Pan Global Drills 6.7m at 3.1% Copper and 17.5g/t Silver at La Romana, Escacena Project, Southern Spain

• 6.7m at 3.1% Cu, 17.5g/t Ag, including 2.95m at 6.2% Cu, 0.04% Sn, 36.8g/t Ag, 0.12g/t Au plus additional near surface high grade copper intervals
• La Romana mineralization remains wide open in several directions
• Copper mineralization and wide zone of alteration confirmed at satellite IP anomaly north of La Romana
• Additional 20 drill holes planned to further expand the La Romana target

Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) ("Pan Global" or the "Company") is pleased to announce new drill results and the expansion of the La Romana target area ("La Romana") at the Escacena Project ("Escacena") in the Iberian Pyrite Belt, southern Spain. Exploration is also in progress on new targets in the surrounding area with drilling also ongoing at the La Jarosa target ("La Jarosa"), located approx. 4km northeast of La Romana.

Tim Moody, Pan Global President and CEO states: "The latest results further confirm the copper mineralization at La Romana remains wide open to the west from near surface and also down dip. Results for drill hole LRD114 included an excellent high-grade intersection which highlights the potential for additional high grade in the east. We are mobilizing a second drill rig to recommence drilling at La Romana where we have a further twenty drill holes planned."

Mr. Moody added: "An extensive exploration program is also in progress on multiple new targets at Escacena, with results pending for the recently completed high resolution heliborne electromagnetic and magnetic survey. A ground Induced Polarity ("IP") survey is also about to commence. Three follow-up drill holes have been completed at La Jarosa with results awaited to help vector to additional copper mineralization."

Drill highlights include:

• 6.7m at 3.1% Cu%, 17.5g/t Ag, 0.024% Co, 0.2% Pb, 0.4% Zn from 74.3m in LRD114, including
  • 2.95m at 6.2% Cu, 37g/t Ag, 0.12g/t Au, 0.04% Co, 0.4% Pb, 0.9% Zn
    
• 20.25m at 0.62% Cu, 0.05% Sn, 2.5g/t Ag from 6.35m in LRD95, including
  • 7m at 1.23% Cu, 0.08% Sn, 5.3g/t Ag
• 20.25m at 0.6% Cu, 4.6g/t Ag, 0.14% Zn from 56.25m in LRD113, including
  • 7.75m at 1.02% Cu, 4.9g/t Ag and
  • 1m at 1.7% Cu, 42.8g/t Ag, 0.04g/t Au, 0.8% Pb, 1.8% Zn
• 20m at 0.4% Cu, 0.06% Sn, 1.2g/t Ag from 65m in LRD103, including
  • 3.5m at 0.8% Cu, 0.19% Sn, 2.9g/t Ag, including
  • 0.45m at 3.7% Cu, 0.51% Sn, 12g/t Ag, 0.06% Co
• 17.1m at 0.54% Cu, 0.07% Sn, 1.7g/t Ag from 53m in LRD106,including
  • 5m at 0.5% Cu, 0.12% Sn, 1.3g/t Ag and
  • 3.25m at 1.6% Cu, 0.09% Sn, 5.1g/t Ag

Figure 1 - La Romana target and drill hole locations with selected highlights

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5190/119187_cd62fbb5b4407805_001full.jpg

Figure 2 - Summary drill hole cross section 736935M East with new drill holes LRD113 and LRD114 results highlights in yellow

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5190/119187_cd62fbb5b4407805_002full.jpg

Figure 3 - Summary drill hole cross section 736485M East with new drill hole LRD95 results highlights in yellow

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5190/119187_cd62fbb5b4407805_003full.jpg

Figure 4 - Summary drill hole cross section 736035M East with new drill holes LRD103 and LRD106 results highlights in yellow

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5190/119187_cd62fbb5b4407805_004full.jpg

Figure 5 - La Romana - View to the south approx. perpendicular to the plane of the mineralization (dip 40^o N) showing drill hole Cu and Sn grade contours and Cu x m (%) thickness bubbles showing the mineralization open in several directions

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5190/119187_cd62fbb5b4407805_005full.jpg

Drill results

The latest drill results are from nineteen holes completed in 2021-2022 in the Phase 4 drill program at the La Romana discovery. Drill holes LRD 94, 95, 112, 113, 114 and 115 tested up-dip/near-surface extensions in the centre and east of the target area. Drill holes LRD96, 103, 106, 109 and 110 tested the westward extensions. Drill holes LRD 89, 91, 93, 100, 102, 105 and 107 tested down-dip extensions. Drill hole LRD 101 tested an IP chargeability anomaly approximately 400m north of La Romana.

Drill hole locations are shown in Figure 1 and summary cross sections for selected drill holes LRD95, LRD103, LRD106, LRD113 and LRD114 provided in Figures 2, 3 and 4 above.

Drill hole collar information is provided in Table 1 below. Assay results are summarized in Table 2. The drill holes were all inclined towards the south or southwest and all reported drill intervals are approximately true thickness (>90%). Previously published drill results are provided in the Company's website:

https://www.panglobalresources.com/_files/ugd/eec401_6b904e48451543efb191408a725c7fa0.pdf

Table 1 Escacena Project, La Romana drill hole collar information (Total 4147.65m)

 ¹Coordinates are in ERTS89 datum UTM29N

Table 2 - Escacena Project, La Romana drill results summary

The results continue to show that the mineralization remains wide open in several directions (see Figure 5 above).

The primary mineralization includes mainly stockwork, semi-massive sulphides and bands of massive sulphide, with chalcopyrite as the primary copper mineral and cassiterite as the predominant tin mineral. The copper mineralization is also associated with elevated levels of silver, cobalt and gold. A metal zonation is also apparent, progressing from copper and tin in the west to copper and zinc in the east. A zone of oxidation and supergene copper mineralization is also locally present in the upper levels of the deposit, with chalcocite overprinting/replacing primary sulphide.

Drill hole LRD89 testing dip extensions in the east intersected minor copper mineralization. Results include:

• 0.6m at 1.8% Cu, 6.9g/t Ag, 0.031% Co from 235.7m (downhole)
• 0.45m at 0.9% Cu, 7.1g/t Ag, 0.18g/t Au, 0.05% Co from 282.05m

Drill hole LRD91 confirmed a narrow down-dip continuation of the copper and tin mineralization to the north, approx. 50m down-dip from LRD56. The hole also shows wide zones of anomalous tin in the footwall. Results include:

• 0.75m at 0.8% Cu, 7.2g/t Ag, 0.18g/t Au from 14m
• 5.5mat 0.4% Cu, 0.09% Sn, 2g/t Ag, and
• 26m at 0.033% Sn from 233m

Drill hole LRD93 confirmed down-dip continuation of the copper and tin mineralization to the north, approx. 50m down-dip from LRD70. The hole also includes a thin near-surface interval with oxide copper. Results include:

• 3.1m at 0.5% Cu, 1.2g/t Ag from 8m (oxide)
• 23mat 0.33% Cu, 0.07% Sn, 2.6g/t Ag, including
  • 6.35m at 0.55% Cu, 0.15% Sn, 3.8g/t Ag
• 0.4m at 1.8% Cu, 0.04% Sn, 18.8g/t Ag, 0.14g/t Au from 210.55m

Drill hole LRD94, in the east intersected an upper zone of low grade supergene chalcocite +/- minor chalcopyrite. Results include:

• 22.5m at 0.25% Cu, 2g/t Ag from 30.5m (chalcocite)
• 0.4mat 3.4% Cu, 9.4g/t Ag

Drill hole LRD95,testing the up-dip extension approx. 25m south of LRD11, intersected a >33m wide zone with supergene chalcocite +/- minor chalcopyrite, including:

• 20.25mat 0.6% Cu, 0.05% Sn, 2.5g/t Ag from 6.35m (chalcocite), including:
  • 7m at 1.2% Cu, 0.08% Sn, 5.3g/t Ag

Drill hole LRD96,in the west intersected a >30m wide zone of low grade copper and tin mineralization from 31m, including:

• 10mat 0.3% Cu, 0.08% Sn, 1.1g/t Ag from 64m, or
• 8m at 0.2% Cu, 0.11% Sn from 69m

Drill hole LRD100,confirmed down-dip continuation of the mineralization in the east with multiple thin intervals with >1% Cu and local elevated Co, including:

• 1.6mat 1.0% Cu, 2.9g/t Ag from 188m
• 0.55m at 2.9% Cu, 13.4g/t Ag, 0.098% Co from 207.25m
• 0.8m at 1.5% Cu, 7.7g/t Ag, 0.014% Co from 231.6m
• 0.4m at 1.7% Cu, 0.04% Sn, 8.8g/t Ag, 0.15g/t Au, 0.03% Co from 256.15m
• 0.25m at 1.7% Cu, 0.14% Sn, 11.5g/t Ag, 0.22g/t Au, 0.06% Co from 263.85m

Drill hole LRD101 confirmed a wide zone of strong alteration associated with a satellite IP anomaly approx. 300m to the north of La Romana. The hole intersected wide zones of mainly chlorite alteration +/- strong silicification with traces of chalcopyrite and/or pyrite and a thin copper-rich coarse massive sulphide interval. The coarse sulphide intervals indicates potential remobilisation from nearby mineralization. The IP anomaly remains open towards the west and gravity data indicates further potential down-dip. Results include:

• 0.75mat 1.2% Cu, 29.2g/t Ag, 0.32% Pb from 100.5m, and
• 0.25m at 8.3% Cu, 0.016% Sn, 28.8g/t Ag, 0.03% Co from 279.45m (massive sulphide)

Drill hole LRD102,confirmed the mineralization remains open to the north, approx. 50m down dip from LRD74 with multiple thin >1% Cu intervals, including:

• 3.05mat 0.8% Cu, 4.7g/t Ag from 115.5m, including
  • 0.95m at 1.3% Cu, 9.8g/t Ag, 0.22% Zn
  • 0.15m at 7.2% Cu, 19.7g/t Ag, 0.03% Co
• 12.7m at 0.55% Cu, 2.5g/t Ag from 230m, including
  • 1.05m at 1.0% Cu, 4.4g/t Ag
  • 1m at 1.1% Cu, 4g/t Ag
  • 0.7m at 1.4% Cu, 4.8g/t Ag
• 0.15m at 1.2% Cu, 0.18% Sn, 4.7g/t Ag, 0.12g/t Au, 0.02% Co from 275.9m

Drill hole LRD103 confirmed the copper and tin mineralization continues and remains wide open towards the west. Results include:

• 20mat 0.4% Cu, 0.06% Sn, 1.2g/t Ag from 65m, including
  • 3.5m at 0.8% Cu, 0.19% Sn, 2.9g/t Ag
  • 0.45m at 3.7% Cu, 0.51% Sn, 12g/t Ag, 0.06% Co

Drill hole LRD105 confirmed the copper mineralization continues approx. 50m further down-dip from LRD78 and remains open to the north, including:

• 0.75mat 2.2% Cu, 5.9g/t Ag, 0.15% Pb, 0.4% Zn from 70.15m
• 13m at 0.5% Cu, 2.6g/t Ag from 233m, including
  • 3.45m at 1.1% Cu, 5g/t Ag, includes
    • 0.3m at 5.7% Cu, 25.6g/t Ag
• 14.25m at 0.5% Cu, 2.5g/t Ag from 252m, including
  • 1.35m at 1.7% Cu, 0.08% Sn, 7.2g/t Ag
  • 0.5m at 1.6% Cu, 11g/t Ag
  • 1.25m at 1.4% Cu, 0.03% Sn, 6.1g/t Ag
  • 0.3m at 4.4% Cu, 0.07% Sn, 20.8g/t Ag, 0.02% Co

Drill hole LRD106 confirmed the copper and tin mineralization continues and remains wide open towards the west from near surface. Results include:

• 17.1mat 0.5% Cu, 0.07% Sn, 1.7g/t Ag from 53m, including
  • 5m at 0.5% Cu, 0.12% Sn, 1.3g/t Ag
  • 3.25m at 1.6% Cu, 0.09% Sn, 5.1g/t Ag

Drill hole LRD107 confirmed the copper mineralization continues approx. a further down-dip from LRD65 and remains open to the north. Results include:

• 11mat 0.5% Cu, 0.04% Sn, 3.2g/t Ag from 177m, including
  • 4m at 1.1% Cu, 0.08% Sn, 5.8g/t Ag

Drill hole LRD109 confirmed the copper and tin mineralization continues, albeit with lower copper and higher tin grades compared to adjacent holes, and remains wide open towards the west from near surface. Results include:

• 16.35mat 0.23% Cu, 0.09% Sn, 0.8g/t Ag from 17m, including
  • 8m at 0.3% Cu, 0.13% Sn, 1.0g/t Ag
  • 0.5m at 0.6% Cu, 0.25% Sn, 3.1g/t Ag

Drill hole LRD110 intersected additional copper and tin mineralization from near surface and remains open towards the west. Results include:

• 10.3mat 0.5% Cu, 0.09% Sn, 1.3g/t Ag from 19.7m, including
  • 6.3m at 0.4% Cu, 0.12% Sn, 1.4g/t Ag

Drill hole LRD112 extends the copper and tin mineralization from immediately beneath shallow cover approx. 25m south of LRD 61. The hole intersected a wide zone of secondary chalcocite and thick, well-developed, mostly pyritic sulphide stock work with anomalous tin. The results indicate potential for the supergene chalcocite mineralization to extend further to the south. Results include:

• 37.7mat 0.4% Cu, 0.02% Sn, 1.4g/t Ag from 5.4m (chalcocite), including
  • 17m at 0.5% Cu, 0.03% Sn, 1.9g/t Ag, includes
    • 2.1m at 1.3% Cu, 0.02% Sn, 5.3g/t Ag
• 1.2m at 1.5% Cu, 3.6g/t Ag from 67m
• 80.4m at 0.022% Sn from 54.6m

Drill hole LRD113,confirmed continuation of the copper mineralization approx. 25m down-dip from LRD69 in the east with high grades from shallow depths. Results include:

• 2mat 2.1% Cu, 4.1g/t Ag from 25m
• 20.25m at 0.6% Cu, 4.6g/t Ag, 0.14% Zn from 56.25m, including
  • 7.75m at 1.02% Cu, 4.9g/t Ag, includes
    • 2.55m at 2.3% Cu, 11.7g/t Ag, 0.12% Pb, 0.16% Zn
• 1m at 1.7% Cu, 42.8g/t Ag, 0.8% Pb, 1.8% Zn from 70.6m

Drill hole LRD114,confirmed continuation of the copper mineralization, including 6.7m of very high-grade copper mineralization approx. 30m down-dip from a similar thickness high grade copper interval in LRD113. The results show several additional thin high-grade intervals. Results include:

• 1.25mat 1.2% Cu, 11.7g/t Ag, 0.13g/t Au, 0.03% Co from 31.5m
• 1m at 1.9% Cu, 6.3g/t Ag from 43.1m, including
  • 0.3m at 5.2% Cu, 13.9g/t Ag, 0.02% Co
• 6.7m at 3.1% Cu, 17.5g/t Ag, 0.18% Pb, 0.4% Zn from 74.3m, includes
  • 2.95m at 6.2% Cu, 36.8g/t Ag, 0.12% g/t Au, 0.04% Co, 0.4% Pb, 0.9% Zn
• 0.2m at 2.0% Cu, 9.4g/t Ag, 0.16g/t Au, 0.04% Co from 97.35m
• 0.25m at 3.1% Cu, 20.1g/t Ag, 0.05% Co, 0.8% Pb, 0.7% Zn from 120.3m
• 0.2m at 1.9% Cu, 0.05% Sn, 6.3g/t Ag, 0.13g/t Au from 147m

Drill hole LRD115,extended the near-surface supergene chalcocite mineralization approx. 25m south from LRD64 and indicates potential to extend the supergene zone further to the south over the sulphide stock work footwall. Results include:

• 27.8mat 0.5% Cu, 0.03% Sn, 2.5g/t Ag from 29.6m (chalcocite), including
  • 9.2m at 0.8% Cu, 0.04% Sn, 3.7g/t Ag, includes
    • 3.05m at 1.0% Cu, 0.04% Sn, 4.9g/t Ag

Assay results are pending for an additional six completed drill holes at La Romana. Results are also pending for three additional drill holes completed at the La Jarosa target. An additional twenty drill holes are planned at La Romana largely designed to investigate extensions to the copper-tin mineralization. Regional exploration is continuing to help delineate additional targets for drilling, with ground geophysics (gravity and IP), soil geochemistry surveys and geological mapping in progress. Results are also pending for the recently completed heliborne electromagnetic and magnetic survey and metallurgical test work.

QA/QC

Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was 1m core length and ranged from 0.4 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). Tin was analysed in selected intervals using Lithium borate fusion and ICP MS finish (method ME-MS81). 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 Person

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

About Pan Global Resources

Pan Global Resources Inc. is actively engaged in base and precious metal exploration in southern Spain and is pursuing opportunities from exploration through to mine development. The Company is committed to operating safely and with respect to the communities and environment where we operate.

On behalf of the Board of Directors
www.panglobalresources.com

FOR FURTHER INFORMATION PLEASE CONTACT:
tmoody@panglobalresources.com
+44 7766 253145

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119187