Pan Global Purchase of All Rights to the "Al Andalus" Investigation Permit at the Escacena Project in the Iberian Pyrite Belt, Spain
Vancouver, April 29, 2020 - Pan Global Resources Inc. (the "Company") (TSX-V: PGZ; OTC: PGNRF) is very pleased to announce that it completed the final payment to acquire all rights to the "Al Andalus" Investigation Permit (the "Property"), adding to the company's Escacena project in the Iberian Pyrite Belt, southern Spain.
- The property remained mostly unexplored since the mid-1980's.
- Includes potential eastern extensions to Pan Global's La Romana target, where recent drill results include hole LRD02 with 20.55m @ 1.5% Cu equivalent, including 7m at 3.43% Cu equivalent; and hole LRD05 with 29.5m @ 1.29% Cu equivalent, including a combined thickness of 11m at 2.60% Cu equivalent.
- Includes the historical mining areas of El Pozo and La Zarcita.
- Includes the La Jarosa prospect where drill hole PJ-2 by Exxon in 1995/6 included 9.5m at 1.42% Cu (semi-massive sulphide) and not followed up.
- Adjoins Grupo Mexico's Aznalcollar and Los Frailes mine area and along strike from First Quantum's Las Cruces mine
- Hosts several un-tested gravity targets
Pan Global, reported on November 7, 2019, its Spanish subsidiary Minera Sabina S.L had entered into a binding agreement to purchase all rights to the "Al Andalus" Investigation Permit (Permiso de Investigación, No 7950) from Strategic Minerals Spain, S.L. The terms included an initial payment of EUR 275,000 and final payment of EUR 25,000 within 6-months from signing. The purchase is not subject to a royalty and is not dilutive of the Company's share capital. The property covers an area approximately 3,367 hectares adjoining the Company's Escacena project (See Figure 1 below). Granting of the Al Andalus Investigation Permit is subject to final approval of the Mines Department.
Tim Moody, Pan Global's President and CEO states: "We are very pleased to have completed the purchase, slightly ahead of time, of the Al Andalus property. This is a highly prospective area with several large targets in close proximity to the Company's flagship La Romana prospect and Grupo Mexico's Aznalcollar and Los Frailes mining project and First Quantum's Las Cruces mine."
To view an enhanced version of Figure 1, please visit:
Figure 1 - "Al Andalus" Property location
Additional information on the property can be found in the November 7, 2019 News release. Following granting of the Al Andalus Investigation permit, Pan Global is planning further geological mapping together with geochemistry and geophysics surveys to identify drill targets.
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
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55155