PAN GLOBAL INTERSECTS 1.04% COPPER OVER 15.9 METERS AT WESTERN EXPANSION OF LA ROMANA COPPER-TIN-SILVER DISCOVERY

PAN GLOBAL INTERSECTS 1.04% COPPER OVER 15.9 METERS AT WESTERN EXPANSION OF LA ROMANA COPPER-TIN-SILVER DISCOVERY

TSXV: PGZ   |   OTCQX: PGZFF

  • Highest grades intersected to-date in the current 25-hole drill program
  • New drilling confirms continuation of high-grade near-surface copper-tin-silver (Cu-Sn-Ag) mineralization
  • Mineralization remains wide open, with grades increasing to the west and down-dip to the north

 Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) is pleased to announce the intersection of additional high-grade near-surface copper mineralization at the Company's 100% owned Escacena Project in the Iberian Pyrite Belt in southern Spain .

Assay results for five new drill holes from the western extension of the La Romana copper-tin-silver discovery confirm the mineralization extends over more than 1.35 kilometers of strike and remains open. These drill results include the highest grades intersected to-date in the current 25-hole drill program aimed at testing the western extension of the La Romana mineralization.

Highlights:
  • LRD171 : 15.9m at 1.15% CuEq 1 (1.04% Cu, 0.03% Sn, 2.4 g/t Ag) from 79m , including 9.9m at 1.70% CuEq 1 (1.57% Cu, 0.04% Sn, 3.6 g/t Ag);
  • LRD170 : 12m at 1.04 % CuEq 1 (0.80% Cu, 0.09% Sn, 2.1 g/t Ag) from 61m , including 7m at 1.47% CuEq 1 (1.16% Cu, 0.11% Sn, 2.9 g/t Ag);
  • LRD168 : 13m at   1.02% CuEq 1 (0.67 % Cu, 0.13% Sn, 1.6 g/t Ag) from 52m , including 7m   at 1.43% CuEq 1 (0.96% Cu, 0.17% Sn, 2.2 g/t Ag)
  • A down-hole electromagnetic (DHEM) conductor anomaly from LRD171 provides a strong indication the higher-grade mineralization continues down-dip and will be targeted for future drilling

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

"It is very encouraging that our ongoing drill program at La Romana confirms extensions to the high-grade copper-tin mineralization. The potential to expand the high-grade mineralization further along-strike to the west and down-dip is exciting. The east-west strike length of La Romana is now more than 1.35 kilometers and remains open, with step-out drilling ongoing," said Tim Moody , President and CEO of Pan Global.

"The combination of continuous near-surface copper-tin mineralization, simple and predictable geometry, and favourable metallurgy are significant advantages for potential open-pit development at La Romana," said Mr. Moody. "The C$6 million non-brokered private placement financing that closed earlier this week puts us in a strong position to fund a multi-target exploration program and maiden Resource for La Romana."

Figure 1 – Gravity anomaly map for the La Romana target showing drill hole locations with selected results, and cross-section locations A-A' (Figure 2) and B-B' (Figure 3). (CNW Group/Pan Global Resources Inc.)

The main La Romana copper mineralization occurs in two highly continuous layers, Zone B and Zone C, commencing from surface or directly below a thin cover of post-mineral sediments. The new results show the copper mineralization in Zone B is increasing in grade and thickness in the west. A deeper high-grade copper layer, Zone D, is also present in several recent drill holes, and represents an additional prospective target horizon.

Copper mineralization intersected in drill holes includes primary chalcopyrite, overprinted at shallow depths by secondary/supergene copper sulphide (chalcocite) and an overlying oxide zone with local native copper and copper oxides. Chalcocite is a high copper content mineral, indicating upgrading of the copper mineralization at the base of the oxide zone. This represents an additional target for higher grade copper. The tin mineralization is cassiterite, the preferred mineral for commercial extraction.

Additional results are pending for eight completed drill holes at La Romana and preparations are underway for follow-up drilling at the recent Cañada Honda copper-gold discovery approximately 4km to the north.

Figure 2 – Cross section 736865m East, A-A', showing assay results and copper grade shells for drill holes LRD170 and LRD171, with mineralization from surface and grade increasing and open down-dip. A DHEM conductor anomaly (approx. dimensions 290m x 90m) indicates potential continuation of the high-grade mineralization. (CNW Group/Pan Global Resources Inc.)

Figure 3 – Cross section 735965m East, B-B', showing selected assay results and copper grade shells for new drill holes LRD167 and LRD168, with near-surface mineralization and grade increasing and open down-dip. (CNW Group/Pan Global Resources Inc.)

Table 1 – La Romana new drill results summary

Hole ID

From

To

Interval

CuEq 1

Cu

Sn

Ag


Au

Pb

Zn

True
Thickness


m

m

m

%

%

%

g/t


g/t

ppm

ppm

(m)

LRD167

20.00

33.05

15.05

0.49

0.32

0.06

1.2


0.01

25

81

12.43

and

73.00

80.00

7.00

0.64

0.50

0.05

1.4


0.02

14

59

5.78

and

117.95

118.50

0.55

1.70

1.57

0.05

0.5


0.02

13

95

0.45

LRD168

43.00

57.55

14.55

0.93

0.61

0.12

1.4


0.02

15

109

14.27

including

43.00

56.00

13.00

1.02

0.67

0.13

1.6


0.02

17

108

12.75

including

47.00

56.00

7.00

1.43

0.96

0.17

2.2


0.03

29

138

6.87

LRD169

52.00

59.00

7.00

1.05

0.97

0.03

2.0


0.01

16

96

5.34

including

56.00

59.00

3.00

2.26

2.11

0.05

4.3


0.02

13

105

2.29

and

101.00

111.00

10.00

0.53

0.33

0.07

0.7


0.03

10

59

7.63

and

140.00

141.00

1.00

1.68

1.64

0.01

4.7


0.02

25

176

0.76

LRD170

61.00

73.00

12.00

1.04

0.80

0.09

2.1


0.01

5

77

11.82

including

66.00

73.00

7.00

1.47

1.16

0.11

2.9


0.02

5

89

6.90

including

69.00

71.40

2.40

3.20

2.64

0.20

6.2


0.04

8

137

2.36

and

93.00

100.00

7.00

0.44

0.36

0.03

0.7


0.02

7

49

6.90

and

148.00

150.00

2.00

1.21

1.18

0.01

2.0


0.01

76

93

1.97

LRD171

79.00

97.00

18.00

1.03

0.94

0.03

2.2


0.01

5

83

14.74

including

79.00

94.90

15.90

1.15

1.04

0.03

2.4


0.01

6

88

13.02

including

85.00

94.90

9.90

1.70

1.57

0.04

3.6


0.02

6

104

8.11

including

92.00

94.90

2.90

4.28

4.08

0.06

8.9


0.05

12

209

2.38

and

123.00

130.00

7.00

0.56

0.40

0.06

0.9


0.01

45

51

5.73

and

183.25

184.15

0.90

3.64

3.59

0.01

2.7


0.02

18

103

0.74

1   Copper Equivalent = CuEq. CuEq is calculated using Cu, Sn, and Ag grades. Metallurgical recoveries include 86% for Cu, 68% for Sn and 56% for Ag, based on preliminary studies performed by Wardell Armstrong International and MinePro. The CuEq calculation uses US$ 8,693/tonne Cu, US$ 29,069/tonne Sn and US$ 23.72/oz Ag, corresponding to the three-year monthly price averages to July 2023. The effective formula is [CuEq %] = [Cu %] + 2.6440 * [Sn %] + 0.0057 * [Ag ppm]

Table 2   – La Romana drill hole collar information (5 holes, total 792.10m )

Hole ID

Easting 2

Northing 2

Azimuth ( o )

Dip ( o )

Depth (m)

LRD167

735976

4152716

156

-50

122.15

LRD168

735954

4152761

180

-50

125.55

LRD169

735865

4152803

240

-60

191.65

LRD170

735866

4152806

180

-55

155.65

LRD171

735866

4152807

0

-90

197.1

2 Coordinate system: UTM29N ERTS89

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 2024. The Escacena Project hosts the La Romana copper-tin-silver discovery and a number of other prospective targets, including Cañada Honda, Romana North, Bravo, Barbacena, El Pozo, San Pablo, Zarcita, Hornitos, La Jarosa, and Romana Deep .

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 media release. Mr. Royall is not independent of the Company.

On behalf of the Board of Directors

www.panglobalresources.com

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

Pan Global Resources Inc. Logo (CNW Group/Pan Global Resources Inc.)

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SOURCE Pan Global Resources Inc.

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TSXV: PGZ | OTCQX: PGZFF

  • Romana West drilling extends La Romana mineralization 150m to the west
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  • Investor webcast with CEO Tim Moody to discuss results will be held on Wednesday, September 20, 2023 at 11 a.m. Eastern Time / 8 a.m. Pacific Time . Details at end of this release

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WESTERN COPPER AND GOLD STRENGTHENS STRATEGIC PARTNERSHIP WITH MITSUBISHI MATERIALS

western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) is pleased to announce that it has strengthened its relationship with Mitsubishi Materials Corporation ("Mitsubishi Materials").

Western Copper and Gold Corporation Logo (CNW Group/Western Copper and Gold Corporation)

Western has entered into an amended and restated investor rights agreement (the "Agreement") with Mitsubishi Materials, most notably extending the rights and obligations thereunder until May 30, 2026 , subject to Mitsubishi Materials acquiring 2 million common shares of the Company through open market purchases. These purchases will be non-dilutive to existing shareholders, as no new shares will be issued by the Company. Upon completion, Mitsubishi Materials' equity ownership in Western is expected to return to approximately 5%.

"Mitsubishi Materials have been a supportive partner, and we are pleased to see them grow their ownership in Western," said Sandeep Singh , President and CEO. "Their continued support through this proposed new investment, made through non-dilutive, open market purchases, is another vote of confidence in the team and the Casino Project. The corresponding extension of rights reflects the productive and aligned relationship we've built, and we look forward to continuing to collaborate as we advance one of Canada's most important critical minerals projects."

ABOUT western copper and gold corporation

western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.

The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino Project, using internationally recognized responsible mining technologies and practices.

For more information, visit www.westerncopperandgold.com .

On behalf of the board,

"Sandeep Singh"

Sandeep Singh
President and CEO
western copper and gold corporation

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "opportunities", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Such forward-looking statements herein include statements regarding Mitsubishi Materials acquiring additional common shares of the Company.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the risk of unforeseen challenges in advancing the Casino project, potential impacts on operational continuity, changes in general market conditions that could affect the Company's performance; and other risks and uncertainties disclosed in the Company's annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure documents.

Forward-looking statements are based on assumptions management believes to be reasonable, such assumptions and factors as set out herein, and in the Company's annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure document.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, other factors may cause results to be materially different from those anticipated, described, estimated, assessed or intended. These forward-looking statements represent the Company's views as of the date of this news release. There can be no assurance that any forward-looking statements will be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend to and does not assume any obligation to update forward-looking statements other than as required by applicable law.

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SOURCE western copper and gold corporation

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