– THE ONGOING PAN GLOBAL SURVEYS EXPAND THE EXTENSION OF THE LA ROMANA SURFACE COPPER-TIN-SILVER DEPOSIT TO 1.35 KILOMETERS
TSXV: PGZ | OTCQX:PGZFF
VANCOUVER, BRITISH COLUMBIA, Sept. 19, 2023 /PRNewswire/ — Pan Global Resources Inc. (“Pan Global” or the “Company”) (TSX-V: PGZ; OTCQX: PGZFF) is pleased to announce the results of the tests of the first six wells drilled at the Romana Oeste target, which confirm the extension of the La Romana copper-tin-silver deposit in the Escacena Project, 100% owned by the Company, in the Iberian Pyrite Belt, in the south from Spain.
Highlights:
The location of the boreholes is shown in Figure 1. The test results are summarized in Table 1, and the details of the nozzles are presented in Table 2.
“Drilling at Romana West began just weeks after we were granted access to the area. Twelve of the planned 25 holes have been completed, and assay results from the first six are very encouraging. Our drilling program has has been very successful, confirming the continuity of copper-tin-silver mineralization 150 meters west of the La Romana discovery. The total width dimension of La Romana is now 1.35 kilometers and remains open, with further expansion drilling westward. The results to date show the potential for grades to increase westward,” said Tim Moody, President and CEO of Pan Global.
The Romana Oeste mineralization has two main levels, Zone B and Zone C, which begin directly beneath a thin cover of overlying sediments. Sulfide mineralization was intersected in all drillholes at the depths predicted from the model developed based on previous drillholes and geological data. At shallow depth, primary sulphides, including chalcopyrite and pyrite, have subsequently been affected by supergene chalcosine and copper enrichment.
Assay results also include some of the highest tin grades recorded in the Escacena project area, with up to 0.62% Sn. Coarse-grained cassiterite has been observed in both Zone B and Zone C. It is important to note that cassiterite is the only tin mineral observed and the most favorable for obtaining an economical concentrate through mineralurgy. Processed tin is a key ingredient in electronics and solar panels, and is frequently priced at three to four times that of processed copper.
The ongoing drilling program aims to verify La Romana’s surface mineralization a further 350 m to the west.
Table 1 – Summary of Romana West drilling results
1 Copper Equivalent = CuEq. The CuEq is calculated using the grades of Cu, Sn and Ag. Metallurgical recoveries of 86% for Cu, 68% for Sn and 56% for Ag are based on preliminary studies conducted by Wardell Armstrong International and MinePro. The CuEq calculation assumes raw material prices of USD 8,693 /ton Cu, USD 29,069 /ton Sn and USD 23.72 /oz Ag, corresponding to the average monthly prices for three years until July 2023. The formula used is [ CuEq %] = [Cu %] 2.6440 * [Sn %] 0.0057 * [Ag ppm].
Table 2 – Information on manholes in Romana Oeste (6 boreholes, total 1,004.95m)
2 Coordinates in ERTS89 UTM29N datum
Call for investors to comment on the results of the surveys and the expansion of La Romana
Our CEO Tim Moody will give a conference broadcast online on Wednesday, September 20, 2023, at 11:00 a.m. ET time / 8 a.m. PT / 17 p.m. CEST, to comment on the latest results in the Escacena Project. After a brief presentation, a question and answer session will open.
Date: Wednesday, September 20, 2023 Time: 11:00 a.m. Eastern Time | 8:00 am. Pacific Time | 17:00 p.m. CESTPlease register in advance at the following link: https://us06web.zoom.us/meeting/register/tZEtcumhrzsqE9XnLSo4hLpyYL7Nrdq-utim.
After registering you will receive a confirmation email with information on how to participate in the meeting. Investors are encouraged to submit questions or topics of interest in advance to investors@panglobalresources.com so they can be addressed following the presentation. After the live conference, there will be a link to the broadcast on the company’s website https://panglobalresources.com.
About the Escacena Project
The Escacena Project comprises a large contiguous land package of 5,760 hectares controlled 100% by Pan Global in the east of the Iberian Pyrite Belt. Escacena is located near the operating Las Cruces and Riotinto mines and is immediately adjacent to the former Aznalcóllar and Los Frailes mines, where Minera Los Frailes/Grupo México is in the final permitting phase and is expected to Construction begins in 2023. The Escacena project hosts the La Romana copper-tin-silver discovery and other prospective targets, such as Romana Oeste, Cañada Honda, Bravo, Barbacena, El Pozo, Zarcita, Hornitos, La Jarosa, Romana Profundo, Romana North and San Pablo.
About Pan Global Resources
Pan Global Resources Inc. is actively seeking copper-rich mineral deposits, given the future market outlook for copper supply and demand, and the long-term price outlook as a critical metal for global electrification and the energy transition. The Escacena Project, the Company’s main one, is located in the prolific Iberian Pyrite Belt, in southern Spain, where the infrastructure, mining and professional experience, and support for copper as a Strategic Raw Material by the European Commission Together they define a first-level jurisdiction for mining investment. The Pan Global team is made up of professionals with recognized talent in mining exploration, development and exploitation, all of them committed to operating safely and with the utmost respect for the environment and the communities with which we collaborate.
QA/QC procedures
The diameter of the core was HQ (63 mm) and all samples were ½ core. The nominal sample size was 1 m core length and ranged from 0.4 m to 2 m. Sampling intervals were defined by geological contacts and the beginning and end of each sample were physically marked on the core. The company’s staff supervised the cutting of the cores and the taking of samples at all times. Duplicate ¼ control samples were taken approximately every 30 samples and certified reference materials were inserted every 25 samples in each batch.
The samples were sent to the ALS laboratory in Seville (Spain) and analyzed at the ALS laboratory in Ireland. All samples were crushed and divided (method CRU-31, SPL22Y), and pulverized (method PUL-31). Gold analysis was carried out by 50 g fire assay with ICP analysis (Au-ICP22 method) and multi-element analysis was carried out by 4-acid digestion with ICP AES finishing (ME-ICP61 method). Higher grade base metal results were analyzed by ICP AES 4-acid digestion (OG-62 method). Very high grade tin was determined by peroxide melting with ICP analysis (Sn-ICP81x method).?
Qualified Persons
James Royall, Vice President of Exploration at Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information in this press release. Mr. Royall is not independent of the company.
On behalf of the Board of Directors
FOR MORE INFORMATION, CONTACT Jason Mercier, VP Investor Relations and Communicationsjason@panglobalresources.com 1 778 372-7101 www.panglobalresources.com
Forward-looking statements
Statements that 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 the Company’s actual results and 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 press release are reasonable, but there can be no assurance that these expectations will prove to be correct and undue reliance should not be placed on such forward-looking information. 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 are referred to the risk disclosures contained in the company’s management report on its audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained in this press release is based on information available to the company as of the date of this press release. Except as required by applicable securities laws, the company does not intend to update this forward-looking information, nor undertakes any obligation to do so.
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