- Board of Directors approves 20,000-meter, multi-target drill
program at the Escacena Project for 2023
- Plan includes La Romana drilling expansion and resource
delineation
- Drilling underway at La Romana, Romana Deep, and Zarcita
- La Romana metallurgical studies continuing
VANCOUVER, BC, Jan. 30,
2023 /CNW/ - Pan Global Resources Inc. ("Pan Global"
or the "Company") (TSXV: PGZ) (OTC: PGNRF) is pleased to announce
that the Board of Directors of the Company has approved plans for a
fully funded 20,000-meter drill program at the Company's flagship
Escacena Project ("Escacena"). Escacena is located approximately
35 kilometers northwest of Seville on the Iberian Pyrite Belt in southern
Spain, a prolific volcanogenic
massive sulphide (VMS) district and tier one mining jurisdiction
with a number of significant producing copper and polymetallic
mines.
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Pan Global's President and CEO Tim
Moody noted: "Escacena has been the focus of Pan Global's
exploration since the recent copper/tin/silver discovery at the La
Romana target. To the end of 2022, we completed approximately 140
drill holes at La Romana with mineralization in almost every hole.
Our 2023 plan is expected to include more than
50 additional drill holes at Escacena. This
includes a 10-hole stepout and infill drill program at La Romana
that is already underway targeting electromagnetic anomalies,
further testing the continuity and potential down-dip extensions of
the mineralization."
Catalysts for 2023 include:
- Assay results from the ongoing exploration drilling at La
Romana, the Romana Deep target (electromagnetic anomaly on the
down-dip projection of the La Romana mineralization) and Zarcita
target (located 4 km north of La Romana)
- Gaining access to the west and east of La Romana to continue
testing extensions of the geophysics target
- Ongoing La Romana metallurgy testwork
- Assay results from drilling on additional exploration
targets
Mr. Moody added: "With a fully funded program for 2023, and
three drill rigs currently operating on three targets at La Romana,
Romana Deep, and Zarcita, plus exploration advancing on a number of
other targets, we are well set up for an exciting year ahead at
Escacena."
Annual incentive grant
approved
The Pan Global Board of Directors has approved grants under the
Company's shareholder-approved Omnibus Equity Incentive
Compensation Plan (the "Plan") of a total of
2.165 million incentive stock options;
0.55 million Restricted Share Units (RSUs); and
0.65 million Deferred Share Units (DSUs) to
officers, directors, employees, and consultants to the Company.
The incentive stock option entitles the holder to purchase the
equivalent number of common shares of the Company at a price of
$0.44 per common
share for a period of five years from the date of grant. The
options will vest as follows: 25% on grant, followed by additional
25% on each of 6-month, 12-month, and 18-month anniversaries from
date of grant. The RSUs and DSUs will vest over two years from the
effective date of grant, with one-third vesting
12 months after the effective date, and one-third
vesting on each of the 18-month and 24-month anniversaries.
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. The project 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 mining anticipated to restart in late 2023. The Escacena
Project hosts the La Romana copper-tin discovery and a number of
other prospective targets, including Zarcita, Hornitos, La Jarosa,
Romana Deep, 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.
On behalf of the Board of Directors
www.panglobalresources.com
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,
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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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SOURCE Pan Global Resources Inc.