TSXV: PGZ OTCQB: PGZFF
- More than 16,600 meters of drilling on 10 targets at the
Escacena and Águilas projects
- Expanded area of copper-tin-silver mineralization at La Romana
discovery
- Positive preliminary metallurgical tests
- Surface access agreement for the Romana West target
VANCOUVER, BC, May 25, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company")
(TSXV: PGZ) (OTCQB: PGZFF) is pleased to report its fourth quarter
and audited annual financial results for the financial year ended
January 31, 2023 were filed on
May 24, 2023. The audited
consolidated financial statements and management discussion and
analysis ("MD&A") are available on Pan Global's website at
https://www.panglobalresources.com/financial-reports and have been
posted under the Company profile on SEDAR at www.sedar.com. The
Company reported a year-end cash balance of $8.9 million. All financial figures are in
Canadian dollars.
OPERATIONAL HIGHLIGHTS
- Resource delineation: More than 16,600 meters of
drilling on 10 targets at the Escacena and Águilas Projects. On
January 30, 2023, the Company
announced a 20,000-meter multi-target drill program for 2023.
- Leadership: In July 2022,
the Company announced the appointments of Juan Garcia Valledor as General Manager in
Spain and Mike Westcott as a special advisor to the Board
of Directors. In August, the Company announced the appointment of
Andrew Marshall as Chief Financial
Officer and in November, announced the appointment of Jason Mercier as Vice President Investor
Relations and Communications.
- Sustainability: On November 1,
2022, the Company announced admission to the UN Global
Compact which supports a voluntary commitment to Ten Principles and
the broader Sustainable Development Goals (SDGs). In addition, the
Company commenced development of a Sustainable Mining Management
System in accordance with ISO Standards, to support ESG related
tracking and reporting.
Subsequent to Year End
- U.S. trading upgrade: In March
2023, Pan Global announced graduation to the OTCQB Venture
Market in the United States
raising the Company's profile in the world's largest equity
market.
- Favourable preliminary metallurgical tests: In
April 2023 the Company announced
positive preliminary metallurgical test results exceeding 86%
copper recovery for the La Romana copper mineralization using
conventional flotation. The results confirmed minimal deleterious
elements and the potential for a coarse primary grind size to
reduce energy requirements.
- Surface access: On May 11,
2023, Pan Global secured surface access to explore a
680-hectare area immediately to the west of the La Romana discovery
at Escacena. Exploration at Romana West is underway, including
ground geophysics and preparatory work for an initial 25-30 drill
hole program. The surface access agreement also allows exploration
to commence at three additional untested targets: Barbacena, El
Pozo and Romana North.
- Board appointment: Pan Global announced on May 24, 2023 the appointment of Ms. Corinne Smit, CPA-CA, to the Board of
Directors.
Tim Moody, Pan Global President
and CEO noted: "Last year was one of tremendous progress for Pan
Global as we advanced our rich project portfolio. We drilled more
than 16,600 meters and are executing on the plan for a 20,000-meter
drill program this year that includes multiple targets at the
Escacena Project in southern Spain. The exploration in 2022 expanded the
area of copper-tin-silver mineralization at the La Romana
discovery, intersected additional mineralization at new targets
that require follow-up and also new high-grade zinc-lead-silver
mineralization at our Águilas project."
"The work completed in 2022 and planned for 2023 includes
metallurgical test work, cost studies, environmental baseline
studies and a detailed block model that will support a future
maiden resource on La Romana and engineering studies. The addition
of two mining engineers as well as key corporate staff has put in
place the bench strength needed to deliver on planned work
activities," said Mr. Moody.
CORPORATE DEVELOPMENTS SINCE FEBRUARY
1, 2022
For the financial year that began February 1, 2022, Pan Global started from a
strong position of hitting mineralization in 99% of holes drilled
at La Romana as well as a healthy treasury to support a robust
drill program and expansion of targeting work at the Escacena
Project. Major developments in the past year that contributed to
the advancement of the Escacena and Águilas Projects, include:
- On February 3, 2022, the Company
updated shareholders on the expansion of near-surface
copper-tin-silver mineralization at La Romana and the drill plan
for 2022.
- In February 2022, the Company
provided an update on Airborne high resolution electromagnetic and
magnetic survey work done over the Escacena Project and the
addition of drill holes at the La Jarosa target.
- On March 8, 2022, Pan Global
reported the first drill hole at the La Jarosa target, and on
April 5, 2022, the Company reported
that copper mineralization and a wide zone of alteration had
confirmed a satellite IP anomaly north of La Romana plus planning
for an additional 20 drill holes to further expand the La Romana
target.
- In May 2022, Pan Global announced
the mobilization of additional drill rigs and the expansion of
exploration at the Escacena Project, with new heliborne EM and
magnetic results leading to multiple new drill targets supported by
geochemistry and geophysics surveys.
- On June 9, 2022, Pan Global
completed the purchase of all rights to the "Escacena"
Investigation Permit and adopted a Shareholder Rights Plan.
- On July 26, 2022, Pan Global
announced the exercise of approximately 98% of the outstanding
warrants issued as part of the July 20,
2020 private placement, for total gross proceeds of
approximately $3.2 million.
- On August 9, 2022, Pan Global
reported additional drilling success at La Romana and plans to
include testing six new targets.
- A month later, on September 28,
2022, Pan Global announced a drill program on eight copper
targets in the Escacena Project.
- On October 6, 2022, Pan Global
reported multiple high-grade polymetallic drill intercepts at the
Águilas Project, Spain, with
grades and intercepts of 7.3% lead+zinc and 9.1 g/t silver over
5.25 Meters and 37.6% lead+zinc and 6.8 g/t silver over 0.55
meters.
- In October 2022, the Company
added a third drill rig and commenced drilling on two new copper
targets at the Escacena Project. The first drill holes commenced at
the Zarcita and Bravo Norte VMS copper targets.
- In November 2022, Pan Global
enhanced its ESG goals through acceptance to the United Nations
Global Compact Initiative, a voluntary commitment to its Ten
Principles and broader Sustainable Development Goals.
- On November 15, 2022, Pan Global
commenced drilling on the Romana Deep target, a large heliborne
electromagnetic anomaly that coincides with the down-dip projection
of the near-surface La Romana copper-tin-silver mineralization.
- In December 2022, the Company
announced the expansion of the La Romana mineralization with
discovery of a new upper copper horizon intersected 100 meters
above the main La Romana mineralization and expanded near-surface
copper mineralization to the south.
- On January 17, 2023, Pan Global
announced first results of drilling at Zarcita, intersecting a wide
zone of copper stockwork mineralization as well as drill results
from multiple other targets at Escacena, including La Jarosa,
Hornitos, El Pilar and Bravo Norte with a total of 21 drill holes
assayed.
- On January 30, 2023, Pan Global
announced approval of a fully funded 20,000-meter, multi-target
drill program at the Escacena Project for 2023 and a Company annual
budget of $8.5 million.
- On March 15, 2023, Pan Global
announced the Company had graduated to the OTCQB Venture Market and
was qualified to trade on the platform under the new symbol
PGZFF.
- In March 2023, Pan Global
welcomed the inclusion of copper in the 2023 EU Critical Minerals
and Metals List. The updated list identifies the most critical
minerals and metals that are essential to the EU's economic growth
and its transition to a low-carbon and digital economy. Potential
benefits to Pan Global include improved access to capital and a
streamlined permitting regime.
- On April 11, 2023, Pan Global
announced positive metallurgical test results exceeding 86% copper
recovery for the La Romana copper mineralization using conventional
flotation. Additional attributes include the potential for coarse
primary grind size, which would reduce energy requirements, and
minimal deleterious elements.
- On April 19, 2023, Pan Global
announced drill results for an in-fill drill program, including
intersecting 15 meters of 1.2% copper, 0.05% tin, and 5.4g/t silver
at La Romana. The first drill holes at Romana Deep also delivered
encouraging results that support planning for follow-up
geophysics.
- On April 26, 2023, Pan Global
announced the commencement of drilling at Cañada Honda copper-gold
target in the Escacena Project targeting IP anomalies adjacent to a
large gravity anomaly that extends 2km east-west.
- On May 11, 2023, Pan Global
secured surface access to explore a 680-hectare area west of the La
Romana discovery at Escacena. Exploration commenced immediately at
Romana West, including ground geophysics in preparation for an
initial 25-30 drill hole program. The surface access agreement
allows exploration to also commence at three additional untested
targets: Barbacena, El Pozo and Romana
North.
- On May 24, 2023, Pan Global
announced the appointment of Corinne
Smit, CPA-CA, to the Board of Directors of the Company.
MANAGEMENT OUTLOOK AND KEY CATALYSTS
We remain focused on advancing the Company's strategic
objectives and near-term milestones, which include the
following:
- To discover, define and develop new mineral resources, with a
focus on copper, tin, silver, gold and other minerals in
Spain.
- Key catalysts over the next 18 months include:
-
- Drill results from ongoing exploration at Escacena;
- Access agreements to targets east of La Romana, including
Bravo;
- Additional metallurgical test results, including tin metallurgy
and variability tests;
- Reporting a maiden resource at La Romana, potentially in H1
2024; and
- Planning for engineering studies.
- Pan Global continues to review other exploration opportunities
in Spain, with a view to
strategically enhance the mineral exploration portfolio. The value
of the Company may be further enhanced through such new
opportunities and application of the deep experience of the Pan
Global technical team to future work programs.
About Pan Global Resources
Pan Global Resources Inc. is actively targeting copper-rich
mineral deposits, given copper's compelling supply-demand
fundamentals and outlook for strong long-term prices as a critical
metal for global electrification and energy transition. The
Company's flagship Escacena Project is located in the prolific
Iberian Pyrite Belt in southern Spain, where infrastructure, mining and
professional expertise, and support for copper as a Strategic Raw
Material by the European Commission collectively define a tier-one
jurisdiction for mining investment. The Pan Global team comprises
proven talent in exploration, development, and mine operations -
all of which are committed to operating safely and with utmost
respect for the environment and our partnered communities.
Qualified Persons
James Royall, Vice President
Exploration for Pan Global Resources and a qualified person as
defined by National Instrument 43-101, has reviewed the scientific
and technical information for this news release. Mr. Royall is not
independent of the Company.
On behalf of the Board of Directors
www.panglobalresources.com
Statements which are not purely historical are forward-looking
statements, including any statements regarding beliefs, plans,
expectations or intentions regarding the future. It is important to
note that actual outcomes and the Company's actual results could
differ materially from those in such forward-looking statements.
The Company believes that the expectations reflected in the
forward-looking information included in this news release are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking information
should not be unduly relied upon. Risks and uncertainties
include, but are not limited to, economic, competitive,
governmental, environmental, and technological factors that may
affect the Company's operations, markets, products and prices.
Readers should refer to the risk disclosures outlined in the
Company's Management Discussion and Analysis for the financial year
ended January 31, 2023, which is
filed on the Company's SEDAR profile.
The forward-looking information contained in this news release
is based on information available to the Company as of the date of
this news release. Except as required under applicable securities
legislation, the Company does not intend, and does not assume any
obligation, to update this forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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SOURCE Pan Global Resources Inc.