Announcement • 8h
Pan Global Resources Reports New Channel Sampling Results At Providencia Target
Pan Global Resources Inc. has reported new channel sampling results from the Providencia target at its 100%-owned Cármenes Project in northern Spain. The results expand near-surface gold mineralization beyond the historical mine workings and indicate a continuous high-grade gold zone over at least 80 meters. Surface channel sampling assay results include a continuous 80-meter zone grading 2.36 g/t Au, including 3.21 g/t Au over 23 meters, 7.40 g/t Au over 8 meters, and 20.18 g/t Au over 5 meters. Underground channel sampling assay results include 2.40% Cu, 0.83% Ni, 0.27% Co, 0.25 g/t Au over 9 meters, including 6.96% Cu, 2.34% Ni, 0.74% Co, 0.74 g/t Au, 1.8 g/t Ag over 2 meters, and 3.45% Cu, 1.09% Ni, 0.37% Co, 0.34 g/t Ag over 2 meters. Higher-grade gold mineralization extends south and east beyond historical mine workings. First systematic underground sampling on the 1438m Level indicates mineralization widens at depth and remains wide open in several directions. Drilling in progress with results pending for six completed drillholes. Selected Surface Channel Results: PVCC-04 - PVC-06: 2.36 g/t Au over 80 meters, including 3.21 g/t over 23 meters (includes 7.40 g/t Au over 8 meters), and 20.18 g/t over 5 meters. PVCC-02: 6.12 g/t Au over 6 meters, including 11.92 g/t over 3 meters, 0.65 g/t Au over 76 meters, including 1.26 g/t Au over 15 meters, including 2.97 g/t Au over 5 meters, including 1.11 g/t Au over 3 meters. PVCC-03: 1.14% Cu, 0.23% Ni, 0.14% Co, 0.45 g/t Au over 7 meters. Including: 1.84% Cu, 0.32% Ni, 0.18% Co, 0.61 g/t Au over 3 meters. Selected Underground Channel Results (1438m Level): PVC1438-08: 2.40% Cu, 0.83% Ni, 0.27% Co, 0.25 g/t Au over 9 meters, including 6.96% Cu, 2.34% Ni, 0.74% Co 0.74 g/t Au over 2 meters, and 3.45% Cu, 1.09% Ni, 0.37% Co, 0.34 g/t Au over 2 meters. PVC1438-09: 1.31% Cu, 0.31% Ni, 0.09% Co, 0.13 g/t Au over 9 meters, including 3.01% Cu, 0.70% Ni, 0.20% Co, 0.28 g/t Au over 3 meters. PVC1438-04: 0.32% Cu, 0.10% Ni, 0.07% Co, 0.12 g/t Au over 12 meters, including 0.62% Cu, 0.16% Ni, 0.12% Co, 0.22 g/t Au over 4 meters, 0.22% Ni, 0.07% Co, 0.22 g/t Au over 13 meters, including 0.46% Ni, 0.14% Co, 0.22 g/t Au over 3 meters, 0.27 g/t Au over 18 meters, 1.02 g/t Au over 4 meters, 0.42 g/t Au over 15 meters, 0.32% Cu, 0.12% Ni, 0.07% Co, 0.22 g/t Au over 4 meters. PVC1438-06: 0.44 g/t Au over 32 meters, including 1.29 g/t Au over 3 meters. The latest results comprise continuous surface channel sampling across a strong gold-in-soil anomaly (>1 g/t Au) and associated breccia zone, together with systematic channel sampling of tunnel walls within the historical Providencia underground mine at the 1438m Level. Surface sampling (234 samples) was completed across a broad breccia zone exposed by recent drill road construction. The channels extend approximately 30 meters south and 150 meters east of the projected extent of the historical underground workings. Assay results indicate higher gold grades are associated with red haematitic breccia, dolomitized carbonate rocks and locally developed gossan with visible secondary copper mineralization. Underground sampling (351 samples) represents the first systematic evaluation of the 1438m Level following excavation of waste material that had concealed the mine entrance. The results identified polymetallic sulphide mineralization and more extensive haematitic breccia compared to the upper levels. This supports the current geological interpretation that the mineralized system widens at depth and remains open laterally and at depth. Collectively, the surface and underground results demonstrate that gold and copper-nickel-cobalt mineralization extends well beyond the historical Providencia mine workings within a large, multiphase breccia system. The results define a higher-grade gold zone located to the southeast of the historic workings, coincident with a strong gold-in-soil anomaly, providing a compelling target for ongoing drilling. Gold was not historically produced at the Providencia mine, and the identification of potentially significant gold mineralization represents a new discovery made by the Pan Global team. The recent surface and underground channel sampling results have refined the geological and structural model for the Providencia target and identified priority areas for follow-up drilling. The current eight diamond drillhole campaign to test and evaluate the depth and lateral continuity of the mineralized breccia system is on-going and expected to be expanded. Assays are pending for six completed holes. Ongoing underground channel sampling at deeper mine levels and expanded surface geochemistry at the Providencia, Profunda and Valverdin targets within the Cármenes Project will support targeting for the next phase of exploration.
