TSXV: PGZ | OTCQX: PGZFF | FRA: 2EU
- High priority 2.0km x 1.5km gravity anomaly at Bravo coincident with a large soil lead-zinc anomaly
- Helicopter electromagnetic anomalies provide additional strong indicators of sulphide mineralization associated with the gravity target
- IP survey underway to delineate targets for drilling
- Upsized private placement financing on track for closing
VANCOUVER, BC, Oct. 30, 2024 /PRNewswire/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) is pleased to announce it has initiated an induced polarization ("IP") survey to prioritize and finalize initial drillhole locations at the Bravo target ("Bravo") within the Company's 100%-owned Escacena Project ("Escacena") in the Iberian Pyrite Belt, southern Spain.
"Recent soil sample geochemistry and gravity survey results provide strong indicators that the large Bravo target could represent concealed volcanogenic massive sulphide (VMS) mineralization beneath shallow cover, similar to Pan Global's nearby La Romana copper-tin-silver discovery. The IP survey will help identify sulphide concentrations associated with potential copper mineralization with drilling expected to follow soon after completion," said Tim Moody, Pan Global's President & CEO.
"Helicopter electromagnetic (HEM) survey data also highlights resistivity low anomalies on multiple lines coincident with the gravity target, providing an additional positive indicator of potential sulphide mineralization. IP surveys in combination with gravity proved effective in leading to the discovery of the La Romana copper mineralization," said Mr. Moody.
The planned IP survey at Bravo will target a 2.0km x 1.5km strong gravity anomaly with coincident anomalous lead plus zinc (Pb+Zn) and silver soil geochemistry. The IP survey method will be dipole-dipole with 50-meter dipole spacing and will include seven lines (12-to-15 line-kilometers) and is expected to take approximately two-to-three weeks to complete (Figure 1).
Helicopter electromagnetic data from the Company's 2022 survey shows low-resistivity anomalies (Figure 2) coincident with the Bravo gravity target, providing another strong indicator of potential sulphide mineralization.
The Bravo target is located 1.5km east of Pan Global's La Romana copper-tin-silver discovery and 4.5km southwest of Grupo México's Aznalcóllar and Los Frailes VMS deposits. Bravo is mostly covered by post-mineral rocks and sediments and has never been drill tested.
Pan Global is also pleased to note that the Company's upsized private placement financing is on track for closing on or about November 6, 2024. The net proceeds of the offering will be used to advance the Company's advanced exploration program in Spain and for general corporate purposes.
About the Escacena Project
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 the operating mine at Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera Los Frailes/Grupo México is in the final permitting stage to allow new mine construction to commence. The Escacena Project hosts Pan Global's La Romana copper-tin-silver and Cañada Honda copper-gold discoveries, and a number of other prospective targets, including, Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa, Romana Deep, and Cortijo.
About Pan Global Resources
Pan Global Resources Inc. is actively targeting copper-rich mineral deposits, given copper's compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. The Company's flagship Escacena Project is located in the prolific Iberian Pyrite Belt in southern Spain, where a favourable permitting track record, excellent infrastructure, mining and professional expertise, and support for copper as a Strategic Raw Material by the European Commission collectively define a tier-one low-risk jurisdiction for mining investment. The Pan Global team comprises proven talent in exploration, discovery, development, and mine operations - all of which are committed to operating safely and with utmost respect for the environment and our partnered communities. The Company is a member, and operates under the principles, of the United Nations Global Compact.
Qualified Persons
Álvaro Merino. Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has approved the scientific and technical information for this media release. Mr. Merino is not independent of the Company.
Forward-looking statements
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 media 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 media release is based on information available to the Company as of the date of this media 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.
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SOURCE Pan Global Resources Inc.
