
(o)
|
Dip
(o)
|
Depth
(m)
|
ZAD05
|
738291
|
4156973
|
180
|
-70
|
179.40
|
ZAD06
|
738351
|
4157082
|
130
|
-55
|
305.00
|
ZAD07
|
738180
|
4157081
|
180
|
-50
|
241.10
|
ZAD08
|
737986
|
4156899
|
180
|
-55
|
201.85
|
ZAD09
|
737985
|
4156900
|
0
|
-90
|
203.50
|
ZAD10
|
737984
|
4157098
|
180
|
-70
|
356.25
|
ZAD11
|
737439
|
4156993
|
180
|
-55
|
275.35
|
ZAD12
|
738984
|
4157026
|
180
|
-60
|
230.20
|
ZAD13
|
738984
|
4157027
|
0
|
-90
|
179.50
|
ZAD14
|
738987
|
4157027
|
140
|
-55
|
124.40
|
ZAD15
|
738984
|
4157027
|
220
|
-55
|
117.70
|
ZAD16
|
737095
|
4157069
|
180
|
-60
|
360.90
|
ZAD17
|
739264
|
4157060
|
215
|
-55
|
446.00
|
1 Coordinates are in ERTS89 datum
UTM29N
|
Investor Call to Discuss Drill Results and Escacena Exploration
Update
The Company will host a conference call and webcast on
Monday, September 11, 2023, at
10:00 a.m. Eastern Time to discuss
the Cañada Honda and Zarcita drill results and provide an overview
of current exploration and drill testing at Romana West. An open
Q&A session will follow a short presentation.
Date: Monday, September 11,
2023
Time: 10:00 a.m. Eastern Time |
7:00 a.m. Pacific Time
Please register in advance:
https://us06web.zoom.us/meeting/register/tZ0pcumgqTksH9Qjcmz0fzUGukwCwrpLAVng
After registering, you will receive a confirmation email
containing information about joining the meeting. Investors are
encouraged to send questions or topics of interest in advance to
investors@panglobalresources.com to be addressed
following the presentation. A link to the webcast will be available
on the Company's website
at: https://panglobalresources.com following the live
broadcast.
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, Romana West, Cañada Honda,
Bravo, Barbacena, El Pozo, Zarcita, Hornitos, La Jarosa,
Romana Deep, Romana North, and San Pablo.
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 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, development, and mine operations -
all of which are committed to operating safely and with utmost
respect for the environment and our partnered communities.
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.
Drill core and rock 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 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
Forward-looking
statements
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.
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.
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