PAN GLOBAL INTERCEPTS NEAR-SURFACE HIGH-GRADE GOLD AT THE CARMENES PROJECT, SPAIN
High-grade gold discovery at Cármenes provides a vital grade-driven catalyst to supplement Pan Global's low-grade bulk copper resource base.
The news release dated February 3, 2026, reports drill results from the Phase 2 program at the Providencia target within the Cármenes Project in Northern Spain. Key highlights include: - Hole PVD10: Intercepted 8 meters at 3.5 g/t Au starting from 77m depth, and a shallower interval of 10 meters at 1.18 g/t Au from 16m. - Identification of free native gold within hematite breccia, which management suggests indicates favorable potential for metallurgy. - Hole PVD07: Intercepted 1.37 g/t Au over 1m and reported >100 g/t Ag, though core recovery was noted as an issue. - Mineralization remains open along strike and at depth, with Phase 3 drilling planned to commence in Q1 2026. - Exploration mapping has identified a hydrothermal breccia system over a 500m-by-200m area.
The impact is Material - Positive for the following reasons: - Grade Kicker: The 3.5 g/t Au intercept is significantly higher than the grades reported in the company’s maiden Mineral Resource Estimate (MRE) for Canada Honda (0.65 g/t Au) released in December 2025. This provides a "high-grade" story that the company previously lacked. - Metallurgical De-risking: The observation of "free native gold" is a critical qualitative data point. In breccia-hosted systems, gold is often refractory or tied up in sulfides; native gold suggests simpler, potentially cheaper gravity or cyanide recovery. - Strategic Pivot: After spending much of 2025 defining a large but low-grade (0.37% Cu) resource at La Romana, these results at Cármenes allow the company to market a more diversified, gold-rich portfolio during a period of strong gold prices. - Continuity: Results confirm that mineralization extends beyond historical mine workings, which were previously focused only on copper-nickel-cobalt.
Pan Global Resources is a Canada-based junior explorer focused on copper-tin-gold deposits in Spain. - Flagship Project: The Escacena Project in the Iberian Pyrite Belt (Southern Spain). It hosts the La Romana and Canada Honda discoveries. - MRE Milestone: As of Dec 31, 2025, La Romana hosts 32.4 Mt @ 0.37% Cu (Indicated) and 4.0 Mt @ 0.4% Cu (Inferred). Canada Honda hosts 5.0 Mt @ 0.65 g/t Au (Inferred). - Secondary Project: Cármenes (Northern Spain), now a major focus following the Providencia gold discovery.