Pan Global Resources (TSXV: PGZ) announced that it entered into an agreement to acquire all rights to the Al Andalus Investigation Permit, adjacent to the company’s Escacena project in southern Spain.
In a media statement, the Canadian miner explained that its subsidiary Minera Sabina will buy the property from Spain, S.L. for a total payment of EUR 300,000.
“This represents an exceptional opportunity in close proximity to several large VMS deposits, including Grupo Mexico’s Aznalcollar and Los Frailes mines and First Quantum’s Las Cruces mine” – Tim Moody, Pan Global’s president and CEO
Al Andalus covers an area of approximately 3,367 hectares. It sits on in the eastern extension of the Iberian Pyrite Belt and along strike from the nearby Aznalcollar, Los Frailes and Las Cruces volcanic associated massive sulphide deposits.
According to Pan Global, the property includes potential eastern extensions to the La Romana target, where a field team recently reported initial drill results of 20.55m @ 1.5% Cu equivalent, including 7m at 3.43% Cu equivalent.
The former Aznalcollar open-pit mine is within 600 metres of Al Andalus and the former Los Frailes mine is within 3 kilometres of the property boundary. Together, these mines contain an estimated 160 million tonnes of mixed copper and polymetallic ore. The Las Cruces copper mine, which hosts approximately 45 million tonnes of copper and polymetallic ore, including 17.6 million tonnes at 6.2% Cu, is also nearby, some 16 kilometres to the east.
Al Andalus is an advanced exploration permit application and it is currently in the public information and consultation stage. Pan Global believes that granting of the permit should be expected within six months.