Pan Global Resources drills more high-grade gold and copper at Cármenes Project, Spain

Pan Global Resources Inc. [TSXV: PGZ; OTCQB: PGZFF; FRA: 2EU] reported results for two additional drillholes completed in the maiden drill campaign at the 100%-owned Cármenes Project, northern Spain.

New assay results are for drillholes PVD03 and PVD04, which targeted potential extensions of the breccia-hosted mineralization associated with the historical Providencia copper-cobalt-nickel underground mine workings. PVD03 was drilled immediately east of the historical mine workings, and PVD04 drilled through Cu-Ni-Co mineralized breccia. The Providencia target area had no previous drilling and no prior recognition of potential for significant gold mineralization.

Drill Highlights – Drillhole PVD03: Wide gold interval from near surface extending east of the mine workings; 56 metres at 0.37 g/t Au from 29 metres (downhole), including 4m at 1.22 g/t Au from 64m; 10m at 1.05 g/t Au from 75m and 4m at 2.19 g/t Au from 81m.

Drillhole PVD04: High-grade copper, nickel, cobalt and selenium intercepts within a wider breccia zone with elevated gold; 110m at 0.23 g/t Au from 8m, including 4m at 0.59 g/t Au, 1.05% Cu, 0.22% Co, 0.22% Ni; 2m at0.21 g/t Au, 0.80% Cu, 0.23% Co, 0.60% Ni from 113m and 14m at 0.51 g/t Au from 11m.

Several 1m intervals with grades from 1.08 g/t to 2.05 g/t gold.

“The wide zones of breccia mineralization in Pan Global’s maiden drill program at Cármenes highlight the potential for significant hydrothermal breccia-hosted gold, copper, nickel, and cobalt mineralization. The results expand the breccia-hosted mineralization south, east and north of the historical mine workings at Providencia and the target area remains wide open. The next three step-out holes will be the first tests of a wide zone with highly anomalous gold mineralization east of the Providencia workings, including channel sampling that returned 3.11 g/t gold over 37 meters,” said Tim Moody, Pan Global President and CEO.

“We are also very excited by the results of the recently completed helicopter geophysics survey over Cármenes, which provides a rich dataset indicating multiple new targets with similar features to Providencia, indicating a high potential for discovery of additional gold, copper, nickel, and cobalt in the Project area.”

Key points: The drill results reported to date are for three of the planned six-hole maiden drill campaign at Cármenes, which is the first-ever drilling at the Providencia target.

First completed drillhole (PVD02) intersected a high-grade interval of 6.27 g/t gold over 4 metres within a broader interval averaging 1.08 g/t gold over 46m south of the historical mine workings.

The results for drillholes PVD03 and PVD04 expand the breccia-hosted gold zone to the east and north of the mine workings, and mineralization remains wide open.

The upcoming three drillholes will step-out up to 120 metres recently reported high-grade trench and channel sample results (3.11 g/t Au over 37m and 1.74 g/t Au over 20m).

Interpretation of a recently completed helicopter electromagnetic, magnetic and radiometric survey over Cármenes is progressing quickly and indicates multiple additional targets with similar characteristics to Providencia.

Pan Global also reported that following a pause for crop harvesting, drilling will resume at the large high-priority Bravo target at the flagship Escacena Project in southern Spain. The next three Bravo holes will test very strong IP-chargeability and coincident gravity and electromagnetic geophysics anomalies, and are expected to be completed over the next six weeks.

Providencia drill results included hole PVD03 that returned 2.0 metres of 0.22 g/t gold, 4050 ppm copper, 666 ppm cobalt and 1663 ppm nickel; 56.0 metres of 0.37 g/t gold, 15 ppm copper, 7 ppm cobalt and 56 ppm nickel, including 21.0 metres of 0.75 g/t gold, 12 ppm copper, 2 ppm cobalt and 15 ppm nickel.

Hole PVD04 returned 110.0 metres of 0.23 g/t gold, 564 ppm copper, 134 ppm cobalt and 241 ppm nickel.

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 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 ore deposits can have significant vertical dimensions exceeding 1km.

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 Cármenes 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.