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Vancouver, British Columbia – Pan Global Resources Inc. (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) announces promising results from the first drill hole of its 11-hole step-out program in Canada . Honda (NYSE:) Copper and gold (Cu-Au) discovered within the company’s Escacena project in southern Spain. The drilling program, which began in November 2023, aims to extend known mineralization discovered the previous year. Results for two additional drill holes are pending.
The first drill hole, CHD08, yielded a significant intercept containing 6.8 meters at 1.48%, 0.65 grams per tonne (g/t) gold, and 7.2 g/t silver. Another section of the hole contained 0.12% copper and 2.63 g/t gold and was 8 meters long. This drilling confirmed that copper and gold mineralization is consistent with downhole electromagnet (DHEM) targets and has expansion potential.
Tim Moody, President and CEO of Pan Global, is optimistic about the potential for Canadian Honda mineralization to grow, noting the high-grade intercept is an encouraging start for a follow-up drilling program. expressed a viewpoint. The company has identified significant gravity anomalies over an area of 2km x 0.5km, suggesting that further exploration has the potential to significantly expand the mineralized 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 mineralization potential.
Focused on copper-rich deposits, Pan Global considers the Escacena project to be of strategic importance given the metal’s role in global electrification and energy transition. Copper has been recognized by the European Commission as a strategic raw material, and the region offers a favorable environment for mining investments due to good infrastructure and a supportive professional community.
Details of 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 Q&A session, and investors are encouraged to submit questions in advance.
This news is based on a press release statement from Pan Global Resources Inc.
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