PAN GLOBAL COMMENCES GROUND GEOPHYSICS AT BRAVO COPPER TARGET, ESCACENA PROJECT, IN PREPARATION FOR MAIDEN DRILL PROGRAM
Rhea-AI Summary
Pan Global Resources has initiated an induced polarization (IP) survey at the Bravo target within its Escacena Project in Spain. The survey targets a 2.0km x 1.5km gravity anomaly with coincident lead-zinc and silver soil geochemistry. The IP survey will help identify sulphide concentrations potentially associated with copper mineralization, preparing for a maiden drill program. Helicopter electromagnetic (HEM) survey data shows resistivity low anomalies coincident with the gravity target, suggesting potential sulphide mineralization. The Bravo target is located 1.5km east of Pan Global's La Romana copper-tin-silver discovery and has never been drill tested.
Positive
- Strong geological indicators suggesting potential VMS mineralization at Bravo target
- Strategic location near existing La Romana copper-tin-silver discovery
- Upsized private placement financing nearing completion
Negative
- Target area has never been drill tested, representing exploration uncertainty
- Results from IP survey still pending
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- High priority 2.0km x 1.5km gravity anomaly at Bravo coincident with a large soil lead-zinc anomaly
- Helicopter electromagnetic anomalies provide additional strong indicators of sulphide mineralization associated with the gravity target
- IP survey underway to delineate targets for drilling
- Upsized private placement financing on track for closing
"Recent soil sample geochemistry and gravity survey results provide strong indicators that the large Bravo target could represent concealed volcanogenic massive sulphide (VMS) mineralization beneath shallow cover, similar to Pan Global's nearby La Romana copper-tin-silver discovery. The IP survey will help identify sulphide concentrations associated with potential copper mineralization with drilling expected to follow soon after completion," said Tim Moody, Pan Global's President & CEO.
"Helicopter electromagnetic (HEM) survey data also highlights resistivity low anomalies on multiple lines coincident with the gravity target, providing an additional positive indicator of potential sulphide mineralization. IP surveys in combination with gravity proved effective in leading to the discovery of the La Romana copper mineralization," said Mr. Moody.
The planned IP survey at Bravo will target a 2.0km x 1.5km strong gravity anomaly with coincident anomalous lead plus zinc (Pb+Zn) and silver soil geochemistry. The IP survey method will be dipole-dipole with 50-meter dipole spacing and will include seven lines (12-to-15 line-kilometers) and is expected to take approximately two-to-three weeks to complete (Figure 1).
Helicopter electromagnetic data from the Company's 2022 survey shows low-resistivity anomalies (Figure 2) coincident with the Bravo gravity target, providing another strong indicator of potential sulphide mineralization.
The Bravo target is located 1.5km east of Pan Global's La Romana copper-tin-silver discovery and 4.5km southwest of Grupo México's Aznalcóllar and Los Frailes VMS deposits. Bravo is mostly covered by post-mineral rocks and sediments and has never been drill tested.
Pan Global is also pleased to note that the Company's upsized private placement financing is on track for closing on or about November 6, 2024. The net proceeds of the offering will be used to advance the Company's advanced exploration program in
About the Escacena Project
The Escacena Project comprises a large, contiguous, 5,760-hectare land package controlled
About Pan Global Resources
Pan Global Resources Inc. is actively targeting copper-rich mineral deposits, given copper's compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. The Company's flagship Escacena Project is located in the prolific Iberian Pyrite Belt in southern
Qualified Persons
Álvaro Merino. Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has approved the scientific and technical information for this media release. Mr. Merino is not independent of the Company.
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 British Columbia Securities Commission.
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.
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SOURCE Pan Global Resources Inc.
FAQ
What is the size of the gravity anomaly at Pan Global's (PGZFF) Bravo target?
Where is the Bravo target located relative to Pan Global's (PGZFF) La Romana discovery?
When is Pan Global Resources (PGZFF) expected to complete its IP survey at Bravo?
When is Pan Global's (PGZFF) private placement financing expected to close?
