Pan Global Resources Inc. [TSXV: PGZ; OTCQX: PGZFF; FRA: 2EU] reported results from soil and rock sample geochemistry, including follow-up sampling at the Providencia target, at 100%-owned, Cármenes copper, gold, nickel, cobalt Project, northern Spain.
“The new high-grade copper, gold and other metals results from Cármenes are very encouraging. The initial soil and rock geochemistry results indicate the footprint of the Providencia breccia pipe mineralization is much larger than previously known and shows significant gold potential. The grades detected in the soil samples are exceptional, including assays up to 24.3 g/t gold, and percent levels of copper, nickel, and lead. The rock samples confirm mineralization in outcrop,” said Tim Moody, President and CEO.
“Our team is eagerly awaiting the results of additional trench and channel sampling completed at the Providencia target, and underground sampling at the Profunda target. The potential exists for the discovery of addition breccia pipes in proximity to Providencia and other target areas. Two drill rigs are now operating at the Escacena Project and a third rig will commence the first ever drillhole within the coming days at Providencia.”
Highlights: A total of 1,089 first pass soil samples were collected as part of the maiden exploration program at Cármenes on a 100m x 40m grid over a 1.8km x 1.5kmsurvey area and analyzed in the field by portable X-ray fluorescence (pXRF).
The pXRF survey results confirmed prominent copper anomalies over the historical Providencia and Profunda mine areas, and multiple other untested copper anomalies and indicators for the discovery of additional mineralization.
The Providencia and Profunda targets are carbonate-hosted “pipe-like” breccia style mineralization previously mined for copper, nickel, and cobalt.
Numerous mine/exploratory workings found during recent mapping and prospecting, including previously unrecorded tunnels and shafts, highlight additional mineral potential.
Detailed follow-up soil sampling at the Providencia target was completed and samples submitted for laboratory analysis. A total of 203 samples were collected on a nominal 50m x 20m grid over an area 450m x 250m. Results include: A new coherent soil geochemistry anomaly area of 250m x 150m, with coincident highly anomalous gold, copper, nickel, cobalt, lead, silver, platinum and palladium, associated with strong dolomitic alteration, breccia, and gossan.
Soil anomaly includes 49 samples with >1.0 g/t Au, averaging 5.8 g/t Au, with the highest-grade assays concentrated east of the Providencia mine workings.
Highest individual soil sample assays up to 24.3g/t Au, 16.2% Cu, 1.3% Ni, 1.1% Co, 1.6% Pb, 48.7g/t Ag and 2.3g/t Pt + Pd.
A total of 45 rock samples collected in the Providencia target area, including outcrop, float, and mine dump material, returned assays up to 10.5 g/t Au, 48.1% Cu, 2.0% Ni, 1.1% Co, 33.0 g/t Ag, 1.6% Pb confirms that mineralization from surface continues east of the main Providencia mine workings in outcrop.
There are no historical records of gold extraction at Cármenes.
Next Steps: Results are pending for surface trench samples and channel sampling in two historical galleries/tunnels in the new multi-metal soil geochemistry anomaly area at the Providencia target.
The first drillhole at Providencia is planned to commence in January, initially testing for continuation of the mineralization beneath the main underground mine workings, with results potentially available in March. No previous drilling has been completed in the Providencia target area.
Detailed follow-up of the Profunda target is also underway, and results are pending for channel sampling within the former underground mine workings.
A Helicopter Transient Electro-Magnetic (HTEM), magnetic and radiometric survey is in progress over the entire Cármenes Project area to fast-track identification and prioritization of new targets for future detailed follow-up.
The Cármenes Project is located approx. 55km north of León, northern Spain, and comprises five Investigation Permits over 5,653 hectares. The project area is highly prospective for multiple bodies or “clusters” of carbonate-hosted “pipe-like” breccia style copper, nickel, cobalt, and gold mineralization. The area includes the former Profunda and Providencia mines, that last operated in the 1930s, producing concentrates of copper and cobalt with nickel. Numerous other smaller historical mine workings in the area highlight potential for additional breccia pipes. These types of deposits can have significant vertical dimensions exceeding 1km.
Pan Global’s flagship Escacena Project is located in the prolific Iberian Pyrite Belt in southern Spain, where a favourable permitting track record, excellent infrastructure, mining and professional expertise, and support for copper as a Strategic Raw Material by the European Commission collectively define a tier-one low-risk jurisdiction for mining investment. principles, of the United Nations Global Compact.
