Vancouver, British Columbia--(Newsfile Corp. - March 11, 2020) - Pan Global Resources Inc. (TSXV: PGZ) (OTC: PGNRF) (the "Company") is pleased to report two more drill holes will be added to the step out drill program now in progress at the La Romana copper target in the Escacena Project, Iberian Pyrite Belt, southern Spain. A detailed infill gravity survey has also commenced to better delineate the target.
Tim Moody, President and CEO of Pan Global Resources, commented, "With copper mineralization in each step out drill hole completed so-far, we are excited to add two more drill holes to further extend the mineralization."
The company has completed four diamond drill holes (LRD03, LRD04, LRD05 and LRD06) in the first step-out program at the La Romana target. These holes test along strike, up and down dip from hole LRD-02 which intersected 20.55 meters at 1.5% Cu equivalent from 37 meters, including 7 meters at 3.43% Cu equivalent. Copper mineralization has been intersected in all of the drill holes, including semi-massive to massive sulphide and stringer style sulphides. Assay results for the first three new holes are expected before the end of March with the remainder to follow. Hole locations are shown in Figure 1.
Holes LRD03 and LRD04 stepped approximately 50 meters West and East, respectively, from hole LRD02. Hole LRD05 tested approximately 25 meters up-dip and hole LRD06 approximately 50 down-dip, from LRD02.
The new drill holes indicate the copper mineralization in hole LRD02 continues along strike East and West, down-dip and up-dip to within 12.5 meters from surface, and remains open all directions. A deeper pyrite-dominant sulphide zone has also been intersected up to several tens of meters thick, including intervals of banded or stratiform massive sulphide and local stringer style chalcopyrite.
Two more drill holes will be added to the program to test for further extensions of the copper mineralization. Hole LRD07 will step approximately 100 meters West from hole LRD02, where down-hole electromagnetics (DHEM) shows a conductor coincident with the copper mineralization in LRD02 is increasing in this direction. Hole LRD08 will test approximately 200m East from LRD02 and also aim to intersect the upper southwestern corner of an off-hole DHEM conductor below hole LRD01 (ended in 0.59% Cu eq).
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 - La Romana target area and diamond drill hole collar locations
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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.
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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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