Pan Global Resources (PGZ.V) has confirmed it has commenced its diamond drill program at the Romana West target which is part of the flagship Escacena project in the Iberian Pyrite Belt. This announcement comes hot on the heels of the company successfully securing surface access to the high priority drill targets at Romana West, which we discussed in a previous blog post.
The company already successfully traced the mineralization at La Romana over a strike length of about a kilometer and Pan Global hopes the mineralized trend will continue onto the Romana West target and that’s exactly what the current drill program has been designed for. The first 13 drill sites (for 25-30 holes which should result in a total of 6,000 meters being drilled) are set up to further follow the copper-tin-silver mineralization along strike towards the west.
As the company only recently secured access to La Romana West, it only recently kicked off a soil geochemistry and IP survey on the assets and the drill hole locations may still be subject to adjustments based on the results of the field work. An IP survey recently completed at La Romana West has highlighted a ‘prominent gravity anomaly’ extending for up to 1,000 meters towards the west of the La Romana drilling and the peak of the anomaly seems to coincide with the location of historical mine workings at La Romana West. The company also investigated those historical mine workings and by doing so, it has identified several shallow pits and tunnels with copper mineralization evident at surface. This all bodes well for the current drill program and we are looking forward to seeing the assay results.
Pan Global also released assay results from the first of three follow up drill holes on the Cañada Honda prospect on the Escacena project. Hole CHD05 was a step-out hole which was drilled along a two kilometer long gravity anomaly and this hole encountered a strong zone of copper-gold mineralization about 150 meters down dip from hole 4. While the mineralization is relatively deep, it does confirm the projection of a mineralized zone which was already encountered in holes 3 and 4. Hole 5 encountered 20 meters containing 0.5% copper, 0.3 g/t gold, some silver and lower grades of zinc and lead. Interestingly, the cobalt content came in at 102 ppm which adds a few dollars to the per-tonne gross rock value.
Additionally, keep in mind the company rushed the bottom part of the hole to the lab and only the assay results of the lower part of the hole have been received so far. It will be interesting to see if the upper part of the hole also contains copper-gold mineralization as that would definitely change the perception of the mineralization while it would also be interesting to see if the gold-rich zone continues towards hole CHD05.
Meanwhile the company also completed holes 6 and 7 and according to Pan Global’s exploration update hole CHD06, which was drilled in excess of 100 meters further east of hole CHD05 (as you can see in the image above) intersected visible copper mineralization. Not only does this further confirm the mineralization at Cañada Honda remains open in all directions, it also adds scale to the discovery.
Disclosure: The author has a small long position in Pan Global Resources. Please read our disclaimer.
