VANCOUVER, BC - Pan Global Resources Inc. (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) has announced promising results from the first drill hole of an 11-hole step-out program at the Cañada Honda (NYSE:HMC) copper-gold (Cu-Au) discovery within the company's Escacena Project in southern Spain. The drill program, which commenced in November 2023, aims to extend the known mineralization discovered the previous year. The results from two additional drill holes are pending.
The initial drill hole, CHD08, has yielded significant intercepts, including 6.8 meters at 1.48% copper, 0.65 grams per tonne (g/t) gold, and 7.2 g/t silver. Another section of the hole showed 8 meters at 0.12% copper and 2.63 g/t gold. The drilling has confirmed that the copper and gold mineralization aligns with downhole electromagnetic (DHEM) targets and is open for expansion.
Tim Moody, President and CEO of Pan Global, expressed optimism about the potential to grow the mineralization at Cañada Honda, noting the high-grade intercepts as an encouraging start to the follow-up drill program. The company has identified a significant gravity anomaly over a 2km x 0.5km area, suggesting further exploration could substantially enlarge the mineralization zone.
The Escacena Project, wholly owned by Pan Global, spans 5,760 hectares in the Iberian Pyrite Belt, known for its mining history and proximity to currently operating mines. The project hosts the La Romana copper-tin-silver discovery and several other targets with potential for mineralization.
Pan Global, focused on copper-rich deposits, considers the Escacena Project strategically important given the metal's role in global electrification and the energy transition. The European Commission has recognized copper as a Strategic Raw Material, and the region offers a favorable environment for mining investments, with good infrastructure and a supportive professional community.
Further details on the drilling results will be discussed in a webcast hosted by CEO Tim Moody on Friday, January 12, 2024. The webcast will include a presentation and a Q&A session, with investors encouraged to submit questions in advance.
This news is based on a press release statement from Pan Global Resources Inc.
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