TSXV: PGZ | OTCQX: PGZFF
| FRA: 2EU
- Preparations underway for maiden drill program at Cármenes
Project
- Providencia soil sampling confirms target over 250m x 150m
extending beyond past mine workings
- Assays up to 24.3g/t Au, 16.2% Cu, 1.3% Ni, 48.7g/t Ag, 1.1%
Co, 1.6% Pb, and 2.3g/t Pt + Pd
- Higher gold zone with 49 samples averaging 5.8 g/t Au
- Providencia surface rock samples grading up to 10.6 g/t Au,
48.1% Cu, 2.0% Ni, 1.1% Co, 33.7g/t Ag, 1.6% Pb
VANCOUVER, BC, Jan. 27,
2025 /CNW/ - Pan Global Resources Inc. ("Pan Global"
or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) is pleased
to announce results from soil and rock sample geochemistry,
including follow-up sampling at the Providencia target, at the
Company's 100%-owned, Cármenes copper, gold, nickel, cobalt Project
("Cármenes"), in northern Spain.
"The new high-grade copper, gold and other metals results from
Cármenes are very encouraging. The initial soil and rock
geochemistry results indicate the footprint of the Providencia
breccia pipe mineralization is much larger than previously known,
and shows significant gold potential. The grades detected in the
soil samples are exceptional, including assays up to 24.3
grams-per-tonne (g/t) gold, and percent levels of copper, nickel,
and lead. The rock samples confirm mineralization in outcrop," said
Tim Moody, Pan Global President and
CEO.
"Our team is eagerly awaiting the results of additional trench
and channel sampling completed at the Providencia target, and
underground sampling at the Profunda target. The potential exists
for the discovery of addition breccia pipes in proximity to
Providencia and other target areas. Two drill rigs are now
operating in the Company's Escacena Project and a third rig will
commence the first ever drillhole within the coming days at
Providencia."
Highlights:
- A total of 1,089 first pass soil samples were
collected as part of the maiden exploration program at Cármenes on
a 100m x 40m grid over a 1.8km x 1.5km
survey area and analyzed in the field by portable X-ray
fluorescence (pXRF).
- The pXRF survey results confirmed prominent copper
anomalies over the historical Providencia and Profunda mine
areas, and multiple other untested copper anomalies and indicators
for the discovery of additional mineralization.
- The Providencia and Profunda targets are carbonate-hosted
"pipe-like" breccia style mineralization previously mined for
copper, nickel, and cobalt.
- Numerous mine/exploratory workings found during recent mapping
and prospecting, including previously unrecorded tunnels
and shafts, highlight additional mineral potential.
- Detailed follow-up soil sampling at the Providencia target
was completed and samples submitted for laboratory analysis. A
total of 203 samples were collected on a nominal 50m x 20m grid over
an area 450m x 250m. Results include:
- A new coherent soil geochemistry anomaly area of
250m x 150m, with coincident highly anomalous gold,
copper, nickel, cobalt, lead, silver, platinum and palladium,
associated with strong dolomitic alteration, breccia, and
gossan.
- Soil anomaly includes 49 samples with >1.0g/t Au,
averaging 5.8g/t Au, with the highest-grade assays concentrated
east of the Providencia mine workings.
- Highest individual soil sample assays up to 24.3g/t Au,
16.2% Cu, 1.3% Ni, 1.1% Co, 1.6% Pb, 48.7g/t Ag and 2.3g/t Pt +
Pd.
- A total of 45 rock samples collected in the Providencia
target area, including outcrop, float, and mine dump material,
returned assays up to 10.5g/t Au, 48.1% Cu, 2.0% Ni, 1.1% Co,
33.0g/t Ag, 1.6% Pb confirms that mineralization from surface
continues east of the main Providencia mine workings in
outcrop.
- There are no historical records of gold extraction
at Cármenes.
Next Steps
- Results are pending for surface trench samples and channel
sampling in two historical galleries/tunnels in the new multi-metal
soil geochemistry anomaly area at the Providencia target.
- The first drillhole at Providencia is planned to commence in
January, initially testing for continuation of the mineralization
beneath the main underground mine workings, with results
potentially available in March. No previous drilling has been
completed in the Providencia target area.
- Detailed follow-up of the Profunda target is also underway, and
results are pending for channel sampling within the former
underground mine workings.
- A Helicopter Transient Electro-Magnetic (HTEM), magnetic and
radiometric survey is in progress over the entire Cármenes Project
area to fast-track identification and prioritization of new targets
for future detailed follow-up.
The Company will host an investor webcast on Thursday, January 30 to discuss the Cármenes
results as well as the 2025 drill campaigns at the Escacena and
Cármenes Projects. See registration instructions at the end of this
release.
Soil sample results for pXRF copper are provided in Figure 1
below, and the Providencia Target close-spaced laboratory soil
sample results for gold, copper, nickel, cobalt and lead are
provided in Figures 2 to 6. Rock sample results from Providencia
for gold and copper are provided in Figures 8 and 9.
Investor webcast:
The Company will host an investor webcast with CEO Tim Moody on Thursday, January 30, 2025 at
1 p.m. Eastern Time / 10 a.m. Pacific Time to
discuss the 2025 plans for the Escacena and Cármenes Projects and
provide an update on the ongoing work. A Q&A session will
follow a short presentation. Please register in advance:
https://us06web.zoom.us/webinar/register/WN_LRlnhakUQvaAnMyT4Tpvnw
About the Cármenes Project
The Cármenes Project is located approx. 55km north of León in
northern Spain and comprises five
Investigation Permits over 5,653 hectares. The Project area is
highly prospective for multiple bodies or "clusters" of
carbonate-hosted "pipe-like" breccia style copper, nickel, cobalt,
and gold mineralization. The area includes the former Profunda and
Providencia mines, that last operated in the 1930s, producing
concentrates of copper and cobalt with nickel. Numerous other
smaller historical mine workings in the area highlight potential
for additional breccia pipes. These types of deposits can have
significant vertical dimensions exceeding 1km.
About Pan Global Resources
Pan Global Resources Inc. is actively targeting copper-rich
mineral deposits, given copper's compelling supply-demand
fundamentals and outlook for strong long-term prices as a critical
metal for global electrification and energy transition. The
Company's flagship Escacena Project is located in the prolific
Iberian Pyrite Belt in southern Spain, where a favourable permitting track
record, excellent infrastructure, mining and professional
expertise, and support for copper as a Strategic Raw Material by
the European Commission collectively define a tier-one low-risk
jurisdiction for mining investment. The Pan Global team comprises
proven talent in exploration, discovery, development, and mine
operations - all of which are committed to operating safely and
with utmost respect for the environment and our partnered
communities. The Company is a member, and operates under the
principles, of the United Nations Global Compact.
Qualified Persons
Álvaro Merino, Vice President Exploration for Pan Global
Resources and a qualified person as defined by National Instrument
43-101, has approved the scientific and technical information for
this media release. Mr. Merino is not independent of the
Company.
QA/QC
Rock samples delivered to the ALS sample preparation facility in
Seville were prepared and assayed
at the ALS facility in Ireland.
All samples were crushed, split and pulverized using methods
CRU-31, SPL-22Y and PUL-31. Gold analysis was by 50gm Fire assay
with AA finish (Au-AA23). Multi element analysis was undertaken
using a 4-acid digest with ICP-AES finish (ME-ICP61). Over-grade
samples were analyzed using 4-acid digest with ICP-AES finish for
base metals (OG62), and Fire Assay with Gravity Finish for gold
(Au-GRA21). Certified reference materials were inserted at a 1/25
samples. The grab sample results are selective by nature, and may
not be representative of average grades for the mineralization.
The first pass soil geochemistry survey includes samples
collected from the top 20cm from surface (un-sieved, weighing
approx. 1kg) on a 100m x 40m grid and follow-up/infill sampling was
tightened to 50m x 20m. The samples are collected in plastic bags,
and a multi-element analysis is obtained using an Olympus Vanta
hand-held x-ray fluorescence ("pXRF") device. Analyses are repeated
on 1 per 20 samples, and standards analyzed to check and compare
against pXRF results. Additionally, closer-spaced infill samples
over the Providencia area were also sent to the ALS laboratory in
Seville for higher resolution
multi-element analysis. The pXRF copper values shows excellent
(99%) correlation with laboratory copper assays.
Soil samples delivered to the ALS sample preparation facility in
Seville were prepared and assayed
at the ALS facility in Ireland.
All samples were weighed and screened to 180 microns. All samples
were analyzed by super trace low detection Aqua Regia digest with
ICP-MS finish (ME-MS41L). Over-grade samples were analyzed using
Aqua Regia digest, ICP-AES finish (ME-OG46). Certified reference
materials were inserted at a 1/25 samples. The rock sample results
from outcrop, float and dumps are selective by nature, and may not
be representative of average grades for the mineralization.
www.panglobalresources.com
Forward-looking statements
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 media 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 media release
is based on information available to the Company as of the date of
this media 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.
