TSXV: PGZ | OTCQX: PGZFF
| FRA: 2EU
- Expanded copper-tin-gold mineralization at La Romana and Cañada
Honda discoveries at flagship Escacena Project in southern
Spain
- Gained surface access to highly prospective Bravo target
located 1km east of La Romana
- Completed surface exploration at Bravo target ahead of planned
drilling this month
- Completed advanced copper-tin metallurgical test program for La
Romana mineralization with industry-leading results
- Commenced exploration at the copper-nickel-cobalt-gold Cármenes
Project in northern Spain
- Details for 2025 drill campaign to be released shortly
VANCOUVER, BC, Jan. 9, 2025
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company")
(TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) today provided a summary of
major milestones during the 2024 exploration programs at the
Company's 100%-owned Escacena and Cármenes copper-tin-gold projects
in Spain.
"With the support of an exceptional exploration team in
Spain, we recorded solid
operational achievements in 2024. Ongoing resource drilling at
Escacena's La Romana target extended near-surface mineralization by
more than 300 meters, increasing the strike length of the near
surface deposit to 1.5km and demonstrating further expansion
potential. Advanced copper-tin metallurgical tests delivered
industry-leading results. Surface exploration was completed at the
high-priority Bravo target and more than 15 yet-to-be drilled
geophysical and geochemical anomalies identified at the target-rich
Escacena Project. Drilling will recommence at Escacena this week,
with five new targets prioritized for drill testing in this
campaign," said Pan Global President and CEO Tim Moody.
"All of the operating copper mines on the Iberian Pyrite Belt
are comprised of multiple deposits, further indicating the
likelihood that the multiple geophysical anomalies at Escacena
could also indicate additional copper deposits. The planned 2025
drill campaign will further test this," said Mr. Moody.
2024 Achievement Highlights
- Reported results for 21 drill holes (4,956m) on three targets (La Romana, La Romana
West, Cañada Honda)
- Drilling extended the near-surface copper-tin-silver
mineralization at the La Romana deposit 300m to the west, and remains open for further
expansion in several areas
- Completed surface exploration at the high-priority Bravo
target, located on-trend 1km to the east from the La Romana
copper-tin-silver discovery. Surface soil geochemistry and
geophysics confirmed strong coincident indicators consistent with
potential for underlying sulphide mineralization
- Completed advanced copper metallurgy variability tests for La
Romana, confirming excellent copper recoveries up to 88% at
concentrate grades of up to 32.5% with silver credits and very low
deleterious elements. The results are at Preliminary Economic
Assessment (PEA) level and indicate a simple, conventional
processing flowsheet
- Released positive tin metallurgy test results for La Romana,
with the most recent tests showing high tin concentrate grades of
63.2% at recovery rates of 64% calculated from conventional gravity
processing
- The La Romana metallurgical testwork confirmed potential for
higher grades and recoveries for copper compared to other advanced
projects and mines on the Iberian Pyrite Belt
- Expanded the copper-gold discovery at Escacena's Cañada Honda
target with the completion of an 11-hole step-out drilling program.
A total of 16 holes have now been completed on the eastern end of a
3km gravity anomaly, indicating large size potential with most of
the target untested
- Commenced exploration for copper-nickel-cobalt-gold hosted
within pipe-like breccia bodies at the Cármenes Project. Excellent
potential for new discoveries has been identified at several
targets. Drilling is scheduled to commence this month
- Completed a C$7.2 million
up-sized non-brokered private placement financing in November, with
existing investors providing strong support and adding two new
major investors in a strategic investment from a private Spanish
company and Konwave AG, a prominent European institutional resource
fund
Details of Pan Global's 2025 exploration program at the Escacena
and Carmenes projects will be provided shortly.
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. The areas is highly prospective
for volcanogenic massive mineralization. Escacena is located near
the Las Cruces mine operated by Cobre Las Cruces/First Quantum, 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. A longer-term goal is to define 100 million tonnes of
copper resources from a cluster of deposits in the Project area,
comparable to other mine operations in the Iberian Pyrite Belt.
About the Cármenes Project
The Cármenes Project is located approx. 55km north of León in
northern Spain and comprises five
Investigation Permits totalling 5,653 hectares held 100% by Pan
Global. The Project area includes the former Profunda and
Providencia copper-cobalt-nickel underground mines that were
operated continuously between 1860 and 1880, and intermittently
until the 1930s. The Project area is highly prospective for
carbonate-hosted "pipe-like" breccia style mineralization, with
evidence of high grades of copper, nickel, cobalt, and gold.
Initial exploration is targeting extensions to the
copper-nickel-cobalt-gold mineralization beneath and adjacent to
the mine workings. Numerous other smaller historical mine workings
highlight potential for additional breccia pipes and other styles
of mineralization.
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 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.
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
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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
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SOURCE Pan Global Resources Inc.