Pan Global Reports Promising Gold Assay Results at Cármenes Project in Spain

Pan Global Resources Inc. has recently announced significant gold assay results from its 100%-owned Cármenes Project located in northern Spain. The company is particularly excited about the first drill results from the Providencia target, with the current findings indicating the potential for high-grade gold mineralization near the surface.

Highlights of the Findings

The assays from two drill holes, namely PVD05 and PVD06, have yielded notable results. In PVD06, the drilling has revealed an impressive 34 meters of mineralization averaging 3.01 grams per tonne (g/t) of gold. More remarkably, included within this segment were intervals of 5 meters with 8.93 g/t gold and other significant intercepts showcasing 17.6 g/t over 1 meter.

These assays suggest the presence of gold mineralization occurring predominantly within red haematitic hydrothermal-altered brecciated carbonate rocks. This geological setting is promising, indicating that there might be more extensive mineralization available. The specific area of PVD06 is believed to expand the known gold zone significantly, reaching up to 70 meters east of earlier drill points that indicated gold at lower grades.

In contrast, the earlier drilled hole, PVD05, did not show notable results but confirmed the presence of the alteration and breccia zonation model, thereby solidifying the geological model being employed.

Future Exploration Plans

Pan Global Resources continues to pursue exploration in the Cármenes area, which shows strong potential for additional mineralization. They have recognized multiple untested targets across the project area that could yield further results. Additionally, assays are pending for a hole drilled beneath a surface trench that previously indicated 20 meters at 1.7 g/t gold, suggesting another opportunity to expand the mining operations.

Tim Moody, President and CEO of Pan Global, stated, "The new results expand the near-surface breccia-hosted gold mineralization east of the historical mine workings and include the highest-grade gold intercept at Providencia to date. This reinforces our targeting strategy and presents exciting opportunities for future exploration."

Background on Cármenes and Escacena Projects

The Cármenes Project covers an area of approximately 5,653 hectares and is known for its potential with multiple bodies of carbonate-hosted breccia. Historical operations at the site date back to the 1930s, indicating a long-standing mining history. The project area not only looks promising for gold but also contains mineralization clusters of copper, nickel, and cobalt.

In parallel with developments in Cármenes, the flagship Escacena Project in southern Spain is experiencing active drilling. Current efforts are underway at the La Romana site to expand known deposits of copper-tin-silver. The Escacena Project, which occupies a substantial land package, has showcased potential with various targets, including Bravo and Hornitos.

Conclusion

Pan Global Resources Inc. is actively making strides in mineral exploration, focusing not only on surface-level mineralization but also investigating deeper and underexplored areas. With their ongoing efforts to advance drilling programs and understand existing mineralization, they are optimally positioned to make significant discoveries in the future. With promising assay results like those from the Cármenes Project, the company seems well on its way to enhancing its portfolio in one of Europe’s most historic mining regions.