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Pan Global Purchase of All Rights to the "Al Andalus" Investigation Permit at the Escacena Project in the Iberian Pyrite Belt, Spain
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2020) - Pan Global Resources Inc. (th...
About this update from Pan Global Resources Inc.
[{"type":"text","content":"Pan Global Purchase of All Rights to the \"Al Andalus\" Investigation Permit at the Escacena Project in the Iberian Pyrite Belt, SpainVancouver, British Columbia--(Newsfile Corp. - April 29, 2020) - Pan Global Resources Inc. (the \"Company\") (TSX-V: PGZ; OTC: PGNRF) is very pleased to announce that it completed the final payment to acquire all rights to the \"Al Andalus\" Investigation Permit (the \"Property\"), adding to the company's Escacena project in the Iberian Pyrite Belt, southern Spain.The property remained mostly unexplored since the mid-1980's.Includes potential eastern extensions to Pan Global's La Romana target, where recent drill results include hole LRD02 with 20.55m @ 1.5% Cu equivalent, including 7m at 3.43% Cu equivalent; and hole LRD05 with 29.5m @ 1.29% Cu equivalent, including a combined thickness of 11m at 2.60% Cu equivalent. Includes the historical mining areas of El Pozo and La Zarcita.Includes the La Jarosa prospect where drill hole PJ-2 by Exxon in 1995/6 included 9.5m at 1.42% Cu (semi-massive sulphide) and not followed up.Adjoins Grupo Mexico's Aznalcollar and Los Frailes mine area and along strike from First Quantum's Las Cruces mineHosts several un-tested gravity targetsPan Global, reported on November 7, 2019, its Spanish subsidiary Minera Sabina S.L had entered into a binding agreement to purchase all rights to the \"Al Andalus\" Investigation Permit (Permiso de Investigación, No 7950) from Strategic Minerals Spain, S.L. The terms included an initial payment of EUR 275,000 and final payment of EUR 25,000 within 6-months from signing. The purchase is not subject to a royalty and is not dilutive of the Company's share capital. The property covers an area approximately 3,367 hectares adjoining the Company's Escacena project (See Figure 1 below). Granting of the Al Andalus Investigation Permit is subject to final approval of the Mines Department. Tim Moody, Pan Global's President and CEO states: \"We are very pleased to have completed the purchase, slightly ahead of time, of the Al Andalus property. This is a highly prospective area with several large targets in close proximity to the Company's flagship La Romana prospect and Grupo Mexico's Aznalcollar and Los Frailes mining project and First Quantum's Las Cruces mine.\" To view an enhanced version of Figure 1, please visit:https://orders.newsf...