Pan Global Resources Drilling Update
TSX VENTURE: PGZ
- Completed maiden drilling on VMS targets at the Escacena Project.
- Mobilization for drilling commences at the Torrubia North "IOCG" copper target in the Aguilas Project.
Vancouver, British Columbia--(Newsfile Corp. - September 3, 2019) - Pan Global Resources Inc. (TSXV: PGZ) (OTC: PGNRF) (the "Company") is pleased to report completion of the first three drill holes at the Escacena Project targeting copper, zinc and gold in the Iberian Pyrite Belt, southern Spain. The Company is also pleased to report that mobilization has commenced for a core drilling program at the Torrubia North IOCG copper target at the Aguilas Project, Spain.
Pan Global's CEO, Mr Tim Moody, commented: "We are encouraged by the potential to discover significant volcanic hosted massive sulphide associated copper and gold mineralization in the Escacena project and are looking forward to receiving assay results for the first drill holes. We are also pleased to be mobilizing for drilling on the high priority Torrubia North copper target."
Pan Global is targeting copper, zinc and gold associated with volcanic-hosted massive sulphide style mineralization in the Escacena Project area. The first three diamond drill holes were completed for a total of approx. 547 metres. Two drill diamond holes were completed at the La Romana target testing for mineralization associated with a shallow IP anomaly on the edge of a large gravity anomaly. One drill hole was completed at the Cañada Honda target testing a shallow IP target up-dip from a large gravity anomaly.
The drill core is now being assayed, with results expected by late September. Down-hole transient electromagnetic (TEM) surveys were completed in each hole and results are currently being interpreted.
The drilling at Escacena is the first test of the La Romana and Cañada Honda targets by the Company and is providing important information on the geology, alteration and mineralization that will assist in designing of follow-up work programs.
Torrubia North copper target in the Aguilas Project
The Company gained access to the Torrubia North copper target in May 2019 (see previous announcement on May 24, 2019).
The planned drill program includes an initial five widely spaced core holes for a total of approx. 1,000 metres. These initial holes will test a high priority 1.9 km x 0.35 km soil copper anomaly coincident with up to 8.4% Cu in rock grab samples of boulders and 1.2% Cu in outcrop and iron-oxide copper gold ("IOCG") style multi-stage breccia mineralization. The drilling will also test a strong IP chargeability anomaly coincident with the widest part of the soil copper target.
Drilling is due to commence in mid- September, with drill site preparations already underway, and is expected to be completed by late October, 2019.
The Torrubia target is part of a much larger Northeast oriented fault trend that extends for more than 15 km. Ongoing exploration in the Aguilas project area is also identifying similar style copper mineralization on parallel structures and polymetallic (Pb, Zn, Ag) mineralization on major cross-cutting faults.
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
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in 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.
On behalf of the Board of Directors
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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. 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.
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