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Pan Global Reports Additional Drilling Success at La Romana Target, Escacena Project, Spain

V.PGZ
  • 26.9m at 0.5% Cu, 0.13% Sn, including 1.6m at 1.6% Cu, 0.08% Sn and 1.3m at 1.0% Cu, 0.53% Sn in LRD120
  • 10.1m at 0.8% Cu, 0.18% Sn, 3.1g/t Ag, including 0.3m at 17.3% Cu, 0.56% Sn, 59.3g/t Ag in LRD125
  • Follow-up drilling underway and plans include testing 6 new targets

Vancouver, British Columbia--(Newsfile Corp. - August 9, 2022) - Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) ("Pan Global" or the "Company") is pleased to announce new drill results at the Company's 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain. Reported results comprise eleven drill holes at the La Romana target and two drill holes on geophysics targets at La Romana North.

Tim Moody, Pan Global President and CEO states: "The latest results add to the down-dip extent of the main copper and tin zone with hole LRD120 intercepting approximately 27m thickness with grades of 0.5% Cu and 0.13% Sn within a 40m wide copper mineralized interval, and 10.1m at 0.8% Cu and 0.18% Sn in hole LRD125. The results include narrow intervals with some exceptionally high grades, including 17.3% Cu, 0.56% Sn and 59.3g/t Ag over 0.25m. The new drill results continue to show potential for the near surface high grade mineralization to continue west for several hundred meters in the direction of the historic La Romana mine workings. Drilling has also successfully defined the southern margin of the La Romana mineralization and shows supergene copper mineralization extending over the footwall to the main copper zone. Assay results are pending for an additional fourteen drill holes from La Romana."

Mr. Moody added: "Extensive exploration over the entire Escacena project area, including gravity, IP and surface geochemistry surveys, together with results of the recent heliborne electromagnetic survey, is highlighting multiple new high priority targets. The current plan includes testing at least six new targets in 2022."

La Romana Highlights include:

  • 26.9m at 0.5% Cu, 0.13% Sn, 2.6g/t Ag from 98.6m in LRD120, including
    • 0.3m at 1.5% Cu, 1.8% Sn, 11.5g/t Ag
    • 1.6m at 1.7% Cu, 0.08% Sn, 6.8g/t Ag
    • 1.3m at 1.0% Cu. 0.53% Sn, 8.7g/t Ag
  • 10.1m at 0.8% Cu, 0.18% Sn, 3.1g/t Ag from 105m in LRD125, including
    • 0.25m at 17.3% Cu, 0.56% Sn, 59.3g/t Ag
  • Multiple narrow high-grade intervals in LRD118, including
    • 1.35m at 1.7% Cu, 11.3g/t Ag, 0.2g/t Au, from 37.55m
    • 0.3m at 16.9% Cu, 0.03% Sn, 78.6g/t Ag, 0.17g/t Au from 52.7m
    • 0.3m at 2.6% Cu, 9.2g/t Ag from 69.2m
    • 0.75m at 4.4% Cu, 21g/t Ag from 95.15m
    • 0.2m at 2.2% Cu, 30.8g/t Ag, 1,13% Pb, 1.44% Zn from 112.5m

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5190/133193_81ecd477f4e088b8_001.jpg

Figure 1 - La Romana drill hole locations with selected results and newly reported drill holes highlighted.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5190/133193_81ecd477f4e088b8_001full.jpg

La Romana drill results

The latest results are from thirteen drill holes at the La Romana discovery. Drill holes LRD111, 118, 120, 121, 122, 125 and 126 tested down-dip extensions. Drill holes LRD116, 117, 119 and 124 tested the southern margins of the mineralization. Drill holes LRD97 and 108 tested Induced Polarity (IP) chargeability anomalies north of La Romana.

Drill hole locations are shown in Figure 1 above and summary cross sections with holes LRD120 and LRD125 are provided in Figure 2.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5190/133193_81ecd477f4e088b8_002.jpg

Figure 2 - Summary cross sections for new drill holes LRD120 (Section 736335 E) and LRD125 (Section 736135 E) with selected results highlighted in yellow.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5190/133193_81ecd477f4e088b8_002full.jpg

Assay results are summarized in Table 1 below and drill collar information is provided in Table 2. The drill holes were all inclined towards the south or southwest and all reported drill intervals approximate true thickness.

Table 1 - Escacena Project, La Romana drill results summary

Hole Fr To Int Cu Sn Ag Co Au Pb Zn



m % ppm g/t ppm g/t ppm ppm
LRD97 190.5 191.2 0.7 0.47 23 0.9 53 0.006 14 119

201.8 202.5 0.7 0.8 20 1.7 37 0.012 9 160

215.5 217.1 1.6 0.42 48 1 57 0.005 9 150

227 227.3 0.3 1.55 118 2.6 127 0.006 26 336

235.8 236.6 0.8 0.42 23 1.3 49 0.017 23 113











LRD108 No significant results











LRD111 63.15 63.55 0.4 0.38 28 14.4 85 0.065 2080 1575

80.85 81.85 1 0.61 63 3 62 0.021 128 520

157 158 1 0.32 27 0.5 67 0.002 7 83

163 169 6 0.33 54 0.9 56 0.007 34 99

203.65 204.1 0.45 1.22 510 2 69 0.017 11 100











LRD116 30.0 51.1 21.1 0.20 352 1.3 83 0.01 74 198

30 36 6 0.21 303 1.4 68 <0.01 136 177

42 43 1 0.52 228 0.6 65 0.01 29 304

46.6 51.05 4.45 0.37 494 2.8 132 0.02 113 247
incl. 46.6 47.8 1.2 0.6 1037 5.2 184 0.02 301 335

53.4 54.65 1.25 0.38 189 2.8 126 0.03 161 212

64.95 65.25 0.3 0.67 364 5 142 0.05 346 210

73.8 75.1 1.3 0.64 296 16.7 170 0.11 3670 527











LRD117 34.65 48 13.35 0.33 42 1.1 30 0.01 86 543
incl. 37.35 39.3 1.95 0.91 65 2.1 71 0.03 307 673
incl. 38 38.2 0.2 2.14 59 9.1 339 0.22 426 239
incl. 41 45 4 0.34 42 0.8 24 <0.01 35 667

106.25 106.55 0.3 7.98 133 14.4 189 0.1 456 2150











LRD118 37.55 38.9 1.35 1.67 52 11.3 492 0.2 482 973

52.7 53 0.3 16.9 319 78.6 881 0.17 765 4670

69.2 69.5 0.3 2.62 68 9.2 195 0.03 144 941

95.15 95.9 0.75 4.35 141 21 304 0.1 2620 3730

112.5 112.7 0.2 2.21 116 30.8 199 0.07 11300 14400











LRD119 28 31 3 0.37 100 1 34 <0.01 94 189
incl. 30 31 1 0.61 90 1.5 23 0.01 227 190

51 52 1 0.37 1585 5.7 159 0.03 568 270











LRD120 77.5 77.7 0.2 0.85 619 11.1 140 0.07 3990 5410

86.35 125.5 39.15 0.39 964 2.3 66 0.01 219 536
incl. 86.35 87.65 1.3 0.73 1345 6.5 104 0.02 445 1574

98.6 125.5 26.9 0.49 1251 2.6 73 0.02 219 534
incl. 98.6 107.5 8.9 0.74 2082 3.6 78 0.04 125 380
incl. 98.6 98.85 0.25 1.48 18000 11.5 85 0.04 2360 3650
incl. 105.1 106.65 1.55 1.67 815 6.8 117 0.01 74 413
incl. 121 122 1 0.52 1885 2.5 105 0.02 285 1220
incl. 124.2 125.5 1.3 1.04 5260 8.7 93 0.04 1555 3350











LRD121 60.35 60.55 0.2 2.38 86 11.2 89 0.06 269 755

136.4 153.6 17.2 0.32 55 0.9 53 <0.01 106 232
incl. 153.1 153.6 0.5 4.9 377 15.6 235 0.04 2960 4480

187.55 191.1 3.55 0.37 463 0.5 74 0.01 5 85

217.95 218.2 0.25 1.09 7830 1.7 94 0.05 26 104











LRD122 38.2 46 7.8 0.21 53 3.2 20 0.02 396 282

51.4 52.05 0.65 0.62 45 4 64 0.01 121 656

120.95 121.1 0.15 1.79 96 5.8 87 0.01 23 119

146.75 148 1.25 1.09 69 2.4 78 0.01 59 135

208 210 2 <0.01 6510 0.7 81 0.06 76 39











LRD124 20.5 21.5 1 0.23 43 0.3 45 0.01 72 117

43 44.7 1.7 0.37 3154 0.9 58 0.03 8 46

108.75 110 1.25 0.74 60 0.7 32 <0.01 4 78











LRD125 73 74 1 0.61 3290 2.2 61 0.01 19 89

91 94 3 0.48 93 2.1 53 0.01 34 95

96 97 1 0.3 34 0.8 47 0.01 17 307

101 103 2 0.3 152 0.9 57 0 10 72

105 115.1 10.1 0.78 1846 3.1 99 0.01 14 139
incl. 114.85 115.1 0.25 17.3 5560 59.3 497 0.1 48 740











LRD126 109.2 109.75 0.55 0.63 557 4.2 56 0.03 57 445

126.3 127.7 1.4 0.34 462 3.8 69 0.02 718 641

129.7 130.75 1.05 0.34 2270 2.2 50 0.02 92 402

134.9 136.1 1.2 0.32 1560 2.6 88 0.01 262 458

138.6 141.55 2.95 0.42 1415 2.9 104 0.02 66 137

142.85 143.7 0.85 0.4 1010 2.3 59 <0.01 76 344

245.45 245.65 0.2 0.52 2210 1.5 629 0.14 80 82

Table 2 Escacena Project, La Romana drill hole collar information (Total 1659.7m)

Hole ID Easting1 Northing1 Azimuth (º) Dip (º) Depth (m)
LRD097 735979 4153522 180 -70 307.7
LRD108 736571 4153295 180 -60 264.05
LRD111 736021 4152900 220 -55 259.8
LRD116 736785 4152587 180 -55 104.3
LRD117 736934 4152566 180 -55 114.9
LRD118 736939 4152618 360 -85 138.4
LRD119 736434 4152602 180 -55 85.95
LRD120 736312 4152755 180 -55 199.8
LRD121 736036 4152862 180 -55 223.3
LRD122 736036 4152863 220 -55 217.85
LRD124 736134 4152639 180 -55 125.2
LRD125 736134 4152764 180 -55 182.15
LRD126 736233 4152794 180 -55 248.2

1Coordinates are in ERTS89 datum UTM29N

The results add near-surface copper and tin mineralization down-dip in the north of the La Romana target area and help to delineate the southern boundary of the mineralized area where near surface supergene copper mineralization has been confirmed extending south from the main copper zone to the footwall. The latest drill results continue to show that the copper and tin mineralization remains open to the west in the direction of the historic La Romana mine workings and down-dip to the north.

Primary mineralization is characterized by stockwork veins, semi-massive sulphides and bands of massive sulphide, with chalcopyrite and secondary chalcocite as the main copper minerals and cassiterite as the only observed tin mineral. The copper mineralization is also associated with elevated levels of silver, as well as locally elevated cobalt and gold. A metal zonation is also apparent, progressing from copper and tin in the west to copper and zinc in the east.

Drill hole LRD120 is located approx. 50m down-dip from hole LRD07 and fills a gap in the drilling between holes LRD18 and LRD43. The hole intersected a broad zone of visible chalcopyrite and cassiterite mineralization from approximately 86m down-hole depth and shows tin assay values up to 1.8% Sn. Best results include:

  • 39.15m at 0.4% Cu, 0.10% Sn, 2.3g/t Ag from 86.35m, including
    • 1.3m at 0.7% Cu, 0.13% Sn, 6.5g/t Ag and
    • 26.9m at 0.5% Cu, 0.13% Sn, 2.6g/t Ag, includes
      • 0.3m at 1.5% Cu, 1.8% Sn, 11.5g/t Ag
      • 1.6m at 1.7% Cu, 0.08% Sn, 6.8g/t Ag
      • 1.3m at 1.0% Cu, 0.53% Sn, 8.7g/t Ag

Drill hole LRD125 extends the copper-tin mineralisation approximately 50m down-dip to the north of hole LRD96 and intersected a 26m wide zone of visible copper mineralization from approximately 89m down-hole. This includes a 0.25m thick interval with exceptionally high-grade copper and tin. Best results include:

  • 10.1m at 0.8% Cu, 0.18% Sn, 3.1g/t Agfrom 105m, including
    • 0.25m at 17.3% Cu, 0.56% Sn, 59.3g/t Ag

Drill hole LRD118 tested a 100m gap between drill holes LRD114 and 29, and intersected several close-spaced, high-grade copper intervals with plus 1% Cu between 37.55m and 112.70m down-hole depth. This includes mainly chalcopyrite and lesser secondary chalcocite, and sphalerite and galena in the lower-most interval. The hole confirmed that high copper grades continue down-dip from LRD114, which returned 6.7m at 3.1% Cu and 17.5g/t Ag (PGZ News Release, April 5, 2022). Results include:

  • 1.35m at 1.7% Cu, 11.3g/t Ag, 0.2g/t Au from 37.55m
  • 0.3m at 16.9% Cu, 0.03% Sn, 78.6g/t Ag, 0.17g/t Aufrom 52.7m
  • 0.3m at 2.6% Cu, 9.2g/t Ag from 69.2m
  • 0.75m at 4.4% Cu, 21g/t Ag from 95.15m
  • 0.2m at 2.2% Cu, 30.8g/t Ag, 1,13% Pb, 1.44% Zn from 112.5m

Drill holes LRD111, 121, 122 and 126 at the northern limits in the west of the main target area intersected multiple thin copper-tin intervals. The results indicate decreasing mineralization down-dip towards the northwest and show grade and thickness increasing up-dip. The mineralization remains open in the direction of the historic La Romana mine workings located approximately 300m to the west.

Drill holes LRD117, 116, 119 and 124, from east to west along the southern limits of the mineralized area, intersected copper mineralization immediately beneath 20 to 30m of cover sediments. Results show that the shallow supergene chalcocite mineralization present locally over the main copper zone also extends over the footwall. Selected results include 13.35m @ 0.33% Cu, 1.1 g/t Ag from 34.65m in LRD117, 21.05m @ 0.2% Cu and 1.3 g/t Ag from 30m in LRD 116 and 0.3m @ 8% Cu and 14.4 g/t Ag from 106.25m down-hole in LRD117.

Drill hole LRD97 was drilled 750m to the north of the main La Romana target testing an IP chargeability anomaly. The hole intersected approximately 40m of anomalous copper from 190m down-hole associated with chlorite altered and silicified dacitic volcanics, including several intervals 0.3 to 1.6m thick with grades from 0.4 to 1.5% Cu. The sequence of altered volcanics with copper mineralization indicates further exploration potential and potentially a separate hydrothermal event in the hanging wall to the La Romana mineralization.

Drill hole LRD108 was drilled 450m north of the La Romana deposit testing an IP chargeability anomaly. The hole intersected a similar package of alternating shales and dacitic volcanics as in LRD97 with less intense alteration and no significant copper mineralization. However, the hole is weakly anomalous (5 to 10 times background) in lead and zinc over an approx. 70m-wide interval from 160m down-hole with up to 0.4% Pb + Zn, indicating the outer halo to a potentially large hydrothermal system.

Assay results are pending for an additional fourteen completed drill holes at La Romana. A total of 139 drill holes have now been completed at the La Romana discovery and drilling is ongoing.

Exploration is in progress to refine drill targets over several large gravity anomalies immediately south of La Jarosa at Pilar, Pilar South and Bravo Norte. Interpretation of the recent heliborne EM survey is continuing and confirms a conductor anomaly coincident with the La Romana copper mineralization and shows multiple new untested conductor targets. Current plans include up to sixty additional drill holes and testing of six new targets, which is a focus for the remainder of 2022.

QA/QC
Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was 1m core length and ranged from 0.4 to 2m. Sample intervals were defined using geological contacts with the start and end of each sample physically marked on the core. Diamond blade core cutting and sampling was supervised at all times by Company staff. Duplicate samples of ¼ core were taken approximately every 30 samples and Certified Reference materials inserted every 25 samples in each batch.

Samples were delivered to ALS laboratory in Seville, Spain and assayed at the ALS laboratory in Ireland. All samples were crushed and split (method CRU-31, SPL22Y), and pulverized using (method PUL-31). Gold analysis was by 50gm Fire assay with ICP finish (method Au-ICP22) and multi element analysis was undertaken using a 4-acid digest with ICP AES finish (method ME-ICP61). Tin was analysed in selected intervals using Lithium borate fusion and ICP MS finish (method ME-MS81). Over grade base metal results were assayed using a 4-acid digest ICP AES (method OG-62). Over grade tin was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

About the Escacena Project
The Escacena Project includes a large, plus 5,760-hectare land package controlled 100% by Pan Global in the east of the Iberian Pyrite Belt. The project is located near operating mines at Las Cruces and Rio Tinto, and is immediately adjacent to the former Aznalcollar and Los Frailes mines where Grupo Mexico is in the permitting stage to restart mining. The Escacena Project hosts the La Romana discovery and a number of other prospective targets, including La Jarosa, Hornitos, Zarcita, Pilar, Bravo and Barbacena.

About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in southern 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 we operate.

Qualified Persons
James Royall, P Geo, VP Exploration for 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. Royall is not independent of the Company.

On behalf of the Board of Directors
www.panglobalresources.com.

FOR FURTHER INFORMATION PLEASE CONTACT:
tmoody@panglobalresources.com
+44 7766 253145

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. The Company believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. 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.

The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133193