TSXV: PGZ | OTCQX: PGZFF | FSE:
2EU
- New drill results from Cañada Honda return best gold grade
and thickness intercept
- Results indicate copper and gold mineralization is expanding
to the west and over broader intervals, and remains open downdip
and to the east
- Results in the east of the target area included a
near-surface gold intercept, with elevated silver grades
- Wide-spaced stepout drilling underway to test continuity of
copper-gold mineralization coincident with a 2-kilometer-long
gravity anomaly
VANCOUVER, BC, April 17,
2024 /CNW/ - Pan Global Resources Inc. ("Pan
Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is
pleased to announce results for three additional stepout drillholes
from the 11-hole drill program at the Cañada Honda copper-gold
(Cu-Au) discovery, at the Company's 100% owned Escacena Project in
the Iberian Pyrite Belt, southern Spain. Drilling is continuing to test for
extensions to the Cañada Honda copper and gold mineralization.
Cañada Honda is located approx. 3.5km north of Pan Global's La
Romana copper-tin-silver (Cu-Sn-Ag) discovery, where further
stepout drilling is also planned to continue.
"These latest drill results include the best gold intercept
to-date at the Cañada Honda target and expands the copper-gold
mineralization 80 meters to the northwest. Results also confirm
additional near-surface mineralization in the east of the target
area. The increasing width of the mineralization to the west and
strong correlation with the geophysics are highly encouraging,
indicating excellent potential for the mineralization to continue
and improve along the two-kilometer east-west gravity target.
Wide-spaced stepout drilling is progressing at Cañada Honda, with
13 drill holes now completed spanning a surface area of 450-by-300
meters," said Tim Moody, Pan
Global's President & CEO.
Investor webcast:
The Company will host an investor webcast with CEO Tim Moody on Thursday,
April 18, 2024 at 1 p.m. Eastern
Time / 10 a.m. Pacific Time to
discuss the latest results at the Escacena Project. A Q&A
session will follow a short presentation. Please register in
advance:
https://us06web.zoom.us/webinar/register/WN_LJCcdFmHQNGlqlDZwbhrjw
Highlights:
- Drillhole CHD11:
- 4.3m at 1.70g/t Au, 17.7g/t
Ag, from 38m, including
- 1m at 4.16g/t Au, 34.6g/t
Ag, and
- 9m at 0.60g/t Au, 0.7g/t Ag from
66m, including
- 2m at 1.33g/t Au
- 1m at 1.44g/t Au, 3.8g/t
Ag
- Drillhole CHD12
- 17m at 1.58g/t Au, 0.5g/t
Ag from 285m, including
- 11m at 2.36g/t Au, 0.7g/t
Ag and
- 22m at 0.41% Cu, 0.20g/t Au,
1.6g/t Ag from 342m, including
- 3m at 0.68% Cu, 0.61g/t Au,
2.6g/t Ag
- Drillhole CHD13
- 10m at 0.38g/t Au, 0.5g/t Ag from
132m, and
- 10m at 0.35% Cu, 0.15g/t Au,
1.1g/t Ag from 242m
- Hole CHD11 in the east of the target area extends the gold and
silver mineralization 90m updip
from hole CHD06 to within 40m from
surface. The results confirm the mineralization is open to the east
and copper grades are increasing downdip.
- CHD12 drill results confirmed broad copper and gold intercepts
coincident with the modelled gravity and induced polarization (IP)
resistivity low targets. This includes the best gold
grade-thickness intercept and widest copper intercept to-date at
the Cañada Honda target. The results expand the mineralization a
further 80m west of hole CHD05, and
provide further confirmation of the potential for the
mineralization to increase to the west, following a two-kilometer
long east-west gravity target.
- New downhole electromagnetics (DHEM) in holes CHD12 and
CHD13 highlights potential continuation of the copper-gold
mineralization for future testing.
"The results are further validation of the exploration models
and methodologies that we are using. As most deposits in the
Iberian Pyrite Belt occur in clusters, these latest results enhance
the potential for additional discoveries at the many compelling
geophysics targets yet to be drill tested within Pan Global's
Escacena Project area," said Moody.
Two styles of mineralization are
recognized at Cañada Honda:
- Copper-gold volcanogenic massive sulphide (VMS) style
mineralization (pyrite, chalcopyrite) including stockwork,
semi-massive and massive-sulphides hosted within shales, similar to
the host rocks at the former Aznalcóllar and Los Frailes mines, 4km
to the east; and
- Gold mineralization associated with quartz-sulphide (pyrite,
and lesser chalcopyrite, sphalerite, and arsenopyrite) veins and
stockwork within folded and fractured shale and quartzites, in the
structural hangingwall above the copper-gold mineralization. The
encouraging higher-grade gold drill intercepts at Cañada Honda are
uncommon in these host rocks in the Iberian Pyrite Belt.
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
|
CHD11
|
38.75
|
43.0
|
4.25
|
0.05
|
1.70
|
17.7
|
96
|
1357
|
1980
|
incl.
|
38.8
|
39.8
|
1.0
|
0.09
|
2.66
|
31.0
|
98
|
3080
|
5440
|
incl.
|
42.0
|
43.0
|
1.0
|
0.07
|
4.16
|
34.6
|
256
|
1925
|
2130
|
and
|
66.0
|
75.0
|
9.0
|
0.01
|
0.60
|
0.7
|
34
|
22
|
53
|
incl.
|
68.0
|
70.0
|
2.0
|
0.01
|
1.33
|
<0.25
|
32
|
5
|
46
|
Incl.
|
74.0
|
75.0
|
1.0
|
0.04
|
1.44
|
3.8
|
80
|
116
|
81
|
CHD12
|
79.0
|
92.4
|
13.4
|
<0.01
|
0.32
|
0.3
|
56
|
41
|
86
|
and
|
285.0
|
302.0
|
17.0
|
0.03
|
1.58
|
0.5
|
101
|
12
|
39
|
incl.
|
289.0
|
300.0
|
11.0
|
0.05
|
2.36
|
0.7
|
143
|
17
|
43
|
incl.
|
289.0
|
298.0
|
9.0
|
0.05
|
2.79
|
0.8
|
167
|
20
|
42
|
incl.
|
289.0
|
291.0
|
2.0
|
<0.01
|
8.20
|
0.5
|
207
|
16
|
36
|
and
|
342.0
|
364.0
|
22.0
|
0.41
|
0.20
|
1.6
|
94
|
40
|
89
|
Incl.
|
358.0
|
361.0
|
3.0
|
0.68
|
0.61
|
2.6
|
158
|
63
|
99
|
CHD13
|
132.0
|
142.0
|
10.0
|
0.07
|
0.38
|
0.5
|
38
|
15
|
56
|
incl.
|
132.0
|
133.0
|
1.0
|
0.42
|
1.30
|
1.7
|
135
|
57
|
122
|
and
|
242.0
|
252.0
|
10.0
|
0.35
|
0.15
|
1.1
|
172
|
23
|
115
|
incl.
|
248.0
|
250.0
|
2.0
|
0.80
|
0.14
|
2.9
|
267
|
17
|
160
|
1 Approximate true
thickness
|
Table 2 – Cañada Honda Drillhole Collar
Information
Hole
ID
|
Easting2
|
Northing2
|
Azimuth
(º)
|
Dip
(º)
|
Length
(m)
|
CHD11
|
737324
|
4156328
|
180
|
-70
|
178.9
|
CHD12
|
737155
|
4156476
|
180
|
-75
|
396.6
|
CHD13
|
737118
|
4156355
|
170
|
-75
|
271.8
|
2 Coordinate system: UTM29N
ERTS89
|
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 the
operating mine at Riotinto and is immediately adjacent to the
former Aznalcóllar and Los Frailes mines where Minera Los
Frailes/Grupo México is in the final permitting stage with
construction anticipated to start in 2024. The Escacena Project
hosts Pan Global's La Romana copper-tin-silver and Cañada
Honda copper-gold discoveries and a number of other
prospective targets, including, Bravo, Barbacena, El Pozo,
Romana Norte, San Pablo, Zarcita,
Hornitos, La Jarosa, and Romana
Deep, and most recently Cortijo.
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).
Qualified Persons
Álvaro Merino. 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. Merino is not independent of the
Company.
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 media 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 media release
is based on information available to the Company as of the date of
this media 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.