Pan Global starts phase 2 drilling at Carmenes project

Executive Summary

• Pan Global Resources Inc. has commenced Phase 2 drilling at its 100%-owned Carmenes project in northern Spain, specifically targeting the Providencia gold discovery.
• The Phase 2 program involves four planned drill holes designed to test for extensions of near-surface gold mineralization and high-grade copper-nickel-cobalt mineralization, following significant intercepts from Phase 1.
• Phase 1 results included intercepts of 1.08 g/t Au over 46 metres and 3.01 g/t Au over 34 metres, with a strong IP chargeability anomaly indicating potential depth extension.

Key Details

• Phase 2 Drilling Plan: Four drill holes are planned to follow up on the Phase 1 discovery at the Providencia target.
• Objective: Testing for extensions of near-surface gold mineralization and high-grade copper-nickel-cobalt mineralization; better understanding the geometry of the gold-rich breccia.
• Phase 1 Historical Intercepts:
  • Hole PVD02: 1.08 g/t Au over 46 metres.
  • Hole PVD06: 3.01 g/t Au over 34 metres.
• Geophysical Indicators: A strong IP (Induced Polarization) chargeability anomaly is coincident with the Providencia mineralization and remains open below former underground mine workings, suggesting the mineralization extends and potentially expands at depth.
• Geological Context: Surface mapping has identified a large zoned, multiphase hydrothermal breccia system in carbonate rocks hosting copper, cobalt, nickel, and gold mineralization. The breccia and alteration extend over a surface area of more than 300 metres by 150 metres.
• Exploration Status: Mineralization is open in several areas. These deposit types can have vertical dimensions exceeding one kilometre.
• Additional Exploration: Detailed surface geochemical sampling and mapping have commenced on 30 surrounding targets identified from a recent helicopter electromagnetic, magnetic, and radiometric survey.
• Timeline: The Phase 2 drill program is expected to be completed before year-end.

Notable Quotes

• "Phase 2 drilling is now under way at the Providencia target after intercepting significant near-surface gold mineralization in the initial drill program earlier this year. This program aims to better understand the geometry by testing for extensions of the gold-rich breccia and high-grade copper-nickel-cobalt mineralization," said Tim Moody, president and chief executive officer.
• "A strong IP chargeability anomaly is coincident with the Providencia mineralization and remains open well below the former underground mine workings, indicating the mineralization extends and potentially expands at depth. This anomaly is included for testing in the phase 2 drill program."