Pan Global Resources Inc. has announced the commencement of the second phase of drilling at its wholly owned Cármenes Project located in northern Spain. This new phase follows promising results from initial drilling conducted earlier this year at the Providencia target.
The ongoing Phase 2 drilling program includes four follow-up holes aimed at further investigating the significant gold mineralization detected during Phase 1, which revealed intercepts of 34 meters at 3.01 g/t Au. Tim Moody, the President and CEO, stated, “The Phase 2 drilling is now underway at the Providencia target, where we previously encountered substantial near-surface gold mineralization.”
During the first phase of drilling at the Cármenes Project, six holes were completed at the Providencia target, yielding a new gold discovery with notable intersections of 46 meters at 1.08 g/t Au and the previously mentioned 34 meters at 3.01 g/t Au. The company anticipates completing the Phase 2 drilling program by the end of the year.
Moody added that a strong induced polarization (IP) anomaly coincides with the mineralization at Providencia and remains open well below previous underground mining activities, suggesting that the mineralization may extend deeper. This anomaly will be one of the focuses in the Phase 2 drilling program.
Detailed geological mapping and surface sampling at the Providencia target have identified a large system of multi-phase hydrothermal breccias predominantly situated in carbonate rocks that host copper, cobalt, nickel, and gold mineralization. The breccia and associated alteration are spread over an area exceeding 300 x 150 meters, with mineralization open in multiple areas. Such deposits may exhibit substantial vertical dimensions, potentially exceeding 1 kilometer.
The company has also commenced comprehensive surface geochemical sampling and mapping of surrounding targets, having identified 30 potential targets through a recent helicopter-borne electromagnetic, magnetic, and radiometric study.
The Cármenes Project is located approximately 55 kilometers north of León, Spain, and encompasses five exploration permits spanning 5,653 hectares. This region is highly promising for multiple copper, nickel, cobalt, and gold mineralization bodies associated with breccia pipes hosted in carbonates. The area includes the historic Profunda and Providencia mines, which operated until the 1930s, producing copper and cobalt concentrates with nickel.
About Pan Global Resources: The company actively explores mineral deposits rich in copper, gold, and other metals. Copper, a crucial element for global electrification and the energy transition, has compelling supply-demand fundamentals and solid long-term price prospects. Gold is also reaching record high prices. The company”s flagship project, Escacena, is located in the prolific Iberian Pyrite Belt in southern Spain, characterized by a favorable permitting history and excellent infrastructure.
The team at Pan Global comprises seasoned professionals in exploration, discovery, and mining development, all committed to safe operations and environmental stewardship. The company adheres to the principles of the United Nations Global Compact.
For further information about Pan Global Resources, please refer to the company presentation and explore AI-generated responses to inquiries on Curation Connect.
Qualified Person: Álvaro Merino, Vice President of Exploration at Pan Global Resources and a Qualified Person as defined by National Instrument 43-101, has approved the scientific and technical information in this press release. Mr. Merino is not independent of the company.
For more information, contact: Jason Mercier, VP Investor Relations and Communications, [email protected] / [email protected], Tel: +1-236-886-9518, www.panglobalresources.com
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