PAN GLOBAL COMMENCES PHASE 2 DRILLING AT CÁRMENES GOLD DISCOVERY, NORTHERN SPAIN

Core Insights - Pan Global Resources Inc. has resumed drilling at the Cármenes Project in northern Spain, focusing on the Providencia target after a successful Phase 1 drill campaign that revealed significant gold mineralization [1][3]. Drilling Program - The Phase 2 drilling program includes four drillholes aimed at following up on the promising gold discovery from Phase 1, which reported intercepts of 1.08 g/t Au over 46 meters and 3.01 g/t Au over 34 meters [3][4]. - The Phase 2 program is expected to be completed before the end of the year [3]. Geological Insights - A strong induced polarization (IP) chargeability anomaly has been identified at the Providencia target, indicating that mineralization may extend deeper than previously explored [4]. - Extensive geological mapping has revealed a large zoned, multi-phase hydrothermal breccia system, which is hosting copper, cobalt, nickel, and gold mineralization over an area exceeding 300 meters by 150 meters [4][6]. Exploration Potential - The Cármenes Project covers 5,653 hectares and is located approximately 55 km north of León, Spain, with a history of mining activity, including the former Profunda and Providencia mines [6][9]. - The area is considered highly prospective for multiple bodies of carbonate-hosted breccia style mineralization, with potential vertical dimensions exceeding 1 km [6][9]. Additional Activities - Detailed surface geochemical sampling and mapping have commenced on 30 identified targets surrounding the Providencia area, following a recent helicopter survey [5].