Pan Global Drills 52.6m of 1.0% CuEq from near Surface at Escacena Project, Southern Spain

- May 19th, 2021

Pan Global Resources Inc. is pleased to announce that drilling continues to expand the La Romana copper target at the Escacena Project with significant intercepts of near surface high-grade results. La Romana is located approximately 6km southwest of the former Aznalcollar open pit mine and approximately 15km west of the Las Cruces copper mine, in the Iberian Pyrite Belt, southern Spain. Tim Moody, Pan Global …

Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) (the “Company”) is pleased to announce that drilling continues to expand the La Romana copper target at the Escacena Project with significant intercepts of near surface high-grade results. La Romana is located approximately 6km southwest of the former Aznalcollar open pit mine and approximately 15km west of the Las Cruces copper mine, in the Iberian Pyrite Belt, southern Spain.

Tim Moody, Pan Global President and CEO states: “The new drilling continues to expand the open pit target and the copper zone remains wide open in all directions. The new results include an exceptional near surface intercept of greater than 50m-thickness with high copper grades in the eastern strike extension, including an upper interval with high-grade supergene enrichment style chalcocite mineralization. The new results also extend the mineralization down-dip. The simple tabular geometry and moderate dip of the mineralization looks well suited to an open pit.”

Results have been received for an additional four drill holes (LRD38, LRD39, LRD40 and LRD42) at the La Romana target, in the Escacena Project. Drilling is ongoing with assay results pending for an additional eighteen completed holes.

Highlights include:

  • 52.6m at 1.00% copper equivalent (CuEq) (0.76% Cu, 0.05% Sn, 3.8g/t Ag, 0.01g/t Au) from 42.4m in LRD40, including;
    • 26.6m at 1.39% CuEq (1.13% Cu, 0.05% Sn, 5.0g/t Ag, 0.01g/t Au) from 42.4m
  • 16m at 0.87% CuEq (0.60% Cu, 0.052% Sn, 4.6g/t Ag, 0.017g/t Au) from 38m in LRD39, including;
    • 10m at 1.25% CuEq (0.84% Cu, 0.07% Sn, 6.5g/t Ag, 0.02g/t Au, 0.013% Co) from 44m,

Drill results

The latest drill results are from four new holes in the Phase 4 drill program at the La Romana discovery. The drill program is testing extensions of the mineralization in all directions.

Drill holes LRD38 and LRD40 tested the eastern extensions of the near-surface copper mineralization. Holes LRD39 and LRD42 targeted down-dip extensions. Copper mineralization was intersected in all four holes, with exceptional results returned from LRD40.

Drill hole collar information is provided in Table 1 below. Assay results are summarized in Table 2. Drill hole locations are shown in Figure 1. Summary cross sections with holes LRD40 to LRD42 are provided in Figure 2. The drill holes were all inclined towards the south and all reported drill intervals are approximately true widths.

Table 1 Escacena Project, La Romana drill hole collar information (Total 1,333.2m)

Hole ID Easting1 Northing1 Azimuth (º) Dip (º) Depth (m)
LRD38 736933 4152906 180 -60 369.4
LRD39 736683 4152627 180 -55 182.1
LRD40 736735 4152648 180 -55 176
LRD42 736381 4152794 180 -55 263.2

1Coordinates are in ERTS89 datum UTM29N.

Table 2 – Escacena Project, La Romana drill results summary

Hole Fr To Int CuEq1 Cu Sn Ag Co Au Pb Zn
m % % ppm g/t ppm g/t ppm ppm
LRD38 233.30 233.75 0.45 1.02 0.79 29 10 103 0.045 3270 6020
251.55 251.75 0.2 1.58 1.12 122 8.7 438 0.104 107 251
256.35 261.80 5.45 1.16 0.96 33 3.5 218 0.036 19 107
272.25 272.75 0.5 1.17 1.08 41 2.1 85 0.017 14 105
275.45 275.70 0.25 2.16 1.71 73 7.0 495 0.088 57 87
279.00 279.30 0.3 1.12 1.0 62 2.1 88 0.030 102 327
LRD39 36.00 68.00 32.00 0.56 0.38 300 3.1 75 0.011 203 544
38.00 54.00 16.00 0.87 0.60 520 4.6 102 0.017 235 515
44.00 54.00 10 1.25 0.84 796 6.5 133 0.024 344 685
46.30 52.00 5.7 1.73 1.20 1026 9.1 168 0.029 466 842
LRD40 42.40 95.00 52.60 1.00 0.76 483 3.8 82 0.009 112 618
42.40 69.00 26.60 1.39 1.13 494 5.0 86 0.010 140 496
40.00 47.00 7.00 2.57 2.32 250 8.5 114 0.011 70 455
42.40 47.00 4.60 3.82 3.46 370 12.2 150 0.015 50 500
61.00 69.00 8.00 1.92 1.43 1120 7.1 112 0.016 108 556
62.30 66.40 4.10 2.97 2.25 1684 10.6 132 0.021 103 586
82.00 87.20 5.20 1.11 0.80 656 4.8 98 0.009 44 709
LRD42 24.35 27.30 2.95 1.37 1.26 57 3.5 66 0.021 186 132
122.00 137.00 15.00 0.85 0.68 272 4.0 80 0.006 229 504
128.00 137.00 9.00 1.21 1.00 292 5.2 91 0.007 229 522
132.00 137.00 5.00 1.68 1.41 411 7.0 102 0.009 259 626

1Metal prices used: Copper US$6,200 per tonne, Silver USD22.50 per ounce, Gold US$1,500 per ounce, Cobalt US$32,800 per tonne and Tin US$18,000 per tonne. The copper equivalent (CuEq ) values are for exploration purposes only and include no assumptions for metal recovery.

The recent drill results at La Romana confirm that the high-grade near surface copper mineralization extends over a strike length of approximately 700m and remains open along strike, down-dip and up-dip. The primary mineralization includes mainly stock work, semi-massive sulphides and bands of massive sulphide, with chalcopyrite as the primary copper mineral and cassiterite as the primary tin mineral. The copper and tin mineralization is associated with elevated levels of silver, cobalt and gold. Supergene chalcocite is also evident in several recent drill holes and appears to increase towards the east and south.

LRD38 and LRD42 extend the copper mineralization down-dip coincident with down-hole EM conductor anomalies. The coincident geophysics and copper mineralization indicates the target is wide open and shows excellent potential to significantly expand.

Hole LRD39 extends the near-surface copper mineralization approx. 50m along strike to the east of hole LRD36 which reported 23m at 1.06% CuEq, including 11m at 1.74% CuEq. A leached/oxidised zone is present from approx. 11m to 30m depth with traces of native copper and red copper oxides, followed by a zone of low-grade supergene chalcocite from 30 to 39m. Significant results include:

  • 16m at 0.87% CuEq (0.60% Cu, 0.05% Sn, 4.6g/t Ag, 0.02g/t Au) from 38m down hole, including
    • 10m at 1.25% CuEq (0.84% Cu, 0.08% Sn, 6.5g/t Ag, 0.02g/t Au, 0.013% Co), including
      • 5.7m at 1.73% CuEq (1.20% Cu, 0.10% Sn, 9.1g/t Ag, 0.03g/t Au, 0.03% Co)

Hole LRD40 shows a significant thick zone of copper mineralization approx. 50m east and along strike from hole LRD39. The results also confirm a high-grade supergene-enriched chalcocite zone at the top of the copper interval. Significant results:

  • 52.6m at 1.00% CuEq (0.76% Cu, 0.05% Sn, 3.8g/t Ag) from 42.4m downhole, including
    • 26.6m at 1.39% CuEq (1.13% Cu, 0.05% Sn, 5g/t Ag), including
      • 7m at 2.57% CuEq (2.32% Cu, 0.03% Sn, 8.5g/t Ag, 0.01g/t Au, 0.011% Co) – supergene chalcocite, and
      • 8m at 1.92% CuEq (1.43% Cu, 0.11% Sn, 7.1g/t Ag, 0.02g/t Au, 0.011% Co)
    • 5.2m at 1.11% CuEq (0.80% Cu, 0.07% Sn, 4.8g/t Ag)

Drill hole LRD42 confirmed the continuation of the copper mineralization approx. 40m down-dip from LRD17 which intersected 24.4m at 1.03% CuEq. The hole is the northernmost intersection in the west of the target area. The mineralization remains open down-dip and along strike coincident with a large down-hole EM conductor and IP chargeability anomaly. Significant results:

  • 2.95m at 1.37% CuEq (1.26% Cu, 3.5g/t Ag, 0.021g/t Au) from 24.35m and 
  • 15m at 0.85% CuEq (0.68% Cu, 0.03% Sn, 4.0g/t Ag) from 122m, including
    • 9m at 1.21% CuEq (1.01% Cu, 0.03% Sn, 5.2g/t Ag), including
      • 5m at 1.68% CuEq (1.41% Cu, 0.04% Sn, 7.0g/t Ag)

Drill hole LRD38 intersected 5.45m at 1.16% CuEq (0.96% Cu, 3.5g/t Ag, 0.04g/t Au, 0.022% Co) from 256.35m approx. 40m down-dip from previous hole LRD22, which intersected 6m at 2.44% CuEq, including an exceptionally high-grade massive chalcopyrite interval with 0.43m at 18.7% CuEq. The results indicate the copper zone continues down-dip, albeit with lower grades in this hole. The copper mineralization coincides with a large downhole EM conductor anomaly and indicates the mineralization remains open down-dip and along-strike to the east.

Assay results are pending for completed drill holes LRD43 to LRD59 and LRD61. Drill holes LRD60 and LRD62 are in progress. The Phase 4 drill program has been expanded to forty drill holes. Additional drill holes will also focus on testing for extensions of the thick zone of copper and tin mineralization intersected in hole LRD40 and high-grade supergene enriched copper mineralization.

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Figure 1 – La Romana geophysics targets and drill hole locations with selected highlights. New drill hole results are highlighted in yellow.

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Figure 2 – Selected summary drill hole cross sections with new drill holes LRD40 (Section 736735 E) and LRD42 (Section 736385 E).

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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. 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.

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 analysed 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

Patrick Downey, 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. Downey is not independent of the Company.

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.

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. 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.

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