Pan Global Resources posts Honda and Zarcita drill results, Spain

Pan Global Resources Inc. [PGZ-TSXV; PGZFF-OTCQX] reported positive results for its follow-up drilling at the Cañada Honda and Zarcita targets at the 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain.

Both targets are located 4km north of the La Romana copper-tin-silver discovery where ongoing drilling is extending mineralization at Romana West. Three follow-up drill holes have been completed at the Cañada Honda copper-gold target and an additional 13 drill holes have been completed at the Zarcita copper target.

“The follow-up drilling at Cañada Honda confirms copper-gold mineralization coincident with a gravity anomaly, and extends the copper-gold mineralization from surface to 600m down-dip where it remains wide open. The new results highlight additional gold potential in the hanging wall. The drilling is at the eastern end of a 2km long east-west gravity target, indicating potential for the mineralization to significantly expand, making this a compelling, high priority target for additional drilling,” said Tim Moody, president & CEO.

Currently, drilling at Escacena is focused along the highly prospective western extension (Romana West) of the La Romana copper-tin-silver discovery. In addition to the 12 geophysical targets that are being sequentially prioritized for drill testing, exploration on the 5,760-hectare Escacena Project continues to identify new drill targets. Initial assay results from the first set of drill holes at Romana West are expected soon.

Cañada Honda Highlights – New drill hole results include drill hole CHD05 that returned 20 metres at 0.5% copper, 0.8 g/t gold, 1.9 g/t silver, including 5.1 metres at 1.3% copper, 0.5 g/t gold, 3.9 g/t silver (reported July 4, 2023); and new results including 2 metres at 1.6 g/t gold.

CHD06 returned 7 metres at 0.6% Cu, 0.8 g/t Au, 6.5 g/t Ag, including 3 metres at 1.1 g/t Au, 5.5 g/t Ag. CHD07 returned 5 metres at 1.1 g/t Au, 0.2% Cu, 2.3 g/t Ag.

Surface rock samples ranged  up to 9g/t gold. There are new untested DHEM conductor anomalies

The follow-up drill program included holes CHD05, CHD06 and CHD07. Drill hole CHD05, testing 150 metres down-dip from previous drill hole CHD04 and approximately 330 metres down-dip from a historical mine tunnel, confirmed copper-gold mineralization coincident with the targeted gravity anomaly. CHD06, located 100m east of CHD05, intersected copper-gold mineralization coincident with a DHEM target. Hole CHD07 tested a resistivity low anomaly 190 metres down-dip from CHD05. Each of the drill holes also intersected additional gold mineralization in the hanging wall.

DHEM in holes CHD06 and CHD07 confirmed new off-hole conductor anomalies for future drilling to test the potential for stronger sulphide mineralization.

Anomalous gold assays from 28 rock grab samples at Cañada Honda indicate a gold anomaly extending 200 metres west of the historical mine tunnel and up-dip from the recent drilling, with several samples reporting >0.1 g/t Au up to 9.0 g/t Au.

“The recent exploration drilling and mapping at Zarcita has highlighted a 2.1km long trend with anomalous copper, lead, zinc, gold and silver. The highest potential remains centered on the historical Zarcita mine workings where drilling has intersected narrow intervals of higher-grade copper within a wider zone of stockwork and alteration. While untested down-hole electromagnetic (DHEM) conductors, gravity and IP anomalies define prospective targets for future campaigns at Zarcita, the Romana West and Cañada Honda targets are key near-term priorities,” said Tim Moody, president & CEO.

New Zarcita drill hole results include drill hole ZAD05 that intersected copper mineralization from surface, including 14.45 metres at 0.2% copper before entering a 10.5-metre assumed historical mine cavity. ZAD06 returned 5.5 metres at 0.7% Cu from 106.2 metres, including 1.85 metres at 1.6% Cu, 0.15 g/t Au, 2.4 g/t Ag.

The most promising results are from a 600-metre section of the 2.1km trend, coincident with the Zarcita mine workings. This includes thin bands of semi-massive and massive sulphide intervals within a wider zone of stockwork veining and chlorite-sericite alteration. DHEM in holes ZAD01 and ZAD05 identified untested off-hole and below-hole anomalies, representing potential nearby stronger sulphide mineralization.

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, Romana West, Cañada Honda, Bravo, Barbacena, El Pozo, Zarcita, Hornitos, La Jarosa, Romana Deep, Romana North, and San Pablo.