Pan Global Resources Inc. (TSXV: PGZ | OTC: PGNRF) has announced that the board of directors of the company has approved plans for a fully funded 20,000m drill programme at the company’s flagship Escacena Project.
Escacena is located approximately 35km northwest of Seville on the Iberian Pyrite Belt in southern Spain, a prolific volcanogenic massive sulphide (VMS) district and tier one mining jurisdiction with several significant producing copper and polymetallic mines.
Pan Global’s president and CEO Tim Moody noted: “Escacena has been the focus of Pan Global’s exploration since the recent copper/tin/silver discovery at the La Romana target. To the end of 2022, we completed approximately 140 drill holes at La Romana with mineralization in almost every hole. Our 2023 plan is expected to include more than 50 additional drill holes at Escacena. This includes a 10-hole stepout and infill drill program at La Romana that is already underway targeting electromagnetic anomalies, further testing the continuity and potential down-dip extensions of the mineralization.”
Pan Global has also said that in terms of 2023 catalysts, assay results are also still pending from its ongoing exploration drilling at the company’s La Romana target, the Romana Deep target (electromagnetic anomaly on the down-dip projection of the La Romana mineralization), and Zarcita target (located 4km north of La Romana). The company is continuing to gain access to the west and east of its La Romana target to continue testing extensions of the geophysics target, and there is ongoing metallurgy test work also taking place at the La Romana target.
Mr. Moody added: “With a fully funded programme for 2023, and three drill rigs currently operating on three targets at La Romana, Romana Deep, and Zarcita, plus exploration advancing on a number of other targets, we are well set up for an exciting year ahead at Escacena.”
Annual incentive grant approved
The Pan Global board of directors has also approved grants under the company’s shareholder-approved Omnibus Equity Incentive Compensation Plan of a total of 2.165M incentive stock options; 0.55M Restricted Share Units (RSUs); and 0.65M Deferred Share Units (DSUs) to officers, directors, employees, and consultants to the company.
The incentive stock option entitles the holder to purchase the equivalent number of common shares of the company at a price of $0.44 per common share for a period of five years from the date of grant. The options will vest as follows: 25% on grant, followed by additional 25% on each of 6-month, 12-month, and 18-month anniversaries from date of grant. The RSUs and DSUs will vest over two years from the effective date of grant, with one-third vesting 12 months after the effective date, and one-third vesting on each of the 18-month and 24-month anniversaries.
To find out more, please visit www.panglobalresources.com