VANCOUVER, British Columbia, March 11, 2022 (GLOBE NEWSWIRE) -- Pan Global Resources Inc. (TSXV:PGZ) (OTCPink:PGNRF), announced results for the first drill hole completed at the La Jarosa target at the Escacena Project, southern Spain. Pan Global, actively engaged in base and precious metal exploration in the Iberian Pyrite Belt of southern Spain, is pursuing opportunities from exploration through to mine development.
For more information, please view the InvestmentPitch Media “video” which provides additional information about this news and the company, along with video comments from Tim Moody, President and CEO of Pan Global.
The Escacena Project is surrounded by 4 mines held by major mining companies. The La Jarosa target, at the Escacena Project, is located approximately 4 kilometres northeast of La Romana, which has been the focus of the company's drilling for the past 30 months.
La Jarosa is the second of up to twelve gravity targets at Escacena and follow-up drilling is in progress. New ground gravity survey results have been received over the Zarcita target, La Jarosa and surrounding areas. A high-resolution helicopter-borne Time Domain electromagnetic and magnetic survey has also been completed over the Escacena Project with final results expected in approximately 6 weeks.
Drill holes LJD-01 and LJD-02 have been completed and drill hole LJD-03 is in progress. Drill hole LJD-01 confirmed copper mineralization approximately 20m from a similar intersection in Exxon drill hole PJ-02 drilled in 1985, which was reported to included approximately 9.5m at 1.4% copper. Management cautions that only summary information is available for the Exxon drill hole and the results could not be audited or verified.
Assay results are pending for drill hole LJD-02 and drill hole LJD-03 is in progress. Highlights from LJD-01 included 18.65 meters at 0.73% copper and 1 g/t silver, including: 0.4 meters at 4.5% copper and 10.3 g/t silver and 9.5 meters at 1.2% copper and 1.1 g/t silver.
New gravity survey results have highlighted and confirmed several strong anomalies in the area surrounding La Jarosa. These include several small gravity highs coincident with the Exxon IP chargeability anomaly trend at La Jarosa which is potentially associated with copper mineralization intersected in LJD-01.
The gravity survey results at La Zarcita highlight a more than 2km long east-west gravity anomaly trend extending from the historic Zarcita mine workings beneath shallow cover and coincident with a soil-copper anomaly (NR Feb 23, 2022). The new gravity survey results also highlight a large gravity anomaly immediately south of the Zarcita mine workings beneath shallow cover that is untested.
Additional soil sampling and mapping has extended the soil copper anomaly and alteration beyond the cover to the west where it remains open. Additional drilling is planned at La Romana and assay results are pending for 23 completed drill holes, where drill results to date have shown a 100% hit rate.
The shares are trading at $0.76. For more information, please visit the company’s website, www.PanGlobalResources.com, contact Tim Moody, President and CEO, at +44 7766 253145 or by email at TMoody@PanGlobalResources.com.
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