PAN GLOBAL INTERSECTS 6.5M OF 1.22 G/T GOLD AND 14M OF 0.46% COPPER, EXPANDING MINERALIZATION AT CAÑADA HONDA DISCOVERY, ESCACENA PROJECT, SOUTHERN SPAIN

Rhea-AI Summary

Pan Global Resources Inc. (TSXV: PGZ) (OTCQX: PGZFF) has announced results from three additional drill holes at the Cañada Honda copper-gold discovery in southern Spain. The drilling has expanded mineralization, confirming copper-gold continuity down-dip to the north. Highlights include:

- CHD14: 6.5m at 1.22g/t Au and 14m at 0.46% Cu, 0.16g/t Au
- CHD16: 13m at 0.62g/t Au and 15m at 0.23% Cu, 0.51g/t Au

The results are part of an 11-hole step-out program, with eight holes completed. The mineralization now extends over 450m x 450m, associated with a 3km-long geophysical anomaly. Future drilling will target higher grades and westward expansion.

Positive

• Expansion of mineralization at Cañada Honda discovery, now extending over 450m x 450m
• Confirmation of copper-gold mineralization continuity down-dip to the north
• High-grade gold intersections, including 6.5m at 1.22g/t Au in CHD14
• Potential for extensive mineralization suggested by 3km-long geophysical anomaly
• Ongoing drilling program with 3 additional holes planned to test for higher grades

Negative

• Copper grades appear to be decreasing down-dip and away from the gravity anomaly
• No significant results reported for drillhole CHD15

TSXV: PGZ  |  OTCQX: PGZFF  |  FSE: 2EU

• VMS-style copper and stacked-vein-hosted gold mineralization associated with a 3km-long, coincident gravity and heliborne-electromagnetic target
  
  
• Latest drilling confirms copper-gold mineralization continues down-dip to the north, with higher grades coincident with the gravity anomaly
  
  
• Multiple stacked-vein-hosted gold intersections, with new intercept grades up to 6.5g/t gold

VANCOUVER, BC, July 18, 2024 /PRNewswire/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is pleased to announce results for three additional holes from the ongoing drill program at the Cañada Honda copper-gold (Cu-Au) discovery, in the Company's 100% owned Escacena Project in the Iberian Pyrite Belt, southern Spain. The drillholes are part of an 11-hole step-out drill program at Cañada Honda that started in November, with eight completed and three additional drillholes planned. Cañada Honda is located 3.5km north of Pan Global's La Romana copper-tin-silver deposit, where delineation drilling continues.

"These latest drill results testing the northern edge of the gravity target at Cañada Honda have successfully confirmed the down-dip continuation of the copper and gold mineralization and expanded the surface extent to more than 450m x 450m. All the drilling to-date is at the eastern end of a very large, mostly untested, 3km east-west, coincident gravity and heliborne electro-magnetic ("HEM") target. The scale of the geophysics targets, combined with drillhole confirmation that mineralization is associated with the anomaly, suggests Cañada Honda mineralization may be extensive. Next planned drillholes are aiming to test for higher grades and expand the mineralization to the west," said Tim Moody, Pan Global's President & CEO.

Drill highlights:

Drillhole CHD14

• 1m at 0.17% Cu, 6.52g/t Au, 5.8g/t Ag from 290m, and
• 6.5m at 1.22g/t Au, 1.4g/t Ag from 315.5m, and
• 14m at 0.46% Cu, 0.16g/t Au, 5.2g/t Ag from 355m

Drillhole CHD16

• 13m at 0.62g/t Au from 239m including
  • 1m at 0.65% Cu, 1.92g/t Au, 2.7g/t Ag
• 1m at 5.53g/t Au, 1.1g/t Ag from 322m
• 15m at 0.23% Cu, 0.51g/t Au, 1.1g/t Ag from 340m, including
  • 1m at 0.14% Cu, 3.55g/t Au, 5.4g/t Ag

Drillhole locations are shown in Figure 1 below. Drillhole assay results are summarized in Table 1 and drillhole collar details are presented in Table 2 below.

The three new holes were drilled along the northern margin of the gravity target, confirming continuation of the mineralization down-dip to the north, including multiple gold intersections. Copper grades appear to be decreasing down-dip and away from the gravity anomaly. Downhole electromagnetic ("DHEM") surveys completed in all three drillholes indicates potential stronger sulphide mineralization up-dip and coincident with the modelled gravity target, consistent with higher copper-gold grades in the previous drilling. The next three planned drillholes will test for higher-grade extensions of the mineralization to the west following vectors from the drill results and geophysics.

Additional drill results will be reported as soon as available from the ongoing drilling, including the La Romana deposit where 183 holes have been drilled to date. In the coming weeks, the Company also anticipates commencing exploration at the large Bravo gravity target east of La Romana.

Table 1 – Cañada Honda Selected Drill Results

Hole ID	From	To	Interval1	Cu	Au	Ag	Co	Pb	Zn
	m	m	m	%	g/t	g/t	ppm	ppm	ppm
CHD14	100	103	3	0.07	0.37	7.2	78	1673	2889
and	134	135	1	0.05	1.29	11.2	36	2870	5450
and	271	272	1	0.33	0.63	23.0	63	4930	3160
and	290	291	1	0.17	6.52	5.8	154	253	201
and	315.5	322	6.5	0.07	1.22	1.4	122	30	66
Incl.	317.5	318.5	1	0.24	1.94	4.7	275	88	133
and	356	370	14	0.46	0.16	5.2	74	70	112
Incl.	360	364	4	0.87	0.17	10.5	109	144	140
Incl.	362	363	1	1.24	0.22	21.0	66	239	193
CHD15	No significant results
CHD16	115	116	1	<0.01	1.37	0.8	81	118	54
and	239	252	13	0.06	0.62	0.4	33	5	47
Incl.	251	252	1	0.65	1.92	2.7	118	24	72
and	265.5	266.5	1	0.11	1.17	3.4	216	197	1200
and	322	323	1	0.03	5.53	1.1	204	71	54
and	340	355	15	0.23	0.51	1.1	134	68	145
Incl.	354	355	1	0.14	3.55	5.4	71	178	632

1 Approximate true thickness

Table 2 – Cañada Honda Drillhole Collar Information

Hole ID	Easting2	Northing2	Azimuth (º)	Dip (º)	Length (m)
CHD14	737080	4156488	175	-72	390.9
CHD15	737335	4156454	180	-70	293.4
CHD16	737201	4156478	175	-75	366.75

2 Coordinate system: UTM29N ERTS89

About the Escacena Project

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 with construction anticipated to start in 2024. 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.

About Pan Global Resources

Pan Global Resources Inc. is actively targeting copper-rich mineral deposits, given copper's compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. 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 jurisdiction for mining investment. The Pan Global team comprises proven talent in exploration, discovery, development, and mine operations - all of which are committed to operating safely and with utmost respect for the environment and our partnered communities. The Company is a member, and operates under the principles of, the United Nations Global Compact.

QA/QC Procedures

Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was 1m core length and ranged from 0.5 to 2m. Sample intervals were defined using geological contacts with the start and end of each sample physically marked on the core. Diamond blade core cutting and sampling was supervised at all times by Company staff. Duplicate samples of ¼ core were taken approximately every 30 samples and Certified Reference materials inserted every 25 samples in each batch.

Samples were delivered to ALS laboratory in Seville, Spain and assayed at the ALS laboratory in Ireland. All samples were crushed and split (method CRU-31, SPL22Y), and pulverized using (method PUL-31). Gold analysis was by 50gm fire assay with ICP finish (method Au-ICP22) and multi element analysis was undertaken using a 4-acid digest with ICP AES finish (method ME-ICP61). Over grade base metal results were assayed using a 4-acid digest ICP AES (method OG-62).

Qualified Persons

Álvaro Merino. Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has approved the scientific and technical information for this media release. Mr. Merino is not independent of the Company.

Forward-looking statements

Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. The Company believes that the expectations reflected in the forward-looking information included in this media release are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental, and technological factors that may affect the Company's operations, markets, products, and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.

The forward-looking information contained in this media release is based on information available to the Company as of the date of this media release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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SOURCE Pan Global Resources Inc.

FAQ

What were the key drill results from Pan Global's Cañada Honda discovery?

Key results include 6.5m at 1.22g/t Au and 14m at 0.46% Cu, 0.16g/t Au in hole CHD14, and 13m at 0.62g/t Au and 15m at 0.23% Cu, 0.51g/t Au in hole CHD16.

How large is the mineralized area at Cañada Honda based on the latest drilling by PGZFF?

The latest drilling has expanded the mineralized area at Cañada Honda to over 450m x 450m in surface extent.

What is the size of the geophysical anomaly associated with the Cañada Honda discovery?

The Cañada Honda discovery is associated with a 3km-long, coincident gravity and heliborne electromagnetic (HEM) target.

What are Pan Global's (PGZFF) plans for future drilling at Cañada Honda?

Pan Global plans to test for higher-grade extensions of the mineralization to the west, following vectors from drill results and geophysics.