Pan Global Resources Inc. (TSXV: PGZ) reported new surface and underground channel sampling results from the Providencia target at its 100%-owned Carmenes project in northern Spain. The latest data indicates the presence of a continuous high-grade gold zone extending at least 80 meters on the surface, with assays returning 2.36 grams per tonne (g/t) gold. Underground sampling at the 1438m Level, the first systematic evaluation of that area since the mine entrance was cleared, revealed polymetallic mineralization, including grades of 2.40% copper, 0.83% nickel, and 0.27% cobalt over 9 meters.

Management suggests these findings indicate a large, multiphase breccia system that remains open in multiple directions. The surface sampling results, which include high-grade intervals such as 3.21 g/t gold over 23 meters, were collected from zones recently exposed by road construction. By identifying significant gold alongside copper, nickel, and cobalt, the team believes they have uncovered a system with more extensive dimensions than prior historical data suggested.

"These results significantly strengthen our view that Providencia hosts a much larger gold system than previously recognized." — Tim Moody, President and CEO of Pan Global Resources

The Providencia target is situated within a broader region attracting technical interest. Nearby, Orvana Minerals Corp provided an update on production and drilling at the Orovalle project in May 2026, highlighting ongoing activity in this part of Spain. For Pan Global, the focus remains on the current eight-hole diamond drilling campaign designed to test the depth and lateral continuity of the mineralized breccia. With six holes completed and assays pending, the company is preparing to incorporate these findings into a refined geological model for future targeting.

"With drilling and sampling continuing and assays pending from six holes of the eight-hole campaign, we look forward to the next phase of results from Providencia in the coming weeks." — Tim Moody, President and CEO of Pan Global Resources

The company’s recent activity saw a positive response from the market, with shares of the explorer closing at $0.18 on July 30, 2026, marking a 2.86% increase on the day. The current exploration effort at Carmenes is intended to define the structural controls on the mineralization, which the company describes as potentially having significant vertical dimensions. Systematic sampling continues across the Providencia, Profunda, and Valverdin targets, providing data that will guide the next phase of exploration as the team seeks to confirm the scale of this gold-rich breccia discovery. The results reported this week demonstrate that the mineralization extends well beyond the historical underground workings, providing a new focus for the technical team as they continue their work at the site. The combination of surface and underground data offers a clearer view of the system’s geometry, supporting the interpretation of a robust, multi-metal project.

Read the full announcement: Pan Global Expands Near-Surface Gold Mineralization at Providencia with 2.36 g/t Gold Over 80 Meters, Cármenes Project, Spain