VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2012) -Pan Global Resources Inc. ("Pan Global" or the "Company") (TSX VENTURE:PGZ) is pleased to announce that its Balkan exploration partner Lithium Li Holdings Inc. ('Lithium Li') has recently completed its' 9th hole in the Valjevo basin which has extended the identification of evidence of borate mineralization over an area of some 16 km2. Of the 9 holes drilled in the basin by Lithium Li, 5 have directly intersected borate mineralization over an area of some 6 km2, and three others have intersected pseudomorphs of pre-existing borate mineralization.
In addition, assay results have been returned from Holes VBN-005 and VBN-008. VBN-008 contained a minimum 8m of 12.3% B2O3 including 3m of 15.1% B2O3 as probertite (additional mineralized zone assays pending) while VBN-005 contained 13.4m of 6.4% B2O3 including 3m of 8.7% B2O3 as probertite demonstrating the continuity of significant mineralization.
Julian Bavin, President and CEO of Pan Global stated 'We are very pleased to see that the drilling of wide spaced holes at the Valjevo licence has identified a very extensive resource of borate mineralisation of very significant grade and width, and provided excellent vectors to the depocentre to be tested in follow up drilling which will start in March of 2013. It is also exceedingly encouraging that a review of gravity, geochemical and geological data to prioritise the other 14 licences has increased the prospectivity of the Lopare, Petlovaca, and Lukavac licences to add to the high priority portfolio of Valjevo, Ljig, Jadar West and Badanja licences, while diminishing the prospectivity of 5 other licences.'
In other work, surface exploration including ground gravity surveys, geochemical sampling and geological mapping has now been completed on all 15 licenses in the portfolio, and subsequent prioritization has led to the identification of 7 high priority licenses, and the downgrading of a total of 5 licenses that have been dropped or will be returned to the Ministry of Mining.
As reported on October 10th, the Company has continued its stratigraphic drilling program in the Valjevo license (see Figures 1 and 2). A further five holes (VBN-005 through VBN-009) have now been completed which have extended the evidence of borate mineralization over an area of ~16 km2 and directly intersected borate mineralization over an area of ~6 km2.
VBN-005, located 1.1km northwest of VBN-004, was terminated at 352m in coarse clastic sediments, below the mineralized section. Borate mineralization in the form of probertite was intersected over 13.4m between 297.7 - 311.1m as irregular veins, patches and layers within a 55m thick package of preserved mineralization plus pseudomorphs after borates between 270 and 325m. Assays for the mineralized zone in VBN- 005 returned an average of 13.4m at 6.4% B2O3 with a best 3m interval of 8.7% B2O3.
|Table 1: Assays from Hole VBN-005|
|From||To||Thickness (m)||Li2O %||B2O3 %|
VBN-006, located ~3km east of VBN-003, was terminated at a bottom depth of 369.5m in basement limestone. The hole tested the continuity of stratigraphy eastward over the gravity high that separates the Valjevo basin from the greater Ljig basin. The hole contained 8.7m of pseudomorphs after probertite from 292.6 to 301.3m as irregular patches and vugs but no preserved borate mineralization.
VBN-007, located ~3.3km WSW of VBN-005 was terminated at a bottom depth of 507m in laminated to thin bedded marl and claystone after coring a thick section of coarse clastic sediments. The hole did not intersect borate mineralization, although a 20m thick zone from 272 to 292m contained evidence of calcite pseudomorphs, possibly after borate mineralization which is tentatively correlated to mineralization intersected in drill holes to the east.
VBN-008, located 1.1km NNE of VBN-004 was terminated at 414.5m in coarse clastic sediments. Borate mineralization in the form of probertite was intersected over 16.3m from 270.5 to 286.8m as veins, lenses and patches in claystone and marl host rock, within a 39m thick package of preserved mineralization plus pseudomorphs after borates from 247.7 to 286.8m. Partial assays for the best mineralized zone in VBN-008 returned a minimum of 8m of 12.3% B2O3 with a best 3m interval of 15.1% B2O3 as probertite.
|Table 2: Assays from Hole VBN-008|
|From||To||Thickness (m)||Li2O %||B2O3%|
VBN-009, located 1.5 km NNW of VBN-008 was terminated at 430m in coarse clastic sediments. Calcite pseudomorphs after probertite mineralization were noted from 299.5 - 302.8m depths. Assays are awaited for Hole VBN-9.
To view "Figure 1: Valjevo/Lukavac drill holes, depths and mineralization", please click the following link: http://www.panglobalresources.com/_resources/maps/2012_11_27_1.jpg.
Other work recently completed includes completion of gravity data on the Lopare license in Bosnia, which has further confirmed the prospectivity of this high priority licence.
Results from fieldwork on the Kamenica exploration licence downgraded its potential and it is slated for return to the Mining Ministry. This is the 5th of the 15 licenses to have been downgraded and illustrates the company's ruthless focus on prioritization of opportunities.
To view "Figure 2: Issued licenses in Balkans Option", please click the following link: http://www.panglobalresources.com/_resources/maps/2012_11_27_2.jpg.
The technical information provided in this news release was reviewed and approved by Robert. W. Baxter (FAusIMM), a director of the Company and a qualified person for the purposes of National Instrument 43-101.
Shares Issued and Outstanding: 28,378,981