VANCOUVER, BRITISH COLUMBIA – (September 4, 2024) – Pan Global Resources Inc. (“Pan Global” or the "Company") (TSX-V: PGZ; OTCQX: PGZFF; FRA: 2EU) is pleased to announce additional soil geochemistry and new gravity survey results for the maiden exploration program over the Bravo target (“Bravo”) within the Company’s 100%-owned Escacena Project (“Escacena”) in the Iberian Pyrite Belt, southern Spain.
“The new soil sample geochemistry and gravity survey results further support our view that the large Bravo target could represent concealed volcanogenic massive sulphide (VMS) mineralization beneath shallow cover, similar to Pan Global’s nearby La Romana copper-tin-silver discovery. The new survey results double the size of the lead plus zinc surface anomaly from the initial soil sampling reported last month and confirm a large coincident gravity anomaly,” said Tim Moody, Pan Global’s President & CEO.
Mr. Moody added, “The elevated lead-zinc-silver soil geochemistry and coincident gravity anomaly are strong indicators of the potential for underlying sulphide mineralization. Modelling of the data is underway to finalize locations for the maiden Bravo drill campaign, plus soil geochemistry sampling has expanded to test the potential for mineralization between Bravo and the La Romana discovery to the west.
”The Bravo target is located 1.5km east of Pan Global's La Romana copper-tin-silver discovery and 4.5km southwest of Grupo México’s Aznalcóllar and Los Frailes volcanogenic massive sulphide deposits. The target is mostly covered by post-mineral rocks and sediments and has never been drill tested.
Figure 1 – Enhanced Bravo gravity target and new Pb+Zn soil anomaly, showing proximity to the La Romana gravity anomaly
Figure 2 – Bravo target soil sample geochemistry results superimposed on the new gravity anomaly map, indicating the highest Pb, Zn and Ag coincides with the peak of the gravity anomaly
A total of 1,188 soil samples, including 57 duplicates, were collected as part of the expanded Bravo survey. The soil samples were collected on a 40-meter spacing along lines 100 meters apart. Each sample was analyzed using a hand-held x-ray fluorescence (“pXRF”) device. Spatial interpretation of the pXRF results confirms a Pb plus Zn soil anomaly extending over 1.7km east-west and up to 1.2km north-south. Samples range from 300ppm to 1,252ppm combined Pb+Zn, including up to 1,115ppm Pb and 886ppm Zn.
A total of 67 soil samples from two lines over the Bravo target were also assayed for multi-element geochemistry by ALS laboratory to check and compare accuracy of the pXRF results. The results confirm a close correlation of the Pb and Zn assay values with the pXRF results and also show anomalous Ag values up to 5.2g/t (not analyzed by the pXRF) coincident with the Pb+Zn and gravity anomalies.
The initial Bravo ground gravity survey is complete, with results obtained from 788 stations on a 100m x 100m, and 100m x 50m grid over the main target area. The results confirmed a strong (>1.2 mGal) gravity anomaly with surface dimensions approximately 2.0km x 1.5km.
Next steps include:
About the Escacena Project
The Escacena Project comprises a large, contiguous, 5,760-hectare land package controlled 100% by Pan Global in the east of the Iberian Pyrite Belt. Escacena is located near the operating mine at Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera Los Frailes/Grupo México is in the final permitting stage to allow new mine construction to commence. The Escacena Project hosts Pan Global’s La Romana copper-tin-silver and Cañada Honda copper-gold discoveries, and a number of other prospective targets, including, Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa, Romana Deep, and Cortijo.
About Pan Global Resources
Pan Global Resources Inc. is actively targeting copper-rich mineral deposits in Spain, given copper’s compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. The Company’s flagship Escacena Project is located in the prolific Iberian Pyrite Belt in southern Spain, where a favourable permitting track record, excellent infrastructure, mining and professional expertise, and support for copper as a Strategic Raw Material by the European Commission collectively define a tier-one low-risk jurisdiction for mining investment. The Pan Global team comprises proven talent in exploration, discovery, development, and mine operations - all of which are committed to operating safely and with utmost respect for the environment and our partnered communities. The Company is a member, and operates under the principles, of the United Nations Global Compact.
QA/QC
The soil geochemistry survey includes samples collected from the top 20cm from surface (un-sieved, weighing approx. 1kg) on a 100m x 40m grid over the gravity target area. The samples are collected in plastic bags, and a multi-element analysis obtained using an Olympus Vanta hand-held x-ray fluorescence (“pXRF”) device. Analyses are repeated on 1 per 20 samples, and standards analyzed to check for deviation.
Additional samples were sent to the ALS laboratory in Seville as a further check and comparison with the pXRF results. The samples were crushed and split (method CRU-31, SPL22Y), and pulverized using (method PUL-31). Multi element analysis was undertaken using a multi-acid digest and ICP-MS ultra-low detection method ME-ICP61).
Qualified Persons
Álvaro Merino. Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has approved the scientific and technical information for this media release. Mr. Merino is not independent of the Company.
FOR MORE INFORMATION PLEASE CONTACT:
Jason Mercier, VP Investor Relations and Communications
jason@panglobalresources.com / investors@panglobalresources.com
Tel: +1-236-886-9518
Forward-looking statements
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 media 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 media release is based on information available to the Company as of the date of this media 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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