Pan Global Restarts Balkan Drilling Program Following Winter Break
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/19/13 -- 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 restarted drilling following the winter break. Drilling has now started on a program of 2 stratigraphic holes planned for the Lopare licence in Bosnia which contains the largest surface geochemical anomaly in the portfolio of licences with surface grades of up to 9.98% B2O3.
Following this, stratigraphic drilling will be resumed on the Valjevo licence in Serbia, where 5 holes drilled last year directly intersected borate mineralization over an area of some 6 km2 with grades up to 18.1% B2O3 (see Figures 1 to 4: http://panglobalresources.com/_resources/PGZ_NR_19Mar13_Figures_1_to_4.pdf).
Julian Bavin, President and CEO of Pan Global stated: "We are very pleased to be starting a program of stratigraphic drilling on the Lopare licence which has by far the largest surface expression of borate and lithium anomalism that we have encountered in the Balkans, and that we will continue the stratigraphic drilling of Valjevo once permitting is completed at the end of this month. These 2 licences are currently the highest priority in our portfolio which has been reduced from 15 to 11 licences, and we are very encouraged that even at this early stage, both licences show evidence of extensive mineralisation of borate with grades in excess of that being mined in some other parts of the world".
As reported on July 11th 2012, the Lopare licence in Bosnia is one of the most geologically prospective licences in the Balkans to host borate +/- lithium mineralization and the only one that has a large surface exposure of borate rich rocks. Subsequent geological mapping, geochemical sampling, and geophysical surveying has enabled the Company to prioritise locations for initial stratigraphic drill tests which will target increasing thickness and grade vectors and the drilling of the entire basin stratigraphy.
As reported on November 27th 2012, the Company has completed the drilling of 9 holes in the Valjevo licence, 5 of which directly intersected borate mineralization over an area of some 6 km2. An additional 3 holes intersected pseudomorphs of pre-existing borate mineralization, extending the area of potential mineralization to over 16 km2. The total borate zone intersected was between 31.7m and 67m in thickness, at a depth of 420m (VBN-1) to 270m (VBN-8) with preserved borate thicknesses that ranged from 1.3m to 16.3m and a highest grade of 1.6m at 18.2% B2O3 (VBN-8). Drilling is planned to re-start at the end of March and will focus on identifying the centre of this very large mineralized system, which has already shown to host grades which compare well to drill results from Rio Tinto's Jadar deposit which has an average grade of 12.9% B2O3 and 1.8% Li2O.
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.
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Contacts:
Pan Global Resources Inc.
Mr. Julian Bavin
President and CEO
jbavin@panglobalresources.com
Pan Global Resources Inc.
Dan McIntyre
Investor Relations
604-689-9930
604-689-9940 (FAX)
dmcintyre@panglobalresources.com
www.panglobalresources.com