Pan Global advances Escacena and Cármenes projects, Spain

Pan Global Resources Inc. [TSXV: PGZ; OTCQX: PGZFF; FRA: 2EU] provided a summary of major milestones during the 2024 exploration programs at the 100%-owned Escacena and Cármenes copper-tin-gold projects in Spain.

“With the support of an exceptional exploration team in Spain, we recorded solid operational achievements in 2024. Ongoing resource drilling at Escacena’s La Romana target extended near-surface mineralization by more than 300 metres, increasing the strike length of the near surface deposit to 1.5km and demonstrating further expansion potential. Advanced copper-tin metallurgical tests delivered industry-leading results.

“Surface exploration was completed at the high-priority Bravo target and more than 15 yet-to-be drilled geophysical and geochemical anomalies identified at the target-rich Escacena Project. Drilling will recommence at Escacena this week, with five new targets prioritized for drill testing in this campaign,” said Tim Moody, President and CEO.

“All of the operating copper mines on the Iberian Pyrite Belt are comprised of multiple deposits, further indicating the likelihood that the multiple geophysical anomalies at Escacena could also indicate additional copper deposits. The planned 2025 drill campaign will further test this,” added Moody.

2024 Achievement Highlights: Reported results for 21 drill holes (4,956m) on three targets (La Romana, La Romana West, Cañada Honda).

Drilling extended the near-surface copper-tin-silver mineralization at the La Romana deposit 300m to the west and remains open for further expansion in several areas.

Completed surface exploration at the high-priority Bravo target, located on-trend 1km to the east from the La Romana copper-tin-silver discovery. Surface soil geochemistry and geophysics confirmed strong coincident indicators consistent with potential for underlying sulphide mineralization.

Completed advanced copper metallurgy variability tests for La Romana, confirming excellent copper recoveries up to 88% at concentrate grades of up to 32.5% with silver credits and very low deleterious elements. The results are at Preliminary Economic Assessment (PEA) level and indicate a simple, conventional processing flowsheet.

Released positive tin metallurgy test results for La Romana, with the most recent tests showing high tin concentrate grades of 63.2% at recovery rates of 64% calculated from conventional gravity processing.

The La Romana metallurgical testwork confirmed potential for higher grades and recoveries for copper compared to other advanced projects and mines on the Iberian Pyrite Belt.

Expanded the copper-gold discovery at Escacena’s Cañada Honda target with the completion of an 11-hole step-out drilling program. A total of 16 holes have now been completed on the eastern end of a 3km gravity anomaly, indicating large size potential with most of the target untested.

Commenced exploration for copper-nickel-cobalt-gold hosted within pipe-like breccia bodies at the Cármenes Project. Excellent potential for new discoveries has been identified at several targets. Drilling is scheduled to commence this month.

Completed a C$7.2 million up-sized non-brokered private placement financing in November, with existing investors providing strong support and adding two new major investors in a strategic investment from a private Spanish company and Konwave AG, a prominent European institutional resource fund.

Details of Pan Global’s 2025 exploration program at the Escacena and Carmenes projects will be provided shortly.

The Escacena Project comprises a large, contiguous, 5,760-hectare land package 100%-controlled by Pan Global in the east of the Iberian Pyrite Belt. The areas is highly prospective for volcanogenic massive mineralization.

Escacena is located near the Las Cruces mine operated by Cobre Las Cruces/First Quantum, and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera Los Frailes/Grupo México is in the final permitting stage to allow new mine construction to commence. The Escacena Project hosts Pan Global’s La Romana copper-tin-silver and Cañada Honda copper-gold discoveries, and a number of other prospective targets, including, Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa, Romana Deep, and Cortijo. A longer-term goal is to define 100 million tonnes of copper resources from a cluster of deposits in the Project area, comparable to other mine operations in the Iberian Pyrite Belt.

The Cármenes Project is located about 55km north of León in northern Spain and comprises five Investigation Permits totalling 5,653 hectares held 100% by Pan Global. The project area includes the former Profunda and Providencia copper-cobalt-nickel underground mines that were operated continuously between 1860 and 1880, and intermittently until the 1930s. The Project area is highly prospective for carbonate-hosted “pipe-like” breccia style mineralization, with evidence of high grades of copper, nickel, cobalt, and gold. Initial exploration is targeting extensions to the copper-nickel-cobalt-gold mineralization beneath and adjacent to the mine workings. Numerous other smaller historical mine workings highlight potential for additional breccia pipes and other styles of mineralization.

Pan Global’s flagship Escacena Project is located in the prolific Iberian Pyrite Belt in southern Spain, where a favourable permitting track record, excellent infrastructure, mining and professional expertise, and support for copper as a Strategic Raw Material by the European Commission collectively define a tier-one low-risk jurisdiction for mining investment. The Company is a member, and operates under the principles, of the United Nations Global Compact.