Spain Gold Mine Intersects 9-Meter Mineralized Interval Grading 7.29 g/t Gold

en.Wedoany.com Reported - On October 14, Canadian mining company Pan Global Resources announced the results of Phase III drilling at the Providencia target of the Cármenes gold project in Spain. Drill hole PVD18 returned a continuous 9-meter mineralized interval grading 7.29 g/t gold starting at 1 meter depth, including a 2-meter sub-interval grading 28.10 g/t gold. Drill hole PVD17 intersected a separate 38-meter mineralized interval grading 1.53 g/t gold, including a 25-meter sub-interval grading 2.25 g/t gold. To date, 19 drill holes have been completed at the target, with gold mineralization extending in multiple directions and at depth.

Drill hole PVD18 was completed at a depth of 223.3 meters with a dip of -75°, and its 9-meter mineralized interval also returned 0.72 g/t platinum, 0.24 g/t palladium, 0.20% copper, 0.17% nickel, and 0.06% cobalt. Drill hole PVD17 was completed at a depth of 127.2 meters with a dip of -52°, intersecting continuous gold mineralization from 17 to 55 meters depth, including a 10-meter sub-interval grading 3.18 g/t gold and a separate 2-meter sub-interval grading 3.70 g/t gold. This hole is located below the previous PVD03 hole and returned higher gold grades than the mineralized intervals identified above it.

Drill hole PVD19 returned multiple near-surface gold mineralized intervals, including 2 meters grading 2.57 g/t gold, 6 meters grading 2.46 g/t gold, and 2 meters grading 1.60 g/t gold. A continuous 30-meter interval from surface in this hole averaged 0.81 g/t gold. The company calculated this longer interval using a statistical method without grade capping, and it is reported separately from other mineralized intervals calculated using cut-off grades.

The Cármenes project is located approximately 55 kilometers north of León and comprises 5 exploration permits covering a total area of 5,653 hectares, in which Pan Global Resources holds a 100% interest. The Providencia target previously hosted copper, cobalt, and nickel mining activities, and the company discovered new gold mineralization during its first drilling program in 2025. Current exploration has confirmed that gold mineralization extends from surface to more than 70 meters depth, and historical mine workings data indicate that the related mineralized structures continue to at least 100 meters depth.

Phase III is planned to comprise 12 drill holes, with assay results pending for 3 additional Providencia drill holes, including the currently operating PVD22 hole. The company will incorporate the new drilling data into its geological model, continue to test the along-strike and down-dip extent of the mineralized zone, and plans to initiate first-pass drilling at the Profunda target approximately 1 kilometer south of Providencia. Surface sampling and geological mapping are ongoing at other exploration targets within the Cármenes mineral tenure.