PAN GLOBAL INTERSECTS HIGH GOLD GRADES AND COPPER MINERALIZATION NEAR SURFACE AT CAÑADA HONDA TARGET IN THE ESCACENA PROJECT, SPAIN
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13m at
Exploration accelerating at the Romana West target with drilling expected to commence in June
"The new drill hole assay results have significantly enhanced the potential for a new copper-gold discovery at the Cañada Honda target. The results indicate an upper gold zone and deeper zone of copper-gold mineralization at the edge of a large untested DHEM conductor anomaly. The DHEM conductor and adjacent gravity anomaly expands the size potential at Cañada Honda. These are exciting results, including the highest gold grades that we have encountered at the Escacena Project, and further highlights the prospectivity of this land package and the many other targets not yet tested," said Tim Moody, Pan Global's President & CEO.
"Excellent progress is also being made at the Romana West target with two teams collecting gravity data, IP surveying, geochemical sampling and mapping underway concurrently, and drilling anticipated to commence in approximately two weeks," Mr. Moody added.
Cañada Honda is now a high-priority target due to subsequent down hole electromagnetic (DHEM) surveys in both drill holes that show a large approximately 190m x 100m untested conductor anomaly with potential for stronger sulphide mineralization to the east and down-dip. Drilling has commenced on the first of three follow-up drill holes based on this new information.
Drill results for Cañada Honda holes CHD03 and CHD04 are summarized in Table 1 and drill hole collar details are presented in Table 2 below. Drill hole locations are shown in Figure 1.
- Holes CHD03 and CHD04, drilled on the same section, show a vector down-dip with increasing gold and copper within a continuous zone of massive sulphides and sulphide-stockwork mineralization, wide open at depth and along strike
- Grades up to
5.3% Cu over 0.6m, and up to 5.2g/t Au over 1m intervals - Potential for scale is indicated by the proximity to a large untested gravity anomaly and adjacent DHEM conductor anomaly
- CHD04 intersected:
- 1m at 3.2g/t Au and 2.3g/t Ag from 85m
- 5m at 1.1g/t Au and 1.7g/t Ag from 94m, including
- 1m at 5.1g/t Au and 1.6g/t Ag
- 1m at
0.3% Cu, 1.1g/t Au and 1.0g/t Ag from 107m - 13m at
0.5% Cu, 0.8g/t Au and 2.7g/t Ag from 167m, including - 6.2m at
0.9% Cu, 1.5g/t Au and 3.8g/t Ag - 5m at
0.5% Cu, 2.7g/t Au and 4.5g/t Ag - 0.6m at
5.3% Cu, 0.5g/t Au and 10.8g/t Ag - CHD03 intersected:
- 2m at 1.4g/t Au from 58m
- 8m at 1.0 g/t Au from 66m
- 14m at
0.4% Cu, 0.3g/t Au and 2.1g/t Ag from 141m, including - 6m at
0.9% Cu, 0.6g/t Au and 4.2g/t Ag - 3m at
1.4% Cu, 0.8g/t Au and 6.6g/t Ag - These are the highest gold grades detected in the Escacena Project area to date, and a potentially significant addition to the copper equivalent grade
- Downhole EM results indicate the strongest copper-gold mineralization in drill hole CHD04 coincides with the edge of a large untested 190m x 100m DHEM conductor plate anomaly, and potential indicator of more significant sulphide mineralization to the East and down-dip.
The Cañada Honda target is characterized by a large gravity anomaly (up to 1 mGal) that extends approximately two kilometers East-West. The new drill results confirm the target concept for sulphide mineralization within the prospective Volcanic Sequence (VS) concealed beneath, and potentially within the overthrust rocks of the older shales and quartzites (PQ). See Figure 3 below.
Drill holes CHD03 and CHD04 tested approximately 150m and 210m, respectively, down-dip of a historic mine tunnel where previous channel sampling by Pan Global returned 26m at 0.42g/t Au and individual assay values up to 2.9g/t Au, 27.5g/t Ag,
New processing and interpretation of the gravity data over the Cañada Honda target shows drill holes CHD03 and CHD04 are on the edge of a large gravity inversion model anomaly. Based on the encouraging initial drill results, three additional follow-up holes are planned to test gravity and IP anomalies down-dip from CHD-04 and a DHEM conductor anomaly east of CHD04.
Table 1 –Cañada Honda drill results summary (all intersections are >
Hole | From | To | Int | Cu | Pb | Zn | Co | Ag | Au |
m | m | m | % | ppm | ppm | ppm | g/t | g/t | |
CHD 03 | 58.0 | 74.0 | 16 | <0.1 | 17 | 69 | 69 | 0.6 | 0.7 |
58.0 | 60.0 | 2 | 0.1 | 10 | 55 | 182 | 0.3 | 1.4 | |
66.0 | 74.0 | 8 | <0.1 | 30 | 98 | 73 | 1.0 | 1.0 | |
66.0 | 68.0 | 2 | <0.1 | 11 | 68 | 579 | 0.7 | 2.5 | |
141.0 | 155.0 | 14 | 0.4 | 41 | 113 | 182 | 2.1 | 0.3 | |
149.0 | 155.0 | 6 | 0.9 | 46 | 144 | 235 | 4.2 | 0.6 | |
151.0 | 154.0 | 3 | 1.4 | 59 | 160 | 342 | 6.6 | 0.8 | |
CHD 04 | 85.0 | 99.0 | 14 | <0.1 | 139 | 50 | 27 | 0.9 | 0.6 |
85.0 | 86.0 | 1 | <0.1 | 71 | 77 | 50 | 2.3 | 3.2 | |
94.0 | 99.0 | 5 | <0.1 | 374 | 68 | 33 | 1.7 | 1.1 | |
94.0 | 95.0 | 1 | <0.1 | 18 | 49 | 51 | 1.6 | 5.1 | |
107.0 | 108.0 | 1 | 0.3 | 24 | 110 | 102 | 1.0 | 1.1 | |
167.0 | 180.0 | 13 | 0.5 | 28 | 61 | 229 | 2.4 | 0.8 | |
170.0 | 180.0 | 10 | 0.6 | 27 | 65 | 275 | 2.7 | 1.0 | |
171.6 | 179.0 | 7.4 | 0.8 | 32 | 73 | 359 | 3.3 | 1.3 | |
171.6 | 177.8 | 6.2 | 0.9 | 36 | 79 | 421 | 3.8 | 1.5 | |
171.6 | 172.2 | 0.6 | 5.3 | 47 | 121 | 320 | 10.8 | 0.5 | |
174.0 | 179.0 | 5 | 0.5 | 43 | 67 | 427 | 4.5 | 2.7 | |
175.0 | 177.8 | 2.8 | 0.5 | 49 | 50 | 778 | 4.2 | 3.0 |
Table 2 – Cañada Honda drill hole collar information
Hole ID | Easting1 | Northing1 | Azimuth (º) | Dip (º) | Depth (m) |
CHD03 | 737232 | 4156321 | 180 | -50 | 347.2 |
CHD04 | 737250 | 4156340 | 180 | -72 | 479.3 |
1Coordinates are in ERTS89 datum UTM29N |
Drilling is ongoing in the Escacena Project at the La Romana and Zarcita targets. Results are pending for approximately 20 drill holes at La Romana and Zarcita with results to be reported on completion of the final few drill holes at each target. The maiden drill campaign at La Romana West is scheduled to commence in June. Negotiations are also in progress with landowners for access to the untested potential eastern extensions to the La Romana mineralization and Bravo target.
QA/QC Procedures
Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was 1m core length and ranged from 0.4m 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
About the Escacena Project
The Escacena Project comprises a large, contiguous, 5,760-hectare land package controlled
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 Persons
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
Forward-looking statements
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SOURCE Pan Global Resources Inc.