VANCOUVER, BRITISH COLUMBIA – (May 10, 2017) – Pan Global Resources Inc. (“Pan Global” or the "Company") (TSX Venture Exchange: PGZ)herein provides an update on the first results from prospecting and sampling on the Aguilas Copper Project in Spain.
Tim Moody, Pan Global President & CEO, stated “The first round of prospecting results are encouraging hilst suggesting potential continuity of copper mineraliation over more than two kilometres along one section of the main copper structure, the results also indicate potential for other metals such as gold, silver, cobalt and uranium. The metal association, alteration and intense multi-phase breccia are characteristic of hematite-dominant iron-oxide copper-gold ore deposits elsewhere. Good progress is also being made on the permitting of the Aguilas mineral rights. The company is also continuing to evaluate other opportunities.”
The company manages the Aguilas Project through its agreement to acquire Spanish company, Minera Aguila SLU. Minera Aguila SLU holds the Las Aguilas I, II and III Investigation Permit applications, referred to as the “Aguilas Project”.
The primary goal of the Company's exploration program is to discover and develop new Mineral Resources and to establish a pipeline of opportunities. Permitting of Aguilas I, II and III mineral rights continue to progress. The initial prospecting on the Aguilas Project is aimed at identifying the extent and nature of the copper and lead silver mineraliation. Results from the first phase of prospecting have been received and confirm high copper values with associated gold, silver, cobalt and uranium along a major structure associated with multi-stage quartz-hematite-carbonate breccia. The metal association, style of mineraliation and alteration are typical of iron oxide copper gold (IOCG) type ore deposits. There is no historical exploration drilling on the copper structure and there has been almost no modern exploration in the area. Prospecting and re-evaluation of the historic lead-silver mine trend within the Aguilas project area is also planned. Highlights from the first round of prospecting are provided below:
Aguilas Project Highlights
Prospecting is ongoing to help determine the extent of the mineralization and focus more detailed sampling, geophysics and drilling. Compilation of historical exploration and mining data and reprocessing of regional geophysics data is also underway. Archaeological surveying is also being completed prior to Definitive Admission and Publication of the permits in the Official Bulletin.
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.
On behalf of the Board of Directors
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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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