Vancouver, British Columbia--(Newsfile Corp. - March 2, 2020) - Pan Global Resources Inc. (TSXV: PGZ) (OTC: PGNRF) (the "Company") is pleased to report it has intersected copper mineralization in the first step out drill holes at the La Romana copper target in the Escacena Project, Iberian Pyrite Belt, southern Spain. Assay results are awaited.
Tim Moody, President and CEO of Pan Global Resources commented, "We are very encouraged to report visual indications of copper mineralization over wide intervals in the new drill holes at La Romana. Whilst we are awaiting assay results, the exploration continues to show potential for a significant new copper deposit near to surface. On the strength of the results of the new drilling, additional drill holes are being planned."
The company has completed two new drill holes (LRD03 and LRD04) and a third hole (LRD05) is in progress. All three holes have intersected semi-massive to massive sulphide and stringer style sulphides, including visible copper mineralization (chalcopyrite) to more than 20 meters thickness. See figure 1.
The drill holes are part of a five-hole program aimed at testing along strike, up and down dip from the Company's drill hole LRD02 completed in late 2019, which intersected 20.55m at 1.5% Cu equivalent from 37m, including 7 meters at 3.43% Cu equivalent.
Holes LRD03 and LRD04 stepped approximately 50 meters West and East, respectively, from hole LRD02. Hole LRD05 is testing approximately 25 meters up-dip from hole LRD02. All three holes also further test a 300 x 200 meter down hole electromagnetic (DHEM) conductor anomaly detected from hole LRD02. The next drill hole will test down dip from hole LRD 02.
The new drill holes confirm that copper mineralization similar to hole LRD02 continues along strike East and West, and up-dip. Fresh sulphide (chalcopyrite) is present to within 12.5 meters from surface in LRD05 with indications the copper mineralization continues almost to surface beneath a thin post-mineral cover. A deeper pyrite-dominant sulphide zone is also present in each drill hole, including intervals of banded massive sulphide.
Down hole EM completed in holes LRD03 and LRD04, shows conductor anomalies in each hole indicating potential massive sulphide along strike and down dip, with the conductor increasing in intensity to the West and open along-strike and down-dip.
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.
Figure 1 - Drill core showing semi-massive and stringer style chalcopyrite in recent holes; (A) LRD03, (B) LRD04 and (C) LRD05.
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About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in Spain, and is pursuing opportunities from exploration through to mine development. The company has committed to operating safely and with respect to the communities and environment where we operate.
On behalf of the Board of Directors
www.panglobalresources.com.
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Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
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