PAN GLOBAL ADVANCES EXPLORATION AT CARMENES COPPER-NICKEL-COBALT-GOLD PROJECT IN NORTHERN SPAIN
TSXV: PGZ | OTCQX: PGZFF | FRA: 2EU
-
Pan Global holds 100% of mineral rights on 56.5km2
Carmenes Project area, centred over two past-producing polymetallic mines - Profunda and Providencia mines are associated with breccia-pipe-style Cu, Ni, Co and Au mineralization
-
High grades in underground grab samples
- Providencia – 22 samples average 2.53% Cu, 1.28% Ni, 0.68% Co, 0.6g/t Au, 3.1g/t Ag
- Profunda – 8 samples average 10.30% Cu, 0.18% Ni, 0.19% Co, 0.1g/t Au, 15.6g/t Ag
- A previously drilled hole at Profunda intersected 7.72% Cu, 0.11% Co, and 0.09% Ni over 1.95m in the wall of a mined out cavity, verifying the high-grade nature of mineralization previously extracted
- Gossan samples with assays up to 10.5g/t Au indicate additional untested potential to expand the underlying sulfide mineralization near the Providencia mine
- Excellent potential for new discoveries on numerous untested targets
- Systematic geochemistry surveys, mapping, and drill permitting commenced
"
In addition to the early stage exploration work at Carmenes, resource delineation drilling is ongoing at the La Romana target in the Company's flagship
Investor webcast:
The Company will host an investor webcast with CEO
Please register in advance:
https://us06web.zoom.us/webinar/register/WN_n-hhdVY1Qy2_M4XzfCIIgw
Planned Exploration and New Results at Carmenes
Pan Global has commenced systematic exploration in the
Table 1 (below), includes assay results from new rock samples recovered by Pan Global from within the underground mine workings and surface gossans at Providencia and Profunda, and previously unreported underground sample results acquired with the mineral rights from the previous owners, "Sociedad de Investigación y Explotación
The Pan Global and SIEMCALSA rock samples were assayed using the same laboratory and sampling protocols. The underground samples consisted of rock chips from the walls of former mine tunnels/stopes. Average grades from the combined Pan Global and SIEMCALSA underground samples at Providencia and Profunda, include:
Providencia (22 samples) – 2.53% Cu, 1.28% Ni, 0.68% Co, 0.6g/t Au, 3.1g/t Ag
Profunda (8 samples) – 10.3% Cu, 0.18% Ni, 0.19% Co, 0.1g/t Au, 15.6g/t Ag
Reconnaissance mapping by Pan Global at the Providencia target has identified breccias hosting the historical mine workings, and surface gossans, over an area more than 300 x 100 meters. The target area at Profunda has similar dimensions. Assay results for six samples of gossans (rock chips of gossan outcrops and float) collected at Providencia average 3.8g/t Au, 0.41% Cu, 0.28% Ni, 0.10% Co and 3.7g/t Ag. The results highlight additional untested potential for significant gold and copper-nickel-cobalt mineralization beneath the gossans outside the mine workings.
Table 1 – Rock sample assay results, including grab samples or rock chips from the walls in the historical underground mine workings at Providencia and Profunda, and samples of gossan from the Providencia target
PROVIDENCIA UNDERGROUND |
Cu |
Co |
Ni |
Au |
Ag |
U |
||
SAMPLE |
COMPANY |
TYPE |
% |
% |
% |
ppm |
ppm |
ppm |
D808458 |
PGZ |
Grab |
1.34 |
0.40 |
0.64 |
0.24 |
<0.5 |
50 |
D808459 |
PGZ |
Grab |
0.30 |
0.77 |
0.45 |
0.07 |
<0.5 |
20 |
D808460 |
PGZ |
Grab |
0.09 |
0.05 |
0.11 |
0.46 |
<0.5 |
10 |
D808470 |
PGZ |
Grab |
4.51 |
1.16 |
2.09 |
0.96 |
1.8 |
100 |
D808471 |
PGZ |
Grab |
0.25 |
0.53 |
0.40 |
0.07 |
<0.5 |
10 |
D808472 |
PGZ |
Grab |
0.02 |
0.01 |
0.05 |
0.26 |
<0.5 |
<10 |
21266 |
SIEMCALSA |
Grab |
4.76 |
1.00 |
2.89 |
0.74 |
1.2 |
110 |
21267 |
SIEMCALSA |
Grab |
0.81 |
0.08 |
0.14 |
0.19 |
2.5 |
20 |
21268 |
SIEMCALSA |
Grab |
0.61 |
0.05 |
0.07 |
0.19 |
2.0 |
170 |
21269 |
SIEMCALSA |
Grab |
0.16 |
0.03 |
0.05 |
0.05 |
<0.5 |
10 |
21270 |
SIEMCALSA |
Grab |
4.47 |
0.30 |
0.71 |
0.19 |
2.1 |
10 |
21271 |
SIEMCALSA |
Grab |
0.30 |
0.03 |
0.07 |
0.14 |
<0.5 |
<10 |
21272 |
SIEMCALSA |
Grab |
3.95 |
1.34 |
2.74 |
0.34 |
1.8 |
10 |
21273 |
SIEMCALSA |
Grab |
2.22 |
0.76 |
1.06 |
1.11 |
5.2 |
<10 |
21274 |
SIEMCALSA |
Grab |
1.36 |
0.90 |
1.53 |
0.34 |
1.7 |
10 |
21275 |
SIEMCALSA |
Grab |
5.87 |
1.49 |
3.51 |
1.20 |
1.5 |
10 |
21276 |
SIEMCALSA |
Grab |
6.48 |
2.14 |
4.71 |
1.06 |
2.3 |
<10 |
21277 |
SIEMCALSA |
Grab |
1.49 |
0.34 |
0.61 |
0.18 |
1.3 |
<10 |
21278 |
SIEMCALSA |
Grab |
0.08 |
0.03 |
0.05 |
0.15 |
<0.5 |
10 |
21279 |
SIEMCALSA |
Grab |
0.89 |
0.28 |
0.42 |
0.42 |
2.4 |
<10 |
21280 |
SIEMCALSA |
Grab |
5.24 |
1.27 |
1.36 |
2.05 |
2.1 |
10 |
21281 |
SIEMCALSA |
Grab |
10.35 |
1.94 |
4.56 |
3.23 |
16.0 |
<10 |
|
|
|
|
|
|
|
|
|
PROFUNDA UNDERGROUND |
Cu |
Co |
Ni |
Au |
Ag |
U |
||
SAMPLE |
COMPANY |
TYPE |
% |
% |
% |
ppm |
ppm |
ppm |
D808463 |
PGZ |
Grab |
5.20 |
0.06 |
0.14 |
0.25 |
13.00 |
50 |
D808477 |
PGZ |
Grab |
2.45 |
0.04 |
0.13 |
0.26 |
6.70 |
40 |
D808478 |
PGZ |
Grab |
10.40 |
0.08 |
0.09 |
0.11 |
10.60 |
410 |
26623 |
SIEMCALSA |
Grab |
11.25 |
0.51 |
0.33 |
0.03 |
14.20 |
370 |
26624 |
SIEMCALSA |
Grab |
7.21 |
0.28 |
0.15 |
0.02 |
5.70 |
1310 |
26625 |
SIEMCALSA |
Grab |
27.20 |
0.27 |
0.24 |
0.09 |
35.30 |
610 |
26626 |
SIEMCALSA |
Grab |
7.59 |
0.20 |
0.21 |
0.03 |
4.00 |
1610 |
26627 |
SIEMCALSA |
Grab |
11.10 |
0.09 |
0.16 |
0.05 |
35.20 |
2090 |
|
|
|
|
|
|
|
|
|
PROVIDENCIA GOSSAN |
Cu |
Co |
Ni |
Au |
Ag |
U |
||
SAMPLE |
COMPANY |
TYPE |
% |
% |
% |
ppm |
ppm |
ppm |
D808457 |
PGZ |
Grab |
0.66 |
0.17 |
0.56 |
1.04 |
6.20 |
20 |
D808469 |
PGZ |
Grab |
0.87 |
0.12 |
0.44 |
1.02 |
1.90 |
20 |
G806208 |
PGZ |
Float |
0.22 |
0.09 |
0.30 |
10.55 |
2.40 |
20 |
G806209 |
PGZ |
Float |
0.36 |
0.10 |
0.17 |
3.05 |
5.70 |
10 |
G806234 |
PGZ |
Grab |
0.22 |
0.06 |
0.11 |
3.39 |
1.60 |
20 |
G806235 |
PGZ |
Grab |
0.16 |
0.08 |
0.11 |
3.66 |
4.10 |
20 |
The Profunda and Providencia copper-cobalt-nickel mines were operated continuously between 1860 and 1880, and intermittently until the 1930s. Mine grades (unverified) include 1.9% Cu, 1.8% Ni, 0.9% Co at Providencia and 2.2% Cu, 1.5% Ni, 0.9% Co at Profunda.1 Elevated uranium also occurs in the upper levels at Profunda, in the supergene zone. The mines produced copper and cobalt concentrates, both containing nickel. Underground mining extended to approximately 100m depth below surface at Providencia and 260m depth at Profunda, and mineralization remains open to depth and along strike at both. A smelter was installed in the 1920s for the mines but was destroyed during the Spanish civil war in the 1930s, and further mining was affected by water ingress in the deeper levels of the mines. Subsequent plans to restart mining did not eventuate.
SIEMCALSA began exploring in the area from 2009 to 2017, and through a Joint Venture (JV) on part of the area with
Four diamond drill holes were completed during the SIEMCALSA JV with
Soar Financial engagement
Pan Global is pleased to announce that
The Public Relations Agreement has an initial term of six months and includes fees and a grant of 300,000 stock options of Pan Global (the "Options") that vest quarterly at an exercise price of
__________________________ |
1
Instituto Geológico y |
About
Qualified Person
QA/QC
Rock samples delivered to the ALS sample preparation facility in
On behalf of the Board of Directors
Forward-looking statements
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. The Company believes that the expectations reflected in the forward-looking information included in this media release are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental, and technological factors that may affect the Company's operations, markets, products, and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the
The forward-looking information contained in this media release is based on information available to the Company as of the date of this media release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
View original content:https://www.prnewswire.co.uk/news-releases/pan-global-advances-exploration-at-carmenes-copper-nickel-cobalt-gold-project-in-northern-spain-302188704.html