Pan Global Resources (PGZ.V) has now made the final payment to complete the acquisition of the Al Andalus investigation permit from Strategic Minerals for a total of 300,000 EUR (of which the final 25,000 EUR was due to be paid six months after signing the purchase agreement). Pan Global has confirmed it has completed the final payment and has now acquired all rights to the almost 3,400 hectare property which is strategically located between its own copper discovery at La Romana and the Aznalcollar project operated by Grupo Mexico (but currently the subject of a court battle with Emerita Resources (EMO.V) which claims Grupo Mexico shouldn’t have been awarded the project.
Even more than the two historical mining areas and the La Jarosa prospect where a drill hole 25 years ago encountered almost 10 meters at 1.42% copper, Pan Global was predominantly interested in the land package because it looks like it could host the extension of the La Romana target, located on Pan Global’s Escacena land package. After discovering 20.55 meters of 1.5% CuEq, Pan Global completed a few step-out holes along the La Romana trend and continued to intersect copper mineralization with 21.3 meters at 1.03% CuEq, 20 meters at 0.77% CuEq and 29.5 meters at 1.29% CuEq with the majority of the copper-equivalent mineralization consisting of copper followed by tin and silver.
Pan Global had a good week as its share price increased by approximately 20%, but there’s no obvious reason for the share price increase.
Disclosure: The author has no position in Pan Global Resources.