The company began an eight-hole, 2,500-meter program at Cañada Honda and plans a fully funded 20,000-meter drill campaign over the next 12-to-18 months in southern Spain.
Pan Global Resources said it has expanded its 100%-owned Escacena Project in southern Spain to about 16,745 hectares after submitting three new mineral rights applications totaling 2,853 hectares next to Escacena South. The company also started Phase 2 drilling at the Cañada Honda copper-gold deposit, where an initial eight drillholes totaling about 2,500 meters will test extensions of known mineralization and newly identified geophysical and geochemical anomalies. Management said Escacena now has more than 15 priority targets and a fully funded 20,000-meter drill program planned over the next 12-to-18 months. At Cañada Honda, previous drilling covered mainly the eastern part of a 3 km-long gravity and Helicopter Electro Magnetic resistivity-low anomaly, leaving most of the target untested. Earlier results included 20.0 m grading 0.5% Cu and 0.8 g/t Au, including 5.1 m grading 1.3% Cu and 0.5 g/t Au in CHD05, 20.0 m grading 1.1 g/t Au in CHD09, and 5.6 m grading 1.15% Cu in CHD10. The company said later drilling showed continuity from surface to at least 600 meters down-dip, with mineralization still open at depth and along strike. Recent SQUID IP and AMT surveys (electromagnetic subsurface imaging methods) over part of Cañada Honda generated several new drill targets near the modeled gravity anomaly, while expanded soil geochemistry outlined multiple untested gold anomalies along the broader Cañada Honda and El Pozo trend. At Escacena South, a helicopter electromagnetic and magnetic survey is due to start in July to help rank targets and identify concealed sulphide mineralization. Pan Global said Trinidad and Carmen are priority drill targets once final permits are received. The company added that follow-up work at El Pozo is under way after drilling returned a narrow high-grade polymetallic interval in PZD04 and sulphide-bearing intervals linked to strong chlorite-sericite alteration, supporting the prospectivity of the corridor and a large untested gravity anomaly north of the current drill area.