TSXV: PGZ | OTCQX:
PGZFF | FSE: 2EU
- Cañada Honda target: 3km north of expanding La Romana
copper-tin discovery
- Best gold intercept to date at Cañada Honda; every hole
hitting mineralization
- Gravity target spans over 2km, indicating significant size
potential
- Drill program expanding east and west, targeting continuity of
the copper-gold mineralization
VANCOUVER, BC, Jan. 30,
2024 /CNW/ - Pan Global Resources Inc. ("Pan
Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is
pleased to announce results for two further drillholes from 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. Drilling has resumed, with additional
holes planned targeting extensions of Cañada Honda copper and gold
mineralization.
"These excellent results provide further indication of size
potential and continuity of the copper-gold mineralization at the
Cañada Honda target. We are also excited about the results showing
significant gold in the structural hanging wall at Cañada Honda,"
said Tim Moody, President and CEO of
Pan Global.
"The next steps at Cañada Honda include further drilling to test
for shallow extensions in the east, where copper-gold soil
geochemistry indicates the mineralization comes to surface, and
further test a large gravity target that extends for two kilometers
to the west."
Highlights:
- Drillhole CHD09
- 1m at 0.45% Cu, 10.5g/t
Au, 9.5g/t Ag, 0.12% Co from 120m, and
- 1m at 1.12g/t Au, 7.9g/t Ag,
0.26% Zn from 133m, and
- 20m at 1.09g/t Au, 0.6g/t
Ag from 154m, including
- 2m at 5.83g/t Au, 2.7g/t
Ag, and
- 2m at 0.12% Cu, 2.09g/t Au,
0.6g/t Ag from 227m,
and
- 13m at 0.51% Cu, 0.36g/t Au,
2.7g/t Ag from 254m,
including
- 8.1m at 0.61% Cu, 0.52g/t Au,
3.3g/t Ag, including
- 3.1m at 1.01% Cu, 0.45g/t Au,
4.8g/t Ag
- Drillhole CHD10
- 13m at 0.59% Cu, 0.34g/t Au,
2.0g/t Ag from 150m,
including
- 5.6m at 1.15% Cu, 0.67g/t Au,
3.8g/t Ag, and
- 2m at 0.21% Cu, 5.25g/t Au,
1.1g/t Ag from 174m
- Hole ends in 1.1m at 0.27% Cu,
0.42g/t Au, 1.6g/t Ag from 198m
- Hole CHD09 extends the copper-gold mineralization
80m down-dip from previous drillhole
CHD08 and expands the gold mineralization
- CHD10 successfully tested a down-hole electromagnetic target,
confirming copper-gold mineralization 140m downdip beneath a historical mine
tunnel
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 hanging wall above the copper-gold
mineralization
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
|
CHD09
|
120.0
|
121.0
|
1.0
|
0.45
|
10.50
|
9.5
|
1200
|
207
|
536
|
and
|
133.0
|
134.0
|
1.0
|
0.07
|
1.12
|
7.9
|
52
|
694
|
2550
|
and
|
154.0
|
174.0
|
20.0
|
0.01
|
1.09
|
0.6
|
73
|
7
|
51
|
incl.
|
154.0
|
156.0
|
2.0
|
0.04
|
5.83
|
2.7
|
68
|
20
|
83
|
incl.
|
164.0
|
166.0
|
2.0
|
0.01
|
2.57
|
0.8
|
124
|
19
|
80
|
and
|
227.0
|
228.0
|
1.0
|
0.24
|
3.60
|
0.9
|
122
|
10
|
89
|
and
|
254.0
|
267.0
|
13.0
|
0.51
|
0.36
|
2.7
|
115
|
38
|
101
|
incl.
|
258.9
|
267.0
|
8.1
|
0.61
|
0.52
|
3.3
|
138
|
46
|
111
|
incl.
|
258.9
|
262.0
|
3.1
|
1.01
|
0.45
|
4.8
|
213
|
46
|
106
|
CHD10
|
150.0
|
163.0
|
13.0
|
0.59
|
0.34
|
2.1
|
119
|
28
|
100
|
incl.
|
150.0
|
155.6
|
5.6
|
1.15
|
0.67
|
3.8
|
227
|
46
|
147
|
incl.
|
153.0
|
155.6
|
2.6
|
1.98
|
1.12
|
5.4
|
311
|
51
|
103
|
and
|
174.0
|
176.0
|
2.0
|
0.21
|
5.25
|
1.1
|
85
|
19
|
55
|
and
|
198.0
|
199.1
|
1.1
|
0.27
|
0.42
|
1.6
|
50
|
67
|
431
|
1
Approximate true thickness
|
|
Table 2 – Cañada Honda Drillhole Collar
Information
Hole
ID
|
Easting
2
|
Northing
2
|
Azimuth
(o)
|
Dip
(o)
|
Length
(m)
|
CHD09
|
737281
|
4156409
|
180
|
-78
|
278.0
|
CHD10
|
737228
|
4156287
|
198
|
-55
|
199.1
|
2 Coordinate system: UTM30N
ERTS89
|
|
Further drill results 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 the
operating mine at 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 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.
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.
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.