Pan Global Resources Inc. (TSXV: PGZ; OTCQB: PGZFF; FRA: 2EU) has announced drill results from hole PVD16 at the Providencia target within its wholly owned Cármenes project in northern Spain, returning 83 metres grading 1.74 g/t gold from 9 metres depth. The company describes this as the longest high-grade intersection recorded to date in its ongoing Phase 3 drill programme. The result expands a near-surface gold zone that remains open laterally and at depth, which investors in junior exploration companies may consider a meaningful milestone.

Key Points

  • Pan Global Resources Inc. (TSXV: PGZ; OTCQB: PGZFF; FRA: 2EU) is a Vancouver-based mineral exploration company focused on copper, gold, and associated metals in Spain.
  • Drill hole PVD16 at the Providencia target returned 83 metres of 1.74 g/t gold from 9 metres depth, the widest high-grade intersection in the Phase 3 programme to date.
  • High-grade sub-intervals include 9 metres of 4.88 g/t gold, 2 metres of 12.57 g/t gold, 12 metres of 2.65 g/t gold, and a peak of 0.5 metres at 32.2 g/t gold.
  • Investors will be watching for assay results from four completed Providencia holes, two remaining Phase 3 holes, and the upcoming drill programme at the nearby Profunda target.

PVD16 Delivers Widest High-Grade Gold Interval at Providencia

The PVD16 drill hole intersected a continuous 83-metre interval averaging 1.74 g/t gold beginning just 9 metres below surface, the release states. Multiple higher-grade sub-intervals were identified within this envelope, including 2 metres grading 12.57 g/t gold and a peak assay of 0.5 metres at 32.2 g/t gold. Platinum and palladium were also reported within a 9-metre sub-interval grading 0.27 g/t platinum and 0.19 g/t palladium. The company notes these zones are associated with copper, cobalt, and nickel mineralisation within a broader 500-metre by 200-metre carbonate breccia system.

Southward Expansion of Cármenes Gold Footprint Confirmed

According to the announcement, gold grades increase notably to the east and south of the historic Providencia mine, indicating the mineralised footprint may extend in that direction. The disclosure states PVD16 confirms continuity beyond the previously reported 15 metres of 3.9 g/t gold in hole PVD15. High-grade mineralisation reaches the surface and the zone remains open both along strike and at depth, the company states. Pan Global adds that additional potential exists within and around the multiphase hydrothermal breccia system that hosts the Cármenes gold zones.

Phase 3 Drilling Continues With Multiple Holes Pending Results

The Phase 3 drill programme at Providencia remains active, with two holes still to be drilled and assays pending from four previously completed holes, the release states. Once the current phase concludes, drilling is planned to commence at the nearby Profunda target. Surface sampling and geological mapping are described as ongoing across regional targets within the Cármenes project. Pan Global states it maintains a strong capital base to support continued exploration at both Cármenes and its flagship Escacena copper project in southern Spain.