VANCOUVER, BRITISH COLUMBIA – (November 6th, 2013) – Pan Global Resources Inc. (“Pan Global” or the "Company") (TSX Venture Exchange: PGZ) is pleased to announce that it has received assay results from the 10th and 11th holes recently completed in the Valjevo basin which have significantly increased the extent, thickness and overall grade of borate mineralization while providing a vector to shallower, and thicker mineralization for follow up drilling.
Hole VBN-011 has intersected the shallowest and thickest mineralization to date with 20.9m of preserved borate from 258.4m with a best 3m assaying 14.13%B2O3 from 264.4m. This width included 1 metre intervals of 14.7, 15.13 and 13.2%B2O3. These grades continue to compare well to drill results from Rio Tinto’s Jadar deposit 56km away, which has an average grade of 12.9% B2O3 and 1.8% Li2O and is now undergoing feasibility studies.
Including these recent results, 7 of the 11 holes drilled by the company in the basin to date have directly intersected borate mineralization over an area now estimated at between 9.3km2 and 14.7 km2, and three other holes have intersected pseudomorphs of pre-existing borate mineralization which further extend the zone of potential mineralization. See Figure 1 on link below.
Julian Bavin, President and CEO of Pan Global stated "We are very encouraged by the results of this latest drilling which continue to show grades which compare well to drill results from Rio Tinto’s Jadar deposit, but which suggest potential mineralization of considerably greater extent. We have little doubt that further drilling will continue to provide evidence that Valjevo hosts a major body of borate mineralization. In addition we still have 7 high priority licenses which warrant drilling, any of which could contain similar or better bodies of borate and associated mineralization."
These latest results have been incorporated into a weighted grade distribution (grade x thickness of preserved borate) that indicate a thickening and shallowing of mineralization to the northwest. It also suggests a vector to the core of the mineralized system to the west and north- west of hole 11 that will be the focus of future drilling. For full details of assays and calculations please see Figure 2 on same link above.
In other work, further follow up geological assessment has resulted in further prioritization of the remaining licenses with the result that a total of 7 have been assessed as high priority. See Figure 3 on same link above.
The technical information provided in this news release was reviewed and approved by Robert. W. Baxter (FAusIMM), a director of the Company and a qualified person for the purposes of National Instrument 43-101. Pan Global core samples are delivered to the ALS laboratory in Romania, where all samples are bar-coded, weighed, air-dried, crushed and pulverized. The prepared pulverized samples are sent to the ALS laboratory in Vancouver, British Columbia for analyses by ICP-AES for 34 elements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Julian Bavin, President and CEO
Dan McIntyre, Investor Relations
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