Pan Global drills 1.22 g/t gold over 6.5 metres and 14 metres copper at Cañada Honda discovery, Spain
Pan Global Resources Inc. [TSXV-PGZ; OTCQX-PGZFF; FSE-2EU] reported results for three additional holes from the ongoing drill program at the Cañada Honda copper-gold (Cu-Au) discovery, at the 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain.
The drillholes are part of an 11-hole step-out drill program at Cañada Honda that started in November, with eight completed and three additional drillholes planned. Cañada Honda is located 3.5km north of Pan Global’s La Romana copper-tin-silver deposit, where delineation drilling continues.
“These latest drill results testing the northern edge of the gravity target at Cañada Honda have successfully confirmed the down-dip continuation of the copper and gold mineralization and expanded the surface extent to more than 450m x 450m. All the drilling to date is at the eastern end of a very large, mostly untested, 3km east-west, coincident gravity and heliborne electro-magnetic (HEM) target. The scale of the geophysics targets, combined with drillhole confirmation that mineralization is associated with the anomaly, suggests Cañada Honda mineralization may be extensive. Next planned drillholes are aiming to test for higher grades and expand the mineralization to the west,” said Tim Moody, president and CEO.
Drill highlights – Drillhole CHD14: 1m at 0.17% Cu, 6.52g/t Au, 5.8g/t Ag from 290m, and 6.5m at 1.22g/t Au, 1.4g/t Ag from 315.5m, and 14m at 0.46% Cu, 0.16g/t Au, 5.2g/t Ag from 355m.
Drillhole CHD16: 13m at 0.62g/t Au from 239m, including 1m at 0.65% Cu, 1.92g/t Au, 2.7g/t Ag, 1m at 5.53g/t Au, 1.1g/t Ag from 322m, 15m at 0.23% Cu, 0.51g/t Au, 1.1g/t Ag from 340m, including 1m at 0.14% Cu, 3.55g/t Au, 5.4g/t Ag.
The three new holes were drilled along the northern margin of the gravity target, confirming continuation of the mineralization down-dip to the north, including multiple gold intersections. Copper grades appear to be decreasing down-dip and away from the gravity anomaly. Downhole electromagnetic (DHEM) surveys completed in all three drillholes indicates potential stronger sulphide mineralization up-dip and coincident with the modelled gravity target, consistent with higher copper-gold grades in the previous drilling. The next three planned drillholes will test for higher-grade extensions of the mineralization to the west following vectors from the drill results and geophysics.
Additional drill results will be reported as soon as available from the ongoing drilling, including the La Romana deposit where 183 holes have been drilled to date. In the coming weeks, the company also anticipates commencing exploration at the large Bravo gravity target east of La Romana.
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 the operating mine at Rio Tinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera Los Frailes/Grupo México is in the final permitting stage with construction anticipated to start in 2024.
The Escacena Project hosts Pan Global’s La Romana copper-tin-silver and Cañada Honda copper-gold discoveries and a number of other prospective targets, including, Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa, Romana Deep, and Cortijo.
Pan Global’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 jurisdiction for mining investment. The company is a member, and operates under the principles of, the United Nations Global Compact.