Pan Global posts high-grade gold results at Cármenes Project, Spain

Pan Global Resources Inc. [TSXV: PGZ; OTCQX: PGZFF; FRA: 2EU] reported high-grade gold results from recent underground channel sampling and surface trench sampling at the Providencia target in the 100%-owned copper, gold, nickel, cobalt Cármenes Project in northern Spain.

“The first drillhole is underway at the high-priority Providencia target testing for extensions to the high-grade mineralization beneath the main historical mine workings. Three additional drillholes are now planned in the expanded target area to the east of the historical mine workings within a strong multi-metal soil anomaly. There has been no previous or historical drilling at Providencia. Two drill rigs are also currently operating at the Company’s flagship Escacena Project in southern Spain and IP data analysis is being finalized for drilling to start at the Bravo target,” said Tim Moody, Pan Global President and CEO.

“Historical mining in the 1930s at Providencia extracted high-grade copper and cobalt within a pipe-like breccia body, with no recorded gold extraction in the area and limited modern exploration since the mines closed. Pan Global’s recent exploration led to the discovery of the new gold zone to the east at Providencia.”

Highlights: Drilling is underway at the Providencia target with the first drillhole testing beneath the historical underground mine working for extensions of the copper, cobalt, and nickel mineralization.

Three additional drillholes are planned to test beneath higher grade gold mineralization identified by the new channel and trench sample results.

New assay results from continuous channel sampling in two historical underground adits (Gallery 1 and 2) and from shallow surface trench samples include high gold grades over significant widths, and confirm mineralization extends east beyond the main historical Providencia mine workings.

Channel sampling in Gallery 1 included a 37-metre-wide gold interval with assays up to 14.95 g/t gold, and starts and ends in high gold mineralization, indicating good expansion potential. Significant results: 3.11 g/t Au over 37m, including 7.70 g/t Au over 6m, 7.59 g/t Au over 3m, and 4.45 g/t Au over 3m (surface channel at the entrance to the adit).

Channel sampling in Gallery 2 includes a 3-metre-wide higher-grade interval at the northern end of the adit, with results pending for the first 29m of the adit. Significant results: 1.48 g/t Au, 10.4 g/t Ag, 0.07% Cu, 0.16% Co, 0.19% Ni, 0.24% Pb over 3m.

Surface trench sample results also confirm near-surface mineralization extending east of the Providencia target. Significant results: 1.74 g/t Au, 11.2 g/t Ag, 0.05% Cu, 0.07% Co, 0.06% Ni, 0.64% Pb over 20m, including 2.59 g/t Au, 9.5 g/t Ag, 0.06% Cu, 0.06% Co, 0.05% Ni and 0.39% Pb over 6m, and 1.70 g/t Au, 18.5 g/t Ag, 0.06% Cu, 0.09% Co, 0.08% Ni and 0.98% Pb over 8m.

The new surface trench and underground channel results are within a 250m x 150m soil geochemistry anomaly. The soil anomaly indicates potential for mineralization to extend beyond the historical mine workings to the east, with assays up to 24.30 g/t gold, and high levels of copper, nickel, and lead.

The Providencia target has not been previously drill-tested, and no records have been found of systematic exploration for gold or gold extraction at Cármenes.

Assay results are pending for underground and surface sampling at the Profunda target, 1km south of the Providencia target.

Results are pending from a recent Helicopter Transient Electro-Magnetic (HTEM), magnetic and radiometric survey over most of the Cármenes Project.

A total of 79 continuous twin saw-cut channel samples were collected within two historical horizontal adits (Gallery 1 and Gallery 2) over 1-metre sample lengths. Gallery 1 and 2 (probably historic exploration adits) are located approximately 60m and 90m respectively east of the main Providencia mine workings. Each sample was collected over 1-meter length along the adit side wall.

A total of 306 trench/surface channel samples were collected, comprising rock chips collected over approx. 1-metre lengths of bedrock at surface or exposed beneath thin overburden.

The Cármenes Project is located approx. 55km north of León in northern Spain and comprises five Investigation Permits over 5,653 hectares. The project area is highly prospective for multiple bodies or “clusters” of carbonate-hosted “pipe-like” breccia style copper, nickel, cobalt, and gold mineralization.

The area includes the former Profunda and Providencia mines that last operated in the 1930s, producing concentrates of copper and cobalt with nickel. Numerous other smaller historical mine workings in the area highlight potential for additional breccia pipes. These types of deposits can have significant vertical dimensions exceeding 1km.

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 of and operates under the principles of the United Nations Global Compact.