Pan Global extends copper zone at Escacena, Spain

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Pan Global Resources Inc. [PGZ-TSXV; PGNRF-OTC] has released further positive drill results from the final three drill holes (LRD06, LRD07 and LRD08) from the recent drill program at the La Romana prospect in the Escacena Project, located in the Iberian pyrite belt, southern Spain.

These three holes complete a six-hole program aimed at extending the copper mineralization intersected in drill hole LRD-02, which returned 20.55 metres grading 1.5%t copper equivalent (CuEq), including 7 metres of 3.43% CuEq.

Tim Moody, President and CEO, stated: “These latest results continue to show a continuous zone of shallow copper mineralization extending in several directions and increasing in thickness towards the west. Hole LRD-06 returned the highest tin grades to date, with associated high copper, including up to 1.85% Sn (tin) and 2.6% Cu (copper) over 0.6 metres. Hole 8 is significant as it indicates there are now three copper mineralized horizons and confirming copper associated with a previously untested conductor plate anomaly that extends and becomes stronger to the east beneath hole LRD-01.”

Selected highlights include:

• LRD-06 intersected 20 m at 0.90% CuEq (0.55% copper, 0.087% tin, 2.6 g/t silver) from 83 m downhole, including 10 m at 1.37% CuEq (0.81% Cu, 0.15% Sn and 3.6 g/t Ag) from 87 m; and 1 m at 1.68 g/t gold from 172 m.
• LRD-07 intersected 35.6 m at 0.73% CuEq (0.46% Cu, 0.056% Sn and 2.7 g/t Ag) from 40 m downhole, including 11 m at 1.19% CuEq (0.78% Cu, 0.098% Sn and 4.3 g/t Ag) from 50 m.
• LRD-08 intersected three m at 1.36% CuEq (1.03% Cu, 0.012% Sn and 14.6 g/t Ag) from 14 m downhole; and 9.5 m at 0.90% CuEq (0.58% Cu, 0.066% Sn and 3.7 g/t Ag) from 74 m, including 4.4 m at 1.41% CuEq (0.95% Cu, 0.098% Sn and 5.6 g/t Ag) from 77.1 m; and 11 m at 0.72% CuEq (0.36%% Cu, 0.056% Sn and 3.8 g/t Ag) from 135 m, including 3 m at 1.16% CuEq (0.63% Cu, 0.11% lead (Pb), 0.21% zinc (Zn), 0.064% Sn and 7.6 g/t Ag) from 139 m.

The stepout drill holes show that the thickness of the copper zone increases toward the west and remains open updip, downdip and along strike coincident with a downhole EM conductor anomaly (upper conductor).

Hole LRD-08 provides the first confirmation of copper associated with a separate downhole EM conductor plate approximately 60 metres beneath the upper conductor.

Hole LRD-08 also indicates a potential third copper horizon approximately 60 metres stratigraphically above the upper conductor.

Pan Global recently completed six drill holes (LRD-03 to LRD-08) for a total of approximately 890 metres, targeting extensions of the volcanogenic massive sulphide-associated (VMS) mineralization intersected last year in hole LRD-02 at the La Romana target. Downhole EM was also completed in all holes except LRD-05. Results for holes LRD-03, LRD-04 and LRD-05 and the downhole EM were reported on April 22, 2020. Results for drill holes LRD-06, LRD-07 and LRD-08 are reported in this news release.

Hole LRD-06 is located approximately 50 m downdip and north of hole LRD-02; hole LRD-07 is approximately 100 metres west from hole LRD-02; and hole LRD-08 is approximately 200 metres east from LRD2.

Tim Moody noted: “The drill results show the copper mineralization extends from hole LRD-02 coincident with an EM conductor and gravity anomaly. Only a small portion of each conductor plate has been tested with every hole intersecting copper mineralization, indicating excellent potential to significantly expand the area of copper mineralization. The La Romana target has an overall strike length of approximately two kilometres.”

The company is now preparing a more expansive follow-up drill program and has several other large untested high-priority targets in the project area.

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