Pan Global Resources Inc has officially published its significant near surface gold assay results in the first drillhole completed during maiden drill campaign at its 100%-owned Cármenes Project.
According to certain reports, the current six-hole drill program is understood to be striving towards the expansion of breccia-hosted mineralization associated with the historical Providencia copper-cobalt-nickel underground mine workings. The potential for significant gold, on its part, was markedly highlighted in recent soil, trench, and channel sampling results.
“The first drill results at the Providencia target represent an exceptional start to Pan Global’s maiden drill program at Cármenes, confirming discovery of previously unknown near-surface gold mineralization over a wide interval. The results expand the breccia-hosted mineralization south of the historical high-grade copper, cobalt and nickel mine workings at Providencia and is wide open. The new gold zone occurs as a potential halo to the copper-rich mineralization found in the mine workings,” said Tim Moody, CEO of Pan Global President.
Talk about the published results on a slightly deeper level, we begin from the fact that first completed drillhole (PVD02) intersected a high-grade interval of 6.27 g/t gold over 4m within a broader interval averaging 1.08 g/t gold over 46m from 24m down-hole.
Next up, the gold intersection in PVD02 was found to be associated with strong multi-stage hydrothermal breccia within strongly dolomitized/altered limestones. This came alongside a discovery related to local trace quantities of sulphides, and favourable very low metal contents for components like arsenic or antimony.
Another detail worth a mention talks to how historical underground mine workings at Providencia yielded copper, cobalt and nickel ore from within a “pipe-like” hydrothermal breccia to a depth of 110 meters. More on that would reveal mineralization remained open when mining ceased in the early-1930s.
Revealing no record of gold extraction at Providencia and the new gold zone appears to be previously unrecognized, PAN Global’s new exercise also saw on-going drilling as inclusive of three step-out holes up to 120m east of the Providencia mine workings, testing beneath recently reported highly anomalous trench and channel sample results (3.11 g/t Au over 37m, and 1.74 g/t Au over 20m).
The company learnt this while simultaneously discovering that large surface target area, which extends more than 250m x 150m, is actually headlined by coincident strong dolomite-alteration, breccia and strongly anomalous Cu, Au, Ni, Co and Pb geochemistry in soils, trench, and channel sample assays.
Among other things, we ought to mention how multiple targets identified in the Cármenes Project area tread up a long distance to highlight the potential for more discoveries from the ongoing exploration program.
As a result, PAN Global has already initiated channel sampling inside the historical mine workings at Providencia to better understand the continuity of the mineralization. Not just that, the company has also kickstarted interpretation of a recently completed helicopter electromagnetic, magnetic and radiometric survey over the Cármenes Project to fast-track identification and prioritization of more such potential drill targets.
“Multiple targets have been identified from soil geochemistry and mapping in the immediate area around Providencia, including the large untested Profunda target located 1km to the south. This further highlights the potential for additional discoveries in the Cármenes Project,” said Moody.
Taking a deeper view of the Cármenes Project, it packs together five Investigation Permits over 5,653 hectares. Furthermore, the project area is reported to be highly prospective for multiple bodies or “clusters” of carbonate-hosted “pipe-like” breccia style copper, nickel, cobalt, and gold mineralization.
As for the wider area, it includes the former Profunda and Providencia mines that last operated in the 1930s, producing concentrates of copper and cobalt with nickel. Apart from that, various other smaller historical mine workings in the area highlight potential for more breccia pipes.
