Pan Global Reports Significant Gold Mineralization at Cármenes Project
News related to:Pan Global Resources Inc · 1 min read
Pan Global Resources Inc has announced significant gold mineralization at the Providencia target within its 100%-owned Cármenes Project in northern Spain. The company’s latest drillhole, PVD16, returned an 83-meter interval averaging 1.74 grams per tonne (g/t) gold from 9 meters depth, marking the widest high-grade intercept to date.
The drill results include multiple higher-grade intervals, such as 4.88 g/t gold over 9 meters, 12.57 g/t gold over 2 meters, and 2.65 g/t gold over 12 meters. Notably, a peak grade of 32.2 g/t gold was recorded over 0.5 meters. These findings highlight the potential for expanding the mineralization footprint southwards, confirming the continuation and extension of high-grade gold zones to the surface.
Tim Moody, President and CEO of Pan Global, stated, "These exceptional results from PVD16 confirm both the scale and continuity of high-grade mineralization at Providencia. The intercept of 83 meters at 1.74 grams per tonne gold from near surface dramatically enhances our confidence in the gold potential of this mineralized system."
The company’s exploration efforts at Cármenes are ongoing, with two holes remaining in Phase 3 of the drill campaign. Assay results are pending for four additional completed drillholes at Providencia. Following completion, drilling will commence at the nearby Profunda Target. Surface sampling and geological mapping continue to advance regional targets within the Cármenes Project.
The Cármenes Project, located on the southeastern extension of the Rio Narcea Gold Belt, comprises five investigation permits over 5,653 hectares. The project area is highly prospective for carbonate-hosted hydrothermal breccia style copper, nickel, cobalt, and gold mineralization. The area includes the former Profunda and Providencia mines, which last operated in the 1930s, producing concentrates of copper and cobalt with nickel.
Pan Global Resources Inc remains well-capitalized to support the expansion of exploration programs at both Cármenes and its flagship Escacena Project. The company is actively exploring for copper-rich mineral deposits, along with gold and other metals, in areas with compelling supply-demand fundamentals and strong long-term prices.