TSXV: PGZ OTCQB: PGZFF
- Exploration to commence immediately at Romana West, including
ground geophysics and an initial 25-30 drill hole program
- Potential to extend the current 1,200m strike-length of the La Romana
mineralization a further 800-1,000m
to the west
- Surface access agreement allows exploration to also commence at
three additional untested targets: Barbacena, El Pozo and Romana
North
VANCOUVER, BC, May 11, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company")
(TSXV: PGZ) (OTCQB: PGZFF) is pleased to announce that a surface
access agreement has been reached clearing the way for exploration
and drilling to commence immediately on the Romana West target. The
Romana West target is on-strike from the La Romana
copper-tin-silver discovery at the Company's 100%-owned Escacena
Project ("Escacena") in the Iberian Pyrite Belt, southern
Spain. The agreement also provides
access to several other large untested gravity and
heliborne-electromagnetic (HEM) targets within Escacena.
"This access agreement is a significant breakthrough on a
largely unexplored part of Escacena and allows exploration to
commence immediately on the potential on-strike continuation of the
near-surface La Romana copper-tin-silver mineralization at the
Romana West target," said Tim Moody,
Pan Global President and CEO. "Gaining access to Romana West
follows on from the strong relationships already established and
developed with local communities. The access agreement also allows
exploration to begin on several other compelling gravity and HEM
targets at Escacena that are untested. Pan Global will expand
geochemical sampling and ground geophysics to this area and execute
a drill plan on the Romana West target testing a further 800-1,000
meters along strike west of the La Romana copper-tin-silver
mineralization."
The access agreement opens up 680 hectares of Escacena to
exploration for the next three years, with potential to continue
beyond this period. The area represents 12% of the existing Pan
Global mineral rights at the Escacena Project and has remained
largely unexplored since the mineral rights were granted. This
includes the potential western extension of the La Romana discovery
at the Romana West target as well as the Romana North, Barbacena,
and El Pozo targets. See Figure 1 below.
While the agreement encompasses a number of targets, the
priority is Romana West. The Romana West target includes the
westward projection of a large gravity anomaly coincident with the
La Romana mineralization and indicates potential to extend the La
Romana mineralization a further 800 to 1,000m. Ground geophysics, including detailed
gravity and IP, will commence immediately at Romana West and two
drill rigs will begin mobilizing to the area. Drilling to-date at
La Romana shows the mineralization extends over approximately 1.2
kilometers of strike and remains wide open to the west in the
direction of the historical La Romana mine workings and Romana West
target. The mineralization also remains open down dip in several
areas.
The planned drill program at Romana West includes an initial 25
to 30 drill holes on north-south lines approximately 100m apart to delineate the western extent of the
near-surface La Romana mineralization.
Exploration will also expand to the largely unexplored
Barbacena, El Pozo, and Romana North targets as part of the ongoing
systematic exploration program to define and prioritize further
targets for drill testing.
Drill rigs are currently operating at the La Romana and
Cañada Honda and results are pending for approximately 20 drill
holes at La Romana, Cañada Honda, and Zarcita. Negotiations are
also continuing with land owners for access along strike to the
east of the La Romana mineralization and the Bravo target.
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. Escacena 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 start in 2023. The Escacena Project
hosts the La Romana copper-tin-silver discovery and a number of
other prospective targets, including Zarcita, Hornitos, La Jarosa,
Romana Deep, Romana North, Romana
West, 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
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,
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.
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.