Pan Global Resources Inc. announced significant near surface gold assay results in the first drillhole completed in the maiden drill campaign at the Company's 100%-owned Cármenes Project ("Cármenes"), northern Spain. The current six-hole drill program is targeting expansion of the breccia-hosted mineralization associated with the historical Providencia copper-cobalt-nickel underground mine workings. The potential for significant gold was highlighted in recent soil, trench and channel sampling results.
The Providencia target area had no previous drilling and no past reports of gold mineralization. Current six-hole dill program is Pan Global's maiden drill campaign at the Cármenes Project, and the first-ever drillholes at the Providencia target. First completed drillhole (PVD02) intersected a high-grade interval of 6.27 g/t gold over 4m within a broader interval averaging 1.08 g/t gold over 46m from 24m down-hole.
The gold intersection in PVD02 is associated with strong multi-stage hydrothermal breccia within strongly dolomitized/altered limestones, with local trace quantities of sulphides, and favourable very low contents of metals such as arsenic or antimony. Assay results are anticipated within three weeks for completed drillholes (PVD03 and PVD04), with breccia intersected over more than 120m from near-surface in PVD04. Drillhole PVD01 was abandoned before reaching the target after the hole collapsed.
Historical underground mine workings at Providencia extracted copper, cobalt and nickel ore from within a "pipe-like" hydrothermal breccia to a depth of 110 meters. The mineralization remained open when mining ceased in the early-1930s. There is no record of gold extraction at Providencia and the new gold zone appears to have been previously unrecognized.
The on-going drilling includes three step-out holes up to 120m east of the Providencia mine workings, testing beneath recently reported highly anomalous trench and channel sample results Large surface target area extending more than 250m x 150m, characterized by coincident strong dolomite-alteration, breccia and strongly anomalous Cu, Au, Ni, Co and Pb geochemistry in soils, trench and channel sample assays. Channel sampling inside the historical mine workings at Providencia is underway to better understand the continuity of the mineralization. Multiple targets identified in the Cármenes Project area highlight the potential for additional discoveries from the ongoing exploration program.
Interpretation of a recently completed helicopter electromagnetic, magnetic and radiometric survey over the Cármenes Project is in progress to fast-track identification and prioritization of additional potential drill targets. Pan Global is also pleased to report that drilling has resumed at the Company's flagship Escacena Project in southern Spain following record rainfall in March and April, with the focus on the high-priority Bravo target, expansion of the La Romana copper-tin discovery, and testing of new targets.
