Pan Global Resources Inc. [PGZ-TSXV; PGNRF-OTC] reported positive results for the first three step-out drill holes (LRD03, LRD04 and LRD05) at the La Romana target in the Escacena Project. The Escacena Project is located approximately 5 km west of the former Aznalcollar open pit and 12 km west of the Las Cruces high-grade copper mine in the Iberian Pyrite Belt, southern Spain.
Assay results for additional step-out drill holes LRD06, LRD7 and LRD8 are pending and will be reported as soon as they become available. Preliminary downhole electromagnetic (EM) results have also been received.
Tim Moody, Pan Global President and CEO stated: “The new step-out drill results at La Romana show continuity to the copper mineralization and confirm the mineralization extends to within 5 metres from surface. The discovery of near surface high-grade copper in close proximity to several other mines is significant. New down-hole EM surveys have also expanded the size of the conductor anomaly coincident with the high copper zone and is open in most directions.”
Moody added: “A separate conductor plate detected last year beneath hole LRD01 has also been extended and is a high priority drill target.”
Selected highlights: drill hole LRD-03 intersected 21.3m at 1.03% Cu Eq (0.73% Cu, 0.055 % Sn, 4.1 g/t Ag) from 47.3m, including 6.6m @ 2.05% Cu eq (>1% Cu) combined thickness; LRD-04 intersected 20m at 0.77% Cu eq (0.57% Cu, 0.039% Sn, 2.3 g/t Ag) from 59m, including 9m at 1.47% Cu eq (1.13% Cu, 0.073% Sn, 4.4 g/t Ag) from 59m, including 5m at 2.23% Cu eq (1.75% Cu, 0.102% Sn, 6.6 g/t Ag) from 63m; LRD-05 intersected 29.5m at 1.29% Cu eq (0.92% Cu, 0.08% Sn, 4.7 g/t Ag) from 7.5m, including 21m at 1.55% Cu eq (1.19% Cu, 0.069% Sn, 5.8g/t Ag) from 16m, including 11m at 2.60% Cu eq (>1% Cu or 0.5% Sn) combined thickness.
The step-out drill holes show the copper mineralization remains open and continues in all directions, up-dip, down-dip and along strike East and West from previous drill hole LRD02 (20.55m @ 1.5% Cu eq, including 7m @ 3.43% Cu eq).
New downhole EM results have expanded the size of the conductor plate anomalies and indicates at least two separate La Romana sulphide bodies at different horizons.
Pan Global recently completed six drill holes (LRD-03 to LRD-08) for a total of approx. 890 metres targeting extensions of the volcanogenic massive sulphide (VMS) associated mineralization intersected last year in hole LRD-02 at the La Romana target.
Each of the drill holes intersected similar style copper mineralization at shallow depths, including stockwork, semi-massive and locally massive style chalcopyrite-pyrite, with locally appreciable levels of tin and silver, and elevated zinc, lead, cobalt and gold associated with strong chlorite alteration.
Moody concluded: “The newly reported drill results show the copper mineralization extends from hole LRD-02 coincident with an EM conductor and gravity anomaly, indicating excellent potential to significantly expand the area of copper mineralization. The deeper conductor to the East of the gravity anomaly beneath hole LRD-01 represents a separate high priority target. The La Romana target has an overall strike length of approximately 2 kilometres.”
Results for drill holes LRD-06, LRD-07 and LRD-08 will be reported separately once assay results are received.