Copper

10m at 1.7% CuEq, including 0.7m at 18.2% CuEq 20.6m at 0.9% CuEq supergene chalcocite, including 8.5m at 1.3% CuEq Copper-tin mineralization increasing in the west and down dip Exploration accelerating in Al Andaluz Pan Global Resources Inc. is pleased to announce new high-grade copper and tin intercepts as drilling continues at the La Romana open pit copper target at the Escacena Project in the Iberian Pyrite ...
  • 10m at 1.7% CuEq, including 0.7m at 18.2% CuEq
  • 20.6m at 0.9% CuEq supergene chalcocite, including 8.5m at 1.3% CuEq
  • Copper-tin mineralization increasing in the west and down dip
  • Exploration accelerating in Al Andaluz

Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) ("Pan Global" or the "Company") is pleased to announce new high-grade copper and tin intercepts as drilling continues at the La Romana open pit copper target at the Escacena Project in the Iberian Pyrite Belt, southern Spain. Exploration has also commenced on the recently granted Al Andaluz Investigation (Exploration) Permit immediately to the east of La Romana within the Escacena Project area. The La Romana target is located less than 6 km from the former Aznalcollar open pit mine and approximately 15km west of the Las Cruces copper mine.

Tim Moody, Pan Global President and CEO states: "The latest results include the highest copper assay ever reported at La Romana with 16.8% Cu or 18.2% Cu equivalent (CuEq) over 0.7m within a 10m wide interval averaging 1.7% CuEq. The results add copper and tin mineralization near-surface in the west and downdip on several sections which confirms the deposit remains wide open in several areas. Results are awaited for several new holes, including in the far west where the copper and tin mineralization appears to be increasing towards the La Romana mine workings."

Mr. Moody added: "In addition to the ongoing drilling at La Romana, ground geophysics has already commenced in the adjacent Al Andaluz permit area with a second gravity survey crew being added to accelerate the program."

Highlights include:

  • 10m at 1.7% CuEq (1.5% Cu, 6.5g/t Ag, 0.01% Co) from 111m in LRD85, including
    • 0.7m at 18.2% CuEq (16.8% Cu, 0.03% Sn, 60.1g/t Ag, 0.08% Co, 0.12g/t Au)
  • 20.6m at 0.9% CuEq (0.5% Cu, 0.10% Sn, 1.3g/t Ag; chalcocite) from 20.4m in LRD76, including
    • 8.5m at 1.3% CuEq (0.7% Cu, 0.20% Sn, 1.6g/t Ag, 0.01% Co)
  • 20m at 0.7% CuEq (0.5% Cu, 0.04% Sn, 2.9g/t Ag) from 115m in LRD86, including
    • 9.8m at 1.1% CuEq (0.9% Cu, 0.04% Sn, 4.6g/t Ag)
  • 27.1m at 0.5% CuEq (0.4% Cu, 0.04% Sn, 1.1g/t Ag; chalcocite) from 29m in LRD81, including
    • 4.3m at 1.2% CuEq (1.0% Cu, 0.04% Sn, 2.5g/t Ag) and 1.8m at 1.8% CuEq (1.6% Cu, 0.02% Sn, 6g/t Ag, 0.01% Co)



Figure 1 - La Romana geophysics targets and drill hole locations with selected highlights. Newly reported drill holes are highlighted in yellow.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5190/105819_405c3096b4de9ae4_001full.jpg



Figure 2 - Summary drill hole cross sections with new drill holes LRD81 (Section 736085 E) and LRD85 (Section 736785 E), showing grades increasing downdip

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5190/105819_405c3096b4de9ae4_002full.jpg

Drill results

The latest drill results are from eight holes in the Phase 4 drill program at the La Romana discovery. Drill holes LRD 76 and 78 targeted near-surface mineralization in the west. Holes LRD 78, 80 and 86 tested down-dip extensions. Holes 77, 79 and 85 aimed to close a gap in the drilling in the east.

Drill hole locations are shown in Figure 1 and summary cross sections with holes LRD81 to LRD85 are provided in Figure 2 above.

Drill hole collar information is provided in Table 1 below. Assay results are summarized in Table 2. The drill holes were all inclined towards the south and all reported drill intervals are approximately true widths except for hole LRD79 where true width is estimated at approx. 95% of the reported intervals.

Table 1 Escacena Project, La Romana drill hole collar information (Total 1621.15m)

Hole ID Easting1 Northing1 Azimuth (º) Dip (º) Depth (m)
LRD76 736135 4152667 180 -55 119.2
LRD77 736884 4152670 180 -70 173.15
LRD78 736736 4152808 180 -60 268.4
LRD79 736885 4152671 180 -90 214.55
LRD80 736184 4152798 180 -55 211.9
LRD81 736089 4152708 180 -55 170.2
LRD85 736794 4152738 180 -62 224.55
LRD86 736634 4152744 180 -60 239.2

 

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
LRD76 13.00 43.00 30.00 0.73 0.46 735 1.3 66 0.01
21 118

20.40 41.00 20.60 0.90 0.54 1013 1.5 77 0.01
14 115

32.50 41.00 8.50 1.34 0.68 2012 1.6 102 0.01
13 146

37.00 41.00 4.00 1.85 1.17 2002 2.4 101 0.01
16 215













LRD77 61.30 64.00 2.70 1.12 0.95 31 5.9 117 0.03
60 310

73.90 74.60 0.70 3.08 2.78 68 13.1 145 0.04
412 706

98.50 106.20 7.70 1.14 1.01 38 3.5 110 0.02
29 180

102.55 106.20 3.65 1.82 1.63 45 5.7 160 0.02
36 163













LRD78 21.00 32.00 11.00
0.18







156.60 163.30 6.70 0.83 0.74 37 2.7 72 0.01
28 125

156.60 160.30 3.70 1.14 1.02 37 3.6 89 0.02
42 158

163.10 163.30 0.20 5.20 4.76 134 19.9 244 0.03
54 171

184.00 200.00 16.00 0.49 0.41 99 1.6 58 0.01
34 227

198.00 200.00 2.00 1.49 1.27 235 5.3 131 0.02
87 611

211.00 220.00 9.00 1.15 0.93 356 5.1 66 0.01
467 1384

218.10 220.00 1.90 3.61 2.96 1133 16.5 140 0.04
1687 4278

240.25 240.45 0.20 1.58 0.87 878 6.9 306 0.24
411 749













LRD79 61.70 68.30 6.60 0.61 0.46 33 4.4 67 0.07
933 2195

67.45 68.30 0.85 2.02 1.77 49 11.5 107 0.04
594 867

75.90 83.60 7.70 0.87 0.73 42 5.1 98 0.02
64 504

75.90 77.55 1.65 1.37 1.14 53 10.2 102 0.03
153 1232

82.40 83.60 1.20 3.21 2.80 81 14.8 315 0.04
92 745

115.00 115.45 0.45 3.83 3.34 99 17.6 274 0.11
357 341

129.10 131.35 2.25 1.78 1.57 43 5.6 177 0.04
39 175

159.25 166.60 7.35 0.85 0.71 57 3.5 106 0.03
151 768

161.70 163.50 1.80 1.19 0.99 59 4.6 146 0.05
107 463

165.85 166.60 0.75 3.55 3.14 107 14.2 261 0.08
502 3940













LRD80 7.85 12.00 4.15
0.23







113.00 146.00 33.00 0.50 0.28 524 1.3 79 0.01
45 145

120.00 144.60 24.60 0.57 0.31 660 1.4 86 0.01
30 136

141.00 144.60 3.60 1.00 0.47 1501 2.0 110 0.01
28 190













LRD81 29.00 56.10 27.10 0.53 0.36 370 1.1 75 0.01
54 118

36.00 49.00 13.00 0.71 0.46 645 1.2 86 0.01
32 92

39.70 44.00 4.30 1.20 0.99 420 2.5 85 0.01
73 110

54.30 56.10 1.80 1.79 1.59 162 6.0 109 0.03
59 222

54.30 54.80 0.50 5.47 4.90 439 18.8 256 0.08
177 645













LRD85 28.00 37.00 9.00 0.70 0.61 26 3.1 55 0.01
62 156

28.00 32.00 4.00 1.30 1.15 30 6.1 90 0.02
73 162

29.75 30.40 0.65 6.64 5.96 88 32.2 354 0.06
149 87

111.00 121.00 10.00 1.69 1.52 48 6.5 112 0.02
80 222

118.60 119.30 0.70 18.16 16.80 323 60.1 757 0.12
227 975

139.00 153.00 14.00 0.43 0.33 91 1.5 78 0.01
39 498













LRD86 112.20 112.90 0.70 1.76 1.52 321 7.3 90 0.01
86 982

115.00 135.00 20.00 0.70 0.51 392 2.9 72 0.01
43 345

122.00 131.80 9.80 1.12 0.89 414 4.6 86 0.01
41 406

122.00 126.00 4.00 1.82 1.52 521 7.4 99 0.01
47 566

130.50 131.80 1.30 1.62 1.19 927 6.9 112 0.01
75 478

 

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 results add near-surface copper and tin mineralization in the west and show the mineralization extends over approx. 1.1km strike. The latest drill results continue to show that the mineralization remains open in several directions.

The primary mineralization includes mainly stockwork, semi-massive sulphides and bands of massive sulphide, with chalcopyrite as the primary copper mineral and cassiterite as the only observed tin mineral. The copper mineralization is also associated with elevated levels of silver, cobalt and gold. A metal zonation is also apparent, progressing from copper and tin in the west to copper and then zinc in the east.

Drill hole LRD76 extends the copper mineralization approx. 50m to the west where it remains wide open, with approx. 30m grading 0.5% Cu, including a 7m near surface oxide/leached copper zone immediately followed by a 20m interval of mostly supergene chalcocite with traces of native copper and elevated tin. Results include:

  • 7.4m at 0.3% Cu (oxides) from 13m downhole, immediately followed by
  • 20.6m at 0.9% CuEq (chalcocite; 0.5% Cu, 0.10% Sn, 1.3g/t Ag) from 20.4m, including;
    • 8.5m at 1.3% CuEq (0.7% Cu, 0.20% Sn, 1.6g/t Ag, 102ppm Co)

Drill hole LRD77 (together with LRD79) tested a 120m gap in the drilling between holes LRD51 and LRD14, and confirmed down-dip continuation of the copper zone. Notable results include:

  • 2.7m at 1.1% CuEq (0.95% Cu, 5.9g/t Ag, 117ppm Co) from 61.3m;
  • 0.7m at 3.1% CuEq (2.8% Cu, 13.1g/t Ag, 145ppm Co) from 73.9m
  • 7.7m at 1.1% CuEq (1.0% Cu, 3.5g/t Ag, 110ppm Co) from 98.5m, including;
    • 3.65m at 1.8% CuEq (1.6% Cu, 5.7g/t Ag, 160ppm Co)

Drill hole LRD78 tested approximately 50m downdip from hole LRD09. The hole confirms the main copper zone continues to the north and remains open down-dip. The hole also intersected a shallow zone of oxide copper mineralization. Results include:

  • 11m at 0.2% Cu (oxide) from 23m
  • 6.7m at 0.8% CuEq (0.7% Cu, 2.7g/t Ag) from 156.6m, including
    • 3.7m at 1.1% CuEq (1.0% Cu, 3.6g/t Ag)
  • 16m at 0.5% CuEq (0.4% Cu, 0.01% Sn, 1.6g/t Ag) from 184m, including
    • 2m at 1.5% CuEq (1.3% Cu, 0.02% Sn, 5.3g/t Ag, 131ppm Co)
    • 9m at 1.2% CuEq (0.9% Cu, 0.04% Sn, 5.1g/t Ag)
      • 1.9m at 3.6% CuEq (3.0% Cu, 0.11% Sn, 16.5g/t Ag, 140ppm Co)

Drill hole LRD79 confirmed the mineralization continues down-dip from hole LRD77, including several narrow close-spaced high-grade intercepts. Results include:

  • 6.6m at 0.6% CuEq (0.5% Cu, 4.4g/t Ag, 0.07g/t Au) from 61.7m, including
    • 0.85m at 2.0% CuEq (1.8% Cu, 11.5g/t Ag, 107ppm Co)
  • 7.7m at 0.9% CuEq (0.7% Cu, 5.1g/t Ag) from 75.9m, including
    • 1.65m at 1.4% CuEq (1.1% Cu, 10.2g/t Ag, 102ppm Co)
    • 1.2m at 3.2% CuEq (2.8% Cu, 14.8g/t Ag, 315ppm Co)
  • 0.45m at 3.8% CuEq (3.3% Cu, 17.6g/t Ag, 274ppm Co, 0.11g/t Au) from 115m
  • 2.25m at 1.8% CuEq (1.6% Cu, 5.6g/t Ag, 177ppm Co) from 129m
  • 7.35m at 0.9% CuEq (0.7% Cu, 3.5g/t Ag, 106ppm Co) from 159.25m, including
    • 1.8m at 1.2% CuEq (1.0% Cu, 4.6g/t Ag, 146ppm Co)
    • 0.75m at 3.6% CuEq (3.1% Cu, 14.2g/t Ag, 261ppm Co)

Drill hole LRD80 confirms a more than 30m wide zone of copper and tin mineralization extending north of hole LRD46, and remains open downdip. The hole also intersected a narrow zone of near surface oxide copper mineralization. Results include:

  • 4.15m at 0.23% Cu (oxide) from 7.85m
  • 33m at 0.5% CuEq (0.3% Cu, 0.05% Sn, 1.3g/t Ag) from 113m, including
    • 24.6m at 0.6% CuEq (0.3% Cu, 0.07% Sn, 1.4g/t Ag)
  • 3.6m at 1.0% CuEq (0.5% Cu, 0.15% Sn, 2g/t Ag, 110ppm Co) from 141m

Drill hole LRD81 extends the near-surface copper mineralization west of hole LRD76 in the far west of the project area, including supergene chalcocite and chalcopyrite. Together with hole LRD48, the results show grade increasing downdip. Results include:

  • 27.1m at 0.5% CuEq (0.4% Cu, 0.04% Sn, 1.1g/t Ag) from 29m, including
    • 13m at 0.7% CuEq (0.5% Cu, 0.06% Sn, 1.2g/t Ag), including
      • 4.3m at 1.2% CuEq (1.0% Cu, 0.04% Sn, 2.5g/t Ag)
    • 1.8m at 1.8% CuEq (1.6% Cu, 0.02% Sn, 6g/t Ag, 109ppm Co), includes
      • 0.5m at 5.5% CuEq (4.9% Cu, 0.04% Sn, 18.8g/t Ag, 256ppm Co)

Drill hole LRD85 tested approximately 50m up-dip from hole LRD74 which intersected 6.5m at 2.5% CuEq. Together with holes LRD23 and LRD74, the results for LRD85 confirm a continuous zone of high-grade mineralization with grade increasing downdip and include a 0.7m thick ultra-high grade massive chalcopyrite intercept with 16.8% Cu (18.2% CuEq), which is the highest copper assay reported to-date at La Romana. The high-grade zone is open down-dip and an untested gap of approximately 150m exists along strike to the next hole to the east of LRD85. The hole also intersected a 9-meter thick near surface interval with supergene chalcocite. Results include:

  • 9m at 0.7% CuEq (0.6% Cu, 3.1g/t Ag; chalcocite) from 28m, including
    • 4m at 1.3% CuEq (1.15% Cu, 6.1g/t Ag), includes
      • 0.65m at 6.6% CuEq (6.0% Cu, 32.2g/t Ag, 354ppm Co)
  • 10m at 1.7% CuEq (1.5% Cu, 6.5g/t Ag, 112ppm Co) from 111m, including
    • 3m at 4.9% CuEq (4.5% Cu, 17.3g/t Ag, 250ppm Co), includes
      • 0.7m at 18.2% CuEq (16.8% Cu, 0.03% Sn, 60.1g/t Ag, 0.08% Co, 0.12g/t Au)
  • 14m at 0.4% CuEq (0.3% Cu, 1.5g/t Ag) from 139m

Drill hole LRD86 was drilled approx. 50m north of hole LRD8 and confirmed that mineralization remains open down-dip on this section. Results include:

  • 0.7m at 1.8% CuEq (1.5% Cu, 0.03% Sn, 7.3g/t Ag from 112.9m
  • 20m at 0.7% CuEq (0.5% Cu, 0.04% Sn, 2.9g/t Ag) from 115m, including
    • 9.8m at 1.1% CuEq (0.9% Cu, 0.04% Sn, 4.6g/t Ag), incudes
      • 4m at 1.8% CuEq (1.5% Cu, 0.05% Sn, 7.4g/t Ag) and
      • 1.3m at 1.6% CuEq (1.2% Cu, 0.09% Sn, 6.9g/t Au, 112ppm Co)

Assay results are pending for an additional 21 completed drill holes including several new drill holes in the western limits of the project area with strong copper mineralization evident in drill core. Drilling is ongoing with two drill rigs.

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.

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 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.

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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Pan Global Resources

Pan Global Resources

Pan Global Resources (TSXV:PGZ,OTC:PGNRF) is a junior resource company in pursuit of base and precious metals projects in Spain. The company’s flagship Escacena project is located in southern Spain’s Iberian Pyrite Belt, a world-class volcanogenic massive sulfide (VMS) district that hosts at least nine giant VMS ore deposits (>100 million tonnes) and several operating mines.

Pan Global’s land package in the Iberian Pyrite Belt totals approximately 5,760 hectares and lies directly adjacent to the Aznalcollar (>70 million tonnes) and Los Frailes (>90 million tonnes) deposits. The Escacena project is also located only 12 kilometers from the active Cobre Las Cruces mine (42 million tonnes at 2.95% copper) which has been mining grades of more than 5% copper in the open pit.  Pan Global is currently focusing on two targets at Escacena, the La Romana massive sulfide copper deposit and the Cañada Honda gravity anomaly.  Recent drill results at the La Romana target have returned high multi-metal (copper, tin, silver, zinc) grades from near surface with every hole hitting mineralization indicating the potential for a large size deposit. Escacena’s exceptional land position, great infrastructure and multiple large untested targets make it an exciting prospect for the company.

 

Pan Global Resources Project Location and Infrastructure Map – Southern Spain

Pan Global Resources Project Map

Pan Global has been exploring the Aguilas project since 2017 which comprises more than 16,000 hectares in northern Andalucia, Spain.  The Aguilas project contains several major faults and breccia structures with indications of hematite-dominant iron oxide copper-gold (IOCG) and polymetalic lead-zinc-silver mineralization.

Pan Global Resources’ Company Highlights

  • Pan Global’s exploration activities are focused in the mining friendly jurisdiction of Andalucia, Spain
  • Flagship Escacena project is located in Spain’s Iberian Pyrite Belt, a world-class VMS district host to at least 9 ore deposits and several operating mines
  • Iberian Pyrite Belt hosts several exploration and mining companies, such as Lundin, Grupo Mexico, First Quantum, Trafigura, Mubadala, Atalaya and juniors including Avrupra Minerals, Ascendant Resources and Emerita Resources
  • Escacena project includes the recent La Romana copper-tin-silver discovery and several other large untested targets
  • Escacena project is located adjacent to the Aznalcollar-Los Frailes mines and only 12 kilometers from the active Cobre Las Cruces mine, one of the highest grade open pit copper mines in the world
    Aguilas project has returned high-grade drill intervals up to 16.85 % lead, 1.9 % zinc and 85 g/t silver
  • Pan Global’s strong management team has a track record of discoveries in Spain and brings decades of resource industry experience and expertise to the company

Pan Global Resources’ Escacena Project

In June 2017, Pan Global Resources acquired the Escacena project.  The project hosts two large gravity anomalies, La Romana and Cañada Honda. Historical wide-spaced drilling at the La Romana gravity anomaly confirmed massive sulfide and stockwork mineralization including a best drill interval of 4.68 meters at 2.94 percent copper.

Exploration

Pan Global Resources began its initial exploration of the Escacena project in early 2019, including gravity, induced polarity (IP) and geochemical surveys. The results of this initial exploration work confirmed the La Romana and Cañada Honda gravity targets, allowing the company to move forward with drilling.

Pan Global Resources commenced drilling in July 2019, testing shallow IP targets previously identified at the La Romana and Cañada Honda targets. This included two drill holes at La Romana and one drill hole at Cañada Honda, totaling 547 meters. Channel sampling of the Cañada Honda mine tunnel at the Escacena project returned 26 meters at 0.43 g/t gold and up to 2.91 g/t gold and 0.39 percent copper.

In October 2019, Pan Global announced the results of its first two drill holes at Escacena testing the La Romana target, including discovery drill hole LRD-02 at La Romana with 20.55m at 1.5% copper equivalent. Both drill holes LRD-01 and LRD-02 intersected shallow volcanic-associated copper stockwork, semi-massive and massive sulphides.

 

Pan Global Resources Escacena Project Area Map (~5760 ha)

Pan Global Resources Escacena Project Map

 

Pan Global continued its exploration of Escacena in 2020 including geochemistry and geophysics designed to identify new targets on the property. The second phase of drilling commenced in February and included the first step out drill holes at the La Romana copper target. The new drill holes intersected copper mineralization over wide intervals and showed the mineralization extends from near surface over several hundred meters of strike and shows copper in several layers open in most directions.  Pan Global’s own geophysics results and historical geophysics by Exxon indicate a potential for the copper mineralization to continue more than 2 kilometres along strike.

Selected drilling highlights include:

LRD-02: 20.55m at 1.5 percent copper equivalent (1.02 percent copper, 0.11 percent tin, 4.7 g/t silver) from 37.45m, including 7m at 3.43 percent copper equivalent (2.50 percent copper, 0.23 percent tin, 10.1 g/t silver, 0.014 g/t gold, 0.11 percent zinc, 133 ppm cobalt) from 48m.

LRD-03: 21.3m at 1.03 percent copper equivalent (0.73 percent copper, 0.055 percent tin, 4.1 g/t silver) from 47.3m, including 6.6m at 2.05 percent copper equivalent (>1 percent copper) combined thickness.

LRD-05: 21m at 1.55 percent copper equivalent (1.19 percent copper, 0.069 percent tin, 5.8g/t silver) from 16m, including 11m at 2.60 percent copper equivalent (>1 percent copper or 0.5 percent tin) combined thickness.

drill core at escacena
Drill core at Escacena Project

 

In August 2020, Pan Global Resources commenced phase three follow-up drill program at La Romana. The 25-hole drill program is designed to test the multi-layer copper potential and significantly expand the mineralization in the area.  The program is also expected to test two large down-hole EM conductor plate anomalies and help define vectors to areas of stronger mineralization.

Pan Global Resources extended its holdings at the Escacena project through the acquisition of the rights to the “Al Andalus” property investigation permit and completed the acquisition of the property in early 2020.  Al Andalus is located adjacent to the company’s initial holdings at Escacena and includes potential eastern extensions to the company’s La Romana prospect and several large untested gravity anomalies.  The property comes to within 600 meters of the edge of the Aznalcollar open pit and also includes both the historical mining areas of the El Pozo and La Zarcita, and the La Jarosa target where a historical drill hole by Exxon in the mid-1980’s returned 9.5 meters at 1.42 percent. Exploration will commence on the Al Andalus property as soon as permitted.

Pan Global Resources’ Aguilas Project

The Aguilas project comprises nine investigation permits covering a total of 16,300 hectares in northern Andalucia, Spain. The main targets on the property are major cross-cutting fault zones in the Pedroches Batholith, including the Torrubia and Zumanjo trends. The project hosts IOCG-style copper mineralization along the Torrubia copper trend, which was drilled by the company in 2019 and confirmed wide zones of breccia over several kilometers of strike length.  Drill holes on the Zumajo trend targeted high grade polymetallic (lead, zinc, silver and lesser copper and gold) vein or breccia mineralization. Several shallow historical mine shafts and ancient workings occur along both trends.

Pan Global first began drilling on the Aguilas project in April 2019, and so-far completed 27 wide-spaced drill holes totaling 3,908 meters. This includes thirteen of the holes along 4.1 kilometers of the more than 20 kilometer long Zumajo lead-zinc-silver trend and 14 drill holes along three sections of the more than 10 kilometer long Torrubia trend.

On the Zumajo trend, high-grade polymetallic mineralization was intersected with an 8 to 20- meter-wide, steeply-dipping zone of multi-stage breccia and veins.  High-grade intervals included hole VAC-02 with 14.85% lead, 0.11% zinc, 67.1g/t silver (16.91% lead equivalent or 634g/t silver equivalent) over 1.3 meters and hole VAC-06 with up to 16.85 % lead, 1.9 % zinc and 85 g/t silver (22.15 % lead equivalent or 815 g/t silver equivalent) over 0.6 meters. The drill results show potential for a significant zone of high-grade lead, zinc and silver mineralization near the San Luis and San Cayetano mine workings over several kilometers of strike and open at depth. Several other targets along the Zumajo trend require testing.

Drilling conducted at the Torrubia trend included 40 to 90-meter-wide intervals of intense multi-stage breccia and hematite-quartz-carbonate alteration over several kilometers of strike. The best grades at Torrubia included 2.65% copper, 125ppm cobalt and 3 g/t silver (2.76% copper equivalent) over 0.8m and 1.65% copper, 240ppm cobalt and 2.1 g/t silver (2.05% copper equivalent) over 0.7m in drill hole TOR-001; and 3m at 1.16g/t gold from 74m, including 0.8m at 3.48g/t gold and 1.5g/t silver in drill hole TN-06. The breccia includes fragments or casts with high contents of chalcopyrite and hematite indicating an early copper mineralizing stage and further potential both along-strike and at depth.

Pan Global Resources’ Management Team

Patrick Evans—Chairman and Director

For over 30 years, Mr. Evans has enjoyed an exemplary career as a mining executive holding multiple senior management positions in the industry. Of note are CEO of Dominion Diamond Mines and Norsemont Mining and Vice President of Placer Dome Inc. He has extensive M&A experience and has helped a number of public mining companies discover and develop base metals, precious metals, and diamond mining projects on four continents. Mr. Evans is a graduate of the University of Cape Town and served as Consul-General of South Africa to Canada.

Tim Moody—Director

Mr. Moody has over 30 years of experience in the mining industry including mineral exploration, resource assessment, business development and strategy. He spent 24 of those years with Rio Tinto, where he held the posts of Exploration Director, Vice President and Director of Business Development. Mr. Moody has a Bachelor of Science in Geology and Geophysics (Honours) from the University of New England. He is a graduate of the Senior Leadership Program from the London Business School, a graduate of the Business Leadership Development Program from the Australian Graduate School of Management and a Fellow of the Society of Economic Geologists.

Directorships: Pan Global Resources, Prism Resources, Indico Resources and Xiana Mining.

Brian Kerzner—Director

Mr. Kerzner has over 25 years of experience as a successful entrepreneur in the retail and real estate industries. He is the founder and President of Rocky Mountain Chocolate Factory Canada Inc. and he established several private companies that have completed extensive residential and commercial developments throughout North America.  Mr. Kerzner has been broadly involved in providing seed capital for many successful public and private companies in the resource, environmental, and technology sectors. Mr. Kerzner is a graduate of the University of Toronto Bachelor of Commerce (Honours) program.  He is a member of the British Columbia’s Children’s Hospital Circle of Care and is actively involved in many other charitable organizations.

Directorships:  Pan Global Resources, Prism Resources Inc and Indico Resources.

Patrick Downey—Director

Mr. Downey brings over 25 years of international experience in the resource industry and he is currently President and CEO of Orezone.   His past senior positions include President and CEO of Aura Minerals Inc. and Viceroy Exploration Ltd. before its acquisition by Yamana Gold Inc. in 2006 for $600 million. He also negotiated the successful merger of Consolidated Trillion Resources Ltd and Oliver Gold Corporation that became Canico Resource Corp, which was purchased by CVRD in 2006 for over $800 million.  Mr. Downey holds a BSc (Honours) degree in Engineering from Queens University in Belfast, Ireland.

Directorships: Orezone and Pan Global Resources

Bob Parsons—Director

As a Chartered Professional Accountant and partner at PricewaterhouseCoopers, Mr. Parsons spent 34 years heading up the firm’s global mining practice.  He has advised governments around the world on mineral policy matters and has served on the boards of the PDAC, Indonesian Mining Association, Canada Indonesia Chamber of Commerce, World Mines Ministries Forum, Canadian Minerals Industry Federation, Advisory Council of the Centre for Resource Studies at Queens University, and the Professional Advisory Board of the Government of Canada’s Petroleum Monitoring Agency.  In 2005, the PDAC presented Mr. Parsons with their Distinguished Services Award, and in 2013 the Government of Canada awarded him the Queen Elizabeth II Diamond Jubilee Medal for his contribution to Canada’s mining industry. Mr. Parsons is a graduate of McGill University (B.Com).

Directorships: Pan Global Resources, Kennady Diamonds Inc, Indico Resources Ltd, Prism Resources Inc.

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