TSXV: PGZ | OTCQX:
PGZFF | FSE: 2EU
- 2023 drilling expanded La Romana copper-tin-silver area of
surface mineralization by more than 25%
- 2024 drill plan focused on further expanding La Romana
mineralization for a maiden mineral resource estimate
- Results pending for nine completed drillholes at La Romana to
be released in January
- 2023 Escacena drill campaign resulted in a new copper-gold
discovery at Cañada Honda with further drill results expected in
January 2024
- 11-hole step-out drill program at Cañada Honda started in
November resumes in January 2024 to
test the potential to significantly expand the discovery
- Growing pipeline of new geophysical targets at the Escacena
Project
VANCOUVER, BC, Jan. 4, 2024
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the
"Company") (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is pleased to
provide a summary of milestone achievements in 2023 and plans for
2024. The 2024 Plan will focus on the Company's 100%-owned Escacena
Project located in the Iberian Pyrite Belt in southern Spain, a prolific polymetallic volcanogenic
massive sulphide (VMS) district and tier one mining
jurisdiction.
"The Pan Global team delivered on key objectives in 2023 for the
Company's flagship Escacena Project. The dimensions of the La
Romana copper-tin-silver mineralization were increased
significantly, further de-risking the project. Preliminary
metallurgy tests confirmed industry-leading copper recoveries. In
addition, the team made a new copper-gold discovery at the highly
prospective Cañada Honda target. Plus, the pipeline of new
exploration targets at Escacena was bolstered during the year
following extensive detailed geophysics," said Pan Global President
and CEO Tim Moody.
"With funds in place to advance the Escacena Project in 2024,
investors should expect regular news flow. Results from additional
drilling at La Romana are expected to further expand the western
and northern extents of the La Romana mineralization in advance of
a maiden mineral resource estimate. Drilling at the Cañada Honda
target is also expected to expand the discovery, and plans are in
place to commence exploration at the Bravo target east of La Romana
as soon as we have access to the farm. We are well positioned for
an exciting year expanding our two discoveries at Escacena and
advancing a growing pipeline of exploration targets," said Mr.
Moody.
Highlights for 2023
- Completed 60 drillholes (14,992m)
on five targets
- Completed preliminary metallurgy tests for La Romana confirming
86.4% to 89.5% copper recoveries at coarser grind size (lower
energy) compared to regional operating mines. Copper concentrate
grades of 23.8% to 28.5% with silver credits and very low
deleterious elements were reported.
- Completed 20 holes of a planned 25-to-30-hole drill program
testing the western projection of the near surface La Romana
mineralization and confirmed continuity of the mineralization over
1.35km east-west strike extent, open to the west and at depth to
the north
- Confirmed a new copper-gold discovery at Cañada Honda based on
initial wide-spaced drill results
- Launched an 11-hole step-out drilling program at Cañada Honda,
with drilling to resume in January to test the potential along a
2km gravity anomaly
- Expanded the portfolio of untested Escacena Project exploration
targets to more than a dozen following an extensive geophysics and
geochemistry survey program, including additional potential
along-trend from La Romana and numerous other targets offering
additional discovery potential for future drill testing
Additional achievement in 2023
include:
- Graduated to the OTCQX in the United
States
- Strengthened the Company's sustainability and ESG commitment,
targeting copper and other metals critical for global energy
transition
- Announced the Company's first sustainability report, produced
independently by Digbee ESG™
- Completed a C$6 million
non-brokered private placement financing in October
2024 Exploration Plan:
The 2024 plan will focus on:
- Further drilling to delineate the western and northern extent
of the La Romana mineralization ahead of a maiden mineral resource
estimate;
- Additional La Romana metallurgical testwork;
- Drilling to test the potential to significantly expand the
copper-gold discovery at Cañada Honda; and,
- Advancing the strong pipeline of new exploration targets for
future drill testing.
Catalysts for 2024-2025
include:
- Drillhole results from ongoing exploration drilling at La
Romana and results for step-out drilling at the Cañada Honda
discovery
- Gaining surface access to the highly prospective Bravo gravity
target (less than 2km along trend east of La Romana) for
exploration
- Tin metallurgical test results and variability test results on
the La Romana mineralization
- Ongoing exploration results and drilling on new targets
- Maiden NI 43-101 compliant Mineral Resource Estimate for La
Romana and Preliminary Economic Assessment
About Pan Global
Resources
Pan Global Resources Inc. is actively targeting copper-rich
mineral deposits, 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 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.
On behalf of the Board of Directors
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.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pan-global-2023-achievements-set-stage-for-milestone-rich-2024-exploration-program-at-escacena-project-southern-spain-302025969.html
SOURCE Pan Global Resources Inc.