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 Ca├▒ada 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 Ca├▒ada Honda copper-gold target and an additional 13 drill holes have been completed at the Zarcita copper target.

“The follow-up drilling at Ca├▒ada 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.

Ca├▒ada 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 Ca├▒ada 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 Ca├▒ada 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 Aznalc├│llar 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, Ca├▒ada Honda, Bravo, Barbacena, El Pozo, Zarcita, Hornitos, La Jarosa, Romana Deep, Romana North, and San Pablo.