VANCOUVER, BRITISH COLUMBIA – (AUGUST 23, 2023) – Pan Global Resources Inc. (“Pan Global” or the "Company") (TSX-V: PGZ; OTCQX: PGZFF) is pleased to report assay results for 15 drill holes at the La Romana discovery at the Company`s 100% owned Escacena Project in the Iberian Pyrite Belt in southern Spain. La Romana represents a coherent zone of moderately northward-dipping copper-tin-silver mineralization, currently delineated over approximately 1.2 kilometers along strike and from surface to 400m down-dip. A planned 25-hole drill program is ongoing to expand and test the western extensions to the near-surface mineralization at the Romana West target.
- 7m at 0.5% Cu, 0.23% Sn and 2.8g/t Ag
- 3.25m at 1.9% Cu, 0.36% Sn and 7.6g/t Ag
- 8m at 0.6% Cu, 0.11% Sn and 3.4g/t Ag
- 4m at 1.2% Cu, 4g/t Ag
“We are very pleased with these results, which successfully expand the copper and copper-tin-silver mineralization at La Romana and further demonstrates the favourable continuity of the mineralization,” said Tim Moody, Pan Global’s President & CEO.
“The new step-out drill holes show the mineralization continues to remain open down-dip along the northern extent of the drilling. Infill drill holes in the northeast confirms continuity of high-grade mineralization intersected in previous drilling. Three infill holes, drilled for the ongoing tin metallurgy test program, confirm continuity of the tin mineralization in the west.”
“At Romana West, we continue to be encouraged by the visible copper and tin mineralization observed in drill core from initial drill holes at this high-priority target that represents the potential western extension to the La Romana copper-tin-silver mineralization.”
“Results are also pending from the recently completed follow-up drill program at the Cañada Honda copper-gold target less than 4km to the north of La Romana.”
Drill results are summarized in Table 1 and drill hole collar details are presented in Table 2 below. Drill hole locations are shown in Figure 1.
Figure 1 – La Romana copper grade shells, drill hole locations with selected results for newly reported holes, and cross section locations A-A’ (Figure 2), B-B’ (Figure 3), and C-C’ (Figure 4).
Step-out drill holes
The step-out drill holes have expanded the northern limits of the La Romana copper and copper-tin-silver mineralization a further 50m to 70m down-dip on several sections, and shows the mineralization remains open at depth. Results include broad zones of copper mineralization and/or bands of high-grade copper mineralization with associated strong chlorite alteration, indicating potential for mineralization to continue at depth. The mineralization also remains open along-strike. Selected highlights include:
Infill drill holes
The infill drilling included testing an area previously inaccessible due to farm infrastructure and confirmed additional high-grade copper mineralization within a continuous zone extending from near surface to approximately 450m down-dip (see Figure 2 below). Three additional infill drill holes (LRD152, LRD154 and LRD159) complement a tin metallurgical test program and confirmed continuity of the high-grade tin mineralization in the west. Selected highlights include:
Figure 2 – Cross Section A – A’ (736885E) showing new drill holes LRD156, LRD158 and LRD160 with selected results.
Figure 3 – Cross Section B – B’ (736135E) showing new drill holes LRD147 and LRD159 with selected results. Also shows the mineralization is extended down-dip (open).
Figure 4 – Cross Section C – C’ (736325E) showing new drill hole LRD154 with selected results. Hole LRD154 has higher tin compared to previous drill holes on this section.
Table 1 – Escacena Project, drill results summary (all intersections are >90%to approximately 100% of true thickness)
Table 2 – Escacena Project, drill hole collar information (Total 3745.5m)
1 Tin metallurgy drill hole
2 Coordinates are in ERTS89 datum UTM29N
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 2023. The Escacena Project hosts the La Romana copper-tin-silver discovery and a number of other prospective targets, including Romana West, Cañada Honda, Zarcita, Hornitos, La Jarosa, Romana Deep, Romana North, Bravo, Barbacena, El Pozo, and San Pablo.
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 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, development, and mine operations - all of which are committed to operating safely and with utmost respect for the environment and our partnered communities.
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).
James Royall, Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information for this news release. Mr. Royall is not independent of the Company.
On behalf of the Board of Directors
FOR FURTHER INFORMATION PLEASE CONTACT:
Jason Mercier, VP Investor Relations and Communications
+1 778 372-7101
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 news 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 news release is based on information available to the Company as of the date of this news 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.