Pan Global Resources Inc. has returned 83 meters averaging 1.74 g/t gold from a depth of 9 meters in drillhole PVD16 at the Providencia target within its Cármenes Project in northern Spain.

The intercept marks the widest high-grade gold result to date from the ongoing Phase 3 drill campaign. The hole encountered a network of steeply-dipping, northerly-trending mineralized zones within a broader 500-meter by 200-meter carbonate breccia system.

The 83-meter continuous interval includes several higher-grade sub-intervals, such as 4.88 g/t gold over 9 meters, 12.57 g/t gold over 2 meters, 5.88 g/t gold over 2 meters, and 2.65 g/t gold over 12 meters, alongside a peak assay of 32.2 g/t gold over 0.5 meters. The drilling confirms that high-grade gold mineralization extends to surface and remains open laterally and at depth.

Pan Global holds a 100% interest in the 5,653-hectare Cármenes Project across five investigation permits, encompassing the former Providencia and Profunda mines that last operated in the 1930s. The company's flagship asset is the Escacena Project hosting copper-tin-gold mineral resources in southern Spain's Iberian Pyrite Belt, with Cármenes serving as its second project in northern Spain.

“These exceptional results from PVD16 confirm both the scale and continuity of high-grade mineralization at Providencia. The intercept of 83 meters at 1.74 grams per tonne gold from near surface dramatically enhances our confidence in the gold potential of this mineralized system. Results from the on-going Phase 3 drill program increase our confidence that the mineralized zones remain open for expansion in several directions, underscoring potential for a significant discovery”

— Tim Moody, President and CEO of Pan Global

Drilling is ongoing at the Providencia target with two holes remaining in the Phase 3 program. Following the completion of those holes, Pan Global will commence drilling at the nearby Profunda target.

In the surrounding district, Pan Global secured two mineral exploration permits for the Salamón Gold Project, expanding its footprint in a region sharing the same gold commodity as Cármenes.

“As we advance drilling and refine our geological models, our focus is now on testing for extensions of the mineralization at depth, expanding the footprint and identifying additional high-grade zones at Providencia and other high-priority targets in the Cármenes Project.”

— Tim Moody, President and CEO of Pan Global

Pan Global shares are currently trading at $0.18, up 12.50% following the announcement.

Read the full announcement: Pan Global Intersects 83 Meters of 1.74 g/t Gold, Expanding New Gold Zone at Cármenes Project, Spain