Earlier this month, Pan Global Resources (PGZ.V) released assay results from the first of eleven hole it drilled on the Canada Honda target on its Escacena copper-gold-silver project. Companies usually release drill results in batches but there is a good reason why Pan Global wanted to put out the results of the first hole right away.
Th drill bit intersected three distinct mineralized zones and while the 8 meters of 0.12% copper, 2.63 g/t gold and 0.7 g/t silver was a decent interval to get started with but the mineralized area about 13 meters deeper was more interesting as the company intersected 14 meters of 0.77% copper, 0.42 g/t gold and 4 g/t silver including 6.8 meters of 1.48% copper, 0.65 g/t gold and 7.2 g/t silver. According to the company, the copper and gold mineralization is coincident with the downhole electromagnetic targets, and the mineralization remains open at depth while the company will continue to test the one square kilometer gravity anomaly and the extensions to the electromagnetic targets.
Pan Global definitely started the year very strong on the exploration front, and let’s hope the renewed interest of Grupo Mexico in the region (it is rumored to be chasing First Quantum Minerals’ (FM.TO) Las Cruces copper mine in the pyrite belt) will bring renewed attention to the region.
Disclosure: The author as a small long position in Pan Global Resources. Please read the disclaimer.
