TSXV: PGZ | OTCQX: PGZFF
| FRA: 2EU
- Escacena Project drill program to test five compelling new
targets near the La Romana and Cañada Honda copper-gold-tin
discoveries – more than in any previous year
- Drilling currently underway at La Romana copper-tin-silver
deposit in preparation for maiden NI 43-101 Mineral Resource
Estimate by mid-2025, including several wide step-out
drillholes
- Second drill rig being mobilized for maiden drill program at
the highly prospective Bravo target 1km east of La Romana
- Third drill rig scheduled to test the
copper-nickel-cobalt-gold Cármenes Project in northern
Spain in January
- Robust treasury to fund 2025 programs
VANCOUVER, BC, Jan. 14,
2025 /CNW/ - Pan Global Resources Inc. ("Pan
Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU)
today announced details of the 2025 exploration programs at the
Company's 100%-owned Escacena and Cármenes Projects in Spain.
Extensive field exploration over the past year identified
multiple drill targets at both the flagship Escacena Project in
Andalucia and the highly prospective Cármenes Project north of León
in northern Spain. The 2025
drilling campaign has already commenced and is ramping up to three
drill rigs, including drilling of five new previously untested
targets at Escacena and two anomalies at Cármenes. The campaign
also aims to further delineate the extent of the La Romana deposit
ahead of a maiden mineral resource estimate. This drill program
will be completed by mid-2025.
"Of the more than 15 geophysical and geochemical anomalies at
the target-rich Escacena Project, Pan Global's technical team has
prioritized five compelling targets with coincident
multi-indicators of mineralization for immediate drilling. In
addition, the maiden drill programs at the Providencia and Profunda
targets at Cármenes will commence this month. With the types of ore
deposits being targeted typically occurring in clusters, the new
discovery potential at both Escacena and Cármenes is high," said
Pan Global President and CEO Tim
Moody.
"At the La Romana copper-tin-silver deposit, wide step-out
drilling is currently underway to test the extension of this
mineralization beyond the 1.5km surface strike in preparation for a
maiden resource. Drilling in 2024 showed the copper-tin-silver
mineralization at La Romana is wide open, with grade increasing to
the west and potential to significantly expand the deposit in
several directions," said Mr. Moody.
The large high-priority Bravo target (approximately 1km east and
along-trend from La Romana) has advanced to drill-ready stage and
the maiden drill program will commence this month with drill
positions currently being selected.
"All of the operating copper mines on the Iberian Pyrite Belt
are comprised of multiple deposits, and several exceed more than
100 million tonnes in size. We are confident that with more than a
dozen geophysical and geochemical anomalies at the Escacena
Project remaining to be tested, the goal of discovering multiple
deposits totalling 100 million tonnes of resource can be achieved,"
said Mr. Moody.
2025 Exploration Plan:
- Three drill rigs will be active at the Escacena and Cármenes
Projects, with more than 22 drillholes (~6,830
meters) planned on new targets in addition to expansion
drilling at the La Romana discovery
- At the Escacena Project, two drill rigs will focus on five
untested targets - Bravo, Barbacena, Encina, Cortijo and El
Pozo (see Figure 1 below)
- A third drill rig will test the Providencia and Profunda
targets in the Cármenes Project and a Heliborne Transient
Electromagnetic survey will commence in January to identify
additional targets beyond Providencia and Profunda
- Maiden La Romana NI 43-101 Mineral Resource Estimate by
mid-2025
- Field exploration at Escacena will continue to asses the
potential drill targets on additional anomalies
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.
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.
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SOURCE Pan Global Resources Inc.