#Spain #Pan Global #Cármenes #Cármenes Project #gold mineralization

New Discoveries at Cármenes Project

Pan Global Resources Inc. has recently reported promising results from two additional drill holes at its 100%-owned Cármenes Project located in northern Spain. This marks an exciting phase for the company as they further explore high-grade gold and copper mineralization in an area steeped in historical mining activity.

Overview of the Cármenes Project

Located approximately 55 kilometers north of León, the Cármenes Project spans across five exploration permits covering 5,653 hectares. The region is recognized for its potential to yield clusters of carbonate-hosted breccia-style mineral deposits containing copper, nickel, cobalt, and gold. Historically, the Providencia mine, which operated until the 1930s, produced significant concentrates of copper and cobalt, drawing interest back to the area.

Recent Drill Results

The recent drilling campaign included two holes, PVD03 and PVD04, focusing on the extensions of breccia-hosted mineralization near the historical Providencia site.

• - Drillhole PVD03:

This hole intercepted a notable 56 meters of gold mineralization at an average grade of 0.37 g/t Au, starting from 29 meters downhole. Key highlights of this drill mentioned the presence of:
- 4 meters at 1.22 g/t Au
- 10 meters at 1.05 g/t Au
- 4 meters at 2.19 g/t Au

• - Drillhole PVD04:

This hole provided multiple high-grade intercepts, with 110 meters returning an average grade of 0.23 g/t Au, which included a section reporting:
- 4 meters at 0.59 g/t Au combined with 1.05% Cu, 0.22% Co, and 0.22% Ni
- Several 1-meter intervals with gold grades ranging from 1.08 g/t to 2.05 g/t Au

These results clearly indicate the potential for significant hydrothermal breccia-hosted mineralizations of gold, copper, nickel, and cobalt in the area surrounding the historical mine workings.

Future Drilling Plans

Given the positive outcomes from the initial drill holes, Pan Global plans to continue its exploration with three more drill holes aimed at testing untested zones that have shown signs of high gold mineralization. The upcoming drill sites will be up to 120 meters east of the historical workings at Providencia, where previous channel sampling returned values of 3.11 g/t gold over 37 meters.

Moreover, the company is excited to enhance their exploration with a recent helicopter geophysics survey that indicates numerous additional targets that share characteristics similar to the Providencia mine. The findings from the survey will be crucial as they advance their drilling strategy across the Cármenes Project.

Context of Exploration

Pan Global's efforts at Cármenes are set against a broader trend of increasing demand for metals like copper and gold, essential for electrification and various industrial applications. The company is leveraging its extensive experience and commitment to responsible exploration to navigate this evolving market.

The exploration team, led by experienced professionals in mineral discovery and development, is dedicated to operating in alignment with the principles of sustainability and community support. The Cármenes Project not only represents a significant opportunity for mineral exploration but also demonstrates the growing potential for responsible mining activities in Spain, a country with a historical backdrop of mining but a future shift towards sustainable operations.

Pan Global Resources stands committed to its strategic objectives in mineral exploration, focusing on enriching its existing portfolio and exploring new avenues within the thriving mining landscape of Spain. As the company moves forward, stakeholders and investors are keenly watching the developments at Cármenes and the implications of their upcoming drilling endeavors.