Pan Global samples one m of 11% Cu at Carmenes

Mr. Jason Mercier reports PAN GLOBAL EXPANDS NEAR-SURFACE HIGH-GRADE COPPER-COBALT-NICKEL-GOLD TARGET AT PROVIDENCIA, CARMENES PROJECT, SPAIN Pan Global Resources Inc. has released results of detailed underground channel sampling at the Providencia target in the company's 100-per-cent-owned Carmenes project in northern Spain. The results highlight a wide sulphide-rich breccia zone in the former Providencia mine workings with high grades of copper, nickel and cobalt plus gold. "The Carmenes project is a compelling opportunity to discover significant high-grade copper, nickel, cobalt and gold associated with hydrothermal breccia mineralization at multiple targets," said Tim Moody, Pan Global's president and chief executive officer. "The new channel sample assay results from the walls of the approximately 100-year-old Providencia mine workings confirm the high-grade nature of the sulphide-rich copper, cobalt and nickel mineralization that was previously mined. The new sampling and mapping are providing valuable information on the geological controls on the mineralization and potential for expansion," said Mr. Moody. "Additional drilling is required to test for expansion of the high-grade sulphide breccia zone, particularly in the west, where the highest-grade copper-nickel-cobalt channel samples are located. Drilling is currently investigating potential for more extensive gold mineralization east of the mine workings." Key results: Assay results received from detailed channel sampling at the historical Providencia mine workings confirm high-grade copper, nickel, cobalt and gold extend over wide intervals and remain open in several directions. Significant intervals include the following. Peak channel sample assays of 11.0 per cent Cu, 4.47 per cent Ni, 2.47 per cent Co, 1.34 grams per tonne Au and 7.0 g/t silver over one metre (sample D825354); The higher-grade copper, cobalt and nickel channel samples correspond predominantly with sulphide-rich breccia and supergene mineralization; the results also show that gold is anomalous in both the sulphide-rich breccia and as gold-only mineralization (without significant copper, cobalt, nickel or sulphides) in a black sandy limestone and outer zone of red hematitic-dolomite breccia with traces of fine-grained sulphide minerals; The new results are from 86 continuous saw-cut channel samples collected over one-metre intervals along the walls of the mine workings at the 1,467-metre elevation level (approximately 18-metre-to-32-metre depth below surface); the mine workings indicate a pipelike geometry of the sulphide-rich copper, cobalt and nickel breccia mineralization from surface to at least 120 metres depth and remains open to depth. Drilling under way at new gold target Drilling is currently testing potential for a more extensive zone of gold mineralization at Providencia associated with an area identified with high gold-in-soil, trench and channel sampling immediately east and outside of the historical mine workings. There was no previous drilling at Providencia, which is the first of multiple targets to be investigated at Carmenes. The final drill hole of the current drill program at Providencia is nearing completion, with results anticipated in September. Geological mapping and surface sampling at the Providencia target show a large zoned, carbonate-hosted, multiphase hydrothermal breccia system is hosting the copper, cobalt, nickel and gold mineralization. The breccia and associated alteration system extend over a surface area of 300 m by 150 m, with the geometry unconstrained. Surface geochemistry and geological mapping commenced at the Profunda target, one kilometre south of Providencia, expanding exploration across multiple high-priority targets within the Carmenes project. Escacena project update Drilling is also in progress at the company's flagship Escacena project in the Iberian pyrite belt in southern Spain, with two drill rigs currently targeting expansion of La Romana copper-tin-silver deposit by testing new targets in the surrounding area. The company is advancing the selection process for a consultant to deliver a National Instrument 43-101-compliant technical report and maiden mineral resource estimate for La Romana deposit. About the Carmenes project The Carmenes project is located approximately 55 km north of Leon in northern Spain in the same geologic belt as Orvana Minerals Corp.'s Orovalle copper-gold mining operation and the Salamon gold deposit, and comprises five 100-per-cent-owned investigation permits over 5,653 hectares. The project area is highly prospective for multiple bodies or clusters of carbonate-hosted pipelike 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 one km. About the Escacena project The Escacena project comprises a large, contiguous, 5,760-hectare land package controlled 100 per cent 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 Aznalcollar and Los Frailes mines, where Minera Los Frailes (Grupo Mexico) 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 Canada 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. About Pan Global Resources Inc. Pan Global is actively exploring for copper-rich mineral deposits along with gold and other metals. Copper has compelling supply-demand fundamentals and an outlook for strong long-term prices as a critical metal for global electrification and energy transition. Gold is also attracting record prices. The company's flagship Escacena project is located in the prolific Iberian pyrite belt in southern Spain, where a favourable permitting record, excellent infrastructure, mining and professional expertise, and support for copper as a strategic raw material by the European Commission collectively define a Tier 1 low-risk jurisdiction for mining investment. The company's second project, at Carmenes in northern Spain, is also an area with a long mining history and excellent infrastructure. 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 its partnered communities. The company is a member and operates under the principles of the United Nations Global Compact. Qualified person Alvaro Merino, vice-president, exploration, for Pan Global Resources, 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. Quality assurance/quality control Rock samples delivered to the ALS sample preparation facility in Seville were prepared and assayed at the ALS facility in Ireland. All samples were crushed, split and pulverized using methods CRU-31, SPL-22Y and PUL-31. Gold analysis was by 50-gram fire assay with ICP finish (Au-ICP22). Multielement analysis was undertaken using a four-acid digest with ICP-AES finish (ME-ICP61). Overgrade samples were analyzed using four-acid digest with ICP-AES finish for base metals (OG62) and fire assay with gravity finish for gold (Au-GRA22). Certified reference materials were inserted. We seek Safe Harbor.