More than 16,600 meters of drilling on 10 targets at the Escacena and Águilas projects
Expanded area of copper-tin-silver mineralization at La Romana discovery
Positive preliminary metallurgical tests
Surface access agreement for the Romana West target
VANCOUVER, BRITISH COLUMBIA – (May 25, 2023) – Pan Global Resources Inc. (“Pan Global” or the "Company") (TSX-V: PGZ; OTCQB: PGZFF) is pleased to report its fourth quarter and audited annual financial results for the financial year ended January 31, 2023 were filed on May 24, 2023. The audited consolidated financial statements and management discussion and analysis (“MD&A”) are available on Pan Global’s website at https://www.panglobalresources.com/financial-reports and have been posted under the Company profile on SEDAR at www.sedar.com. The Company reported a year-end cash balance of $8.9 million. All financial figures are in Canadian dollars.
Resource delineation: More than 16,600 meters of drilling on 10 targets at the Escacena and Águilas Projects. On January 30, 2023, the Company announced a 20,000-meter multi-target drill program for 2023.
Leadership: In July 2022, the Company announced the appointments of Juan Garcia Valledor as General Manager in Spain and Mike Westcott as a special advisor to the Board of Directors. In August, the Company announced the appointment of Andrew Marshall as Chief Financial Officer and in November, announced the appointment of Jason Mercier as Vice President Investor Relations and Communications.
Sustainability: On November 1, 2022, the Company announced admission to the UN Global Compact which supports a voluntary commitment to Ten Principles and the broader Sustainable Development Goals (SDGs). In addition, the Company commenced development of a Sustainable Mining Management System in accordance with ISO Standards, to support ESG related tracking and reporting.
Subsequent to Year End
U.S. trading upgrade: In March 2023, Pan Global announced graduation to the OTCQB Venture Market in the United States raising the Company’s profile in the world’s largest equity market.
Favourable preliminary metallurgical tests: In April 2023 the Company announced positive preliminary metallurgical test results exceeding 86% copper recovery for the La Romana copper mineralization using conventional flotation. The results confirmed minimal deleterious elements and the potential for a coarse primary grind size to reduce energy requirements.
Surface access: On May 11, 2023, Pan Global secured surface access to explore a 680-hectare area immediately to the west of the La Romana discovery at Escacena. Exploration at Romana West is underway, including ground geophysics and preparatory work for an initial 25-30 drill hole program. The surface access agreement also allows exploration to commence at three additional untested targets: Barbacena, El Pozo and Romana North.
Board appointment: Pan Global announced on May 24, 2023 the appointment of Ms. Corinne Smit, CPA-CA, to the Board of Directors.
Tim Moody, Pan Global President and CEO noted: “Last year was one of tremendous progress for Pan Global as we advanced our rich project portfolio. We drilled more than 16,600 meters and are executing on the plan for a 20,000-meter drill program this year that includes multiple targets at the Escacena Project in southern Spain. The exploration in 2022 expanded the area of copper-tin-silver mineralization at the La Romana discovery, intersected additional mineralization at new targets that require follow-up and also new high-grade zinc-lead-silver mineralization at our Águilas project.”
“The work completed in 2022 and planned for 2023 includes metallurgical test work, cost studies, environmental baseline studies and a detailed block model that will support a future maiden resource on La Romana and engineering studies. The addition of two mining engineers as well as key corporate staff has put in place the bench strength needed to deliver on planned work activities,” said Mr. Moody.
SELECT FINANCIAL INFORMATION
see & read more on