Vancouver, British Columbia - May 8, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Pan Global Resources Inc. (TSXV: PGZ) ("Pan Global" or the "Company") The company is pleased to provide an update on exploration in the Águilas Project in Andalucia, Spain. A new structure has been discovered with copper mineralisation and associated cobalt and silver identified over 1.8 km of strike so-far, and assay values up to 1.57% Cu, 749 ppm Co and 5.3 g/t Ag in rock grab samples. Preliminary geophysics results have also been received showing a number of strong anomalies and enhancing the targets for drill testing on the Torrubia Cu Trend and Zumajo Pb-Zn-Ag trend.
New Copper Structure
The company has discovered a new north-east trending structure called Hierba Buena with copper traced for 1.8 km of strike in boulders and occasional sub-crop with secondary copper minerals and chalcopyrite. A total of 34 rock grab samples have been collected along the structure with 38% of the samples returning 0.2% Cu and best values up to 1.57% Cu, 749 ppm Co and 5.3 g/t Ag.
The new structure trends 030° and is parallel and approximately two kilometres to the east of the Torrubia Copper Trend. The structure appears to extend for at least 10 kilometres in remote sensed imagery and shows similar characteristics to the Torrubia Copper Trend, including abundant float with IOCG style "red rock" hematite-quartz alteration and a variety of multi-stage breccia textures. Several wide spaced soil geochemistry traverses are in progress across the structure and additional prospecting is planned to help map the extent of the copper mineralisation along strike.
Preliminary Geophysics Results
The company has received preliminary results from a recently completed geophysics survey within the Águilas Project on the Torrubia Copper Trend and Zumajo Pb-Zn-Ag Trend. This includes a combination of Induced Polarity (IP), Magnetotellurics (AMT) and ground magnetics conducted by Geognosia and International Geophysical Technology. Two 1.5km lines of IP and 9.7 kilometres of ground magnetics were undertaken over copper targets on the Torrubia Copper Trend. Six wide-spaced 1.5km lines of IP and AMT plus 28.6km kilometres of ground magnetics were completed on a 4.5 km section the Zumajo lead-zinc-silver trend.
The results on the Torrubia Copper Trend show a magnetic high anomaly coincident with high Cu in soils and outcropping Cu mineralization. The IP results over the Torrechuela target shows a 150-200m wide chargeability high and resistivity low anomaly consistent with a steep westerly and potential dipping sulphide mineralisation extending at depth below the surface mineralisation. IP Chargeability anomalies are also present flanking the main Cu trend. The Cerro de Aguilas target in the south of the trend shows a 250 m wide resistivity and high chargeability anomaly underlying the soil Cu anomaly peak.
The results for the 6 lines on the Zumajo structure show strong resistivity low anomalies coincident with the Pb-Zn-Ag mine trend and anomalous Pb-Zn-Ag soil geochemistry on each line. The results also indicate potential continuity of the mineralisation over several kilometers and potential widening of the structure at depth beneath the San Cayetano and San Rafael mine workings. Additional concealed/soil covered targets have been identified 300-600 m to the main Pb-Zn-Ag trend associated with strong IP and/or AMT anomalies, including to the North of the San Cayetano, Dos Centimos and San Rafael mine workings.
Two samples of gossan float found in the vicinity of the chargeability anomaly approximately 600 m Northeast of the Dos Centimos mine workings have returned 0.14% Cu, 72 ppm Co, 1.9 g/t Ag and 0.48% Cu, 620 ppm Co, 1.4 g/t Ag respectively.
The new geophysics results have enhanced the targets on the Torrubia Copper Trend and Zumajo Pb-Zn-Ag Trend, and will be used to finalize sites for initial drill testing. Additional processing of the geophysical data is underway to refine and prioritise the targets. Soil geochemistry has also been extended over the geophysical targets to the North of the Zumajo Trend with results expected soon.
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. The company has committed to operating safely and with respect to the communities and environment where we operate.
On behalf of the Board of Directors
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