Pan Global Resources samples 5 metres at 5.2% copper at Profunda target, Cármenes Project, Spain

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

“These first detailed rock channel sample results from the walls of the underground mine workings at the past producing Profunda mine indicate continuous intervals of higher-grade mineralization. Mining last occurred at Profunda for copper, nickel, and cobalt in the early 1930s. The Providencia target, 1km to the north of Profunda, returned similar high-grade channel sample results. Sampling and geological mapping at the Cármenes Project supports the potential for discovery of multiple high-grade breccia structures in the Project area,” said Tim Moody, President and CEO.

“Drilling currently underway at the Providencia target is designed to confirm continuity of the high-grade copper and gold mineralization and test beyond the areas of past production.”

Key Results: A 500m x 150m soil copper anomaly has been outlined from Initial wide-spaced portable-XRF soil sampling. The soil anomaly indicates potential for discovery of additional mineralization beyond the historical mine workings, associated with areas of strong dolomitic alteration, breccia and gossan mapped at surface.

Results were received for 27 channel samples from the walls in the upper 60 metres of the mine workings. The results show continuous high copper, cobalt, nickel and silver grades in the sidewalls of the mine workings in several areas.

Channel samples were collected over 1-metre intervals. The channels were saw-cut and chip-sampled horizontally across the breccia mineralization.

Mapping inside the mine workings indicates the breccia mineralization is spatially-associated with a series of east-west trending fault structures, and regionally is located near the junction of interpreted northeast and northwest trending fault zones.

Detailed surface sampling at Profunda will continue to better delineate the surface extent of the mineralization and refine the geological model ahead of drilling. Results are also currently being interpreted from a recently completed Helicopter Transient Electro-Magnetic (HTEM), magnetic and radiometric survey over the Cármenes Project. Drilling is underway at the nearby high-priority Providencia target, with first drill results anticipated in the second quarter.

Mining at Profunda up to the 1930s extracted high-grade copper and cobalt within a pipe-like breccia body, similar to the nearby Providencia target. Pan Global has also confirmed the potential for gold mineralization with identification of a high-grade gold zone adjacent to the main breccia pipe at Providencia.

Drilling is continuing at the Company’s flagship Escacena Project in southern Spain, with the focus on the high-priority Bravo target, step-out and expansion drilling on the La Romana copper-tin discovery, and testing new targets. Results are anticipated in the second quarter.

A total of 27 continuous rock chip channel samples were collected from the side walls of the Profunda mine workings and La Cuevona open-stope. The samples were taken from within the upper 60m of the mine workings, with tunnel and shafts extending to 260m depth below surface. Each sample was collected over a 1-meter length and weighed from 1 to 5 kg.

Profunda underground channel samples returned high grades, including 27 samples averaging 3.62% Cu, 0.17% Co, 0.09% Ni, 5.7 g/t Ag.

Select significant continuous channel sample results included 25.7% Cu, 0.37% Co, 0.53% Ni, 41.7 g/t Ag over 1m; 5.2% Cu, 0.14% Co, 0.13% Ni, 5.9 g/t Ag over 5m; 8.5% Cu, 0.10% Co, 0.11% Ni, 20.1 g/t Ag over 2m and 2.2% Cu, 0.07% Co, 0.06% Ni, 2.4 g/t Ag over 3m.

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.

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.