PAN GLOBAL ADVANCES EXPLORATION AT CARMENES COPPER-NICKEL-COBALT-GOLD PROJECT IN NORTHERN SPAIN
Pan Global Resources has commenced exploration at its 100%-owned Carmenes Project in northern Spain, covering 56.5km2. The project area includes the Providencia and Profunda mines, which have shown high grades of copper, nickel, cobalt, and gold. Notable assay results include 2.53% Cu, 1.28% Ni, 0.68% Co, 0.6g/t Au from Providencia, and 10.30% Cu, 0.18% Ni, 0.19% Co, 0.1g/t Au from Profunda. Systematic exploration efforts, including geochemical surveys and drilling, are underway to target extensions of existing mineralization. Additionally, Pan Global is advancing its Escacena Project with ongoing drilling at the La Romana target and preparing to access the Bravo target. An investor webcast is scheduled for July 9, 2024, to discuss these developments.
- Pan Global holds 100% mineral rights on the 56.5km² Carmenes Project.
- High-grade assay results from Providencia: 2.53% Cu, 1.28% Ni, 0.68% Co, 0.6g/t Au.
- High-grade assay results from Profunda: 10.30% Cu, 0.18% Ni, 0.19% Co, 0.1g/t Au.
- Systematic exploration including geochemical surveys and drilling has commenced.
- Potential for new discoveries in numerous untested targets at Carmenes.
- Ongoing resource delineation drilling at the La Romana target in the Escacena Project.
- Investor webcast scheduled to discuss project developments.
- Revenue and financial performance data not included in the press release.
TSXV: PGZ | OTCQX: PGZFF | FRA: 2EU
- Pan Global holds
100% of mineral rights on 56.5km2 Carmenes Project area, centred over two past-producing polymetallic mines - Profunda and Providencia mines are associated with breccia-pipe-style Cu, Ni, Co and Au mineralization
- High grades in underground grab samples
- Providencia – 22 samples average
2.53% Cu,1.28% Ni,0.68% Co, 0.6g/t Au, 3.1g/t Ag - Profunda – 8 samples average
10.30% Cu,0.18% Ni,0.19% Co, 0.1g/t Au, 15.6g/t Ag
- Providencia – 22 samples average
- A previously drilled hole at Profunda intersected
7.72% Cu,0.11% Co, and0.09% Ni over 1.95m in the wall of a mined out cavity, verifying the high-grade nature of mineralization previously extracted - Gossan samples with assays up to 10.5g/t Au indicate additional untested potential to expand the underlying sulfide mineralization near the Providencia mine
- Excellent potential for new discoveries on numerous untested targets
- Systematic geochemistry surveys, mapping, and drill permitting commenced
"The Carmenes Project is being advanced in conjunction with the Escacena Project and represents a compelling addition to Pan Global's exploration pipeline in
In addition to the early stage exploration work at Carmenes, resource delineation drilling is ongoing at the La Romana target in the Company's flagship Escacena Project in the Iberian Pyrite Belt, southern
Investor webcast:
The Company will host an investor webcast with CEO Tim Moody on Tuesday, July 9, 2024 at 1 p.m. Eastern Time / 10 a.m. Pacific Time to discuss the Carmenes Project opportunity and provide an update on the ongoing work at the flagship Escacena Project. A Q&A session will follow a short presentation.
Please register in advance:
https://us06web.zoom.us/webinar/register/WN_n-hhdVY1Qy2_M4XzfCIIgw
Planned Exploration and New Results at Carmenes
The Carmenes Project is a highly prospective area for carbonate-hosted breccia "pipe" style mineralization, with evidence of high grades of copper, nickel, cobalt and gold. Initial exploration priorities include the former Profunda and Providencia mine areas, targeting extensions to the copper-nickel-cobalt mineralization beneath the mine workings and recently mapped gossans. Numerous other smaller historical mine workings occur throughout the project area, highlighting the potential for additional breccia pipes and other styles of mineralization.
Pan Global has commenced systematic exploration in the Carmenes Project following an initial phase of reconnaissance sampling and a detailed review of past exploration in the area. The program includes detailed mapping and surface geochemistry surveys, drill planning at Profunda and Providencia, and follow-up of targets identified from past exploration.
Table 1 (below), includes assay results from new rock samples recovered by Pan Global from within the underground mine workings and surface gossans at Providencia and Profunda, and previously unreported underground sample results acquired with the mineral rights from the previous owners, "Sociedad de Investigación y Explotación Minera de Castilla y León, S.A." (SIEMCALSA). A plan map of the Providencia target and gossan sample locations is provided in Figure 2 (below). Cross sections through the Providencia and Profunda mines with sample locations are provided in Figure 3.
The Pan Global and SIEMCALSA rock samples were assayed using the same laboratory and sampling protocols. The underground samples consisted of rock chips from the walls of former mine tunnels/stopes. Average grades from the combined Pan Global and SIEMCALSA underground samples at Providencia and Profunda, include:
Providencia (22 samples) –
Profunda (8 samples) –
Reconnaissance mapping by Pan Global at the Providencia target has identified breccias hosting the historical mine workings, and surface gossans, over an area more than 300 x 100 meters. The target area at Profunda has similar dimensions. Assay results for six samples of gossans (rock chips of gossan outcrops and float) collected at Providencia average 3.8g/t Au,
Table 1 – Rock sample assay results, including grab samples or rock chips from the walls in the historical underground mine workings at Providencia and Profunda, and samples of gossan from the Providencia target
PROVIDENCIA UNDERGROUND | Cu | Co | Ni | Au | Ag | U | ||
SAMPLE | COMPANY | TYPE | % | % | % | ppm | ppm | ppm |
D808458 | PGZ | Grab | 1.34 | 0.40 | 0.64 | 0.24 | <0.5 | 50 |
D808459 | PGZ | Grab | 0.30 | 0.77 | 0.45 | 0.07 | <0.5 | 20 |
D808460 | PGZ | Grab | 0.09 | 0.05 | 0.11 | 0.46 | <0.5 | 10 |
D808470 | PGZ | Grab | 4.51 | 1.16 | 2.09 | 0.96 | 1.8 | 100 |
D808471 | PGZ | Grab | 0.25 | 0.53 | 0.40 | 0.07 | <0.5 | 10 |
D808472 | PGZ | Grab | 0.02 | 0.01 | 0.05 | 0.26 | <0.5 | <10 |
21266 | SIEMCALSA | Grab | 4.76 | 1.00 | 2.89 | 0.74 | 1.2 | 110 |
21267 | SIEMCALSA | Grab | 0.81 | 0.08 | 0.14 | 0.19 | 2.5 | 20 |
21268 | SIEMCALSA | Grab | 0.61 | 0.05 | 0.07 | 0.19 | 2.0 | 170 |
21269 | SIEMCALSA | Grab | 0.16 | 0.03 | 0.05 | 0.05 | <0.5 | 10 |
21270 | SIEMCALSA | Grab | 4.47 | 0.30 | 0.71 | 0.19 | 2.1 | 10 |
21271 | SIEMCALSA | Grab | 0.30 | 0.03 | 0.07 | 0.14 | <0.5 | <10 |
21272 | SIEMCALSA | Grab | 3.95 | 1.34 | 2.74 | 0.34 | 1.8 | 10 |
21273 | SIEMCALSA | Grab | 2.22 | 0.76 | 1.06 | 1.11 | 5.2 | <10 |
21274 | SIEMCALSA | Grab | 1.36 | 0.90 | 1.53 | 0.34 | 1.7 | 10 |
21275 | SIEMCALSA | Grab | 5.87 | 1.49 | 3.51 | 1.20 | 1.5 | 10 |
21276 | SIEMCALSA | Grab | 6.48 | 2.14 | 4.71 | 1.06 | 2.3 | <10 |
21277 | SIEMCALSA | Grab | 1.49 | 0.34 | 0.61 | 0.18 | 1.3 | <10 |
21278 | SIEMCALSA | Grab | 0.08 | 0.03 | 0.05 | 0.15 | <0.5 | 10 |
21279 | SIEMCALSA | Grab | 0.89 | 0.28 | 0.42 | 0.42 | 2.4 | <10 |
21280 | SIEMCALSA | Grab | 5.24 | 1.27 | 1.36 | 2.05 | 2.1 | 10 |
21281 | SIEMCALSA | Grab | 10.35 | 1.94 | 4.56 | 3.23 | 16.0 | <10 |
PROFUNDA UNDERGROUND | Cu | Co | Ni | Au | Ag | U | ||
SAMPLE | COMPANY | TYPE | % | % | % | ppm | ppm | ppm |
D808463 | PGZ | Grab | 5.20 | 0.06 | 0.14 | 0.25 | 13.00 | 50 |
D808477 | PGZ | Grab | 2.45 | 0.04 | 0.13 | 0.26 | 6.70 | 40 |
D808478 | PGZ | Grab | 10.40 | 0.08 | 0.09 | 0.11 | 10.60 | 410 |
26623 | SIEMCALSA | Grab | 11.25 | 0.51 | 0.33 | 0.03 | 14.20 | 370 |
26624 | SIEMCALSA | Grab | 7.21 | 0.28 | 0.15 | 0.02 | 5.70 | 1310 |
26625 | SIEMCALSA | Grab | 27.20 | 0.27 | 0.24 | 0.09 | 35.30 | 610 |
26626 | SIEMCALSA | Grab | 7.59 | 0.20 | 0.21 | 0.03 | 4.00 | 1610 |
26627 | SIEMCALSA | Grab | 11.10 | 0.09 | 0.16 | 0.05 | 35.20 | 2090 |
PROVIDENCIA GOSSAN | Cu | Co | Ni | Au | Ag | U | ||
SAMPLE | COMPANY | TYPE | % | % | % | ppm | ppm | ppm |
D808457 | PGZ | Grab | 0.66 | 0.17 | 0.56 | 1.04 | 6.20 | 20 |
D808469 | PGZ | Grab | 0.87 | 0.12 | 0.44 | 1.02 | 1.90 | 20 |
G806208 | PGZ | Float | 0.22 | 0.09 | 0.30 | 10.55 | 2.40 | 20 |
G806209 | PGZ | Float | 0.36 | 0.10 | 0.17 | 3.05 | 5.70 | 10 |
G806234 | PGZ | Grab | 0.22 | 0.06 | 0.11 | 3.39 | 1.60 | 20 |
G806235 | PGZ | Grab | 0.16 | 0.08 | 0.11 | 3.66 | 4.10 | 20 |
Carmenes Project background
The Carmenes Project area comprises three Investigation Permit's (total 4,028 hectares) that were acquired
The Profunda and Providencia copper-cobalt-nickel mines were operated continuously between 1860 and 1880, and intermittently until the 1930s. Mine grades (unverified) include
SIEMCALSA began exploring in the area from 2009 to 2017, and through a Joint Venture (JV) on part of the area with Riedel Resources (ASX: RIE) from 2017 to 2019 when exploration stopped. SIEMCALSA focussed on four target areas, Profunda, Providencia, Fontun, and Valverdin. The exploration data indicates numerous other untested targets that require follow-up exploration.
Four diamond drill holes were completed during the SIEMCALSA JV with Riedel Resources, testing IP-chargeability targets. This included hole CMN-3, that drilled in the main breccia at the Profunda mine, intersecting grades of
Soar Financial engagement
Pan Global is pleased to announce that Soar Financial Partners (a brand of NorthStar Communications GmbH) ("Soar") has been retained to support public relations activities pursuant to an agreement entered into between the Company and Soar dated June 26, 2024 (the "Public Relations Agreement"), subject to the acceptance by the TSX Venture Exchange ("TSX-V").
The Public Relations Agreement has an initial term of six months and includes fees and a grant of 300,000 stock options of Pan Global (the "Options") that vest quarterly at an exercise price of
1 Instituto Geológico y Minero de España, Mongografia N.o 4 – Recursos Minerales, 2003, pp186-187 |
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
Qualified Person
Alvaro Merino, Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed and approves the scientific and technical information in this media release, including the exploration and sampling by SIEMCALSA. Mr. Merino is not independent of the Company.
QA/QC
Rock samples delivered to the ALS sample preparation facility in
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.
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SOURCE Pan Global Resources Inc.
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