VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 17, 2017) –
Editors Note: There is a figure associated with this press release.
Pan Global Resources Inc. (“Pan Global” or the “Company”) (TSX VENTURE:PGZ) herein provides a progress update on the Aguilas Copper Project in Spain.
The company manages the Aguilas Project through its agreement to acquire 100% interest in Spanish company, Minera Aguila SLU, and the Las Aguilas I, II and III Investigation Permits, referred to as the “Aguilas Project”. The mineral rights cover approximately 11,302.5 hectares within the Pedroches Batholith, in northern Andalucia, Spain (Figure 1). The Company also has a Letter of Intent, providing exclusive rights to acquire the Escacena mineral rights in the Iberian Pyrite Belt, in southern Spain.
Pan Global is pleased to announce commencement of soil sampling in the Aguilas Project and the publication of Las Aguilas I and Las Aguilas II mineral rights for definitive admission. A brief update is also provided on the exploration potential associated with the Zumajo lead-silver structure, also within the Aguilas Project area.
Work to-date in the Aguilas Project includes a total of 106 rock samples, including 98 samples collected along the Torrubia copper structure. Previously reported results include 60 samples with >0.1% copper, including 27 samples with values ranging from 1% to 28% copper and up to 33% iron, 1.7g/t gold, 17.5g/t silver, 0.13% cobalt, along with anomalous levels of uranium, nickel and light rare earth metals. The copper is associated with numerous small ancient mine workings, multi-stage hydrothermal quartz-hematite-carbonate breccia and “red rock” alteration. The metal association, style of mineralization and alteration are typical of hematite dominant iron oxide copper gold (IOCG) type ore deposits. The results indicate copper mineralisation over a combined strike length of approximately 3.1 kilometres in two sections of the Torrubia copper structure and also confirmed for similar style mineralisation on other parallel structures within the Project area.
Review and compilation of historical mining and exploration data from Zumajo lead-silver trend is ongoing.
Soil geochemistry survey
A detailed soil geochemistry survey has been initiated over the Torrubia copper structure. The survey will include an initial short orientation survey to determine the most appropriate sampling methodology followed by collection of approximately 450 samples on 100-200m spaced traverses over approximately 2 kilometres of the Torrubia structure. The sampling will target areas with visible copper mineralisation and areas where the highest copper values have been reported from the recent reconnaissance rock sampling.
The results of the soil and rock geochemistry together with more detailed geological mapping will help to prioritise areas for follow-up electrical geophysics and drilling. The first results from the soil sampling are expected in August.
Zumajo Lead-Silver Structure
Re-evaluation of the historic Zumajo lead-silver mine trend within the Aguilas project area is progressing. Results to-date suggest good potential to discover additional lead and silver along with other metals along several kilometres strike length of the Zumajo Trend with lead-silver mineralisation open at depth and along-strike at some of the old mines. The trend has received almost no exploration for the past 50 years. Further exploration is also required to determine the metal grades across the breccia structures and test if there are economic concentrations of metals suitable for large scale mining methods.
Approximately 10.5 km of the Zumajo mine trend traverses the Aguilas Project area. Lead and silver ores were exploited intermittently along the trend from the late 1890’s to 1958 via a series of shafts and small pits. The mines were targeting narrow high-grade veins within at least two parallel breccia structures up to 16 metres thick. The ore was hand-sorted for direct treatment at the nearby Peñaroya smelter. The historical reports also show the breccia structures locally contain other metals that were not exploited commercially during the previous mining, including copper, zinc, fluorite, uranium and barium.
In 1966-1967, the Instituto Geológico Minero de España (IGME) undertook a study to identify extensions of the lead-silver mineralization, and completed 15 drill holes along a 470 metre section of the Zumajo structure with several shallow mine workings. As yet, no assay results have been located for the IGME drill holes. However, the lead and silver mineralisation appears open at depth and along strike in this area. Historical longitudinal section of some of the mines also show continuity of the mineralisation in the lower levels. No grades are recorded except for concentrates sold, ranging from 48-68% Pb and 120-270 ppm Ag for carbonate ores, and 70-79% Pb and 154-295 ppm Ag for sulphide ores. No records have been located of any other drilling on the Zumajo structure.
Mineral Rights
Publication in the Official Bulletin for Definitive Admission of the Las Aguilas I Investigation Permit occurred on July 10, 2017. Publication of the Las Aguilas II Investigation Permits is also imminent. Notice for the publication of the Las Aguilas III Investigation Permits is now expected in September 2017 following acceptance of the Environmental Impact Statement. Full permitting for each of the mineral rights will follow a mandatory publication period.
Other News
Pan Global held its Annual General Meeting on June 20, 2017.
Detailed results of the vote for the election of directors held at the Annual Meeting in Vancouver are set out below.
| Nominee | Votes For |
% For |
Votes Withheld |
% Withheld |
|
| Tim Moody | 17,005,731 | 100 | 0 | 0 | |
| Bob Baxter | 17,005,731 | 100 | 0 | 0 | |
| Brian Kerzner | 17,005,731 | 100 | 0 | 0 | |
| Bob Parsons | 17,005,731 | 100 | 0 | 0 | |
| Patrick Downey | 17,005,731 | 100 | 0 | 0 |
At the Annual Meeting, Davidson & Co. were re-appointed as auditor of the Company at remuneration to be fixed by the directors. Shareholders also re-approved the Company’s stock option plan.
Qualified Person
Robert Baxter (FAusIMM), a Director of Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Baxter is not independent of the Company.
About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in Spain, and is pursuing opportunities from exploration through to mine development.
On behalf of the Board of Directors
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. 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 British Columbia Securities Commission.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the figure associated with this press release, please visit the following link: http://media3.marketwire.com/docs/PGZ0717.pdf
Shares Issued and Outstanding: 60,085,387
Investor Relations
+1 604-715-6845
mborromeo@prismresourcesinc.com
www.panglobalresources.com