PAN GLOBAL ACCELERATES COPPER EXPLORATION WITH ADDITIONAL DRILL RIG AT THE ESCACENA PROJECT, SOUTHERN SPAIN
Pan Global Resources has announced the addition of a second drill rig to its Escacena Project in southern Spain, aiming to accelerate the 2024 drilling program. The project, located in the Iberian Pyrite Belt, is 100%-owned by Pan Global.
They plan to drill 30-40 holes (8,000-12,000 meters), focusing on the La Romana copper-tin-silver deposit and the recently discovered Cañada Honda copper-gold-silver mineralization. Approximately 70% of this drilling plan has already been completed.
Results are pending for three drill holes at Cañada Honda, and preparations are being made to access the Bravo gravity target. Positive metallurgy results for copper and tin were reported earlier this year, alongside confirmed expansions of mineralization at both La Romana and Cañada Honda.
- Addition of a second drill rig accelerates 2024 drilling program.
- 70% of planned drilling (30-40 holes, 8,000-12,000 meters) already completed.
- Positive metallurgy results for copper (March) and tin (April).
- Confirmed expansion of mineralization at La Romana and Cañada Honda deposits (January, April).
- Project remains on-budget and fully funded for 2024.
- Results pending for three completed drill holes at Cañada Honda.
- Access to high-priority Bravo gravity target still pending agreement.
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"Building on the base of positive drill results to date and an exceptionally strong copper market we are adding a second drill rig to accelerate the planned drilling at the Escacena Project while remaining on-budget for the current fully funded 2024 drilling program," said Tim Moody, President and CEO.
Pan Global is advancing the planned 30-40 holes (approx. 8,000 – 12,000 meters) drill plan that started last year testing both the near-surface mineralization west of the existing 1.5km surface strike extent at the La Romana copper-tin-silver deposit and also expanding the copper-gold-silver mineralization at the new Cañada Honda discovery nearby. Approximately
Results are pending for three completed drill holes at Cañada Honda, and drilling at the Escacena Project continues. Progress is also being made on access to the high-priority Bravo gravity target located east of the La Romana copper-tin-silver discovery, and work is expected to commence immediately on signing an access agreement with the surface rights owner. The Company's geology team in
In the first five months of 2024, Pan Global delivered excellent copper metallurgy (in March) and tin metallurgy results (April) as well as drill results confirming expansion of mineralization at both the La Romana (January) and Cañada Honda (January, April) deposits.
The Escacena Project comprises a large, contiguous, 5,760-hectare land package controlled
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
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.
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.
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SOURCE Pan Global Resources Inc.
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