VANCOUVER, BRITISH COLUMBIA – (May 11, 2023) – Pan Global Resources Inc. (“Pan Global” or the "Company") (TSX-V: PGZ; OTCQB: PGZFF) is pleased to announce that a surface access agreement has been reached clearing the way for exploration and drilling to commence immediately on the Romana West target. The Romana West target is on-strike from the La Romana copper-tin-silver discovery at the Company’s 100%-owned Escacena Project (“Escacena”) in the Iberian Pyrite Belt, southern Spain. The agreement also provides access to several other large untested gravity and heliborne-electromagnetic (HEM) targets within Escacena.
“This access agreement is a significant breakthrough on a largely unexplored part of Escacena and allows exploration to commence immediately on the potential on-strike continuation of the near-surface La Romana copper-tin-silver mineralization at the Romana West target,” said Tim Moody, Pan Global President and CEO. “Gaining access to Romana West follows on from the strong relationships already established and developed with local communities. The access agreement also allows exploration to begin on several other compelling gravity and HEM targets at Escacena that are untested. Pan Global will expand geochemical sampling and ground geophysics to this area and execute a drill plan on the Romana West target testing a further 800-1,000 meters along strike west of the La Romana copper-tin-silver mineralization.”
The access agreement opens up 680 hectares of Escacena to exploration for the next three years, with potential to continue beyond this period. The area represents 12% of the existing Pan Global mineral rights at the Escacena Project and has remained largely unexplored since the mineral rights were granted. This includes the potential western extension of the La Romana discovery at the Romana West target as well as the Romana North, Barbacena, and El Pozo targets. See Figure 1 below.
While the agreement encompasses a number of targets, the priority is Romana West. The Romana West target includes the westward projection of a large gravity anomaly coincident with the La Romana mineralization and indicates potential to extend the La Romana mineralization a further 800 to 1,000m. Ground geophysics, including detailed gravity and IP, will commence immediately at Romana West and two drill rigs will begin mobilizing to the area. Drilling to-date at La Romana shows the mineralization extends over approximately 1.2 kilometers of strike and remains wide open to the west in the direction of the historical La Romana mine workings and Romana West target. The mineralization also remains open down dip in several areas.
The planned drill program at Romana West includes an initial 25 to 30 drill holes on north-south lines approximately 100m apart to delineate the western extent of the near-surface La Romana mineralization.
Exploration will also expand to the largely unexplored Barbacena, El Pozo, and Romana North targets as part of the ongoing systematic exploration program to define and prioritize further targets for drill testing.
Figure 1 – Escacena Project Map highlighting the area covered by the new surface access agreement and target locations, including the La Romana discovery.
Drill rigs are currently operating at the La Romana and Cañada Honda and results are pending for approximately 20 drill holes at La Romana, Cañada Honda, and Zarcita. Negotiations are also continuing with land owners for access along strike to the east of the La Romana mineralization and the Bravo target.
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 Zarcita, Hornitos, La Jarosa, Romana Deep, Romana North, Romana West, Cañada Honda, Bravo, Barbacena, El Pozo, and San Pablo.
About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in southern Spain and is pursuing opportunities from exploration through to mine development. The Company is committed to operating safely and with respect to the communities and environment where we operate.
Qualified Persons
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.
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