Pan Global Resources Inc. (TSXV: PGZ | OTC: PGNRF) has announced assay results for 21 drill holes targeting volcanogenic massive sulphide (VMS) copper and polymetallic mineralization at its wholly owned Escacena Project in the Iberian Pyrite Belt (IPB), southern Spain.
The drill holes were all completed in 2022 and provide the first tests of the Zarcita, Hornitos, La Jarosa, Pilar, and Bravo Norte targets. Pan Global’s 2023 exploration programme in Spain includes a 20,000m multi-target drill programme with an estimated budget of C$8.5M.
“Pan Global is highly encouraged by the drill results with copper and or zinc mineralization intersected in three of the five new targets tested in the Escacena Project area. At Zarcita, the first four completed drill holes have all intersected copper mineralization within a 75m thick pyrite-chalcopyrite stockwork associated with strong chlorite alteration, including bands of semi-massive to massive sulphide. The copper mineralization at Zarcita continues from surface to more than 400m downdip and is open in all directions. The combination of stockwork mineralization together with strong chlorite alteration are excellent indicators of proximity to major VMS ore deposits in the IPB.” said Tim Moody, president and CEO.
The first four drill holes (ZAD01 – ZAD04) at the Zarcita target, which is located 4km north of La Romana,intersected copper stockwork-style mineralization (pyrite and chalcopyrite) over approximately 75m true thickness, including narrow intervals of massive and semi-massive sulphide with high copper grades and strong chlorite-alteration increasing downdip. The copper mineralization continues from surface to more than 400m down-dip and remains open in all directions. Holes ZAD01 to ZAD04 were drilled on a single north-south cross section. Holes ZAD05 and ZAD06 drilled along strike approximately 50m west and 50m east respectively, have also intersected visible copper mineralization with assay results pending. The target extends along more than 2.5km of strike and includes the historic Zarcita copper mine workings. The company’s ongoing drill programme includes an additional 14 holes.
Highlights:
- 58m (35m true thickness) at 0.2% Cu including 22.5m at 0.3% Cu, including 0.6m at 1.3% Cu, 3.1g/t Ag in ZAD02
- 34m at 0.2% Cu including 10.2m at 0.3% Cu, including 0.4m at 2.8% Cu, 2.9g/t Ag, 0.2g/t Au in ZAD03
- 26.4m (15m true thickness) at 0.2% Cu including 5.35m at 0.6% Cu, 1.3g/t Ag, including 1.05m at 1.9% Cu, 4g/t Ag, 0.2g/t Au in ZAD04 (results pending for the upper part of the hole)
- A downhole electromagnetic (DHEM) survey identified an untested conductive horizon immediately beneath the end of hole ZAD01 (end of hole depth 325m) extending from approx. 200m vertical depth and dipping moderately to the North.
La Jarosa target, located 4km northeast of La Romana, has nine drill holes (LJD01 – LJD09) completed over approximately 1.5km of strike with each hole intersecting sulphide mineralization and VMS-style alteration. This includes hole LJD01 that intersected 18.65m at 0.7% Cu, 1g/t Ag, including 9.5m at 1.2% Cu, 1.1g/t Ag and 0.4m at 4.5% Cu, 10.3g.
Highlights:
- 0.85m at 1.4% Cu, 1.6g/t Ag and 0.7m at 1.5% Cu, 1.6g/t Ag in LJD03
- 16.25m at 1.1% Pb+Zn, 3.4g/t Ag and 0.5m at 2.5% Cu, 6g/t Ag and 0.75m at 2.1% Cu, 5g/t Ag in LJD08
- DHEM survey identified an untested off-hole conductor east of hole LJD08 from approx. 300m to 480m depth, implying a sizable target.
The first two drill holes at the Hornitos target, (HOD01 and HOD02), intersected a 60m thick, north-dipping zone of breccia-hosted Zn+Pb mineralization (sphalerite and galena), silicification, and chlorite alteration extending from near-surface. The mineralization coincides with a 2.5km east-west IP chargeability and gravity anomaly trend. Further drilling is planned, including testing the strongest parts of the gravity plus soil-zinc anomaly to the east. Holes PZD01 (Hornitos-Pozo) and PRD01 (Hornitos-Prado) drilled separate geophysics targets to the west of Hornitos and intersected no significant mineralization.
Highlights:
- 15.5m at 1% Zn+Pb, including 5m at 2.3% Zn+Pb in HOD01
- 17m @ 0.6% Pb+Zn, including 3m at 1.0%, Zn+Pb, 3m at 1.2% Pb+Zn and 1m at 1.8% Pb+Zn in HOD02
- Methodical approach to drilling the target rich Escacena Project continues to deliver positive results with drilling on-going at Zarcita, Romana Deep, and Cañada Honda. Additional targets for drilling in 2023 include extensions of La Romana, Bravo, Barbacena, Pozo and San Pablo
“In addition, copper-zinc mineralization intersected at the La Jarosa target is within a potential structural repetition of the same host rocks at the nearby Aznalcóllar and Los Frailes VMS deposits and promising near-surface VMS-associated zinc-lead mineralization was identified at the Hornitos target. The company maintains a strong cash position and is fully funded for another 20,000m drill programme in 2023.” Tim added.
To find out more, please visit www.panglobalresources.com
