VANCOUVER, BRITISH COLUMBIA – (July 04, 2023) – Pan Global Resources Inc. (“Pan Global” or the "Company") (TSX-V: PGZ; OTCQB: PGZFF) is pleased to announce positive results for the first of three follow-up drill holes at the Cañada Honda target at the Company’s 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain.

“Higher-grade copper mineralization continues to be delineated at the Cañada Honda target. Hole CHD05 reported today was a large step-out along a two-kilometer-long gravity anomaly and intercepted a wide zone of copper-gold mineralization 150m down-dip. It is particularly encouraging to see an increase in thickness of the copper-gold mineralization down-dip coincident with a gravity target. This indicates good potential for additional mineralization associated with the gravity anomaly,” said Tim Moody, Pan Global’s President and CEO.

“Follow-up drill hole CHD06, more than 100m to the east of hole CHD05, has intersected visible copper mineralization coincident with a downhole EM (DHEM) conductor anomaly, confirming that mineralization at Cañada Honda is open in all directions.”

Cañada Honda, one of more than 14 gravity anomalies in the Escacena Project, is a high-priority target following drill results reported on June 1, 2023 that show gold and copper mineralization increasing down-dip on the edge of a 2km long east-west gravity and DHEM anomaly. Drill hole CHD05, the first of a three-hole follow-up drill program, targeted the gravity anomaly 150m down-dip from previous drill hole CHD04, and approximately 330m down-dip from a historic mine tunnel. Results are pending for hole CHD06 located 100m east of CHD05, targeting a large DHEM anomaly. Hole CHD07 is in-progress targeting a resistivity-low anomaly 100m down-dip from CHD05. The Cañada Honda target is approximately 3.5km north of Pan Global’s La Romana copper-tin-silver discovery at the Escacena Project.

Drill results for Cañada Honda hole CHD05 are summarized in Table 1 and drill collar details are presented in Table 2 below. Drill hole locations are shown in Figure 1. The gravity anomaly cross-section is shown in Figure 2.

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Highlights

Hole CHD05 confirms that copper-gold mineralization continues with increasing thickness 150m down-dip from hole CHD04, and remains wide open.
Results for CHD05 include:
- 20m at 0.5% Cu, 0.3g/t Au, and 1.9g/t Ag from 287m down-hole, including

- 5.1m at 1.3% Cu, 0.5g/t Au, and 3.9g/t Ag

- 0.5m at 10.3% Cu, 1.4g/t Au and 29g/t Ag

- Assays are pending for the upper part of the drill hole

Hole CHD06 shows visible copper mineralization coincident with the DHEM target approximately 100m east of hole CHD05.
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Figure 1 – Cañada Honda gravity anomaly map (gravity inversion models on Bouger gravity grid) with drill hole locations, including new holes CHD05, CHD06 and CHD07, DHEM conductor and cross section location A-A’ in Figure 2.

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