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Pan Global Reports Drill Results from Escacena Project, Southern Spain

22.04.2020  |  Newsfile
  • 29.5 meters at 1.29% Copper Equivalent
  • Mineralization to within 5 meters of surface
  • Continuity of mineralization confirmed
  • Downhole surveys expand conductor anomaly coincident with high copper zone

Vancouver, April 22, 2020 - Pan Global Resources Inc. (TSXV: PGZ) (OTC: PGNRF) (the "Company") is very pleased to report positive results for the first three step-out drill holes (LRD03, LRD04 and LRD05) at the La Romana target in the Escacena Project. The La Romana target is located approximately 5km West of the former Aznalcollar open pit and 12km West of the Las Cruces high-grade copper mine, in the Iberian Pyrite Belt, southern Spain. Assay results for additional step-out drill holes LRD06, LRD7 and LRD8 are pending and will be reported as soon as they become available. Preliminary down-hole electromagnetic (EM) results have also been received.

Tim Moody, Pan Global President and CEO states: "The new step-out drill results at La Romana shows continuity to the copper mineralization and confirms the mineralization extends to within 5 meters from surface. The discovery of near surface high-grade copper in close proximity to several other mines is significant. New down-hole EM surveys have also expanded the size of the conductor anomaly coincident with the high copper zone and is open in most directions."

Mr. Moody added: "A separate conductor plate detected last year beneath hole LRD01 has also been extended and is a high priority drill target."

Selected highlights:

  • LRD-03 intersected 21.3m at 1.03% Cu eq (0.73% Cu, 0.055 % Sn, 4.1 g/t Ag) from 47.3m, including 6.6m @ 2.05% Cu eq (>1% Cu) combined thickness

  • LRD-04 intersected 20m at 0.77% Cu eq (0.57% Cu, 0.039% Sn, 2.3 g/t Ag) from 59m, including 9m at 1.47% Cu eq (1.13% Cu, 0.073% Sn, 4.4 g/t Ag) from 59m, including 5m at 2.23% Cu eq (1.75% Cu, 0.102% Sn, 6.6 g/t Ag) from 63m

  • LRD-05 intersected 29.5m at 1.29% Cu eq (0.92% Cu, 0.08% Sn, 4.7 g/t Ag) from 7.5m, including 21m at 1.55% Cu eq (1.19% Cu, 0.069% Sn, 5.8g/t Ag) from 16m, including 11m at 2.60% Cu eq (>1% Cu or 0.5% Sn) combined thickness

  • The step-out drill holes show the copper mineralization remains open and continues in all directions, up-dip, down-dip and along strike East and West from previous drill hole LRD-02 (20.55m @ 1.5% Cu eq, including 7m @ 3.43% Cu eq).

  • New downhole EM results have expanded the size of the conductor plate anomalies and indicates at least two separate La Romana sulphide bodies at different horizons.

Pan Global recently completed six drill holes (LRD-03 to LRD-08) for a total of approx.. 890 meters targeting extensions of the volcanogenic massive sulphide (VMS) associated mineralization intersected last year in hole LRD-02 at the La Romana target. Drill holes LRD-03 and LRD-07 are located approximately 50 and 100 meters West of hole LRD-02, respectively; holes LRD-04 and LRD-08 are approximately 50 and 200 meters East from LRD 2, respectively; hole LRD-05 is 25 meters up-dip and LRD-06 is 50 meters down-dip from LRD2. Each drill hole intersected copper mineralization, with assay results reported here for holes LRD-03, LRD-04 and LRD-05. Downhole EM surveys were also completed in all the drill holes except hole LRD-05.

Each drill hole intersected copper mineralization and indicates continuity. Assay results reported here for holes LRD-03, LRD-04 and LRD-05. Downhole EM surveys were also completed in all the drill holes except hole LRD-05.

The drill results are summarized in Table 1 below. Drill hole collar information is provided in Table 2. Drill hole and downhole EM conductor locations are shown in Figure 1. The drill holes were all inclined -55º towards the South and all reported drill intervals are approximately true width.

Table 1 - Escacena Project, La Romana drill results summary

Hole From To Width Cu Pb Zn Ag Au Co Sn CuEq1

m % ppm ppm g/t g/t ppm ppm %
LRD03 47.3 68.6 21.3 0.73 162 508 4.1 0.008 82 550 1.03
including 48 50 2 1.43 185 598 6.8 0.012 85 1090 1.92
including 52 57 5 1.24 196 554 6.5 0.010 104 757 1.64
including 66 68.6 2.6 1.21 248 998 6.0 0.014 104 1051 1.72
LRD03 >1%Cu










including 49 50 1 1.94 252 770 8.2 0.013 98 1360 2.55
including 52 54 2 1.13 334 638 6.1 0.011 107 547 1.48
including 55 57 2 1.59 96 537 8.2 0.012 120 1217 2.15
including 67 68.6 1.6 1.64 387 1287 8.1 0.019 123 1479 2.33
Total

6.6 1.52 262 785 7.5 0.014 113 1099 2.05












LRD04 59 79 20 0.57 69 361 2.1 0.004 70 388 0.77
including 59 68 9 1.13 92 418 4.4 0.007 92 731 1.47
including 63 68 5 1.75 92 504 6.6 0.009 111 1016 2.23












LRD05 7.5 37 29.5 0.92 105 446 4.7 0.008 89 803 1.29
including 16 37 21 1.19 85 528 5.8 0.009 105 692 1.55
LRD05 >1%Cu/0.5%Sn










including 9 10 1 0.66 651 144 5.9 0.009 29 7130 2.91
including 16 17 1 1.45 105 523 9.5 0.010 120 1170 2.00
including 20 22 2 1.68 107 652 7.6 0.008 130 2090 2.50
including 24 26 2 2.49 36 933 12.1 0.017 196 557 2.96
including 32 37 5 2.07 162 733 8.7 0.014 128 875 2.55
Total

11 1.89 168 682 8.9 0.013 131 1634 2.60

1 Metal prices used: Copper US$ 5700 per tonne, Lead US$ 2100 per tonne, Zinc US$ 2320 per tonne, Silver USD 17 per ounce, Gold US$1480 per ounce, Cobalt US$ 36000 per tonne and Tin US$ 17000 per tonne. No recoveries were applied.

Table 2 - Escacena Project, La Romana drill hole collar information

Hole ID Easting1 Northing1 Azimuth (º) Dip (º) Depth (m)
LRD03 736390 4152689 180 -55 122.05
LRD04 736487 4152689 180 -55 152.30
LRD05 736438 4152647 180 -55 80.30
LRD06 736438 4152737 180 -55 176.40
LRD07 736337 4152688 180 -55 176.40
LRD08 736636 4152693 180 -55 182.40

1 Coordinates are in ERTS89 datum UTM29N

Each of the drill holes intersected similar style copper mineralization at shallow depths, including stockwork, semi-massive and locally massive style chalcopyrite-pyrite, with locally appreciable levels of tin and silver, and elevated zinc, lead, cobalt and gold associated with strong chlorite alteration.

Drill hole LRD-05 commenced in copper mineralization immediately beneath a thin sediment cover sequence at approximately 4.5 meters vertical depth (7.5 meters down-hole). All the drill holes ended in a wide zone, tens of meters thick, of mainly pyritic stockwork with levels of banded massive sulphide and local chalcopyrite.

Downhole EM in holes LRD-02 to LRD-08 shows an upper conductor in two-parts over approximately 550 x 300 meters and dipping approximately 30º North. Downhole EM in hole LRD-08 also highlights a deeper, north-dipping conductor, approximately 450 x 300 meters, that extends the off-hole conductor previously detected beneath hole LRD-01.

The upper conductor is coincident with the high-grade copper intervals reported in holes LRD-02 to LRD-05, with only the shallow southeast portion of the conductor tested so-far and with increasing intensity towards the West following the gravity peak. To date, only drill hole LRD-08 has intersected the upper southwestern portion of the deeper conductor with the strongest part of the conductor untested and open to the East and down-dip beneath hole LRD-01.



Figure 1 - La Romana Bouger gravity anomaly, drill hole and downhole EM conductors' location map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5190/54712_32518876e4c9395b_001full.jpg

Mr. Moody concluded: "The newly reported drill results show the copper mineralization extends from hole LRD-02 coincident with an EM conductor and gravity anomaly, indicating excellent potential to significantly expand the area of copper mineralization. The deeper conductor to the East of the gravity anomaly beneath hole LRD-01 represents a separate high-priority target. The La Romana target has an overall strike length of approximately 2 kilometers"

Results for drill holes LRD-06, LRD-07 and LRD-08 will be reported separately once assay results are received.

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. Core boxes were transported by the Company vehicle to the ALS Global Seville facility for diamond blade core cutting and sampling, 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.

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).

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.

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 is committed to operating safely and with respect to the communities and environment where we operate.

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

FOR FURTHER INFORMATION PLEASE CONTACT:
info@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. 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.

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/54712


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