Pan Global Expands La Romana Deposit and Intersects 3.9 Meters of 1.04% Copper and 5.2 g/t Silver in New Upper Horizon

December 14, 2022 9:00 AM EST | Source: Pan Global Resources Inc.

  • New copper horizon intersected 100 meters above the main La Romana mineralization
  • Near-surface copper mineralization expanded to the south
  • Polymetallic massive sulphides intersected in step-outs to the east

Vancouver, British Columbia--(Newsfile Corp. - December 14, 2022) - Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF)  ("Pan Global" or the "Company") is pleased to announce assay results for 14 drill holes from the outer extent of the La Romana copper-tin discovery mineralization at the Company's 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain.

"The new results expand the near-surface copper mineralization at La Romana to the south and continues to indicate the mineralization is wide open along strike and downdip," said Tim Moody, Pan Global President and CEO. "These results also highlight a new copper horizon in the hanging wall approximately 100 meters stratigraphically above the main La Romana mineralization. In addition, large step-out holes confirmed the prospective geology and mineralization continues to the east. As the drilling targeted the edges of known mineralization, these results were largely as expected. Based on our geologic understanding of the mineralization to date, La Romana has excellent potential to grow further with additional drilling planned for 2023. The company is well positioned for a strong exploration program in 2023 with the latest quarterly financial statements showing a balance of CAD$ 11.2 million."

While working on remaining access permissions to the west and east of La Romana, three drill rigs are turning at new targets in the Escacena Project. One rig is currently focused on Romana Deep to the north of the La Romana deposit; the second rig at the Zarcita target approximately 3km north of La Romana; and a third drill rig has begun drilling the first hole on the Cañada Honda gravity target to the southwest of Zarcita.

Drill highlights - La Romana

  • LRD135 - 3.9m at 1.04% Cu and 5.2g/t Ag (new copper horizon, from 149.3m)
  • LRD139 - 10m at 0.5% Cu, 0.06% Sn and 2.5g/t Ag, including
    • 2.5m at 1.3% Cu, 0.17% Sn, 6.6g/t Ag
  • LRD136 - 1.9m at 1.9% Cu and 6.7g/t Ag
  • LRD132 intersected 18m at 0.4% Cu, 0.02% Sn and 2.0g/t Ag, including
    • 0.5m at 2.1% Cu, 0.03% Sn and 12.6 g/t Ag
    • 1.35m at 1.3% Cu, 0.05% Sn and 7.2g/t Ag
  • LRD130 - 22.5m at 0.3% Cu, 0.02% Sn and 1.1g/t Ag, including
    • 0.7m at 2.3% Cu, 0.04% Sn and 8.2g/t Ag; and
    • 0.5m at 2.3% Cu, 0.19% Sn and 19.3g/t Ag

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Figure 1 - La Romana copper mineralization footprint, drill hole locations with selected results for newly reported holes and the new Romana Deep target location. A-A' and B-B' indicate cross section locations in Figures 2 and 3 respectively.

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New drill results
The 14 new drill hole assay results include eight holes testing the southern extent of the La Romana mineralization, three holes testing down-dip to the north and three large step-out drill holes along strike to the east of La Romana. These are the remaining holes from the much larger drill program completed in 2022 that successfully expanded the La Romana copper and tin mineralization and continues to show the mineralization remains open along strike and downdip. Drill hole locations are shown in Figure 1. Assay results are summarized in Table 1 and drill collar details provided in Table 2.

Southern Extent - near-surface mineralization expanded
The new assay results for drill holes LRD127, 129, 133, 134, 136, 137, 138 and 139 have confirmed additional near-surface copper, as well as some tin mineralization in the footwall, and expands the La Romana target to the south. The holes intersected copper mineralization from immediately beneath or near the contact with the shallow cover (Figure 2), including supergene chalcocite overprinting primary sulphides. The results show narrow intercepts with high copper grades (>1% Cu) associated with semi-massive to massive sulphides and wider intervals of lower grade mineralization in the footwall to the main La Romana mineralization.

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Figure 2 - Cross Section showing new drill hole LRD136 and additional copper intercepts in the footwall to the main La Romana mineralization.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5190/147954_9111de57942e691d_002full.jpg

Down-dip extensions - new copper horizon
Drill holes LRD130, 132 and 135 continue to show the copper mineralization and associated alteration remain open down-dip to the North and a new high-grade zone identified approximately 100 meters stratigraphically above the main La Romana copper-tin mineralization with 3.9m at 1.04% Cu and 5.2 g/t Ag from 149.3m in hole LRD135 (Figure 3).

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Figure 3 – Cross-section showing new hole LRD135 with 3.9m at 1.04% Cu and 5.2g/t Ag at a new copper horizon above the main La Romana copper mineralization.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/5190/147954_9111de57942e691d_003full.jpg

Eastern Step-out drill holes
Holes LRD123, 128 and 131 were drilled on 150m to 300m step-outs to the east of La Romana and confirmed continuation of the prospective host rocks and associated hydrothermal sericite-chlorite alteration. The holes intersected broad intervals of anomalous levels of Pb and Zn plus narrow intervals of higher grade polymetallic massive sulphides indicative of the outer 'halo' zone to the copper mineralization and further exploration potential to the east and downdip. Notable polymetallic massive sulphide intercepts include:

  • LRD123 - 0.25m at 0.12% Cu, 1.6% Pb, 2.6% Zn, 9.4g/t Ag, 0.2g/t Au
  • LRD128 - 0.5m at 0.1% Cu, 1.7% Pb, 2.2% Zn, 7.9g/t Ag
  • LRD131 - 0.5m at 0.15% Cu, 0.4% Pb, 3.3% Zn, 12.8g/t Ag and 0.5m at 0.1% Cu, 1.3% Pb, 1.2% Zn and 4.5g/t Ag

Table 1 - Escacena Project, La Romana drill results summary

HoleFromToInt.1CuSnAgCoAuPbZn
mmm%ppmg/tppmg/tppmppm
Southern holes
LRD12762.5070.007.500.20570.3580.01279
inc.65.0068.003.000.29620.4550.01393
LRD12919.5028.008.500.252400.4510.0039176
and62.0066.004.000.391150.9670.00486
LRD13329.0054.0025.000.174690.6730.011588
inc.38.5044.255.750.358291.51140.0131105
inc.49.0053.104.100.1612670.8910.011395
and89.1589.500.351.192721.51110.021462
and115.70115.950.251.8131301.3980.041954
LRD13496.0096.500.502.1613513.0460.0325003620
and112.40113.000.600.65642.4580.06140486
LRD13637.3051.0013.700.16550.7280.0148327
inc.49.0051.002.000.35561.2360.0124217
and87.8089.701.901.89896.7540.0273345
and104.00105.001.000.32624.4190.006043180
LRD13739.0062.0023.000.242622.0650.01164290
inc.55.0058.003.000.726976.41130.04736472
inc.55.0056.001.001.029537.9840.02673651
LRD13817.5539.0021.450.15901.3340.00196291
and54.0059.005.000.191470.4540.0264221
and65.0075.0010.000.24980.7490.02164191
inc.68.0069.001.000.1418500.61220.033191
LRD13917.0027.0010.000.485532.51000.01188271
inc.18.0020.502.501.3216506.61900.02180243
inc.19.0019.600.604.72189523.45550.05506471
and42.0044.002.000.36322.5480.01288439
and56.0057.001.000.31231.4300.04432519
and66.0069.003.000.5392.5260.0187185
          
Down-dip holes
LRD13025.0027.002.000.26660.3160.0443182
and32.0032.500.500.35571.3280.0180326
and152.00174.5022.500.252221.1600.0061250
inc.152.00153.001.000.0921800.3550.0019178
inc.159.30160.000.702.293758.21050.01121464
and199.00206.807.800.393902.8760.01100644
inc.202.00202.500.502.32189519.32310.034932450
LRD132107.70108.250.551.08218.61090.0521501830
and141.00159.0018.000.371892.0630.0185353
inc.145.00145.500.502.126412.61640.025391690
inc.150.65152.001.351.325327.21020.01184457
LRD13556.0057.001.000.52282.9280.0076400
and60.0061.751.750.38212.3280.0132104
and149.30153.203.901.04575.2540.03584532
inc.149.30150.301.001.68668.9420.047231000
inc.152.10153.201.102.12527.21160.04103149
and247.00253.006.000.195491.6520.01237814
inc.251.00252.001.000.0918000.5490.0066250
         
Eastern step-out holes
LRD123199.00229.0030.000.01300.8140.0114832690
and343.90344.150.250.121019.4320.201640025600
LRD12880.0084.904.900.01250.970.0022112301
and195.00207.9012.900.01150.6140.0112641962
inc.207.40207.900.500.12347.9230.051650022000
and228.00230.002.000.02na23.115na50607830
and326.00343.0017.000.02300.8160.00311022449
LRD131152.00158.506.500.02na1.617na15684365
inc.155.00155.500.500.15na12.816na411032700
and278.00278.500.500.10na4.518na1270012250
and334.00334.500.500.04na3.515na33807810

 

1 Interval - drill core length, approximately true thickness.
2 No assay.

Table 2 - Escacena Project, La Romana hole collar information (Total 2,973.6m)

Hole_IDEasting1Northing1Azimuth (º)Dip (º)Depth (m)
LRD1237371654152809180-65386.7
LRD1277362354152625180-5597.65
LRD1287373404152658180-55347.2
LRD1297362764152624180-55131.3
LRD1307366294152791180-60265.2
LRD1317375614152810180-60353.15
LRD1327366844152763180-55242.2
LRD1337360884152702215-45183.05
LRD1347370304152557180-50131
LRD1357363224152969180-55365.7
LRD1367369334152546180-55125
LRD1377366354152584180-57140
LRD1387365334152576180-50104.25
LRD1397363844152622180-55101.25

 
1Coordinates are in ERTZ89 datum UTM29N

QA/QC Procedures
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 analyzed 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 comprises a large, contiguous, 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 Minera Los Frailes/Grupo Mexico is in the permitting stage to restart mining. The Escacena Project hosts the La Romana copper-tin discovery and a number of other prospective targets, including La Jarosa, Hornitos, Zarcita, Romana Deep, 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, Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information for this news release. Mr. Royall is not independent of the Company.

On behalf of the Board of Directors

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

Jason Mercier, VP Investor Relations and Communications
jason@panglobalresources.com
+1 778-372-7101
www.panglobalresources.com

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.

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