#Spain #N/A #PAN Global Resources #Northern Spain #Cármenes Gold

Pan Global Launches Second Phase of Drilling at Cármenes Gold Discovery in Northern Spain

Pan Global Resources Inc. has officially kicked off its second phase of drilling at the Cármenes project, located in Northern Spain, as early results have shown significant gold mineralization. The confident move comes after the first phase of drilling revealed promising results, including an assay of 3.01 g/t Au over 34 meters in drilling hole PVD06, correlating with high-grade copper, nickel, and cobalt mineralization.

Overview of the Cármenes Project

The Cármenes project spans over 5,650 hectares, lying approximately 55 kilometers north of León. Historically rich for mineral deposits, the region has long attracted mining activity, with past operations producing copper and cobalt up until the 1930s. The project includes access to several exploration permits which further enhances its mining potential.

The primary aim of the phase two drilling program is to investigate the identified 'Providencia' target area, which has exhibited favorable geological features, including a strong IP chargeability anomaly. This anomaly hints at potential mineralization extending deeper than previous mine workings, underscoring the prospects for significant discoveries.

Tim Moody, the President and CEO of Pan Global, expressed his enthusiasm regarding the drilling efforts. He stated, “Our phase one drilling has confirmed a substantial near-surface gold mineralization. We aim to map the geometry of the mineral system and explore potential extensions of the mineralization.”

Highlighted Findings from Phase One

The first phase of drilling consisted of six holes in the Providencia target area, resulting in significant discoveries that elevate the area's profile as a viable mining site. Notably, one hole revealed 1.08 g/t Au over 46 meters, while the aforementioned PVD06 had hits of 3.01 g/t Au. This rapid discovery growth illustrates the potential depth and lateral expansions of the mineralized veins, warranting further investigation in the subsequent drilling phase.

Current Drilling Operations

Phase 2 consists of four new drill holes that are expected to deepen our understanding of the mineralization at Cármenes. As described, the strong IP anomaly coinciding with historical mining operations indicates the likelihood of uncovering previously inaccessible mineralization at depth. The exploration focus will remain diligent, combining extensive geological mapping with detailed geochemical sampling across multiple targets surrounding the Providencia area.

Moreover, initial findings have already indicated that the breccia systems in the region—which are crucial sources of copper, nickel, cobalt, and gold—extend in dimensions greater than 300 meters by 150 meters, with certain areas still open for exploration. Such discoveries are monumental for not only Pan Global but also for the global mining prospects, where the demand for critical minerals continues to soar, especially copper, amid the global shift towards electrification and renewable energy projects.

The Road Ahead for Pan Global Resources

As the operations proceed, attention will also be directed towards evaluating additional exploration targets identified through aerial surveys, which pinpointed about 30 new zones worth investigating. The commitment to safe mining practices and environmental stewardship remains a priority for Pan Global as they navigate the exploration and discovery phases.

Pan Global Resources has demonstrated its capacity in exploration and mining through its flagship Escacena project in southern Spain, a site known for its favorable mining conditions and rich mineral deposits. The company has built a competent team equipped with the knowledge and experience necessary for successful mineral extraction.

In conclusion, Pan Global is poised to make significant advancements within the Cármenes project, with the expectation of uncovering further gold deposits and expanding its resource base. The successful completion and findings from this phase of drilling could not only redefine the company's future but also bolster its standing in the global mining industry.

For more information and ongoing updates, interested parties should keep an eye on Pan Global’s communications and official announcements.