#Spain #Cármenes Project #León #PAN Global Resources #Gold Discoveries

Pan Global Resources Reports Significant Gold Intersections in Cármenes Project

Pan Global Resources Inc. has announced exciting results from its initial drilling at the Cármenes Project, located in northern Spain. In the first drill hole, designated PVD02, the company successfully intersected 46.0 meters averaging 1.08 g/t gold near the surface, including a notable high-grade interval of 4.0 meters at 6.27 g/t gold. These results emerge from the first phase of drilling in an area previously unexplored for gold, indicating significant potential for discovering untapped resources.

A New Frontier in Gold Exploration

Tim Moody, the President and CEO of Pan Global, expressed enthusiasm about these findings, describing them as an exceptional beginning for the drilling program. The discovery near historical copper, cobalt, and nickel workings at the Providencia mine highlights new opportunities for gold mineralization that had not been previously recognized.

The recent drilling program consists of six holes aimed at expanding the known mineralization associated with the historical underground workings. Importantly, the area around Providencia had not previously been drilled for gold, which emphasizes the significance of these results.

Insights into the Drilling Results

Drill hole PVD02, completed as part of the current program, has confirmed a broad interval of gold mineralization at shallow depths. Notable highlights include:

• - 46.0 meters averaging 1.08 g/t Au from 24.0 meters depth, which included a peak intersection of 4.0 meters with 6.27 g/t Au from 66.0 meters.
• - The mineralization appears to be related to a strong hydrothermal breccia within heavily dolomitized and altered limestone, with low levels of common penalty elements.

The next stages of drilling (holes PVD03 and PVD04) are anticipated to yield further positive results, as they have also intercepted hydrothermal breccias from near the surface. The exploration team is keenly awaiting assay results, projected to arrive within three weeks.

Exploration Program and Future Potential

The Cármenes Project illustrates a diverse mineralization potential across an area of over 5,653 hectares, featuring multiple clusters of copper, nickel, cobalt, and now gold. Pan Global has recently initiated soil sampling, trenching, and channel sampling to elucidate the continuity of the mineralization, particularly in the historical mining areas.

The exploratory focus has been piqued by geo-chemical indicators showing strong copper, gold, nickel, and cobalt anomalies across the site, which may lead to further drill targets. For example, the expansive target area noted covers over 250 meters by 150 meters, coinciding with significant geological alterations and anomalies, reinforcing optimism for future discoveries.

Additionally, another drilling campaign at the company's flagship Escacena Project in southern Spain has resumed following record rainfalls earlier this year. The focus remains on the Bravo target, aimed at extending known copper and tin deposits and assessing new exploration objectives.

Conclusion

Pan Global Resources is venturing into promising territories within the Cármenes Project, with initial drill results signaling the potential for significant gold discoveries. This development not only enhances their portfolio but also emphasizes the opportunities within established mining infrastructures in Spain. Given the ongoing exploration efforts, stakeholders are advised to stay tuned for updates as new findings emerge from the project.

For further information on Pan Global Resources and its projects, visit Pan Global Resources.