Base Metals

Near surface high grade copper-tin-silver mineralization extended to more than 700m strike length, including supergene chalcocite, and remains open along strike, down-dip and up-dip

  • New shallow, wide intercepts extending the copper zone eastwards, with LRD36 returning 23m at 1.06% CuEq , including 11m at 1.74% CuEq and LRD32 returning 68m at 0.52% CuEq , including 10.8m at 1.43% CuEq
  • Assays pending for 8 additional completed drill holes, with 2 drill rigs continuing to operate

Pan Global Resources Inc. (TSXV: PGZ) (OTC: PGNRF) (the "Company") is pleased to report results for an additional eleven drill holes (LRD26 and LRD28 to LRD37) at the La Romana target, in the Escacena Project. Drilling is ongoing with results pending for eight additional completed holes. 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 drill results are exciting and confirm wide intercepts of near surface copper mineralization with multiple higher-grade intervals over a strike of more than 700m. The easternmost drill holes confirm the copper mineralization continues over more than 250m of dip extent. The mineralization remains wide open in all directions."

Mr. Moody added: "Assay results are pending for drill holes LRD38 to LRD45, and the Phase 4 drill program has been expanded following the recent results with an additional ten drill holes planned."

Drill highlights:

  • LRD36 intersected 23m at 1.06% Cu equivalent (Eq) (0.56% Cu, 0.13% Sn, 3.9g/t Ag, 0.01g/t Au) from 27m (mixed chalcocite and chalcopyrite), including;
    • 11m at 1.74% CuEq(0.92% Cu, 0.23% Sn, 6.3g/t Ag, 0.016g/t Au) from 33m, including
      • 3.5m at 3.15% CuEq (1.43% Cu, 0.52% Sn, 9.8g/t Ag, 0.013g/t Au) from 39m
  • LRD37 intersected 20.5m at 0.80% CuEq (0.55% Cu, 0.046% Sn, 5.0g/t Ag, 0.012g/t Au) from 69m, including;
    • 2.4m at 1.27% CuEq(0.94% Cu, 0.015% Sn, 14g/t Ag, 0.04g/t Au, 0.015% Co) and 0.37% Pb, 0.73% Zn from 73m, and
    • 8.55m at 1.22% CuEq (0.81% Cu, 0.09% Sn, 6.2g/t Ag, 0.02g/t Au) from 78.45
  • LRD32 intersected 68m at 0.52% CuEq (0.37% Cu, 0.03% Sn, 2.2g/t Ag, 0.01g/t Au) from 79m, including;
    • 4.0m at 1.42% CuEq(1.26% Cu, 5.3g/t Ag, 0.01g/t Au, 0.011% Co) from 79m, and
    • 40m at 0.64% CuEq (0.44% Cu, 0.044% Sn, 2.7g/t Ag, 0.01g/t Au) from 103m, including
      • 10.8m at 1.43% CuEq(1.05% Cu, 0.08% Sn, 6.1g/t Ag, 0.02g/t Au) (>0.5% Cu combined thickness)
  • LRD33 intersected 31m at 0.50% CuEq (0.40% Cu, 2.3g/t Ag, 0.021g/t Au) from 79m, including;
    • 13.0m at 0.91% CuEq (0.78% Cu, 3.2g/t Ag, 0.034g/t Au) from 79m, including
      • 6.0m at 1.71% CuEq (1.5% Cu, 5.6g/t Ag, 0.06g/t Au) from 86m
  • LRD28 intersected 23.2m at 0.57% CuEq (0.49% Cu, 2.4 g/t Ag, 0.02g/t Au) from 45.8m consisting of supergene chalcocite and 0.3m massive chalcopyrite-pyrite interval, including;
    • 7.65m at 1.21% CuEq (1.08% Cu, 4.6 g/t Ag, 0.03g/t Au) from 47.8m, including
      • 0.3m at 11.99% CuEq (11.0% Cu, 41.7g/t Ag, 0.19g/t Au, 0.05% Co) and 0.45% Zn, 0.17% Pb from 55.15m (massive sulphide)

Drill results

The new drill results include holes LRD26 and LRD28 to LRD37. The drill holes all target extensions of the volcanic-hosted massive sulphide associated mineralization at the La Romana discovery. Holes LRD26, LRD28, LRD29 and LRD30 traverse a down hole EM conductor plate in the east. Holes LRD31 to LRD37 are aimed at extending the near surface copper mineralization eastwards.

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 LRD 32 to LRD36 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 2356.05m)

Hole IDEasting1Northing1Azimuth (º)Dip (º)Depth (m)
LRD267369864152698180-50311.4
LRD287369774152615180-50254.1
LRD297369454152754180-53294.6
LRD307369474152836180-50326.1
LRD317368364152623180-50176.1
LRD327367344152699180-55220.2
LRD337369014152633180-80202.2
LRD347365834152581180-55134.2
LRD357365844152609180-65110.2
LRD367366344152631180-60168.75
LRD377366824152670180-55158.2

 

1Coordinates are in ERTS89 datum UTM29N

Table 2 - Escacena Project, La Romana drill results summary

HoleFrToIntCuEq1CuSnAgCoAu
PbZn



m%%ppmg/tppmg/t
ppmppm
LRD2687.888.150.352.041.567719.42310.10
321698

116.6118.92.31.221.01477.71050.06
328639

118118.30.34.974.1717131.33460.20
13402390

143.8144.050.251.080.786110.01370.09
20405330

159.85160.50.651.130.94673.71160.08
93194

162.5162.70.21.871.60649.51480.07
519472













LRD283141100.260.20471.6310.01
3132914

45.86923.20.570.49382.4500.02
266500

45.859.513.70.790.69303.0600.02
98312

47.855.457.651.211.08274.6770.03
97344

55.1555.450.311.9911.0013341.74920.19
17004450













LRD29122122.20.23.813.498711.62050.05
7341260

155.81615.21.070.90443.61330.04
40401

155.8158.52.71.891.62496.52140.06
41647

173.15173.50.351.331.121344.71440.04
286421

211.35211.60.251.211.03782.71740.04
2341520

214.8215.50.71.521.071028.92910.18
12406130













LRD3092.8593.150.30.680.163923.8100.24
2.24%5.71%

139.6140.10.51.130.94586.1940.06
110779

177.91802.11.511.38374.9830.02
91305

177.9178.10.212.5311.6511937.34010.18
5412240

212223110.600.51411.2870.02
1387

214.152194.851.120.98402.31440.03
16102

214.152161.852.091.87564.22070.05
2727

231.82320.22.291.971038.91730.10
361289

260.8261.10.31.381.22665.11050.03
3181200

263.5263.70.24.644.1010614.24090.13
7141190

311.83120.21.180.98884.5780.10
4733790













LRD313661.225.20.330.24751.6610.01
167294

47.861.213.40.450.35781.9770.01
62301

49.6549.850.21.191.01765.61210.03
330372

5961.22.21.401.22894.41360.02
126730

60.861.20.46.716.1019118.34750.09
2701200

167167.40.41.471.27872.91000.11
245538













LRD32263480.340.22764.4390.02
432433

79147680.520.372862.2640.01
105508

798341.421.26755.31100.01
144427

103143400.640.444102.7750.01
115633

10310631.230.7911804.3740.01
152754

11711811.50.9511255.02580.03
65337

123.51273.51.190.876065.11050.02
35471

13413841.080.796075.3600.01
90651

14014221.221.031836.6740.01
5482515

170170.50.51.731.4119910.01070.09
10105800
Combined thickness
>0.5%
Cu
8014212.81.601.246776.61170.02
2071049
>0.5%
Cu
10314210.81.431.057816.11090.02
1941131













LRD3379110310.500.40532.3710.02
121536

7992130.910.78403.2900.03
47405

849281.341.17414.41180.04
62549

869261.711.50515.61420.06
80688

13113211.481.15877.02280.11
340896

133.5133.80.31.701.38926.12380.11
3341520













LRD343253210.400.301781.839
84222

40.5432.51.150.972395.5580.01
104147













LRD35630.524.50.530.353622.4570.01
230275

1830.512.50.790.564373.4860.01
345397

182241.090.825564.0820.02
968673

55.758024.250.410.302061.9460.01
88325

55.756913.250.510.382572.2530.01
47375

55.75571.251.331.134483.4400.01
47310













LRD362750231.060.5912563.9800.01
154475

3346131.590.8620355.91020.01
198669

3344111.740.9223106.31010.02
208659

3942.53.53.151.4352109.81390.01
274914

84102.518.50.340.212431.1700.01
142266

148.9149.50.61.760.8226303.81090.09
328959













LRD376989.520.50.800.554605.0860.01
7391737

7375.42.41.270.9414914.01500.04
37397292

78.45878.551.220.818976.21070.02
6151494

135.2135.50.31.361.102864.21510.05
9493410

 

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 new results show the high-grade near surface copper mineralization continues to the east for a strike length of approx. 700m and remains open along strike, down-dip and up-dip. The primary mineralization includes mainly stockwork, semi-massive sulphides and bands of massive sulphide, with chalcopyrite as the primary copper mineral. The copper mineralization is associated with elevated levels of tin, silver, cobalt and gold. The tin occurs as cassiterite and mainly in the west and center of the drill area.

Of additional significance is the confirmation of both oxide copper and supergene chalcocite in several of the new drill holes over thicknesses not previously intersected, including down to approx. 68m depth in hole LRD35. The new results expand the open pit target along strike and to the south, including potential oxide copper and supergene enrichment style mineralization above zones of strong sulphide mineralization.

Results received for holes LRD36, LRD37, LRD32, LRD33 and LRD 28, together with visual indications in recently completed holes LRD39 and LRD40, show near surface copper mineralization extends a further 350m east from previous hole LRD27 which reported 32m at 0.85% CuEq from 65.8m, including 10.6m at 1.55% CuEq and LRD25 with 37.25m at 0.73% CuEq from 26.7m, including 10m at 1.23% CuEq. Supergene chalcocite is also evident in holes LRD28 and LRD33 to LRD36, with holes LRD34 and LRD35 indicating potential for supergene enrichment to also extend over the generally lower grade footwall mineralization.

LRD26, LRD28, LRD29 and LRD30 are the easternmost holes in the drill area. These provide a north-south traverse, testing a large down-hole EM conductor anomaly up -dip from previous hole LRD22 which intersected 18m at 1.0% CuEq from 259m, including 6m at 2.44% CuEq and 0.43m thick massive sulphide layer with 18.7% CuEq. The new holes confirm continuity of the high-grade massive sulphide associated mineralization over more than 250m dip extent coincident with the down-hole EM conductor. The massive sulphide appears to be attenuated or thin in the centre of this section in holes LRD26, LRD29 and LRD30, and gets thicker up-dip near to surface in hole LRD28 and at depth in hole LRD22. Most of the conductor anomaly remains untested and the mineralization is open in all directions.

Hole LRD36 was drilled approx. 50m along strike to the east of drill hole LRD25 and showed a stronger interval of copper, tin and silver mineralization. The hole intersected 23m at 1.06% CuEq (0.59% Cu, 0.13% Sn, 3.9g/t Ag) from 27m down hole depth, including 11m at 1.74% CuEq (0.92% Cu, 0.23% Sn, 6.3g/t Ag, 0.02g/t Au) and 18.5m at 0.34% CuEq (0.21% Cu, 0.02% Sn, 1.1g/t Ag) from 84m associated with a pyritic zone in the footwall. The hole includes a leached/oxidised zone down to approx. 30m depth, a zone of chalcocite from 30 to 35m and a transition zone with minor chalcocite and bornite over printing chalcopyrite from approx. 35 to 40m followed by primary chalcopyrite mineralization. Red hematite, black copper oxides and local copper carbonate are evident in the oxide zone and native copper is present at the base of the oxidation. The chalcocite occurs in fractures and replaces earlier chalcopyrite and pyrite. The hole also intersected significant tin mineralization with values up to 1.99% Sn.

Drill hole LRD37 is approx. 50m east and along strike from hole LRD36. The hole intersected 20.5m at 0.8% CuEq (0.55% Cu, 0.05% Sn, 5g/t Ag) from 69m down hole, including 2.4m at 1.27% CuEq (0.94% Cu, 0.015% Sn, 14g/t Ag, 0.04g/t Au, 0.015% Co) from 73m and 8.55m at 1.22% CuEq (0.81% Cu, 0.09% Sn, 6.2g/t Ag, 0.02g/t Au, 0.011% Co) from 78.45m.

Drill hole LRD32 is approx. 50m east of LRD37. The hole intersected 68m at 0.52% CuEq (0.37% Cu, 0.03% Sn, 2.2g/t Ag, 0.01g/t Au) from 79m in primary sulphide mineralization, which includes 4m at 1.42% CuEq (1.26% Cu, 5.3g/t Ag) from 79m and 40m at 0.64% CuEq (0.44% Cu, 0.04% Sn, 2.7g/t Ag) from 103m, including 10.8m at 1.43% CuEq (1.05% Cu, 0.08% Sn, 6.1g/t Ag, 0.02g/t Au, 0.011% Co) (>0.5% Cu combined thickness). The hole also intersected an overlying zone of low grade oxide copper mineralization, including 8m at 0.34% CuEq (0.22% Cu, 4.4g/t Ag, 0.02g/t Au) from 26m.

Drill hole LRD33 tested the upper edge of the down-hole EM conductor and Mise-a-la-masse conductor anomaly approximately 70m west of hole LRD28. The hole intersected 13m at 0.91% CuEq (0.78% Cu, 3.2g/t Ag, 0.03g/t Au) from 79m, including 6m at 1.71% CuEq (1.5% Cu, 5.6g/t Ag, 0.06g/t Au, 0.014% Co) coincident with the conductor anomalies.

Drill hole LRD28 intersected 10m at 0.26% CuEq (0.2% Cu, 1.6g/t Au, 0.01g/t Au) from 31m and 13.7m at 0.79% CuEq (0.69% Cu, 3g/t Ag, 0.02g/t Au) from 45.8m, including 7.65m at 1.21% CuEq (1.08% Cu, 4.6g/t Ag, 0.03g/t Au) which also included a thin layer of massive sulphide with 0.3m at 11.99% CuEq (11% Cu, 41.7g/t Ag, 0.19g/t Au, 0.05% Co). The drill hole includes chalcocite mineralization down to approx. 55m depth and shows that near surface copper mineralization remains open and is untested along strike to the east.

Drill hole LRD35 tested extensions of the near surface copper mineralization approx. 35m up-dip from hole LRD25. The hole intersected 24m at 0.53% CuEq (0.35% Cu, 0.04% Sn, 2.4g/t Ag) as oxides and chalcocite from approx. 6m depth, including 12.5m at 0.79% CuEq (0.56% Cu, 0.044% Sn, 3.4g/t Ag,) from 18m in chalcocite, which also includes 4m at 1.09% CuEq (0.82 Cu, 0.06% Sn, 4g/t Ag), and a deeper chalcocite zone with 13.25m at 0.51% CuEq (0.38% Cu, 0.03% Sn, 2.2g/t Ag) from 55.75m. The hole drilled mostly in the footwall to the higher-grade copper mineralization in hole LRD25.

Drill hole LRD34 was collared approx. 30m south of hole LRD35 in the footwall volcanics beneath the main zone of copper mineralization. The hole intersected 21m at 0.4% CuEq (0.3% Cu, 0.02% Sn, 1.8g/t Ag) from 32m as supergene chalcocite mineralization, including 2.5m at 1.15% CuEq (0.97% Cu, 0.024% Sn, 5.5g/t Ag, 0.01g/t Au) from 40.5m down hole.

Drill holes LRD26, LRD29, LRD30 and LRD31 all intersected multiple narrow copper intervals summarised in table 2.

Assay results are pending for completed drill holes LRD38 to LRD45 and drill holes LRD46 and LRD47 are in progress. The Phase 4 drill program has been expanded to thirty drill holes with ten new drill holes planned.

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Figure 1 - La Romana drill hole locations and geophysics targets

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Sections 736585 E & 736635 E

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Sections 736735 E & 736885 E

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Figure 2 - Selected summary drill hole cross sections (736585 E, 736635 E, 736735 E, and 736885 E)

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 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

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. 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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Pan Global Resources

Pan Global Resources

Overview

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 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.

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

Key Projects

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 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 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.

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.

Hot Chili Limited

Another High Grade Boost for Cortadera 658m at 0.6% CuEq including 130m at 0.9% CuEq

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or “Company”) is pleased to report another outstanding drill result at the Cortadera porphyry deposit, part of the Company’s Costa Fuego, coastal range, copper-gold hub in Chile.

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For those new to copper investing, keeping track of copper prices can be confusing. Below is a look at the different metals exchanges that copper investors should know about.

Copper traded on the London Metal Exchange (LME), or LME copper, is priced per metric ton (MT), but COMEX copper, or contracts traded on the COMEX division of the New York Mercantile Exchange (NYMEX), are priced per pound.

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Turquoise Hill Announces Amendment to Comprehensive Financing Arrangement with Rio Tinto

Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) ("Turquoise Hill" or the "Company") today announced that the Company and Rio Tinto International Holdings Limited ("Rio Tinto") have agreed to amend the comprehensive funding arrangement to, among other things, provide interim debt funding from Rio Tinto to address the Company's near-term estimated funding requirements and to extend the date by which Turquoise Hill is required to raise additional equity capital.

On March 14, 2022, Rio Tinto announced a non-binding proposal to acquire the approximately 49% of the outstanding shares of Turquoise Hill held by the Company's minority shareholders for cash consideration of C$34.00 per share (the "Proposal"). In response to the Proposal, the Board of Directors of the Company formed a special committee of independent directors (the "Special Committee") to review and consider the Proposal. The mandate of the Special Committee includes responsibility for considering the Company's liquidity needs and financing options pending the Company's consideration of the Proposal.

News Provided by Business Wire via QuoteMedia

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Eagle Lake Location Map (See high resolution version)

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Copper Pathway to 2030 Webinar Hosted by RFC Ambrian and Stonegate Capital Partners

Copper is one of the key commodities that will enable the global energy transition to move the world to a zero-carbon future.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

  • Copper is one of the key commodities that will enable the global energy transition to move the world to a zero-carbon future
  • Copper industry faces a range of challenges over the coming decade to meet anticipated demand
  • Copper Pathway to 2030 is bringing together four of the leading industry players who will be providing solutions

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7294/124539_final%20logo%20051622_550.jpg

Click image above to view full announcement.

News Provided by Newsfile via QuoteMedia

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