Pan Global Resources Inc. herein provides an update on the latest prospecting and sampling results from the Aguilas Copper Project in Spain.
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 mineral rights cover approximately 11,302.5 hectares within the Pedroches Batholith, in northern Andalucia, Spain (Figure 1).
Prospecting in the Aguilas Project has focused on identifying the extent and nature of the copper mineralization on the Torrubia Copper Trend. Previously reported results included 25 rock grab samples with values ranging from 1% to 28% copper and 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 numerous small ancient mine workings, multi-stage hydrothermal quartz-hematite-carbonate breccia and "red rock" alteration. The metal association, style of mineralization and alteration are typical of hematite dominant iron oxide copper gold (IOCG) type ore deposits such as occur in the Cloncurry and Olympic Dam districts in Australia and elsewhere. There has been very little previous exploration in the area and no drilling on the copper trend. Re-evaluation of the historic Zumajo lead-silver mine trend within the Aguilas project area has also commenced.
The latest exploration in the Aguilas Project has extended the copper mineralization on the Torrubia Copper Trend and identified similar style copper mineralisation on a separate structure at Los Lazos. Definitive Admission of the Aguilas I and Aguilas II Investigation Permits is on track for early July.
Highlights from the latest sampling are provided below:
Aguilas Project Highlights
- A total of 106 rock grab samples of float and outcrop have been collected in the Aguilas Project area. New results were received for 37 samples.
- This includes results for 29 new samples collected on the Torrubia Copper Trend with values up to 1.35% Cu, 3.6g/t Ag, 0.23g/t Au, 513ppm Co, 180ppm U and 28.4% Fe.
- The results have extended the of copper ± silver, gold, cobalt, uranium and iron mineralisation along strike approximately 200 metres to the south on the Torrechuela segment of the Torrubia Copper Trend.
- Copper associated with "IOCG" style quartz-hematite ± carbonate breccia mineralisation has now been identified over approximately 3.1 kilometres strike length in two sections and remains open. This includes potentially continuous copper mineralisation along a 2.6 kilometre section from Cerro de Torrubia in the northeast to Torrechuela in the southwest, and a >0.5 kilometre section at Cerro del Aguila where the structure appears to be several tens of metres wide.
- A total of 8 samples were collected in the northwest of the Aguilas Project area on the Los Lazos structure. The results include 5 samples with values ranging from 0.24% to 2.82% Cu, and up to 2.1g/t Ag, 0.03g/t Au, 276ppm Co and 8.24% Fe. The copper mineralisation and associated quartz-hematite breccia has been traced over approximately 0.5 kilometres along a northeast trend with minor small mine workings.
- The new results confirm potential to discover copper elsewhere within the property. Interpretation and reprocessing of publically available gravity, magnetics and radiometrics data for the area is underway to help prioritise targets for follow-up.
Detailed sampling and geophysics will now focus on those sections of the Torrubia Copper Trend with the highest copper values.
Notice was received on May 31, 2017, requesting the technical information for publication of the Aguilas I and Aguilas II Investigation Permits. Definitive Admission of the mineral rights is anticipated by early July. Definitive Admission of the Aguilas III Investigation Permit is expected to follow shortly thereafter.
On June 8, 2017, the TSX Venture Exchange accepted for filing the Letter of Intent dated May 15, 2017 between Pan Global Resources Inc. (the Company) and Evalam 2003 S.L. whereby the Company may acquire a 100% interest in the Escacena Property consisting of one exploration license (2,060 hectares) in the Iberian Pyrite Belt in southern Spain. Consideration is $350,000 cash and $1,000,000 in exploration work commitments over a 3-year period. The Vendor will retain a NSR of 0.5% on the first 12,500 tonnes of copper equivalent and 0.75% on any amount in excess of 12,500 tonnes of copper equivalent. The NSR has a lifetime cap of $5,000,000. Final due diligence and digital compilation of the historical exploration data is currently underway.
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.