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Pan Global Resources Inc
Symbol PGZ
Shares Issued 79,355,387
Close 2018-01-19 C$ 0.23
Market Cap C$ 18,251,739
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Pan Global samples 8.9% Pb, 37.9 g/t Ag at Aguilas

2018-01-22 10:26 ET - News Release

Mr. Tim Moody reports

NEW EXPLORATION RESULTS FOR THE AGUILAS PROJECT, SPAIN, INCLUDING UP TO 8.9% PB AND 37.9 G/T AG IN NEW SOIL SAMPLING ON THE ZUMAJO TREND

Pan Global Resources Inc. has provided new results from continuing fieldwork on the Aguilas copper project in Spain.

Highlights:

  • Large mineral rights position with multiple targets, iron-oxide-copper-gold (IOCG) and lead-zinc-silver breccia, vein and stockwork styles of mineralization;
  • Assay results received for more than 600 new soil samples, including the first sampling on the Zumajo lead-zinc-silver trend and additional sampling on the Torrubia copper trend;
  • The Torrubia-Torrechuela soil copper anomaly was extended to 3.1 kilometres by 0.32 kilometre and infill sampling was completed on the 0.6-kilometre-by-0.32-kilometre Aguilas copper anomaly. The targets include up to 0.69 per cent copper in soils and up to 28 per cent copper, 33 per cent iron, 1.7 grams per tonne gold, 17.5 grams per tonne silver and 0.13 per cent cobalt in rock samples;
  • New targets identified on the Zumajo trend with up to 8.9 per cent lead, 0.97 per cent zinc, 37.9 grams per tonne silver and 672 parts per million copper in soils; this includes a 1.8-kilometre-by-0.3-kilometre lead-zinc-silver soil anomaly extending from the former San Juan and San Rafael mines and separate lead-silver-plus-or-minus-zinc soil anomalies along strike from the San Luis and San Cayetano mine workings; The highest lead, zinc and silver soil values are attributed mainly to dispersion from the historical mine workings and potential extensions of the mineralization; samples from the mine dumps include up to over 20 per cent lead (above upper detection), 20.7 per cent zinc, 235 grams per tonne silver and 12.75 per cent copper;
  • IP (induced polarization) and AMT (audio-frequency magnetotelluric) survey is due to commence in February;
  • Reconnaissance sampling is under way along extensions of the Zumajo trend and other structures in the project area.

Background

The company manages the Aguilas project through an agreement to acquire 100-per-cent interest in Minera Aguila SLU and the Las Aguilas mineral rights, together referred to as the Aguilas project. The Aguilas project, including granted mineral rights and new applications, covers approximately 14,949 hectares over the Pedroches batholith in Andalucia, southern Spain. The company also has a letter of intent providing exclusive rights to acquire the Escacena mineral rights in the Iberian pyrite belt in southern Spain. Work on the Escacena project is pending granting of the mineral rights.

Torrubia copper trend -- new soil sample results

Assay results were received for approximately 280 additional soil samples on the Torrubia copper trend, extending and infilling the previous sampling. Samples were collected every 20 metres on lines spaced 100 metres apart. The results highlight two large untested copper (plus or minus iron, cobalt, silver and gold) anomalies, including the Torrubia-Torrechuela target and Cerro Aguilas target. Small ancient mine workings occur along the trend. The style of mineralization, alteration and metal association is typical of hematite-dominant iron-oxide-copper-gold-type deposits.

The latest soil results have extended the Torrubia-Torrechela soil copper anomaly a further 300 metres to the north. The soil anomaly is now 3.1 kilometres by 0.32 kilometre with values from over 40 parts per million (approximately four times background) to 0.68 per cent copper. Previously reported rock sampling from the same area includes numerous samples with over 1 per cent copper and up to 28 per cent copper, 17.5 grams per tonne silver, 1.7 grams per tonne gold and 0.12 per cent cobalt. The new results show sporadic anomalous copper in soil in an area of low relief to the east of the Torrubia-Torrechuela target, further suggesting additional potential on adjacent structures.

The new results confirm continuity of the Cerro Aguila copper anomaly and shows the target is open to the north. Soil sample values range from over 40 parts per million to 1,470 parts per million copper. Previously reported rock sample results in the area include several samples with over 1 per cent copper and up to 11.7 per cent copper, 0.13 per cent cobalt and 4.3 grams per tonne silver.

Zumajo trend -- new soil sample results

The first soil sampling results over the Zumajo trend highlights several strong lead-zinc-silver anomalies. A total of 344 samples were collected every 20 metres on lines spaced 100 metres to 800 metres apart. The Zumajo trend comprises numerous small historical mine workings and shafts along a 20-kilometre west-northwest-trending series of linear structures and splays. This includes polymetallic (lead, zinc, silver plus or minus copper, barite and fluorite) vein, breccia and stockwork-style mineralization. Historical records indicate the structures hosting the mineralization are up to 18 metres wide.

The new results highlight a 1.8 kilometres by 0.3 kilometre lead-zinc-silver soil anomaly extending from the historical San Juan and San Rafael mines. Separate anomalies extend for up to 0.7 kilometre and 0.4 kilometre, respectively, extending from the San Luis and San Cayetano mines. The soil results include numerous samples with over 1 per cent lead and maximum values of 8.9 per cent lead, 0.97 per cent zinc, 37.9 grams per tonne silver and 672 parts per million copper. Many of the highest values are attributed to contamination/dispersion from the historical mining as well as indicating potential extensions of the mineralization along strike from the mines. Previously reported rock grab samples from the mine dumps include values up to over 20 per cent lead (above upper detection), 20.7 per cent zinc, 235 grams per tonne silver and 12.75 per cent copper.

The Zumajo trend is largely untested since mining ceased in the mid-1950s. The only drilling was in the 1970s over a 600-metre section of the Zumajo structure near the San Luis mine with reported intervals up to 10 metres with lead and copper mineralization (no assays were reported).

Continuing exploration:

  • Reconnaissance prospecting on extensions of the Zumajo trend and other structures/targets in the region identified from a recent detailed geology interpretation;
  • Approximately 10 to 15 line kilometres of induced polarization (IP) and magnetotellurics (AMT) is planned for February over copper and lead-zinc-silver targets;
  • Drilling anticipated to commence in the second quarter of 2018.

Analytical methods and quality control

All samples were submitted to ALS Laboratories in Seville, Spain. Rock samples were crushed, split, pulverized and then analyzed with a 36-element mass spectrometry and ICP-AES analysis following a four-acid digestion. Gold was determined by 30-gram fire assay with ICP-AES finish. Rocks returning above detection for copper, lead and zinc were reassayed using an ore-grade analysis by conventional ICP-AES with a four-acid digestion. All soil samples were dried and sieved to minus 180 micrometres in the laboratory and subject to aqua regia and/or four-acid digest and assayed by supertrace ICP for a large multielement suite (up to 53 elements, including gold), and a selection of samples were assayed for comparison by 30-gram fire assay with ICP-AES finish for gold. Quality control procedures included review of ALS duplicates and checks, field duplicates, non-sequential sample numbering, and results compared for a large selection of samples using aqua regia digestion versus mixed-acid digestion, and fire assay versus ICP for gold. All samples were collected and transported under close supervision by experienced geologists.

Qualified person

Robert Baxter, FAusIMM, a director of Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Baxter is not independent of the company.

About Pan Global Resources Inc.

Pan Global Resources is actively engaged in base metal and precious metal exploration in Spain and is pursuing opportunities from exploration through to mine development.

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