Pan Global Resources drills 3.01 g/t gold over 34 metres at Cármenes Project, Spain

Pan Global Resources Inc. [TSXV: PGZ; OTCQB: PGZFF; FRA: 2EU] reported significant near surface gold assay results from its maiden drill program at the Providencia target, in the company’s 100%-owned C├írmenes Project, northern Spain. The new drill results are the first holes targeting an area of anomalous gold mineralization east of the mine workings.

Drill Highlights: Assays received for two completed drillholes (PVD05 and PVD06). High-grade intercept in hole PVD06 (less-than 20m vertical below surface); 34.0m at 3.01 g/t Au from 131.0m (down-hole), including 5.0m at 8.93 g/t Au from 131.0m, 2.0m at 15.18 g/t Au, 1.23 g/t Pt+Pd from 133.0m; 4.7m at 5.65 g/t Au from 143.0m and 2.0m at 7.15 g/t Au from 161.0m.

Highest grade assay was 17.6 g/t Au over 1 metre from 134.0 metres. Drilling target area alongside and beneath a historical exploration tunnel where recent channel samples averaged 3.11 g/t gold over 37 metres. Gold mineralization mainly host in red haematitic hydrothermal-altered brecciated carbonate rocks, with disseminated sulfides.

PVD06 extends gold zone up to 70m east of hole PVD02 (46m at 1.08 g/t Au), open east, west and at depth.

PVD05 intersected dolomite breccia in the outer halo to the gold zone, confirming the alteration and breccia zonation model, but without significant results.

Assays pending for hole PVD07 drilled 50 metres east of hole PVD06, testing beneath a surface trench with 20 metres at 1.7 g/t Au.

“The new results expand the near-surface breccia-hosted gold mineralization east of the historical mine workings and include the highest-grade gold intercept at Providencia to-date. These are the first drill results testing an area with highly anomalous gold-in-soil samples, trench and channel sampling results east of Providencia. The near surface gold mineralization intercepted in hole PVD06 extends to surface and is wide-open,” said Tim Moody, Pan Global’s President and CEO.

“Providencia represents a compelling discovery opportunity, including the potential to expand the high-grade copper, cobalt, nickel sulphide breccia at the historical mine and expand the newly discovered gold zone. The drill results reinforce our breccia alteration zonation model for targeting higher grade mineralization and help identify additional mineralization at the more than two dozen identified potential targets in the C├írmenes Project.”

Drilling is continuing at the company’s flagship Escacena Project in the Iberian Pyrite Belt in southern Spain, with one drill rig currently targeting expansion of the La Romana copper-tin-silver deposit. Results are pending for initial drillholes at Hornitos and Plomillos targets, and most recent drillholes at the Bravo target.

Drilling will resume shortly at the Bravo target after a detailed revision of the drill core and geophysics following completion of four drillholes (three holes were abandoned due to ground conditions). Sulphide minerals and/or associated alteration have been logged in holes BRD01, BRD02 and BRD04, including traces of disseminated/vein hosted sphalerite and galena in BRD04, consistent with outer parts of volcanogenic massive sulphide (VMS) systems.

Results to-date indicate the source of the gravity and a strong IP chargeability anomaly have not yet been intersected, and potential remains for discovery of VMS mineralization. The review was designed to refine the positioning of the remaining two planned drillholes.

The maiden Mineral Resource Estimate for the La Romana deposit is on track to commence in September for delivery in 2025.

The C├írmenes Project is located approx. 55km north of Le├│n 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.

The Escacena Project comprises a large, contiguous, 5,760-hectare land package controlled 100% by Pan Global in the east of the Iberian Pyrite Belt. Escacena is located near the operating mine at Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera Los Frailes (Grupo México) is in the final permitting stage for mine development.

The Escacena Project hosts Pan Global’s La Romana and La Pantoja copper-tin-silver discoveries and the Ca├▒ada Honda copper-gold discovery. Escacena hosts a number of other prospective targets, including Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa, Romana Deep, and Cortijo.

The company’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’s second project, at C├írmenes in northern Spain, is also an area with a long mining history and excellent infrastructure. The company is a member, and operates under the principles, of the United Nations Global Compact.