TSXV: PGZ | OTCQX: PGZFF
- Romana West drilling extends La Romana mineralization
150m to the west
- Copper-tin grades increasing to the west
- Investor webcast with CEO Tim
Moody to discuss results will be held on Wednesday, September 20, 2023 at 11 a.m. Eastern Time / 8
a.m. Pacific Time. Details at end of this release
VANCOUVER, BC, Sept. 19,
2023 /CNW/ - Pan Global Resources Inc. ("Pan Global"
or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) is pleased to
announce assay results for the first six holes drilled at the
Romana West target, testing extensions to the La Romana
copper-tin-silver discovery at the Company's 100% owned
Escacena Project in the Iberian Pyrite Belt in southern
Spain.
Key highlights:
- Copper and tin mineralization with good continuity starts
immediately below a thin cover of sediments
- Moderately north-dipping tabular geometry ideally suited for
potential open-pit mining
- High value tin grades increasing to the west
- LRD162 intercepted
17m at 0.65% CuEq1
(0.4% Cu 0.13% Sn, 1.1 g/t Ag) from 50.0m, including 6m at 1.24% CuEq1 (0.5% Cu, 0.29%
Sn, 1.5g/t Ag)
- LRD166
intercepted 14.5m at 0.75 %
CuEq1 (0.36% Cu, 0.15% Sn, 1.2 g/t Ag from
7.5m, including 5m at 1.06% CuEq1 (0.48% Cu, 0.21%
Sn, 2.0 g/t Ag)
- LRD164
intercepted 16m at
0.70% CuEq1 (0.52 % Cu, 0.06 % Sn, 1.6 g/t Ag)
from 37.0m, including
3m at 1.38%
CuEq1 (1.06% Cu, 0.11% Sn, 3.9 g/t Ag)
- Mineralization remains wide open at depth and to the west
- Drilling ongoing with results pending from six additional
completed drill holes with visual copper and tin
mineralization
Drill hole locations are shown in Figure 1 below. Drill hole
assay results are summarized in Table 1 and collar details are
presented in Table 2 below.
"Drilling at Romana West commenced within weeks of being granted
surface access. Twelve of our planned 25 drill holes have been
completed and assay results for the first six are very encouraging.
Our drill program has been highly successful, confirming continuity
of the copper-tin-silver mineralization 150 meters to the west of
the La Romana discovery. The overall strike length of La Romana is
now 1.35 kilometers and is still open, with step-out drilling
continuing farther to the west. Results to date show the potential
for grades to increase to the west," said Tim Moody, President and CEO of Pan Global.
The Romana West mineralization occurs in two main layers, Zone B
and Zone C, commencing directly below a thin cover of post mineral
sediments. Sulphide mineralization was intersected in all holes at
depths predicted from modelling of previous drilling and geology
data. At shallow depths the primary sulphides, including
chalcopyrite and pyrite, have been overprinted by supergene
chalcocite and copper enrichment.
The assay results also include some of the highest tin grades
reported in the Escacena project area, with assays up to 0.62% Sn.
Coarse cassiterite was observed in both Zone B and Zone C.
Importantly, cassiterite is the only tin mineral observed and is
preferred for metallurgical extraction to produce a valuable tin
concentrate. Processed tin is a key ingredient in electronics and
solar panels and regularly trades at three-to-four times the value
of processed copper.
The ongoing drill program aims to test the near-surface La
Romana mineralization a further 350m
along strike to the west.
Figure 1 – Gravity anomaly map showing
the Romana West and La Romana targets, drill hole locations with
selected results, and cross-section locations A-A' (Figure 2) and
B-B' (Figure 3).
Figure 2 – Cross section 736010m East, A-A', showing selected assay
results highlights and copper grade shells for new drill holes
LRD161, LRD162 and LRD166,
with mineralization commencing immediately beneath the post mineral
cover to nearly 200m down-dip (to the
north).
Figure 3 – Cross section 735900m East, B-B', showing selected highlights
and copper grade shells for new drill holes LRD163, LRD164 and
LRD165.
Table 1 – Romana
West drill results summary
Hole
ID
|
From
|
To
|
Interval
|
CuEq(1)
|
Cu
|
Sn
|
Ag
|
|
Au
|
Pb
|
Zn
|
True
Thickness
|
|
m
|
m
|
m
|
%
|
%
|
%
|
g/t
|
|
g/t
|
ppm
|
ppm
|
(m)
|
LRD161
|
117.00
|
130.00
|
13.00
|
0.27
|
0.25
|
0.01
|
0.8
|
|
0.01
|
11
|
72
|
11.79
|
Including
|
126.00
|
130.00
|
4.00
|
0.49
|
0.46
|
0.01
|
1.6
|
|
0.01
|
19
|
85
|
3.63
|
and
|
150.00
|
162.00
|
12.00
|
0.36
|
0.28
|
0.03
|
1.1
|
|
0.01
|
7
|
70
|
10.9
|
Including
|
150.00
|
156.00
|
6.00
|
0.60
|
0.47
|
0.05
|
1.9
|
|
0.01
|
12
|
79
|
5.44
|
Including
|
152.00
|
153.00
|
1.00
|
1.61
|
1.23
|
0.14
|
4.0
|
|
0.01
|
21
|
87
|
0.91
|
LRD162
|
50.00
|
67.00
|
17.00
|
0.65
|
0.30
|
0.13
|
1.1
|
|
0.01
|
49
|
81
|
17.00
|
Including
|
52.00
|
58.00
|
6.00
|
1.24
|
0.47
|
0.29
|
1.5
|
|
0.01
|
19
|
75
|
6.00
|
and
|
95.00
|
109.15
|
14.15
|
0.27
|
0.18
|
0.03
|
0.6
|
|
0.02
|
10
|
64
|
14.15
|
Including
|
107.00
|
109.15
|
2.15
|
0.63
|
0.46
|
0.06
|
2.1
|
|
0.088
|
36
|
76
|
2.15
|
and
|
132.50
|
135.00
|
2.50
|
0.89
|
0.10
|
0.30
|
<0.5
|
|
0.01
|
42
|
58
|
2.50
|
Including
|
134.00
|
135.00
|
1.00
|
1.64
|
<0.01
|
0.62
|
<0.5
|
|
0.01
|
6
|
47
|
1.00
|
LRD163
|
30.35
|
32.00
|
1.65
|
0.86
|
0.76
|
0.03
|
3.7
|
|
<0.01
|
137
|
103
|
1.27
|
and
|
60.00
|
72.00
|
12.00
|
0.31
|
0.25
|
0.02
|
2.2
|
|
0.01
|
80
|
142
|
9.20
|
and
|
122.00
|
126.00
|
4.00
|
0.29
|
0.23
|
0.02
|
0.5
|
|
<0.01
|
3
|
50
|
3.07
|
LRD164
|
37.00
|
53.00
|
16.00
|
0.70
|
0.52
|
0.06
|
1.6
|
|
0.01
|
7
|
85
|
16.00
|
Including
|
43.00
|
47.00
|
4.00
|
0.93
|
0.68
|
0.09
|
1.8
|
|
0.01
|
2
|
91
|
4.00
|
Including
|
49.00
|
52.00
|
3.00
|
1.38
|
1.06
|
0.11
|
3.9
|
|
0.02
|
16
|
78
|
3.00
|
and
|
87.00
|
91.00
|
4.00
|
0.66
|
0.52
|
0.05
|
0.8
|
|
0.02
|
3
|
51
|
4.00
|
Including
|
88.00
|
89.00
|
1.00
|
1.59
|
1.42
|
0.06
|
2.0
|
|
0.05
|
8
|
50
|
1.00
|
LRD165
|
86.25
|
87.70
|
1.45
|
0.64
|
0.36
|
0.10
|
1.2
|
|
0.01
|
5
|
87
|
1.24
|
and
|
114.00
|
122.85
|
8.85
|
0.59
|
0.55
|
0.01
|
1.4
|
|
0.008
|
6
|
74
|
7.58
|
Including
|
119.00
|
122.85
|
3.85
|
1.08
|
1.04
|
0.013
|
2.7
|
|
0.013
|
10
|
80
|
3.3
|
Including
|
122.25
|
122.85
|
0.60
|
5.24
|
5.06
|
0.04
|
13.0
|
|
0.034
|
29
|
180
|
0.51
|
LRD166
|
7.50
|
22.00
|
14.50
|
0.75
|
0.36
|
0.15
|
1.2
|
|
0.012
|
25
|
129
|
13.30
|
including
|
17.00
|
22.00
|
5.00
|
1.06
|
0.48
|
0.21
|
1.5
|
|
0.018
|
27
|
131
|
4.6
|
and
|
72.00
|
73.20
|
1.20
|
1.19
|
1.04
|
0.06
|
1.7
|
|
0.024
|
11
|
48
|
1.10
|
1 Copper Equivalent = CuEq.
CuEq is calculated using Cu, Sn, and Ag grades. Metallurgical
recoveries of 86% for Cu, 68% for Sn and 56% for Ag are based on
preliminary studies performed by Wardell Armstrong International
and MinePro. The CuEq calculation assumes commodity prices of US$
8,693/tonne Cu, US$ 29,069/tonne Sn and US$ 23.72/oz Ag,
corresponding to the three-year monthly price averages to July
2023. The effective formula is [CuEq %] = [Cu %] + 2.6440 * [Sn %]
+ 0.0057 * [Ag ppm]
|
Table 2 – Romana
West drill hole collar information (6 holes, total 1,004.95m)
Hole
ID
|
Easting
2
|
Northing
2
|
Azimuth
(o)
|
Dip(o)
|
Depth
(m)
|
LRD161
|
736025.3
|
4152813
|
195
|
-70
|
197.45
|
LRD162
|
735989.1
|
4152760
|
180
|
-50
|
182.05
|
LRD163
|
735921.6
|
4152767
|
180
|
-90
|
167.9
|
LRD164
|
735921.7
|
4152766
|
180
|
-50
|
140.35
|
LRD165
|
735895.7
|
4152851
|
156
|
-70
|
222.45
|
LRD166
|
736038.8
|
4152687
|
156
|
-55
|
94.75
|
2 Coordinate system. UTM29N
ERTS89
|
Investor Call to Discuss Drill
Results and Expanding La Romana
CEO Tim Moody will host a
conference call and webcast on Wednesday,
September 20, 2023, at 11:00 a.m.
Eastern Time / 8:00 a.m. Pacific
Time to discuss the latest results at the Escacena Project.
An open Q&A session will follow a short presentation.
Date: Wednesday, September 20,
2023
Time: 11:00 a.m. Eastern Time |
8:00 a.m. Pacific Time
Please register in
advance: https://us06web.zoom.us/meeting/register/tZEtcumhrzsqE9XnLSo4hLpyYL7Nrdq-utim.
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 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 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.
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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SOURCE Pan Global Resources Inc.