PAN GLOBAL SAMPLES 1.14 G/T GOLD OVER 26 METERS FROM NEAR SURFACE AT CANADA HONDA TARGET, ESCACENA PROJECT, SOUTHERN SPAIN
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On November 18, 2025, Pan Global Resources announced results from a channel sampling program at the Cañada Honda target within its Escacena Project in Spain. The company reported a continuous channel sample from a historical mine tunnel that returned an average grade of 1.14 g/t gold over a length of 26 meters, from near surface.
This result confirms a wide zone of near-surface gold mineralization that extends 150 meters up-dip from the nearest drill hole. The company highlighted that this demonstrates the potential for a much larger copper-gold system at the discovery. A Phase 2 exploration drill program is planned for 2026 to further test the target.
The news is a positive, incremental step forward for the Cañada Honda target, but it is not material enough to significantly re-rate the stock. The result is from a channel sample, which can be selective, and not a drill hole. While 1.14 g/t Au over 26 meters is a respectable grade for a potential bulk-tonnage, near-surface target, it confirms a thesis rather than creating a new one.
Reviewing the company's progress over the past year reveals a consistent pattern of solid execution and positive exploration news flow across two key projects:
- Carmenes Project: The company made a significant new gold discovery in early 2025, with initial soil samples (Jan 27) and channel samples (Feb 11) returning very high grades. The maiden drill program confirmed the discovery with a wide intercept of 46 meters at 1.08 g/t gold (May 19), followed by a high-grade intercept of 34 meters at 3.01 g/t gold (Sept 9). This project has emerged as a major value driver.
- Escacena Project: The company has systematically advanced its flagship asset. In October 2025, it strategically expanded its land package by 74%, securing highly prospective ground. Drilling has continued to expand the La Romana deposit, and a new discovery was made at the La Pantoja target (May 12).
- Corporate: The company has strengthened its team by appointing an experienced director with deep operational history in Spain (Sept 17) and successfully raised $2.32 million in October at $0.16 per share to fund its ongoing programs.
The current news on Cañada Honda fits well within this narrative of steady progress. It reinforces the potential of another target within the Escacena project, adding to the pipeline behind the more advanced La Romana deposit. However, compared to the high-impact drill results from Carmenes or the strategic land acquisition at Escacena, this update is routine. It meets expectations for an early-stage target and helps build the tonnage case, but the market will likely await drill results from more impactful targets or the maiden resource estimate on La Romana before assigning significantly more value. The financing price of $0.16 provides a near-term valuation anchor, and this news does not justify a move far beyond that level.
Pan Global Resources Inc. is a junior mineral exploration company focused on discovering and developing economic mineral deposits in Spain. The company has two primary projects: 1. Escacena Project (Flagship): Located in the prolific Iberian Pyrite Belt in southern Spain, this 100%-owned project covers over 10,000 hectares. It hosts the La Romana copper-tin-silver deposit, which is advancing towards a maiden resource estimate, and the Cañada Honda copper-gold discovery. The company's stated goal is to discover a cluster of deposits totaling 100 million tonnes. 2. Cármenes Project: Located in northern Spain, this project is prospective for copper, nickel, cobalt, and gold. Recent exploration has resulted in a significant near-surface, high-grade gold discovery at the Providencia target.