Pan Global Resources Commences Follow-up Drilling at Escacena Project, Spain
Vancouver, February 13, 2020 - Pan Global Resources Inc. (TSXV: PGZ) (OTC: PGNRF) (the "Company") is pleased to announce follow-up drilling has commenced at the La Romana copper target in the Escacena Project, Iberian Pyrite Belt, southern Spain.
The current drill program includes five diamond drill holes for a total of approximately 900 meters with potential to expand the program subject to results. The planned holes will test along strike and down dip from the Company's previous drill hole LRD-02 which intersected 20.55m at 1.5% Cu equivalent from 37m, including 7 meters at 3.43% Cu equivalent (see October 23, 2019 news release). The current drill program will also test the center of a down-hole EM conductor plate extending from the copper intersection in LRD-02. The entire strike length of the La Romana target is approximately 2 km East - West and mostly untested.
A new line of IP was completed approximately 130 meters to the West of the previous IP at La Romana and 200m West of the section containing hole LRD-02. The IP results show a large strong chargeability anomaly (>30 mV/V) and resistivity low (<200 Ohm.m) within 50m of surface and continuing to more than 200m depth. The IP target associated with copper mineralization in hole LRD-02 has been extended to the West and remains open along strike East and West, and is not closed off to the South. The new IP results also show a separate chargeability anomaly approximately 500m to the North at approximately 100-150m depth. Additional geophysics is in progress.
Tim Moody, President and CEO of Pan Global Resources commented, "We are excited to commence drilling to follow-up the excellent drill results reported in hole LRD-02 at the La Romana target. A new copper discovery at shallow depth, with the grades reported in hole LRD-02 and in close proximity to other mines in the area, makes this an exceptional target. The results already highlight the high exploration potential in the large surrounding area now controlled by Pan Global."
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.
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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