((NEWS)) PGZ Starts Drilling Program At Aguilas Project
Pan Global starts exploration drill program at Aguilas
2018-09-13 15:12 ET - News Release
Mr. Tim Moody reports
PAN GLOBAL ANNOUNCES THE COMMENCEMENT OF DRILLING AT THE AGUILAS PROJECT AND PROVIDES GENERAL EXPLORATION UPDATE
Pan Global Resources Inc. has started the first exploration drill program at its Aguilas project in Spain. The planned program includes approximately 15 to 23 drill holes ranging from 100 to 230 metres depth for a total of 3,000 to 4,000 metres. Drill pads are currently being prepared and a drill rig is mobilizing to site with drilling set to commence next week.
Approximately 50 per cent of the planned drilling will test targets on the Torrubia copper trend and 50 per cent will test targets along a six-kilometre segment of the Zumajo lead-zinc-silver trend extending from the historical San Juan mine to the San Cayetano mine workings. This program includes drill holes testing for iron-oxide-copper-gold-style mineralization and geophysics anomalies beneath the highest soil Cu geochemistry at the Torrubia and Cerro Aguilas targets. On the Zumajo trend, the program includes drill holes beneath the peak Pb-Zn-Ag soil geochemistry, testing extensions of the Pb-Ag mineralization beneath the main mine workings from San Juan to San Cayetano, and testing several induced polarization resistivity/chargeability and/or electromagnetic anomalies along the structure.
As previously reported, exploration to date at the Aguilas project has identified several large Cu (Co, Ag, Au) targets on the northeast-southwest Torrubia trend and several large Pb, Zn, Ag targets associated with a series of historical Pb-Ag mines on the 20-kilometre-long, NW-SE oriented Zumajo trend. Geophysical surveying conducted earlier this year confirmed a combination of IP chargeability and resistivity anomalies coincident with geochemistry anomalies on the Torrubia and Zumajo trend. None of the targets have been previously drill tested.
The company has identified several new large linear structures parallel to the Torrubia and Zumajo trends with potential for similar styles of Cu and Pb-Zn-Ag mineralization. Soil sampling is in progress on the recently identified Hierba Buena structure located two km to the east of the Torrubia trend. Results received for 225 soil samples collected to date on the Hierba Buena target highlight a 1.2 km by 0.2 km copper anomaly with soil values up to 286 parts per million Cu (background under 10 ppm Cu) and rock grab sample values up to 1.57 per cent Cu, 749 ppm Co and 5.3 grams per tonne Ag. The Hierba Buena structure appears to extend an additional eight km.
The company completed the second option payment of $150,000 and the granting of 2.5 million shares due on Sept. 7 as part of the purchase option agreement for acquisition of the shares in Spanish company Minera Aguilas SLU (MASL). The company already owns 70 per cent of MASL, which owns the mineral rights over the Aguilas project.
Tim Moody, president and chief executive officer, commented: "The company is looking forward to commencing the first drilling on targets in the Aguilas project. There has been no previous drilling on the Torrubia Cu trend and no previous drilling beneath the main underground mines and small pits on the Zumajo Pb-Zn-Ag trend. The drill holes will provide a much better understanding of the geology, structure and nature of the mineralization for future drilling. The recent exploration results on the Hierba Buena structure and identification of several other large structures also underlines the broader exploration potential in the project area."
Qualified Person
Robert Baxter (FAusIMM), a director of Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Baxter is not independent of the company.
About Pan Global Resources Inc.
Pan Global Resources is actively engaged in base and precious metal exploration in Spain, and is pursuing opportunities from exploration through to mine development. The company is committed to operating safely, and with respect to the communities and environment where it operates.
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