Pan Global Resources Inc. herein provides an update on the first results from prospecting and sampling on the Aguilas Copper Project in Spain.
Tim Moody, Pan Global President & CEO, stated "The first round of prospecting results are encouraging. Whilst suggesting potential continuity of copper mineralization over more than two kilometres along one section of the main copper structure, the results also indicate potential for other metals such as gold, silver, cobalt and uranium. The metal association, alteration and intense multi-phase breccia are characteristic of hematite-dominant iron-oxide copper-gold ore deposits elsewhere. Good progress is also being made on the permitting of the Aguilas mineral rights. The company is also continuing to evaluate other opportunities."
The company manages the Aguilas Project through its agreement to acquire Spanish company, Minera Aguila SLU. Minera Aguila SLU holds the Las Aguilas I, II and III Investigation Permit applications, referred to as the "Aguilas Project".
The primary goal of the Company's exploration program is to discover and develop new Mineral Resources and to establish a pipeline of opportunities. Permitting of Aguilas I, II and III mineral rights continues to progress. The initial prospecting on the Aguilas Project is aimed at identifying the extent and nature of the copper and lead silver mineralization. Results from the first phase of prospecting have been received and confirm high copper values in grab samples with associated gold, silver, cobalt and uranium along a major structure associated with multi-stage quartz-hematite-carbonate breccia. The metal association, style of mineralization and alteration are typical of iron oxide copper gold (IOCG) type ore deposits. There is no historical exploration drilling on the copper structure and there has been almost no modern exploration in the area. Prospecting and re-evaluation of the historic lead-silver mine trend within the Aguilas project area is also planned. Highlights from the first round of prospecting are provided below:
Aguilas Project Highlights
- The initial prospecting program has covered approximately 3.5 kilometres of major northeast trending structure;
- Currently copper mineralization has been identified over approximately 2.4 kilometres of one section of the structure in the north of the property and over approximately 0.5 kilometres along a section of the same structure to the south. Surface indications suggest the structure is up to several ten's of metres wide. Further exploration and drill testing will be required to determine how the copper mineralization is distributed within the structure. The mineralization is open along strike to the northeast and southwest in both sections;
- The style of mineralization and metal association is typical of hematite-associated iron oxide copper gold ore deposits, and similar to ore deposits in the Olympic Dam and Cloncurry Districts in Australia;
- 69 rock samples have been collected to date, including float and outcrop with approximately half the samples containing either chalcopyrite, chalcocite and/or various secondary copper oxide and copper carbonate minerals. In addition to high copper values, the initial results highlight potential for economic concentrations of other metals, including gold, silver, cobalt and uranium.
- Assay results include 25 samples with values greater than 1% copper and up to 28% copper in a sample of semi-massive sulphide. The results also include values up to 33% iron, 1.7g/t gold, 17.5g/t silver, 0.13% cobalt, along with anomalous levels of uranium, nickel and light rare earth metals (lanthanum and scandium);
- The copper is associated with multistage hematite, quartz +/- carbonate and "red rock" alteration, multi-stage brecciation, strong structural control and textures indicative of intense high level hydrothermal activity;
- Evidence of ancient small diggings and mine workings have been identified along the copper trend.
Prospecting is ongoing to help determine the extent of the mineralization and focus more detailed sampling, geophysics and drilling. Compilation of historical exploration and mining data and reprocessing of regional geophysics data is also underway. Archaeological surveying is also being completed prior to Definitive Admission and Publication of the permits in the Official Bulletin.
Robert Baxter (FAusIMM), a Director of Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Baxter is not independent of the Company.