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Pan Global Resources Inc
Symbol PGZ
Shares Issued 194,125,095
Close 2021-11-29 C$ 0.70
Recent Sedar Documents

Pan Global drills 0.7 m of 16.8% Cu at Escacena

2021-11-30 11:30 ET - News Release

Mr. Tim Moody reports

PAN GLOBAL INTERSECTS UP TO 16.8% COPPER AT ESCACENA PROJECT, SOUTHERN SPAIN AND EXTENDS MINERALIZATION

Pan Global Resources Inc. has released new high-grade copper and tin intercepts as drilling continues at the La Romana open pit copper target at the Escacena project in the Iberian pyrite belt, southern Spain. Exploration has also commenced on the recently granted Al Andaluz investigation (exploration) permit immediately to the east of La Romana within the Escacena project area. The La Romana target is located less than six kilometres from the former Aznalcollar open pit mine and approximately 15 km west of the Las Cruces copper mine.

Tim Moody, Pan Global president and chief executive officer, states: "The latest results include the highest copper assay ever reported at La Romana with 16.8 per cent Cu or 18.2 per cent Cu equivalent (CuEq) over 0.7 m within a 10 m wide interval averaging 1.7 per cent CuEq. The results add copper and tin mineralization near-surface in the west and downdip on several sections which confirms the deposit remains wide open in several areas. Results are awaited for several new holes, including in the far west where the copper and tin mineralization appears to be increasing towards the La Romana mine workings."

Mr. Moody added, "In addition to the ongoing drilling at La Romana, ground geophysics has already commenced in the adjacent Al Andaluz permit area with a second gravity survey crew being added to accelerate the program."

Highlights include:

  • 10 m at 1.7 per cent CuEq (1.5 per cent copper, 6.5 g/t silver, 0.01 per cent cobalt) from 111 m in LRD85;
    • Including 0.7 m at 18.2 per cent CuEq (16.8 per cent Cu, 0.03 per cent tin, 60.1 g/t Ag, 0.08 per cent Co, 0.12 g/t gold);
  • 20.6 m at 0.9 per cent CuEq (0.5 per cent Cu, 0.10 per cent Sn, 1.3 g/t Ag; chalcocite) from 20.4 m in LRD76;
    • Including 8.5 m at 1.3 per cent CuEq (0.7 per cent Cu, 0.20 per cent Sn, 1.6 g/t Ag, 0.01 per cent Co);
  • 20 m at 0.7 per cent CuEq (0.5 per cent Cu, 0.04 per cent Sn, 2.9 g/t Ag) from 115 m in LRD86;
    • Including 9.8 m at 1.1 per cent CuEq (0.9 per cent Cu, 0.04 per cent Sn, 4.6 g/t Ag);
  • 27.1 m at 0.5 per cent CuEq (0.4 per cent Cu, 0.04 per cent Sn, 1.1 g/t Ag; chalcocite) from 29 m in LRD81;
    • Including 4.3 m at 1.2 per cent CuEq (1 per cent Cu, 0.04 per cent Sn, 2.5 g/t Ag) and 1.8 m at 1.8 per cent CuEq (1.6 per cent Cu, 0.02 per cent Sn, six g/t Ag, 0.01 per cent Co).

Drill results

The latest drill results are from eight holes in the phase 4 drill program at the La Romana discovery. Drill holes LRD 76 and 78 targeted near-surface mineralization in the west. Holes LRD 78, 80 and 86 tested down-dip extensions. Holes 77, 79 and 85 aimed to close a gap in the drilling in the east.

Assay results are summarized in the relevant attached table. The drill holes were all inclined toward the south and all reported drill intervals are approximately true widths, except for hole LRD79 where true width is estimated at approximately 95 per cent of the reported intervals.

The results add near-surface copper and tin mineralization in the west and show the mineralization extends over approximately 1.1-kilometre strike. The latest drill results continue to show that the mineralization remains open in several directions.

The primary mineralization includes mainly stockwork, semi-massive sulphides and bands of massive sulphide, with chalcopyrite as the primary copper mineral and cassiterite as the only observed tin mineral. The copper mineralization is also associated with elevated levels of silver, cobalt and gold. A metal zonation is also apparent, progressing from copper and tin in the west to copper and then zinc in the east.

Drill hole LRD76 extends the copper mineralization approximately 50 m to the west where it remains wide open, with approximately 30 m grading 0.5 per cent Cu, including a seven-metre near-surface oxide/leached copper zone immediately followed by a 20-metre interval of mostly supergene chalcocite with traces of native copper and elevated tin. Results include:

  • 7.4 m at 0.3 per cent Cu (oxides) from 13 m downhole, immediately followed by:
    • 20.6 m at 0.9 per cent CuEq (chalcocite; 0.5 per cent Cu, 0.10 per cent Sn, 1.3 g/t Ag) from 20.4 m;
      • Including 8.5 m at 1.3 per cent CuEq (0.7 per cent Cu, 0.20 per cent Sn, 1.6 g/t Ag, 102 ppm Co).

Drill hole LRD77 (together with LRD79) tested a 120 m gap in the drilling between holes LRD51 and LRD14, and confirmed down-dip continuation of the copper zone. Notable results include:

  • 2.7 m at 1.1 per cent CuEq (0.95 per cent Cu, 5.9 g/t Ag, 117 ppm Co) from 61.3 m;
  • 0.7 m at 3.1 per cent CuEq (2.8 per cent Cu, 13.1 g/t Ag, 145 ppm Co) from 73.9 m;
  • 7.7 m at 1.1 per cent CuEq (1 per cent Cu, 3.5 g/t Ag, 110 ppm Co) from 98.5 m;
    • Including 3.65 m at 1.8 per cent CuEq (1.6 per cent Cu, 5.7 g/t Ag, 160 ppm Co).

Drill hole LRD78 tested approximately 50 m downdip from hole LRD09. The hole confirms the main copper zone continues to the north and remains open down-dip. The hole also intersected a shallow zone of oxide copper mineralization. Results include:

  • 11 m at 0.2 per cent Cu (oxide) from 23 m;
  • 6.7 m at 0.8 per cent CuEq (0.7 per cent Cu, 2.7 g/t Ag) from 156.6 m;
    • Including 3.7 m at 1.1 per cent CuEq (1 per cent Cu, 3.6 g/t Ag);
  • 16 m at 0.5 per cent CuEq (0.4 per cent Cu, 0.01 per cent Sn, 1.6 g/t Ag) from 184 m;
    • Including two m at 1.5 per cent CuEq (1.3 per cent Cu, 0.02 per cent Sn, 5.3 g/t Ag, 131 ppm Co);
    • Nine m at 1.2 per cent CuEq (0.9 per cent Cu, 0.04 per cent Sn, 5.1 g/t Ag);
      • 1.9 m at 3.6 per cent CuEq (3 per cent Cu, 0.11 per cent Sn, 16.5 g/t Ag, 140 ppm Co).

Drill hole LRD79 confirmed the mineralization continues down-dip from hole LRD77, including several narrow close-spaced high-grade intercepts. Results include:

  • 6.6 m at 0.6 per cent CuEq (0.5 per cent Cu, 4.4 g/t Ag, 0.07 g/t Au) from 61.7 m;
    • Including 0.85 m at 2 per cent CuEq (1.8 per cent Cu, 11.5 g/t Ag, 107 ppm Co);
  • 7.7 m at 0.9 per cent CuEq (0.7 per cent Cu, 5.1 g/t Ag) from 75.9 m;
    • Including 1.65 m at 1.4 per cent CuEq (1.1 per cent Cu, 10.2 g/t Ag, 102 ppm Co);
    • 1.2 m at 3.2 per cent CuEq (2.8 per cent Cu, 14.8 g/t Ag, 315 ppm Co);
  • 0.45 m at 3.8 per cent CuEq (3.3 per cent Cu, 17.6 g/t Ag, 274 ppm Co, 0.11 g/t Au) from 115 m;
  • 2.25 m at 1.8 per cent CuEq (1.6 per cent Cu, 5.6 g/t Ag, 177 ppm Co) from 129 m;
  • 7.35 m at 0.9 per cent CuEq (0.7 per cent Cu, 3.5 g/t Ag, 106 ppm Co) from 159.25 m;
    • Including 1.8 m at 1.2 per cent CuEq (1 per cent Cu, 4.6 g/t Ag, 146 ppm Co);
    • 0.75 m at 3.6 per cent CuEq (3.1 per cent Cu, 14.2 g/t Ag, 261 ppm Co).

Drill hole LRD80 confirms a more than 30-metre-wide zone of copper and tin mineralization extending north of hole LRD46, and remains open down dip. The hole also intersected a narrow zone of near-surface oxide copper mineralization. Results include:

  • 4.15 m at 0.23 per cent Cu (oxide) from 7.85 m;
  • 33 m at 0.5 per cent CuEq (0.3 per cent Cu, 0.05 per cent Sn, 1.3 g/t Ag) from 113 m;
    • Including 24.6 m at 0.6 per cent CuEq (0.3 per cent Cu, 0.07 per cent Sn, 1.4 g/t Ag);
  • 3.6 m at 1 per cent CuEq (0.5 per cent Cu, 0.15 per cent Sn, two g/t Ag, 110 ppm Co) from 141 m.

Drill hole LRD81 extends the near-surface copper mineralization west of hole LRD76 in the far west of the project area, including supergene chalcocite and chalcopyrite. Together with hole LRD48, the results show grade increasing downdip. Results include:

  • 27.1 m at 0.5 per cent CuEq (0.4 per cent Cu, 0.04 per cent Sn, 1.1 g/t Ag) from 29 m;
    • Including 13 m at 0.7 per cent CuEq (0.5 per cent Cu, 0.06 per cent Sn, 1.2 g/t Ag);
      • Including 4.3 m at 1.2 per cent CuEq (1 per cent Cu, 0.04 per cent Sn, 2.5 g/t Ag);
    • 1.8 m at 1.8 per cent CuEq (1.6 per cent Cu, 0.02 per cent Sn, six g/t Ag, 109 ppm Co);
      • Includes 0.5 m at 5.5 per cent CuEq (4.9 per cent Cu, 0.04 per cent Sn, 18.8 g/t Ag, 256 ppm Co).

Drill hole LRD85 tested approximately 50 m up-dip from hole LRD74 which intersected 6.5 m at 2.5 per cent CuEq. Together with holes LRD23 and LRD74, the results for LRD85 confirm a continuous zone of high-grade mineralization with grade increasing downdip and include a 0.7 m thick ultrahigh-grade massive chalcopyrite intercept with 16.8 per cent Cu (18.2 per cent CuEq), which is the highest copper assay reported to date at La Romana. The high-grade zone is open down-dip and an untested gap of approximately 150 m exists along strike to the next hole to the east of LRD85. The hole also intersected a nine-metre-thick near-surface interval with supergene chalcocite. Results include:

  • Nine m at 0.7 per cent CuEq (0.6 per cent Cu, 3.1 g/t Ag; chalcocite) from 28 m;
    • Including four m at 1.3 per cent CuEq (1.15 per cent Cu, 6.1 g/t Ag);
      • Includes 0.65 m at 6.6 per cent CuEq (6 per cent Cu, 32.2 g/t Ag, 354 ppm Co);
  • 10 m at 1.7 per cent CuEq (1.5 per cent Cu, 6.5 g/t Ag, 112 ppm Co) from 111 m;
    • Including three m at 4.9 per cent CuEq (4.5 per cent Cu, 17.3 g/t Ag, 250 ppm Co);
      • Includes 0.7 m at 18.2 per cent CuEq (16.8 per cent Cu, 0.03 per cent Sn, 60.1 g/t Ag, 0.08 per cent Co, 0.12 g/t Au);
  • 14 m at 0.4 per cent CuEq (0.3 per cent Cu, 1.5 g/t Ag) from 139 m.

Drill hole LRD86 was drilled approximately 50 m north of hole LRD8 and confirmed that mineralization remains open down-dip on this section. Results include:

  • 0.7 m at 1.8 per cent CuEq (1.5 per cent Cu, 0.03 per cent Sn, 7.3 g/t Ag from 112.9 m;
  • 20 m at 0.7 per cent CuEq (0.5 per cent Cu, 0.04 per cent Sn, 2.9 g/t Ag) from 115 m;
    • Including 9.8 m at 1.1 per cent CuEq (0.9 per cent Cu, 0.04 per cent Sn, 4.6 g/t Ag);
      • Includes four m at 1.8 per cent CuEq (1.5 per cent Cu, 0.05 per cent Sn, 7.4 g/t Ag);
      • 1.3 m at 1.6 per cent CuEq (1.2 per cent Cu, 0.09 per cent Sn, 6.9 g/t Au, 112 ppm Co).

Assay results are pending for an additional 21 completed drill holes, including several new drill holes in the western limits of the project area with strong copper mineralization evident in drill core. Drilling is continuing with two drill rigs.

Quality assurance/quality control

Core size was HQ (63 millimetres) and all samples were one-half core. Nominal sample size was one-metre core length and ranged from 0.4 to two metres. 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 one-fourth 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 50-gram fire assay with ICP (inductively coupled plasma) finish (method Au-ICP22) and multielement analysis was undertaken using a four-acid digest with ICP-AES (atomic emission spectrometry) finish (method ME-ICP61). Tin was analyzed in selected intervals using lithium borate fusion and ICP-MS (mass spectrometry) finish (method ME-MS81). Overgrade base metal results were assayed using a four-acid digest ICP-AES (method OG-62). Overgrade tin was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

Qualified person

Patrick Downey, 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. Downey is not independent of the company.

About Pan Global Resources Inc.

Pan Global Resources 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 the company operates.

We seek Safe Harbor.

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