Pan Global Continues to Expand the near Surface Copper-Tin Discovery at the Escacena Project, Southern Spain

Highlights include:

• 6.5m at 2.52% CuEq (2.27% Cu, 8.1g/t Ag) from 163.5m in LRD74, including;
  • 2.75m at 5.61% CuEq (5.09% Cu, 18g/t Ag, 0.05g/t Au) from 166m
• 7.75m at 1.42% CuEq (0.86% Cu, 0.15% Sn, 5.2g/t Ag) from 143m in LRD62
• 21m at 0.67% CuEq (0.50% Cu, 0.03% Sn, 2.9g/t Ag) from 139m in LRD65
• The near surface copper-tin mineralization now extends over 1km strike length and is open along strike and down dip

Vancouver, British Columbia--(Newsfile Corp. - September 16, 2021) - Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) (the "Company") is pleased to announce that drilling continues to expand the La Romana copper target at the Escacena Project with new high-grade down-dip and near surface copper and tin intercepts. La Romana is located approximately 6km southwest of the former Aznalcollar open pit mine and approximately 15km west of the Las Cruces copper mine, in the Iberian Pyrite Belt, southern Spain.

Tim Moody, Pan Global President and CEO states: "The new drill holes at La Romana have expanded the strike length of the mineralization to more than 1 km and shows the mineralization remains wide open in several areas. Considerable upside remains with less than half the strike potential of this first target tested. Results for 21 additional drill holes are pending and several holes prioritised assay which contain strong visible mineralization. Drilling is ongoing."

Drill results

The latest drill results are from thirteen new holes in the Phase 4 drill program at the La Romana discovery. The drill program is continuing to test extensions of the copper and tin mineralization in all directions.

Drill holes LRD 48, 53, 56, 59, 60, 62, 65 and 74 all targeted down dip extensions. Holes LRD 49, 51, 54, 57 and 67 were aimed at extending the near surface mineralization. Copper mineralization was intersected in all thirteen holes, with wide intervals reported from near surface in LRD 48 and 49, and down-dip in LRD 59, 65 and 74. Holes 62 and 74 confirm high copper grades remain open down dip and hole LRD 48 show potential continuation of the mineralization to the west towards the La Romana mine workings.

Drill hole collar information is provided in Table 1 below. Assay results are summarized in Table 2. Drill hole locations are shown in Figure 1. The drill holes were all inclined towards the south and all reported drill intervals are approximately true widths.

Table 1 Escacena Project, La Romana drill hole collar information (Total 2532.15m)

¹ Coordinates are in ERTS89 datum UTM29N

Table 2 - Escacena Project, La Romana drill results summary

¹ Metal prices used: Copper US$6,200 per tonne, Silver USD22.50 per ounce, Gold US$1,500 per ounce, Cobalt US$32,800 per tonne and Tin US$18,000 per tonne. The copper equivalent (CuEq ) values are for exploration purposes only and include no assumptions for metal recovery.

The recent drill results at La Romana extend the strike length a further 200m and confirms a continuous zone of near surface copper mineralization over a strike length of more than 1 km. The copper mineralization remains open along strike, down-dip and up-dip locally. The primary mineralization includes mainly stock work, semi-massive sulphides and bands of massive sulphide, with chalcopyrite as the main primary copper mineral and cassiterite as the only observed 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 then zinc in the east. Supergene chalcocite is also evident in several recent drill holes.

Drill hole LRD48 extends the near-surface copper mineralization approx. 100m along strike to the west of hole LRD50, which included 24.1m at 0.71% CuEq. The copper mineralization remains wide open to the west of hole LRD48 in the direction of the La Romana mine workings and also remains open up- and down-dip. Results include:

• 20.8m at 0.65% CuEq (0.42% Cu, 0.05% Sn, 1.3g/t Ag) from 69m downhole, including;
  • 3.8m at 1.67% CuEq (0.96% Cu, 0.20% Sn, 2.9g/t Ag, 139ppm Co), including
    • 0.8m at 5.6% CuEq (4.27% Cu, 0.35% Sn, 11.3g/t Ag, 0.03g/t Au, 267ppm Co), and
• 0.2m at 2.52% CuEq (1.64% Cu, 0.20% Sn, 4.5g/t Ag, 0.07g/t Au, 349ppm Co) from 119.4m

Drill hole LRD49 extended the copper mineralization almost to surface and approx. 25m up-dip from hole LRD36, which returned 23m at 1.06% CuEq, including 11m at 1.74% CuEq. The footwall includes a wide zone with anomalous Cu and Sn (40.5m at 0.15% Cu and 0.034% Sn from 65.5m). Results include:

• 19.5m at 0.6% CuEq (0.34% Cu, 0.07% Sn, 2.2g/t Ag) from 11.5m, including;
  • 5m at 1.19% CuEq (0.62% Cu, 0.16% Sn, 4g/t Ag); and
• 2.8m at 1.18% CuEq (0.96% Cu, 0.04% Sn, 4.2g/t Ag) from 76.35m

Drill hole LRD51 intersected supergene chalcocite from approx. 46 to 67m, followed by 0.35m and 0.5m intervals of massive sulphides (pyrite-chalcopyrite) from 73.5m and 92.85m respectively. The results extend the supergene enrichment a further 25m up-dip from hole 33 which intersected 8m at 1.34% CuEq). Results include:

• 9.9m at 0.84% CuEq (0.72% Cu, 4.7g/t Ag) from 46.1m, including;
  • 0.9m at 1.62% CuEq (1.38% Cu, 11.8g/t Ag) and
  • 3.5m at 1.26% CuEq (1.1% Cu, 5.7g/t Ag); and
• 1.7m at 1.02% CuEq (0.78% Cu, 0.014% Sn, 5.2g/t Ag, 0.04g/t Au, 195ppm Co) from 73.6m

Drill hole LRD53 intersected multiple narrow high grade copper (>1.0% CuEq) approximately 50m down-dip from hole LRD47. The results indicate the copper mineralization pinches or fingers out in this area and widens to the east and west.

Drill hole LRD54 intersected a narrow zone of weak near-surface supergene mineralization approx. 25m south of hole LRD39. The foot wall includes a broad zone of anomalous in Sn and Au (assays up to 0.16% Sn and 0.19g/t Au). Results include:

• 7.5m at 0.79% CuEq (0.48% Cu, 0.074% Sn, 3.6g/t Ag) from 21m, including
  • 4m at 1.06% CuEq (0.66% Cu, 0.1% Sn, 4.7g/t Ag)

Drill hole LRD56 intersected a narrow zone of high grade copper mineralization mineralization approx. 50m down-dip from hole LRD10 which intersected 7.2m at 1.4% CuEq. The foot wall includes a broad zone anomalous in Sn and Au (assays up to 0.16% Sn and 0.04g/t Au). The mineralization remains open at depth and appears to widen to the west. Results include:

• 4.5m at 1.55% CuEq (1.34% Cu, 0.02% Sn, 6.1g/t Ag, 117ppm Co) from 21m
• 14.75m at 0.55% CuEq (0.39% Cu, 0.03% Sn, 2g/t Ag), including
  • 2m at 1.53% CuEq (1.29% Cu, 0.05% Sn, 4.4g/t Ag) from 167m

Drill hole LRD57 intersected a narrow interval copper mineralization approx. 50m east of hole LRD28. The results indicate the near-surface mineralization may pinch out in this area. Results include:

• 11.4m at 0.32% CuEq (0.23% Cu, 2.8g/t Ag, 0.02g/t Au) from 46.6m, including
  • 0.3m at 2.88% CuEq (2.12% Cu, 0.013% Sn, 36.3g/t Ag, 0.18g/t Au, 212ppm Co)

Drill hole LRD59 confirmed continuation of a wide zone of copper and tin mineralization down dip from hole LRD37 which intersected 20.5m at 0.8% CuEq, including 8.55m at 1.22% CuEq. Results include:

• 0.5m at 1.12% CuEq (0.91% Cu, 10.5g/t Ag, 0.03g/t Au) from 28.1m, and
• 24.85m at 0.61% CuEq (0.40% Cu, 0.05% Sn, 2.5g/t Ag) from 105.15m, including;
  • 3.7m at 1.18% CuEq (0.54% Cu, 0.19% Sn, 3.3g/t Ag) from 105.15m
  • 1.0m at 1.13% CuEq (0.89% Cu, 0.04% Sn, 2.5g/t Ag) from 114.3m
  • 0.6m at 1.68% CuEq (1.39% Cu, 0.05% Sn, 7.5g/t Ag) from 116.8m
  • 2.9m at 1.05% CuEq (0.71% Cu, 0.07% Sn, 4.6g/t Ag, 121ppm Co) from 120.35m
• 0.25m at 3.86% CuEq (3.36% Cu, 0.10% Sn, 10.9g/t Ag) from 152.1m
• 0.75m at 1.64% CuEq (1.19% Cu, 0.08% Sn, 6.0g/t Ag, 0.05g/t Au, 202ppm Co) from 156.75m

Drill hole LRD60 intersected a narrow interval with high Pb and Zn and two narrow zones of semi-massive to massive sulphide coincident with down hole EM conductor, including:

• 0.85m at 0.31% Pb, 1.52% Zn and 4g/t Ag from 168.45m
• 2.3m at 1.25% CuEq (1.03% Cu, 4.6g/t Ag, 0.12g/t Au) from 251m, including;
  • 0.45m at 5.38% CuEq (4.66% Cu, 19g/t Ag, 0.37g/t Au, 271ppm Co)
• 1.6m at 1.61% CuEq (1.32% Cu, 7.6g/t Ag, 0.07g/t Au, 229ppm Co) from 277.6, including;
  • 0.45m at 4.75% CuEq (3.94% Cu, 22.3g/t Ag, 0.17g/t Au, 674ppm Co)
• 0.25m at 2.93% CuEq (2.54% Cu, 8.2g/t Ag, 0.19g/t Au) from 299.05m

Drill hole LRD62 extends the copper-tin mineralization approx. 50m down dip from hole LRD42 which intersected 9m at 1.21% CuEq from 128m. Results include:

• 7.75m at 1.42% CuEq (0.86% Cu, 0.15% Sn, 5.2g/t Ag) from 143m, including;
  • 1.5m at 3.16% CuEq (2.5% Cu, 0.14% Sn, 12.4g/t Ag) from 144m
  • 0.45m at 4.89% CuEq (1.37% Cu, 1.14% Sn, 10.3g/t Ag) from 150.3m

Drill hole LRD65 extended the copper mineralization approx. 55m down-dip from hole LRD18, which intersected 21.6m at 1.02% CuEq. Results include:

• 21m at 0.67% CuEq (0.50% Cu, 0.03% Sn, 2.9g/t Ag) from 139m, including;
  • 2m at 1.23% CuEq (1.04% Cu, 0.03% Sn, 4.6g/t Ag)

Drill hole LRD67 intersected multiple shallow copper intervals, extending the copper zone approx. 50m down dip from hole LRD28 which intersected 7.65m at 1.21% CuEq from 47.8m. Results include:

• 12.3m at 0.70% CuEq (0.56% Cu, 7.1g/t Ag) from 28.2m, including;
  • 0.7m at 2.39% CuEq (2.06% Cu, 13.1g/t Ag, 0.08g/t Au) from 28.2m
  • 2.65m at 1.37% CuEq (1.06% Cu, 19.8g/t Ag) from 34.35m
  • 1.5m at 1.57% CuEq (1.32% Cu, 11.2g/t Ag, 0.03g/t Au) from 39m
    • 0.35m at 5.25% CuEq (4.52% Cu, 37.5g/t Ag, 0.08g/t Au, 276ppm Co)
• 3m at 1.58% CuEq (1.43% Cu, 4.2g/t Ag, 0.03g/t Au) from 50m, including
  • 0.7m at 5.4% CuEq (4.96% Cu, 13.7g/t Ag, 0.08g/t Au, 314ppm Co),
• 3m at 1.16% CuEq (0.94% Cu, 8.1g/t Ag, 0.04g/t Au) and 0.19% Zn from 62m, including
  • 0.3m at 6.7% CuEq (5.59% Cu, 48.6g/t Ag, 0.25g/t Au, 432ppm Co), 0.77% Pb and 1.35% Zn from 63m
• 0.35m at 2.03% CuEq (1.62% Cu, 20g/t Ag, 0.05g/t Au, 179ppm Co), 0.48% Pb and 0.77% Zn from 78.1m

Drill hole LRD74 extended the copper zone approx. 100m down dip from hole LRD23. The hole also confirms the high copper is coincident with an off-hole EM conductor beneath hole LRD01 and shows a broad zone of lower grade copper in the footwall. Results include:

• 0.2m at 4.98% CuEq (4.7% Cu, 9.8g/t Ag) from 78.5m
• 6.5m at 2.52% CuEq (2.27% Cu, 8.1g/t Ag, 0.03g/t Au) from 163.5m, including
  • 2.75m at 5.61% CuEq (5.1% Cu, 17.8g/t Ag, 0.05g/t Au, 421ppm Co) from 166m
• 19.4m at 0.59% CuEq (0.48% Cu, 2.1g/t Ag) from 184.75m

Assay results are pending for an additional 21 completed drill holes with several holes showing strong visible copper mineralization. The Phase 4 drill program is ongoing with additional holes targeting extensions to the copper mineralization.

Figure 1 - La Romana geophysics targets and drill hole locations with selected highlights. New drill hole are highlighted in orange.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5190/96736_8c118dd04413e9ff_001full.jpg

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

Patrick Downey, a Director of 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. Downey 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:
info@panglobalresources.com

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