TSXV: PGZ OTCQB: PGZFF
- The Cañada Honda target is a large gravity anomaly extending
approx. 2km east-west
- Drill hole CHD02 targeted a large gravity anomaly and
intersected 11m of 0.6% Cu, 0.12g/t
Au and 3.2g/t Ag, with the hole unable to continue after it
collapsed before reaching the target
- New Induced Polarization (IP) survey highlights previously
untested chargeability and resistivity-low anomalies extending
beneath the mine tunnel
- Drilling initiated at Cañada Honda target to test beneath
historic mine tunnel for copper-gold mineralization
VANCOUVER, BC, April 26,
2023 /CNW/ - Pan Global Resources Inc. ("Pan Global"
or the "Company") (TSXV: PGZ) (OTCQB: PGZFF) is pleased to announce
that it has commenced diamond drilling at the Cañada Honda target
at the Company's 100%-owned Escacena Project in the Iberian Pyrite
Belt, southern Spain. This follows
completion of a new IP survey that identified an untested IP
anomaly beneath the historic mine tunnel. Results are also
announced for drillhole CHD02 that attempted to test a deep gravity
target at Cañada Honda and was abandoned before reaching the target
depth due to the hole collapsing.
"New geophysics data highlights the Cañada Honda target's
potential to host volcanogenic massive sulphide (VMS)
mineralization. The intersection of anomalous copper and gold above
the target in hole CHD02 is another positive indication of
potential for significant copper mineralization associated with the
Cañada Honda gravity anomaly. The new IP survey appears to show an
anomaly that becomes stronger at depth beneath the historic mine
workings on the margin of the gravity anomaly," said Tim Moody, Pan Global's President & CEO.
The Cañada Honda target is characterized by a large gravity
anomaly (up to 1 mGal) that extends approximately two kilometers
east-west. The target is potential sulphide mineralization within
the prospective Volcanic Sequence (VS) concealed beneath overthrust
rocks of the Phyillite Quartzite (PQ) unit. Previous Pan Global
channel sampling of the historic mine tunnel on the southern margin
of the gravity anomaly included 26m
at 0.42g/t Au and assay values up to 2.9g/t Au, 27.5g/t Ag, 0.2% Cu
and 0.4% Co. A single drill hole (CHD01) by Pan Global in 2019,
approximately 150m northwest of the
tunnel, also intersected minor anomalous gold values of up to
0.34g/t Au.
Drill results for hole CHD02 are summarized in Table 1 and drill
hole collar details are presented in Table 2 below. Drill hole
locations are shown in Figure 1.
Cañada Honda
Additional gravity survey data has been collected over the
Cañada Honda target area and a new line of IP has been completed
adjacent to a historic mine tunnel along a thrust contact on the
southeastern margin of the gravity anomaly. The new IP highlights a
chargeability high and previously untested resistivity low anomaly
beneath the tunnel.
Drilling has commenced on the first of two new holes (CHD03 and
CHD04) testing chargeability and resistivity-low anomalies beneath
the historic mine tunnel.
Drill hole CHD02 was drilled to test the eastern extension of
the large Cañada Honda gravity anomaly, targeting potential massive
sulphide concealed beneath the overthrust Phyllite Quartzite
geology unit. The hole collapsed before reaching the target and had
to be abandoned. The hole intersected a zone of sulphide
mineralization with anomalous copper and gold within the
thrust-fault sequence above the target. Highlights include;
- CHD02 – 11m at 0.6% Cu, 0.12g/t
Au, 3.2g/t Ag from 426m,
including
— 2.0m at
1.0% Cu, 0.24g/t Au, 7.7g/t Ag
— 1.0m at 1.8% Cu, 0.13g/t Au,
6.1 g/t Ag
— Additional isolated assay up to 0.7g/t Au over 1m
The results provide additional positive indicators of the
potential for more significant copper-gold mineralization in the
Cañada Honda target area. The main gravity anomaly remains untested
and further drilling is pending additional modelling.
Table 1 – Cañada Honda drill results summary (all
intersections are >90% to 100% of true thickness) – hole
abandoned before the target depth
Hole
|
From
|
To
|
Interval
|
Cu
|
Pb
|
Zn
|
Au
|
Ag
|
|
m
|
m
|
m
|
%
|
%
|
%
|
g/t
|
g/t
|
CHD02
|
426.0
|
437.0
|
11.0
|
0.6
|
<0.1
|
<0.1
|
0.12
|
3.2
|
Incl.
|
427.0
|
429.0
|
2.0
|
1.0
|
<0.1
|
0.2
|
0.24
|
7.7
|
Incl.
|
431.0
|
432.0
|
1.0
|
1.8
|
<0.1
|
<0.1
|
0.13
|
6.1
|
Table 2 – Cañada Honda drillhole collar
information
Hole_ID
|
Easting1
|
Northing1
|
Azimuth
(º)
|
Dip
(º)
|
Depth
(m)
|
CHD02
|
736881
|
4156375
|
180
|
-70
|
542.6
|
1Coordinates are in ERTS89 datum
UTM29N
|
Drilling is ongoing in the Escacena Project at the La Romana and
Zarcita targets. Results are pending for approximately 15 drill
holes at La Romana and Zarcita. Negotiations are progressing with
land owners for access to the untested potential near-surface
extensions to the La Romana mineralization.
QA/QC Procedures
Core size was HQ (63mm) and all samples were ½ core. Nominal
sample size was 1m core length and
ranged from 0.4m to 2m. 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 ¼ 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 Sevilla, 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 50gm Fire assay with
ICP finish (method Au-ICP22) and multi element analysis was
undertaken using a 4-acid digest with ICP AES finish (method
ME-ICP61). Tin was analyzed in selected intervals using Lithium
borate fusion and ICP MS finish (method ME-MS81). Over grade base
metal results were assayed using a 4-acid digest ICP AES (method
OG-62). Over grade tin was determined using peroxide fusion with
ICP finish (method Sn-ICP81x).
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 construction anticipated to restart in 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, 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
www.panglobalresources.com
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SOURCE Pan Global Resources Inc.