Pan Global Resources (PGZ.V) has now started its Phase 2 drill program at the Cañada Honda copper-gold deposit, a part of its Escacena project in Spain’s Andalusia region. This phase will consist of an initial eight holes for a total of 2,500 meters of drilling, and has been designed to drill-test the extensions to known copper and gold mineralization with previous holes intersecting for instance 20 meters containing 0.5% copper and 0.8 g/t gold and 20 meters containing 1.1 g/t gold with mineralization remaining open at depth and along strike.
Those intervals were encountered during a widely spaced drill program, so it’s only normal for the company to follow up on those results as the Cañada Honda project is associated with a 3 kilometer long gravity anomaly and a helicopter electro magnetic resistivity-low anomaly.
Pan Global recently added almost 3,000 hectares to the Escacena project as after being awarded the Escacena South area, it was granted three new mineral rights applications for a total of 2,853 hectares. This now brings the total size of the Escacena project to 16,745 hectares. This means it is quite possible the current list of 15 priority drill targets may continue to grow, and we are looking forward to seeing more drill results.
Disclosure: The author has a long position in Pan Global Resources. Pan Global is not a sponsor of the website, but the author visited the project earlier this year and the majority of the travel expenses were covered by Pan Global. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
