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Canada’s Pan Global Resources (TSXV: PGZ) is ready to start drilling at its 16,333-hectare Águilas project, located 100 kilometres north of Cordoba in the territory of Andalucia, southern Spain.
According to local media, Pan Global’s 70-per-cent-owned subsidiary Minera Águilas has received the necessary permits to start its exploration campaign in the first two sections of the eight-block site. The company expects the remaining permits to arrive in the next few months.
Águilas is a copper-zinc project where the Cu mineralisation represents a potentially new and un-tested IOCG district whose geological characteristics are similar to those of the Olympic Dam and Cloncurry Districts in Australia. Pan Global says that the copper trend had only minor previous exploration and no drilling, and coincides with a numerous small mine workings, suspected to be Roman or pre-Roman.
Exploration is expected to last up to 2020, with the first 20 to 30 150-metres drill holes dug by year end. Preliminary geophysics results already showed a number of strong anomalies on two trends, the Torrubia Cu Trend, where small amounts of gold intrusions have been detected, and Zumajo Pb-Zn-Ag trend, where at the beginning of the 20th Century zinc was discarded and lead was extracted to fabricate bullets. The findings in these trends have enhanced initial drilling targets.
The company also discovered a new north-east trending structure called Hierba Buena with copper traced for 1.8 kilometres of strike in boulders and occasional sub-crop with secondary copper minerals and chalcopyrite. Samples collected returned >0.2% Cu and best values up to 1.57% Cu, 749 ppm Co and 5.3 g/t Ag.
Initial investment for the exploration campaign is estimated in close to $7 million, of which Pan Global has already secured about $4.6 million.
