Pan Global Resources (TSXV:PGZ) has released an update on the advancement of exploration and drilling activities at its two key projects in Spain: the Escacena Project in the Iberian Pyrite Belt of southern Spain and the Cármenes Project in the northern León region. The company is also in the process of selecting a consultant to produce a National Instrument 43-101-compliant Technical Report for the La Romana deposit, including a maiden Mineral Resource Estimate.

Tim Moody, Pan Global’s President and CEO, commented in a press release: “The 2025 drill programs at the Escacena and Cármenes Projects are testing a compelling suite of high-priority targets, highlighting excellent potential for additional new discoveries of significant mineralization. Simultaneously, the team is advancing the plans for the La Romana copper-tin-silver deposit’s maiden Resource due for delivery before year-end, and the step-out drill program is targeting wider zones of higher-grade mineralization for inclusion in the maiden Resource. We look forward to providing updates as results are available.” 

Escacena Project Advancing Toward Resource Definition

At the Escacena Project, Pan Global is moving forward with a Technical Report that will include the first formal Mineral Resource Estimate for the La Romana copper-tin-silver deposit. The Technical Report will conform to NI 43-101 standards, the Canadian standard for mineral project disclosure. Consultant selection for the report is currently underway.

The Escacena Project consists of a 5,760-hectare land package fully controlled by Pan Global. Located in the eastern portion of the Iberian Pyrite Belt, the area is within 40 kilometers of three active mining operations and associated processing infrastructure. It is also located near the operational Riotinto mine and directly borders the former Aznalcóllar and Los Frailes mines. The adjacent Los Frailes property is in the final permitting stage for redevelopment by Minera Los Frailes, a subsidiary of Grupo México.

Within Escacena, Pan Global has identified multiple mineralized targets. In addition to La Romana, which is being advanced toward resource delineation, other discoveries include the La Pantoja copper-tin-silver zone and the Cañada Honda copper-gold occurrence. The company has also outlined numerous other targets that remain at earlier stages of exploration. These include Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa, Romana Deep, and Cortijo. The variety and distribution of targets indicate the project’s potential for hosting multiple deposits.

Cármenes Project: Northern Spain Copper-Nickel-Cobalt Targets Under Evaluation

In addition to Escacena, Pan Global continues to explore its Cármenes Project, located approximately 55 kilometers north of León in northern Spain. The project comprises five 100%-owned Investigation Permits covering a total of 5,653 hectares. The project area is geologically situated within the same belt that hosts Orvana Minerals’ Orovalle copper-gold mining operation and the Salamon gold deposit.

Cármenes is considered prospective for carbonate-hosted breccia pipe-style mineralization. These “pipe-like” ore bodies can extend vertically for over a kilometer and may contain copper, nickel, cobalt, and gold mineralization. Historical records show that the area was previously mined at the Profunda and Providencia sites during the early 20th century, primarily for copper and cobalt, with additional nickel production. Although mining operations ceased in the 1930s, numerous smaller historical workings are still present in the area, indicating the possibility of undiscovered breccia pipes.

Current exploration activities at Cármenes are targeting multiple bodies with breccia-style mineralization. The geology suggests the potential for mineralized “clusters” that could host several vertically extensive deposits within the same structural corridors.

Pan Global Resources is focused on exploring for copper-rich and polymetallic mineral deposits in Spain. The company has prioritized copper due to its role in global electrification efforts and the European Union’s classification of copper as a Strategic Raw Material. The company is also targeting gold, a metal that continues to trade at historically high prices.

The company notes that the Iberian Pyrite Belt offers favorable conditions for mineral exploration and development, including modern infrastructure, a history of mining activity, available processing capacity, and established permitting processes. Southern Spain is regarded as a tier-one jurisdiction for mining, and Pan Global continues to engage with local communities and authorities in the region.

In northern Spain, the Cármenes Project benefits from a similarly long mining history and existing infrastructure, which support cost-effective exploration.

Pan Global Resources (TSXV:PGZ) has announced that drilling has begun at the Romana Deep volcanogenic massive sulphide targets at the 100%-owned Escacena Project. Located in Spain, the initial program at the project consists of four widely spaced drill holes and is aimed at providing the first test for the Romana Deep target.

Tim Moody, Pan Global President and CEO, commented in a press release: “Romana Deep is a compelling target featuring a large HEM anomaly extending down-dip from Pan Global’s La Romana copper discovery. Some of the strongest copper mineralization at La Romana exhibits a similar HEM signature and the copper mineralization remains open in the direction of the Romana Deep target. The first of four planned drill holes has commenced at Romana Deep. In addition, drilling continues to the north at the high priority Zarcita target.”

Romana Deep Target

Further processing and interpretation of the Company’s recently completed HEM survey has significantly expanded the previously identified Romana Deep target (see previous news release on September 28, 2022). The Romana Deep target is characterized by a large HEM resistivity low anomaly located down-dip from Pan Global’s near-surface La Romana copper discovery (see Figure 1 above). The target is also less than 5 kilometres southwest of the former producing Aznalcollar open pit copper-zinc mine.

The copper-tin mineralization at La Romana also coincides with HEM resistivity low anomalies, providing a further indicator of potential for additional copper mineralization associated with the Romana Deep HEM target. The target extends northwards from La Romana at a depth of approximately 300m and spans more than 1 km east-west. See Figures 2 and 3 below. An initial four drill holes, 150 to 350 meters apart, totalling approximately 2,000 meters are planned to test some of the strongest resistivity low anomalies within the broader target area.

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. The project is located near operating mines at Las Cruces and Rio Tinto and is immediately adjacent to the former Aznalcollar and Los Frailes mines where Minera Los Frailes/Grupo Mexico is in the permitting stage to restart mining. The Escacena Project hosts the La Romana copper-tin discovery and a number of other prospective targets, including La Jarosa, Hornitos, Zarcita, Romana Deep, Pilar, Bravo and Barbacena.