Pan Global Resources Inc. has announced new results from three additional drill holes in its ongoing exploration program at the Cañada Honda copper-gold (Cu-Au) discovery, part of its 100%-owned Escacena Project in southern Spain’s Iberian Pyrite Belt.
The latest drilling forms part of an 11-hole step-out program that began in November. To date, eight holes have been completed, with three more planned. Cañada Honda is situated 3.5 km north of Pan Global’s La Romana copper-tin-silver deposit, where delineation drilling is ongoing.
Tim Moody, President and CEO, commented, “These recent drill results have confirmed the down-dip continuation of copper and gold mineralization at the northern edge of our gravity target. The surface extent of mineralization has now expanded to over 450m x 450m. All drilling so far has been concentrated at the eastern end of a large, largely untested 3km east-west gravity and heliborne electromagnetic (HEM) target. The scale of these geophysical targets, coupled with drilling that confirms mineralization associated with the anomalies, suggests that the Cañada Honda deposit could be extensive. Our next drilling will focus on identifying higher-grade zones and expanding the mineralization to the west.”
Drill highlights:
- Drillhole CHD14:
- 1m at 0.17% Cu, 6.52 g/t Au, 5.8 g/t Ag from 290m
- 6.5m at 1.22 g/t Au, 1.4 g/t Ag from 315.5m
- 14m at 0.46% Cu, 0.16 g/t Au, 5.2 g/t Ag from 355m
- Drillhole CHD16:
- 13m at 0.62 g/t Au from 239m, including:
- 1m at 0.65% Cu, 1.92 g/t Au, 2.7 g/t Ag
- 1m at 5.53 g/t Au, 1.1 g/t Ag from 322m
- 15m at 0.23% Cu, 0.51 g/t Au, 1.1 g/t Ag from 340m, including:
- 1m at 0.14% Cu, 3.55 g/t Au, 5.4 g/t Ag
- 13m at 0.62 g/t Au from 239m, including:
The new holes were drilled along the northern margin of the gravity target, confirming that mineralization continues down-dip to the north and includes multiple gold intersections. Copper grades appear to decrease with depth and distance from the gravity anomaly. Downhole electromagnetic (DHEM) surveys suggest potential stronger sulphide mineralization up-dip and coincident with the modelled gravity target, which is consistent with higher copper-gold grades observed in previous drilling. The upcoming drill holes will focus on locating higher-grade extensions of the mineralization to the west, guided by drill results and geophysical data.
Further drill results will be reported as they become available, including from the La Romana deposit, where 183 holes have been drilled so far. The company also plans to start exploration at the large Bravo gravity target located east of La Romana.
The Escacena Project encompasses a large, contiguous land package of 5,760 hectares, fully controlled by Pan Global, in the eastern part of the Iberian Pyrite Belt. The project is near the operating Rio Tinto mine and adjacent to the former Aznalcóllar and Los Frailes mines, where Minera Los Frailes/Grupo México is nearing the final stages of permitting with construction expected to commence in 2024.
The Escacena Project hosts Pan Global’s La Romana copper-tin-silver and Cañada Honda copper-gold discoveries, along with other promising targets, including Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa, Romana Deep, and Cortijo.
Located in the prolific Iberian Pyrite Belt, the Escacena Project benefits from a favorable permitting track record, excellent infrastructure, mining expertise, and support for copper as a Strategic Raw Material by the European Commission, making it a top-tier jurisdiction for mining investment. Pan Global operates under the principles of the United Nations Global Compact.
