Pan Global Resources Inc. (TSX-V: PGZ |OTCQB: PGZFF) has announced positive assay results for two new diamond drill holes at the Cañada Honda target, at the company’s 100%-owned Escacena project in the Iberian Pyrite Belt, southern Spain.
Cañada Honda is one of more than 14 gravity anomalies in the Escacena project, which includes the copper-tin-silver discovery at the La Romana target.
Cañada Honda is now a high-priority target due to subsequent down hole electromagnetic (DHEM) surveys in both drill holes that show a large approximately 190m x 100m untested conductor anomaly with potential for stronger sulphide mineralization to the east and down-dip. Drilling has commenced on the first of three follow-up drill holes based on this new information.
Holes CHD03 and CHD04, drilled on the same section, show a vector down-dip with increasing gold and copper within a continuous zone of massive sulphides and sulphide-stockwork mineralization, wide open at depth and along strike.
Grades of up to 5.3% Cu over 0.6m, and up to 5.2g/t Au over 1m intervals were reported and potential for scale is indicated by the proximity to a large untested gravity anomaly and adjacent DHEM conductor anomaly.
Hole CHD04 intersected 1m at 3.2g/t Au and 2.3g/t Ag from 85m, 5m at 1.1g/t Au and 1.7g/t Ag from 94m, including 1m at 5.1g/t Au and 1.6g/t Ag.
Hole CHD04 also intersected 1m at 0.3% Cu, 1.1g/t Au and 1.0g/t Ag from 107m, and 13m at 0.5% Cu, 0.8g/t Au and 2.7g/t Ag from 167m.
CHD03 intersected 2m at 1.4g/t Au from 58m, 8m at 1.0 g/t Au from 66m, and 14m at 0.4% Cu, 0.3g/t Au and 2.1g/t Ag from 141m.
These are the highest gold grades detected in the Escacena project area to date, and a potentially significant addition to the copper equivalent grade.
“The new drill hole assay results have significantly enhanced the potential for a new copper-gold discovery at the Cañada Honda target. The results indicate an upper gold zone and deeper zone of copper-gold mineralization at the edge of a large untested DHEM conductor anomaly. These are exciting results, including the highest gold grades that we have encountered at the Escacena project, and further highlights the prospectivity of this land package and the many other targets not yet tested,” said Tim Moody, Pan Global’s president & CEO.
To find out more, please visit www.panglobalresources.com.