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Be the first with the news that moves the market- Pan Global Resources (PGZ) is stepping-up exploration work at its Escacena Project in Spain with the addition of a second drill rig
- The Phase 3 program was launched on August 10 and is focused on expanding copper mineralisation at the La Romana target
- Recent electromagnetic survey results have significantly expanded a lower conductor anomaly associated with previous intersections
- Additional drill holes have now been planned to test this conducted along strike and down dip from previous holes
- Pan Global Resources (PGZ) is currently up 6.06 per cent and is trading at C$0.70 per share
Pan Global Resources (PGZ) is stepping-up exploration work at its Escacena Project in Spain with the addition of a second drill rig.
Located within the highly prospective Iberian Pyrite Belt roughly 40 kilometres northwest of Seville, the copper project covers a total area of approximately 249.5 hectares.
The expanded program, which was originally launched on August 10, comes after new down-hole electromagnetic survey results which have significantly expanded a lower conductor anomaly associated with previous intersections.
These results confirm the extension of the conductor a further 240 metres to the east and 40 metres to the west, bringing its overall dimensions to approximately 620 metres by 300 metres.
With the expanded scope of potential mineralisation, additional drill holes have now been planned to test the conductor for extensions of copper mineralisation, while simultaneously testing an upper conductor.
The second drill rig, which is expected to arrive on site this week, will be tasked with testing this area along strike and down dip from the previously drilled LRD 14 and LRD 15 holes.
Tim Moody, President and CEO of Pan Global Resources, noted that the copper mineralisation remains wide open in the region.
“The new down hole electromagnetic survey results are very positive and significantly extend the copper target east of recent drill holes LRD14 and LRD15, which both intersected massive chalcopyrite mineralisation,” he added.
The exploration work at the Escacena Project is supported by a financing that was completed in July, under which the company issued 22,753,997 units at a price of C$0.18 each to raise more than $4.09 million.
Pan Global Resources (PGZ) is currently up 6.06 per cent and is trading at C$0.70 per share at 1:04pm EDT.
