PAN GLOBAL INTERSECTS 15 METERS OF 1.2% COPPER, 0.05% TIN, AND 5.4 G/T SILVER AT LA ROMANA, IN THE ESCACENA PROJECT, SPAIN

Jul 29, 2023

News provided by

19 Apr, 2023, 00:01 ET

Share this article

TSXV: PGZ OTCQB: PGZFF

VANCOUVER, BC, April 19, 2023 /PRNewswire/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQB: PGZFF) is pleased to announce assay results for its ongoing diamond drilling at the La Romana copper-tin-silver discovery and results for the first three drill holes at the Romana Deep target at the Company's 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain.

"The near surface high grade copper, tin, and silver results reported today confirm the continuity of the La Romana mineralization and highlight the potential to improve the overall grade with further in-fill drilling," said Tim Moody, Pan Global's President & CEO. "Planned testing of the strike extensions of the gravity and electrical geophysics targets east and west of the La Romana discovery is expected to further expand the area of mineralization."

"Exploration drilling at the Romana Deep target revealed an 80-meter-plus zone of alteration similar to that associated with mineralization at La Romana. The first three holes encountered multiple narrow intercepts of high grade copper mineralization up to 1.0m thick grading 1.1% to 3.8% Cu and up to 0.43% Sn and 55g/t Ag. The frequency of thin bands of massive and semi-massive sulphide and alteration intensity indicate an ecouraging vector with increasing copper towards the east, providing a guide for follow-up drilling."

Drill results are summarized in Table 1 and drill hole collar details are presented in Table 2 below. Drill hole locations are shown in Figure 1.

Drilling Highlights

The new drill results at La Romana intersected high grade copper (Cu) in four of the five drill holes targeting electromagnetic (EM) anomalies within the drill area. Together with previous drilling, the results further demonstrate good continuity of the mineralization and the potential for additional infill drilling to have a positive impact on the overall grade at La Romana. Drill holes LRD142 and LRD145 delivered the highest grade Cu, tin (Sn), and silver (Ag) intersections compared to previous drilling on the same north-south section (see Figures 2 and 3 below). Hole LRD143 returned one of the widest intersections reported at La Romana with 0.33% Cu over 70.85m, including 6m at 1.1% Cu plus additional narrow high grade Cu-Sn-Ag intersections.

Results are pending for a further five stepout drill holes targeting EM anomalies and downdip projections of the La Romana mineralization. An additional 10 drillholes are planned to test a gap in the drill pattern, previously inaccessible due to farm infrastructure, for additional high grade copper mineralization. These holes will also test the potential for additional near-surface supergene enriched chalcocite mineralization. Additional holes will test the continuity of tin mineralization and provide samples required for the tin metallurgy test work program. Drilling of the untested western strike projection of the La Romana mineralization is planned pending access.

The three drill holes testing a heliborne EM anomaly at Romana Deep each intersected more than 80m thick zones of chlorite and sericite alteration with multiple thin bands of massive and semi massive sulphide with high copper grades. The drilling shows alteration and associated copper mineralization extending from 300m to more than 600m downdip from the near-surface La Romana mineralization. The results for drill holes RDD02 and RDD03 indicates the heliborne EM anomaly in this area is potentially related to an upper copper mineralized horizon, approximately 100m stratigraphically above the main La Romana copper mineralization.

The drill results also highlight a vector to the east, characterized by increasing intervals of semi-massive and massive sulphide towards the east and anomalous copper over a wide interval in hole RDD01, the easternmost hole. Follow-up drilling at Romana Deep will be planned on completion of additional geophysics to help identify potentially thicker zones of high grade mineralization and potential to the east.

High grade intercepts at Romana Deep include:

Table 1 – Escacena Project, drill results summary (all intersections are >90% to approximately 100% of true thickness)

La Romana

Hole

From

To

Interval

Cu

Sn

Ag

Co

Au

Pb

Zn

m

m

m

%

%

g/t

ppm

g/t

ppm

ppm

LRD141

74.00

87.65

13.65

0.2

0.01

1.4

66

0.01

58

374

LRD142

40.00

62.00

22.00

0.7

0.07

3.1

77

<0.01

65

399

inc.

41.00

53.00

12.00

1.1

0.13

5.0

96

<0.01

29

431

inc.

40.00

43.00

3.00

1.0

0.24

5.6

98

<0.01

38

321

inc.

46.00

53.00

7.00

1.4

0.11

6.0

104

<0.01

36

559

LRD143

57.00

127.85

70.85

0.33

0.03

2.3

76

<0.01

95

566

inc.

57.00

63.00

6.00

1.1

0.01

5.2

133

0.01

36

670

inc.

59.00

62.00

3.00

1.6

0.01

6.7

145

0.01

38

532

inc.

100.45

101.00

0.55

1.9

0.12

10.8

239

0.04

150

863

inc.

108.00

109.00

1.00

1.1

0.04

6.4

90

0.01

268

804

inc.

127.25

127.85

0.60

1.7

0.11

9.4

612

0.09

481

2190

LRD144

50.00

72.00

22.00

0.5

0.05

2.9

66

<0.01

100

639

inc.

57.00

64.00

7.00

1.0

0.13

4.6

89

<0.01

94

615

inc.

59.00

64.00

5.00

1.2

0.10

5.1

95

<0.01

97

695

LRD145

74.00

89.00

15.00

1.2

0.05

5.4

97

<0.01

114

588

inc

74.00

87.00

13.00

1.3

0.06

6.0

105

<0.01

118

626

inc.

77.50

85.30

7.80

1.9

0.07

8.8

131

0.01

156

787

inc.

77.50

79.00

1.50

3.0

0.18

14.4

173

0.02

185

1144

inc.

84.00

85.30

1.30

6.5

0.07

28.0

292

0.04

367

1561

inc.

84.90

85.30

0.40

16.1

0.08

68.1

557

0.07

802

3020

Romana Deep

Hole

From

To

Interval

Cu

Sn

Ag

Co

Au

Pb

Zn

m

m

m

%

ppm

g/t

ppm

g/t

ppm

ppm

RDD01

454.20

527.80

73.60

0.13

<0.01

0.9

29

<0.01

93

284

inc.

456.30

456.55

0.25

1.7

<0.01

9.9

128

0.02

76

602

inc.

460.90

461.10

0.20

3.5

0.01

11.2

195

0.05

53

536

inc.

493.60

493.80

0.20

1.1

<0.01

5.6

64

0.05

196

939

inc.

497.45

497.80

0.35

2.4

<0.01

9.1

54

0.10

207

6980

inc.

513.85

514.10

0.25

3.8

0.01

29.8

351

0.15

225

615

inc.

527.40

527.80

0.40

1.6

<0.01

3.9

163

0.07

40

215

RDD02

310.00

311.00

1.00

1.4

<0.01

10.2

124

0.17

536

598

369.75

370.25

0.50

1.2

<0.01

5.7

94

0.03

23

93

561.65

562.25

0.60

3.0

0.01

55.3

167

0.11

9470

14300

565.00

566.00

1.00

1.3

<0.01

7.4

136

0.05

669

528

RDD03

513.00

514.00

1.00

1.1

0.43

4.3

63

0.02

17

127

Table 2 – Escacena Project, drill hole collar information (Total 2609.75m)

Hole_ID

Easting1

Northing1

Azimuth (º)

Dip (º)

Depth (m)

LRD141

736842

4152657

180

-55

180

LRD142

736484

4152669

180

-55

120

LRD143

736735

4152673

180

-55

161.4

LRD144

736438

4152708

180

-55

125.5

LRD145

736487

4152717

180

-55

165.15

RDD01

736788

4153045

180

-90

608.4

RDD02

736680

4153109

180

-90

629.4

RDD03

736527

4153046

180

-90

619.9

1Coordinates are in ERTS89 datum UTM29N\

Drilling is ongoing in the Escacena Project at the La Romana and Zarcita targets and is due to commence at the Cañada Honda target approximately 5 km north of La Romana targeting geophysics targets adjacent to historical mine workings. Results are pending for approximately 15 drill holes at La Romana and Zarcita. Negotiations are progressing with land owners for access to the untested potential near-surface extensions to the La Romana mineralization.

Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was 1m core length and ranged from 0.4 to 2m. Sample intervals were defined using geological contacts with the start and end of each sample physically marked on the core. Diamond blade core cutting and sampling was supervised at all times by Company staff. Duplicate samples of ¼ core were taken approximately every 30 samples and Certified Reference materials inserted every 25 samples in each batch.

Samples were delivered to ALS laboratory in Seville, Spain and assayed at the ALS laboratory in Ireland. All samples were crushed and split (method CRU-31, SPL22Y), and pulverized using (method PUL-31). Gold analysis was by 50gm Fire assay with ICP finish (method Au-ICP22) and multi element analysis was undertaken using a 4-acid digest with ICP AES finish (method ME-ICP61). Tin was analyzed in selected intervals using Lithium borate fusion and ICP MS finish (method ME-MS81). Over grade base metal results were assayed using a 4-acid digest ICP AES (method OG-62). Over grade tin was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

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. The project is located near operating mines at Las Cruces and Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera Los Frailes/Grupo Mexico is in the final permitting stage with construction anticipated to restart in 2023. The Escacena Project hosts the La Romana copper-tin discovery and a number of other prospective targets, including Zarcita, Hornitos, La Jarosa, Romana Deep, Bravo, Barbacena, El Pozo, and San Pablo.

Pan Global Resources Inc. is actively engaged in base and precious metal exploration in southern Spain and is pursuing opportunities from exploration through to mine development. The Company is committed to operating safely and with respect to the communities and environment where we operate.

James Royall, Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information for this news release. Mr. Royall is not independent of the Company.

On behalf of the Board of Directors

www.panglobalresources.com

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 news 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 news release is based on information available to the Company as of the date of this news 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.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Pan Global Resources Inc.