TSXV: PGZ | OTCQX: PGZFF | FSE: 2EU
- Strong potential to expand mineralization to the east and
west
- Gravity target at Cañada Honda extends over 2
kilometers
- Investor webcast with CEO Tim
Moody to discuss results will be held on Friday, January 12, 2024 at 1 p.m. Eastern
Time / 10 a.m. Pacific Time. Details
at end of this release
VANCOUVER, BC, Jan. 11,
2024 /CNW/ - Pan Global Resources Inc. ("Pan Global"
or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is pleased
to announce results for the first drillhole in 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. The
program is targeting extensions to the Cañada Honda copper-gold
mineralization discovered in 2023. Results are pending for two
additional completed drillholes.
Highlights:
- Drillhole CHD08
- 8m at 0.12% Cu, 2.63g/t Au,
0.7g/t Ag from 178m,
including
- 1.35m at 0.68% Cu, 12.4g/t Au,
3.1g/t Ag, 0.09% Co, and
- 14m at 0.77% Cu, 0.42g/t Au,
4.0g/t Ag from 199m,
including
- 6.8m at 1.48% Cu, 0.65g/t Au,
7.2g/t Ag
- Includes massive sulfide mineralization with assays
up to 4.76% Cu, 2.12g/t Au, 26.1g/t Ag and 0.9% Zn over
1m from 207.8m
- Drilling confirms that copper and gold mineralization is
coincident with downhole electromagnetic (DHEM) targets, and
remains open
- Potential to significantly expand the mineralization at
Cañada Honda with further drill testing of a large (2km x 0.5km)
gravity anomaly and extensions to DHEM targets.
"These are the highest-grade drill intercepts to-date at
Cañada Honda, and a very encouraging start to the follow-up drill
program that commenced in November
2023. There is excellent potential to expand the copper and
gold mineralization and identify areas of higher grade at this new
discovery," said Tim Moody,
President and CEO of Pan Global.
"Successful drilling of geophysics targets at La Romana and
Cañada Honda underscores the prospect of further discoveries among
the numerous other targets in the Escacena Project."
Drillhole locations are shown in Figure 1 below. Drillhole assay
results are summarized in Table 1 and drillhole collar details are
presented in Table 2 below.
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
|
CHD08
|
178.00
|
186.00
|
8.00
|
0.12
|
2.63
|
0.7
|
257
|
12
|
70
|
incl.
|
183.65
|
185.00
|
1.35
|
0.68
|
12.4
|
3.1
|
930
|
55
|
259
|
and
|
199.00
|
213.00
|
14.00
|
0.77
|
0.42
|
4.0
|
207
|
136
|
1026
|
incl.
|
203.00
|
209.80
|
6.80
|
1.48
|
0.65
|
7.2
|
225
|
200
|
1730
|
incl.
|
206.90
|
209.80
|
2.90
|
2.71
|
1.39
|
14.4
|
334
|
435
|
3898
|
incl.
|
207.80
|
208.80
|
1.00
|
4.76
|
2.12
|
26.1
|
622
|
743
|
9000
|
1
Approximate true thickness
|
Table 2 – Cañada Honda Drillhole Collar
Information
Hole
ID
|
Easting
2
|
Northing
2
|
Azimuth
(o)
|
Dip
(o)
|
Length
(m)
|
CHD08
|
737281
|
4156407
|
180
|
-60
|
334.8
|
2 Coordinate system: UTM29N
ERTS89
|
Results from additional Cañada Honda drill holes will be
released as soon as they are received.
Investor Call to Discuss Drill Results and Expanding La
Romana
CEO Tim Moody will host a
conference call and webcast on Friday,
January 12, 2024, at 1:00 p.m.
Eastern Time / 10:00 a.m. Pacific
Time to discuss the latest results at the Escacena Project.
A Q&A session will follow a short presentation.
Date: Friday, January 12, 2024
Time: 1:00 p.m. Eastern Time |
10:00 a.m. Pacific Time
Please register in advance:
https://us06web.zoom.us/meeting/register/tZUscu2upzsqHtJnPxMbrlvySGcAa39j5uAJ
After registering, you will receive a confirmation email
containing information about joining the meeting. Investors are
encouraged to send questions or topics of interest in advance to
investors@panglobalresources.com to be addressed following the
webcast presentation. A link to the webcast recording will be
available on the Company's website
at https://panglobalresources.com following the live
broadcast.
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 operating
mines at Las Cruces and 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 the La Romana copper-tin-silver discovery and a number of
other prospective targets, including Cañada Honda, Romana
North, Bravo, Barbacena, El Pozo, 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.