TSXV: PGZ | OTCQX: PGZFF | FRA: 2EU
- Soil lead-zinc (Pb-Zn) anomaly area doubles to 1.7km x
1.0km at the high-priority Bravo target
- Coincident with a strong 2.0km x 1.5km gravity
anomaly
- Soil geochemistry survey expanded to investigate the area
between Bravo target and the La Romana discovery
- Bravo located on-trend between the La Romana
copper-tin-silver discovery and Grupo México's Aznalcóllar and Los
Frailes deposits
VANCOUVER, BC, Sept. 4,
2024 /CNW/ - Pan Global Resources Inc. ("Pan
Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) is
pleased to announce additional soil geochemistry and new gravity
survey results for the maiden exploration program over the Bravo
target ("Bravo") within the Company's 100%-owned Escacena Project
("Escacena") in the Iberian Pyrite Belt, southern Spain.
"The new soil sample geochemistry and gravity survey results
further support our view that the large Bravo target could
represent concealed volcanogenic massive sulphide (VMS)
mineralization beneath shallow cover, similar to Pan Global's
nearby La Romana copper-tin-silver discovery. The new survey
results double the size of the lead plus zinc surface anomaly from
the initial soil sampling reported last month and confirm a large
coincident gravity anomaly," said Tim
Moody, Pan Global's President & CEO.
Mr. Moody added, "The elevated lead-zinc-silver soil
geochemistry and coincident gravity anomaly are strong indicators
of the potential for underlying sulphide mineralization. Modelling
of the data is underway to finalize locations for the maiden Bravo
drill campaign, plus soil geochemistry sampling has expanded to
test the potential for mineralization between Bravo and the La
Romana discovery to the west."
The Bravo target is located 1.5km east of Pan Global's La
Romana copper-tin-silver discovery and 4.5km southwest of Grupo
México's Aznalcóllar and Los Frailes volcanogenic massive sulphide
deposits. The target is mostly covered by post-mineral rocks and
sediments and has never been drill tested.
A total of 1,188 soil samples, including 57 duplicates, were
collected as part of the expanded Bravo survey. The soil samples
were collected on a 40-meter spacing along lines 100 meters apart.
Each sample was analyzed using a hand-held x-ray fluorescence
("pXRF") device. Spatial interpretation of the pXRF results
confirms a Pb plus Zn soil anomaly extending over 1.7km east-west
and up to 1.2km north-south. Samples range from 300ppm to 1,252ppm
combined Pb+Zn, including up to 1,115ppm Pb and 886ppm Zn.
A total of 67 soil samples from two lines over the Bravo target
were also assayed for multi-element geochemistry by ALS laboratory
to check and compare accuracy of the pXRF results. The results
confirm a close correlation of the Pb and Zn assay values with the
pXRF results and also show anomalous Ag values up to 5.2g/t (not
analyzed by the pXRF) coincident with the Pb+Zn and gravity
anomalies.
The initial Bravo ground gravity survey is complete, with
results obtained from 788 stations on a 100m x 100m, and
100m x 50m grid over the main target area. The results
confirmed a strong (>1.2 mGal) gravity anomaly with surface
dimensions approximately 2.0km x 1.5km.
Next steps include:
- detailed modelling of the final gravity data, followed by;
- induced polarization and/or electromagnetic survey lines over
the peaks of the gravity plus geochemistry anomalies to provide
additional three-dimensional information; and,
- prioritize drillhole positions.
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 to allow new
mine construction to commence. 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, Romana Deep,
and Cortijo.
About Pan Global Resources
Pan Global Resources Inc. is actively targeting copper-rich
mineral deposits in Spain, 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
low-risk 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
The soil geochemistry survey includes samples collected from the
top 20cm from surface (un-sieved, weighing approx. 1kg) on a
100m x 40m grid over the gravity target area. The
samples are collected in plastic bags, and a multi-element analysis
obtained using an Olympus Vanta hand-held x-ray fluorescence
("pXRF") device. Analyses are repeated on 1 per 20 samples, and
standards analyzed to check for deviation.
Additional samples were sent to the ALS laboratory in
Seville as a further check and
comparison with the pXRF results. The samples were crushed and
split (method CRU-31, SPL22Y), and pulverized using (method
PUL-31). Multi element analysis was undertaken using a multi-acid
digest and ICP-MS ultra-low detection method ME-ICP61).
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.
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 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pan-global-doubles-size-of-soil-geochemistry-anomaly-at-bravo-target-escacena-project-302237531.html
SOURCE Pan Global Resources Inc.