Pan Global Resources Inc. (TSXV: PGZ; OTCQB: PGZFF; FRA: 2EU) has announced drill results from five holes completed during its Phase 3 drilling campaign at the Providencia target within its 100%-owned Cármenes project in northern Spain. Hole PVD15 returned the strongest gold intersection of the current phase, grading 3.90 g/t gold over 15 metres from surface, including a high-grade sub-interval of 18.55 g/t gold over one metre. The results confirm that gold and copper-nickel-cobalt mineralisation extends beyond historical mine workings, and a new copper soil anomaly target has been identified 400 to 800 metres southwest of Providencia, with gold assays pending.

Key Points

  • Pan Global Resources Inc. (TSXV: PGZ; OTCQB: PGZFF; FRA: 2EU) is a Vancouver-based explorer with projects in Spain
  • Drill hole PVD15 returned 15 metres at 3.90 g/t gold, 0.04% copper, 0.11% nickel, and 0.12% cobalt from surface, with 8 metres grading 6.79 g/t gold and a 2.13 g/t combined platinum-palladium sub-interval
  • The Phase 3 campaign has been expanded from 8 to 12 holes; assays from PVD16 to PVD19 are pending
  • Investors may be watching results from the expanded campaign and gold assays from the newly identified southwest copper-anomaly target

PVD15 Delivers Phase 3's Best Gold Hit at Providencia

Hole PVD15 entered mineralisation immediately at surface, confirming high-grade gold beneath previously reported channel sampling that had returned 20.18 g/t gold over 5 metres. The best sub-interval graded 6.79 g/t gold, 0.12% nickel, 0.11% cobalt, 0.50 g/t platinum, and 0.28 g/t palladium over 8 metres, with a one-metre peak of 18.55 g/t gold alongside 1.39 g/t platinum and 0.74 g/t palladium. The company states the gold-copper-cobalt-nickel association with platinum-group elements is consistent with a higher-temperature, more proximal portion of the hydrothermal system, and the high-grade zone remains open along strike and at depth.

Broader Drilling Results Confirm System Extends Past Historical Workings

Assays from PVD12, PVD13, and PVD14 further define the extent of the breccia-hosted mineralised system. PVD14 intercepted a 39-metre zone grading 0.35 g/t gold from 7 metres and encountered a 2.2-metre historic mine void before returning 0.30 g/t gold, 0.27% copper, 0.10% nickel, and 0.07% cobalt over 7.1 metres below it. PVD13 outlined the interpreted western margin of the breccia, returning 0.42% copper over 13 metres, including a one-metre interval of 2.07% copper. PVD11, drilled outside the interpreted northern extension, returned no significant results.

New Southwest Target and Expanded Campaign at Cármenes

Soil geochemical surveys have identified a new copper anomaly 400 to 800 metres southwest of Providencia, exhibiting dolomitic alteration and vuggy dolomite-calcite breccia that the company considers geologically analogous to Providencia. Gold assays from this zone are pending laboratory analysis. The Phase 3 programme has been extended from 8 to 12 holes; three remain to be drilled and assays from completed holes PVD16 to PVD19 are outstanding. The company also reports a second drill rig is active at the Cañada Honda copper-gold target on its Escacena project in southern Spain, with results to be released when available.