Pan Global Resources Inc. (TSXV: PGZ | OTCQB: PGZFF) has announced positive results for the first of three follow-up drill holes at the Cañada Honda target at its wholly-owned Escacena Project in the Iberian Pyrite Belt in southern Spain.
Cañada Honda, one of more than 14 gravity anomalies in the Escacena Project, is a high-priority target following drill results reported from June that show gold and copper mineralization increasing down-dip on the edge of a 2km long east-west gravity and DHEM anomaly.
“Higher-grade copper mineralization continues to be delineated at the Cañada Honda target. Hole CHD05 reported today was a large step-out along a two-km-long gravity anomaly and intercepted a wide zone of copper-gold mineralization 150m down-dip,” said Tim Moody, Pan Global’s president and CEO.
“Follow-up drill hole CHD06, more than 100m to the east of hole CHD05, has intersected visible copper mineralization coincident with a downhole EM (DHEM) conductor anomaly, confirming that mineralization at Cañada Honda is open in all directions.”
Drill hole CHD05, the first of a three-hole follow-up drill programme, targeted the gravity anomaly 150m down-dip from previous drill hole CHD04, and approximately 330m down-dip from a historic mine tunnel. Results are pending for hole CHD06 located 100m east of CHD05, targeting a large DHEM anomaly.
Results for CHD05 include:
– 20m at 0.5% Cu, 0.3g/t Au, and 1.9g/t Ag from 287m down-hole, including
– 5.1m at 1.3% Cu, 0.5g/t Au, and 3.9g/t Ag
– 0.5m at 10.3% Cu, 1.4g/t Au and 29g/t Ag
– Assays are pending for the upper part of the drill hole
Hole CHD07 is in-progress targeting a resistivity-low anomaly 100m down-dip from CHD05. The Cañada Honda target is approximately 3.5km north of Pan Global’s La Romana copper-tin-silver discovery at the Escacena Project.
The Escacena Project comprises a large, contiguous, 5,760ha land package controlled 100% by Pan Global in the east of the Iberian Pyrite Belt. Escacena is located near operating mines at Las Cruces and Riotinto.
For further information, please visit: www.panglobalresources.com
