Pan Global Resources intersects 20 metres of 0.5% copper, 0.3 g/t gold at Escacena, Spain
Pan Global Resources Inc. [PGZ-TSXV; PGZFF-OTCQB] reported positive results for the first of three follow-up drill holes at the Canada Honda target at the 100%-owned Escacena project in the Iberian pyrite belt, southern Spain.
“Higher-grade copper mineralization continues to be delineated at the Canada Honda target. Hole CHD05 reported today was a large step-out along a two-kilometer-long gravity anomaly and intercepted a wide zone of copper-gold mineralization 150m down-dip. It is particularly encouraging to see an increase in thickness of the copper-gold mineralization down-dip coincident with a gravity target. This indicates good potential for additional mineralization associated with the gravity anomaly,” said Tim Moody, President and CEO.
“Follow-up drill hole CHD06, more than 100 metres to the east of hole CHD05, has intersected visible copper mineralization coincident with a downhole EM (DHEM) conductor anomaly, confirming that mineralization at Canada Honda is open in all directions, he added.”
Canada Honda, one of more than 14 gravity anomalies in the Escacena Project, is a high-priority target following drill results reported on June 1, 2023 that show gold and copper mineralization increasing down-dip on the edge of a 2km long east-west gravity and DHEM anomaly. Drill hole CHD05, the first of a three-hole follow-up drill program, targeted the gravity anomaly 150m down-dip from previous drill hole CHD04, and approximately 330 metres down-dip from a historic mine tunnel. Results are pending for hole CHD06 located 100 metres east of CHD05, targeting a large DHEM anomaly. Hole CHD07 is in-progress targeting a resistivity-low anomaly 100m down-dip from CHD05. The Canada Honda target is approximately 3.5 km north of Pan Global’s La Romana copper-tin-silver discovery at the Escacena Project.
Highlights: Hole CHD05 confirms that copper-gold mineralization continues with increasing thickness 150 metres down-dip from hole CHD04, and remains wide open. Results for CHD05 include 20 metres at 0.5% Cu, 0.3 g/t Au, and 1.9 g/t Ag from 287 metres down-hole, including 5.1 metres at 1.3% Cu, 0.5g/t Au, and 3.9 g/t Ag; 0.5 metres at 10.3% Cu, 1.4 g/t Au and 29 g/t Ag. Assays are pending for the upper part of the drill hole.
Hole CHD06 shows visible copper mineralization coincident with the DHEM target approximately 100 metres east of hole CHD05.
Pan Global Resources is 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 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.