TSX.V: PGZ
OTCQB: PGZFF
The Escacena Project is located in Andalucia, Spain, on the Iberian Pyrite Belt, the world’s premier volcanic hosted massive sulphide district.
Pan Global Resources has a significant land package totalling 5,760 hectares directly adjacent to the +150Mt Aznalcollar, Los Frailes Deposit (Grupo Mexico) and within 12km of the +40Mt Cobre Las Cruces operating mine (FQM).
PGZ is actively exploring 2 targets, the La Romana massive sulphide copper deposit and the Cañada Honda gravity anomaly.
Al Andalus Property
In early 2020, Pan Global Resources extended its holdings at the Escacena project through the acquisition of the rights to the “Al Andalus” property investigation permit and completed the acquisition of the property.
Al Andalus is located adjacent to the company’s initial holdings at Escacena and includes potential eastern extensions to the company’s La Romana prospect and several large untested gravity anomalies. The property comes to within 600 meters of the edge of the Aznalcollar open pit and also includes both the historical mining areas of the El Pozo and La Zarcita, and the La Jarosa target where a historical drill hole by Exxon in the mid-1980’s returned 9.5 meters at 1.42 percent. Exploration will commence on the Al Andalus property as soon as permitted.
La Romana Target:
New Drill Holes Intersect Near Surface Copper Sulphides
On March 2, 2020, Pan Global reported it had intersected copper mineralization in the first step out drill holes at the La Romana copper target.
Recently completed drill holes LRD03 and LRD04 and currently in progress LRD05 have all intersected semi-massive to massive sulphide and stringer style sulphides, including visible copper mineralization (chalcopyrite) to more than 20 meters thickness. The drill holes are part of a five-hole program aimed at testing along strike, up and down dip from successful drill hole LRD02.
Figure 1 – Drill core showing semi-massive and stringer style chalcopyrite in recent holes; (A) LRD03, (B) LRD04 and (C) LRD05.
Holes LRD01 and LRD02 were completed in October 2019 and intersected 20.55m at 1.5% Cu equivalent from 37m, including 7 meters at 3.43% Cu equivalent. The high copper grades near to surface indicates open-pit potential at La Romana. The Cu intersection in drill hole LRD-02 is coincident with a strong gravity high, IP chargeability anomaly and down-hole EM conductor.
“We are very encouraged to report visual indications of copper mineralization over wide intervals in the new drill holes at La Romana. Whilst we are awaiting assay results, the exploration continues to show potential for a significant new copper deposit near to surface.
On the strength of the results of the new drilling, additional drill holes are being planned”.
- Tim Moody, President and CEO -
Holes LRD03 and LRD04 stepped approximately 50 meters West and East, respectively, from hole LRD02. Hole LRD05 is testing approximately 25 meters up-dip from hole LRD02. All three holes also further test a 300 x 200 meter down hole electromagnetic (DHEM) conductor anomaly detected from hole LRD02. The next drill hole will test down dip from hole LRD 02.
The new drill holes confirm that copper mineralization similar to hole LRD02 continues along strike East and West, and up-dip. Fresh sulphide (chalcopyrite) is present to within 12.5 meters from surface in LRD05 with indications the copper mineralization continues almost to surface beneath a thin post-mineral cover. A deeper pyrite-dominant sulphide zone is also present in each drill hole, including intervals of banded massive sulphide.
Down hole EM completed in holes LRD03 and LRD04, shows conductor anomalies in each hole indicating potential massive sulphide along strike and down dip, with the conductor increasing in intensity to the West and open along-strike and down-dip.
Figure 2.
Exploration results include ground gravity, IP, TEM and soil geochemistry surveys.
La Cañada Honda Target
The new ground gravity surveys include 120 stations on a 200 by 200m grid in the Northwest of the permit area and 115 stations every 50m along lines 250m apart over Cañada Honda and Cañada Alta targets. The results were integrated with historical gravity data. The results enhance the Cañada Honda target and indicate several additional untested gravity anomalies. Further modelling and investigation of these targets is required.
A total of 625 soil samples were collected, including:
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127 Soil samples collected over a 2.7 by 1.8 km area, on a 200 by 200m grid at each gravity station in the West of Escacena.
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Soil sampling over the Cañada Honda and Encina targets with samples collected every 40m along 100m spaced North-South lines.
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Soil sampling over the La Romana gravity target, with samples collected every 40m on 2 North-South lines, 200m apart.
The soil sample results highlight a large lead and zinc anomaly (>200 to 1386 ppm Pb+Zn) over a 1.2 by 0.5 km area at the Encina target with peak values of 755 ppm Zn and 588 ppm Pb. The Pb-Zn anomaly overlies volcanics that dip North beneath a thrust fault towards the Cañada Honda gravity target. The soil geochemistry results also include locally anomalous Cu (up to 405 ppm) and Au (up to 349 ppb) over the Cañada Honda gravity target. The samples were analyzed using a combination of commercial laboratory and Vanta portable XRF.