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PAN GLOBAL DRILLING EXPANDS MINERALIZATION AT LA ROMANA IN THE ESCACENA PROJECT, SPAIN

TSXV: PGZ | OTCQX: PGZFF

La Romana drilling confirms continuity of the higher-grade tin mineralization in the west and adds high grade copper in the northeast Romana West drilling intersects additional near-surface copper mineralization with assay results pending for eight drill holes Elevated tin results continue to contribute to the mineralization profile at increased levels as drilling progresses in the west of La Romana

Pan Global Resources Inc. (‘Pan Global’ or the ‘Company’) (TSXV: PGZ) (OTCQX: PGZFF) is pleased to report assay results for 15 drill holes at the La Romana discovery at the Company`s 100% owned Escacena Project in the Iberian Pyrite Belt in southern Spain . La Romana represents a coherent zone of moderately northward-dipping copper-tin-silver mineralization, currently delineated over approximately 1.2 kilometers along strike and from surface to 400m down-dip. A planned 25-hole drill program is ongoing to expand and test the western extensions to the near-surface mineralization at the Romana West target.

Highlights

LRD158 5.6m at 1.2% Cu, 3.3g/t Ag from 195.4m , and 1m at 3.6% Cu and 19.4g/t Ag from 109m LRD154 23m at 0.4% Cu, 0.12% Sn, 2g/t Ag from 33m , including 7m at 0.5% Cu, 0.23% Sn and 2.8g/t Ag LRD147 32.25m at 0.4% Cu, 0.05% Sn and 1.3g/t Ag from 114m , including 3.25m at 1.9% Cu, 0.36% Sn and 7.6g/t Ag LRD146 30m at 0.3% Cu, 0.05% Sn and 1.8g/t Ag from 151m , including 8m at 0.6% Cu, 0.11% Sn and 3.4g/t Ag LRD150 10m at 0.6% Cu, 2.1g/t Ag from 83m , including 4m at 1.2% Cu, 4g/t Ag LRD157 0.5m at 5.1% Cu, 24.5g/t Ag from 110m , and 3m at 1.5% Cu, 3.6g/t Ag from 195m

‘We are very pleased with these results, which successfully expand the copper and copper-tin-silver mineralization at La Romana and further demonstrates the favourable continuity of the mineralization,’ said Tim Moody , Pan Global’s President & CEO.

‘The new step-out drill holes show the mineralization continues to remain open down-dip along the northern extent of the drilling. Infill drill holes in the northeast confirms continuity of high-grade mineralization intersected in previous drilling. Three infill holes, drilled for the ongoing tin metallurgy test program, confirm continuity of the tin mineralization in the west.’

‘At Romana West, we continue to be encouraged by the visible copper and tin mineralization observed in drill core from initial drill holes at this high-priority target that represents the potential western extension to the La Romana copper-tin-silver mineralization.’

‘Results are also pending from the recently completed follow-up drill program at the Cañada Honda copper-gold target less than 4km to the north of La Romana.’

Drill results are summarized in Table 1 and drill hole collar details are presented in Table 2 below. Drill hole locations are shown in Figure 1.

Step-out drill holes

The step-out drill holes have expanded the northern limits of the La Romana copper and copper-tin-silver mineralization a further 50m to 70m down-dip on several sections, and shows the mineralization remains open at depth. Results include broad zones of copper mineralization and/or bands of high-grade copper mineralization with associated strong chlorite alteration, indicating potential for mineralization to continue at depth. The mineralization also remains open along-strike. Selected highlights include:

LRD146 : 30m at 0.3% Cu, 0.05% Sn and 1.8g/t Ag from 151m , including 8m at 0.6% Cu, 0.11% Sn and 3.4g/t Ag

LRD147 : 32.25m @ 0.4% Cu, 0.05% Sn and 1.3g/t Ag from 112m , including 3.25m at 1.9% Cu, 0.36% Sn and 7.6 g/t Ag

LRD149 : 0.5m at 4.6% Cu and 10.3g/t Ag from 290.8m and 0.5m at 3.1% Cu, 9.7g/t Ag from 341.9m

LRD150 : 4m at 1.2% Cu and 4.0 g/t Ag from 83m , stratigraphically above the main La Romana mineralization

LRD153 : 36.5m at 0.3% Cu and 1.7g/t Ag from 288m

Infill drill holes

The infill drilling included testing an area previously inaccessible due to farm infrastructure and confirmed additional high-grade copper mineralization within a continuous zone extending from near surface to approximately 450m down-dip (see Figure 2 below). Three additional infill drill holes ( LRD152 , LRD154 and LRD159 ) complement a tin metallurgical test program and confirmed continuity of the high-grade tin mineralization in the west. Selected highlights include:

LRD156 : 1m at 1.5% Cu and 7.5g/t Ag from 171m ; 25m at 0.3% Cu and 1.2g/t Ag from 203m , including 1.6m at 1.9% Cu and 7.4g/t Ag; and 0.5m at 2.0% Cu and 8.4g/t Ag from 262.7m

LRD157 : 0.5m at 5.1% Cu, 24.5g/t Ag and 0.12g/t Au; 3m at 1.5% Cu and 3.6g/t Ag from 195m ; and 0.65m at 1.8% Cu and 13.6g/t Ag from 228.35m

LRD158 : 0.5m at 3.0% Pb, 4.0% Zn, 0.2% Cu and 22.9g/t Ag from 62.5m ; 1m at 3.6% Cu and 19.4g/t Ag from 109m ; 5.6m at 1.2% Cu and 3.3g/t Ag from 195.4m , including 0.35m at 10.5% Cu, 26.1g/t Ag, 0.14g/t Au and 0.08% Co from 196.3m

LRD154 : 23m at 0.4% Cu, 0.12% Sn and 2.0g/t Ag from 33m , including 7m at 0.5% Cu, 0.23% Sn and 2.8g/t Ag (highest tin intersections on this section)

LRD159 : 1m at 0.5% Cu, 0.68% Sn and 2.5g/t Ag from 24m ; and 19m at 0.4% Cu, 0.05% Sn and 1.3g/t Ag from 37m

Table 1 – Escacena Project, drill results summary (all intersections are >90% to approximately 100% of true thickness)

Hole

From

To

Interval

Cu

Sn

Ag

Co

Au

Pb

Zn

m

m

m

%

%

g/t

ppm

g/t

ppm

ppm

LRD146

151.00

181.00

30.00

0.3

0.05

1.8

59

0.00

228

581

inc.

159.00

181.00

22.00

0.3

0.07

1.9

61

0.01

205

567

inc.

173.00

181.00

8.00

0.6

0.11

3.4

72

0.01

282

687

LRD147

114.00

146.25

32.25

0.4

0.05

1.3

70

0.01

4

75

inc.

129.00

146.25

17.25

0.5

0.08

2.0

84

0.01

16

98

inc.

143.00

146.25

3.25

1.9

0.36

7.6

185

0.03

29

166

LRD148

100.00

124.00

24.00

0.24

0.01

1.0

59

0.01

14

107

inc.

116.00

124.00

8.00

0.4

0.02

1.7

80

0.01

9

89

152.00

160.00

8.00

0.2

0.03

0.8

57

0.01

10

58

LRD149

227.45

228.00

0.55

0.4

15.2

289

0.26

3410

6010

256.80

258.00

1.20

0.1

12.7

37

0.04

17800

4940

290.00

291.30

1.30

1.9

4.4

359

0.10

20

242

inc.

290.80

291.30

0.50

4.6

0.01

10.3

886

0.25

37

486

341.90

342.40

0.50

3.1

0.01

9.7

369

0.13

268

459

LRD150

22.00

22.50

0.50

1.1

1.9

7

0.01

22

90

83.00

93.00

10.00

0.6

2.1

46

0.01

19

227

inc.

83.00

87.00

4.00

1.2

3.9

65

0.02

20

316

inc.

84.00

85.00

1.00

3.8

0.01

10.8

123

0.03

37

639

LRD151

257.00

258.00

1.00

0.01

1.4

21

0.01

1205

11950

391.00

392.00

1.00

1.1

0.01

2.3

76

0.02

27

231

LRD152 1

60.00

82.00

22.00

0.3

0.06

1.6

70

0.01

45

140

60.00

75.00

15.00

0.4

0.06

2.0

73

0.01

52

155

LRD153

251.00

254.00

3.00

0.5

2.3

108

0.01

32

96

271.00

272.00

1.00

0.8

5.1

92

0.01

261

969

288.00

324.50

36.50

0.3

0.01

1.7

51

0.01

177

445

inc.

300.00

324.50

24.50

0.3

0.01

2.0

55

0.01

188

503

inc.

313.00

314.00

1.00

1.2

0.02

4.5

70

0.01

89

355

inc.

317.00

317.50

0.50

3.0

0.03

14.3

140

0.07

2300

5730

LRD154 1

33.00

56.00

23.00

0.4

0.12

2.0

94

0.01

51

131

inc.

33.00

46.00

13.00

0.5

0.14

2.9

104

0.01

78

155

inc.

36.00

43.00

7.00

0.5

0.23

2.8

122

0.01

47

155

LRD155

36.50

39.00

2.50

0.5

3.8

27

0.01

842

309

41.00

42.00

1.00

0.5

3.2

15

0.01

544

387

LRD156

171.00

172.00

1.00

1.5

0.01

7.5

94

0.03

144

151

203.00

228.00

25.00

0.3

1.2

74

0.02

54

160

Inc.

203.00

204.60

1.60

1.9

0.01

7.4

449

0.08

306

218

262.70

263.20

0.50

2.0

0.01

8.4

315

0.16

100

390

LRD157

110.00

110.50

0.50

5.1

0.01

24.5

409

0.12

140

481

161.00

162.00

1.00

0.9

5.9

86

0.03

142

407

195.00

198.00

3.00

1.5

3.6

201

0.03

15

104

inc.

196.00

197.00

1.00

3.6

0.01

8.8

422

0.08

27

137

228.35

229.00

0.65

1.8

0.01

13.6

248

0.10

3360

7150

255.00

256.00

1.00

0.7

0.02

7.3

158

0.06

2570

2180

LRD158

62.50

63.00

0.50

0.2

22.9

21

0.09

30400

39500

109.00

110.00

1.00

3.6

0.01

19.4

279

0.04

96

405

185.00

186.00

1.00

1.0

6.6

130

0.02

12

149

195.40

201.00

5.60

1.2

3.3

152

0.02

42

120

inc.

195.40

197.50

2.10

2.7

0.01

7.3

290

0.05

61

146

inc.

196.30

196.65

0.35

10.5

0.01

26.1

811

0.14

138

298

LRD159 1

24.00

25.00

1.00

0.5

0.68

2.5

70

0.04

75

95

37.00

56.00

19.00

0.4

0.05

1.3

73

0.01

32

107

inc.

48.00

56.00

8.00

0.4

0.08

1.3

80

0.01

30

141

inc.

50.00

51.00

1.00

1.3

0.02

1.2

74

0.01

8

255

inc.

52.00

55.00

3.00

0.3

0.13

1.5

87

0.02

20

108

LRD160

236.00

273.00

37.00

0.25

1.0

64

0.01

123

27

inc.

239.00

242.00

3.00

1.1

2.6

180

0.02

95

40

inc.

239.90

240.40

0.50

5.3

0.01

12.3

635

0.08

215

216

inc.

300.20

300.70

0.50

1.0

0.01

4.0

416

0.16

123

131

1 Tin metallurgy drill hole

Table 2 – Escacena Project, drill hole collar information (Total 3745.5m )

Hole ID

Easting 2

Northing 2

Azimuth ( o )

Dip( o )

Depth (m)

LRD146

736281

4152845

180

-60

248.10

LRD147

736136

4152802

180

-60

209.30

LRD148

736085

4152796

180

-55

220.50

LRD149

736956

4152942

180

-60

424.35

LRD150

736539

4152884

180

-62

398.40

LRD151

737003

4152998

180

-60

442.85

LRD152 1

736187

4152712

180

-55

86.20

LRD153

736734

4152936

180

-65

367.70

LRD154 1

736233

4152669

180

-55

73.30

LRD155

736980

4152570

180

-55

89.40

LRD156

736905

4152811

180

-65

272.35

LRD157

736905

4152811

180

-55

272.50

LRD158

736903

4152812

192

-55

257.50

LRD159 1

736138

4152687

180

-55

65.55

LRD160

736898

4152874

180

-60

317.50

1 Tin metallurgy drill hole
2 Coordinates are in ERTS89 datum UTM29N

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 operating mines at Las Cruces and Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera Los Frailes/Grupo Mexico is in the final permitting stage with construction anticipated to start in 2023. The Escacena Project hosts the La Romana copper-tin-silver discovery and a number of other prospective targets, including Romana West, Cañada Honda, Zarcita, Hornitos, La Jarosa, Romana Deep , Romana North , Bravo, Barbacena, El Pozo, and San Pablo.

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 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, development, and mine operations – all of which are committed to operating safely and with utmost respect for the environment and our partnered communities.

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). Over grade tin was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

Qualified Persons

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

On behalf of the Board of Directors

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 news 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 news release is based on information available to the Company as of the date of this news 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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/pan-global-drilling-expands-mineralization-at-la-romana-in-the-escacena-project-spain-301907516.html

SOURCE Pan Global Resources Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2023/23/c1025.html

News Provided by Canada Newswire via QuoteMedia

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