Saw-cut sampling returned 20.2 g/t gold over 5.0 meters at surface confirming higher grades well beyond the historical Providencia mine workings
Discovery of extensive sulphide and hematite breccia exposed at the newly accessed 1,438m Level of mine workings indicates the system is widening and open at depth
Further underground and surface sampling in progress
Drill program expanded to eight drillholes
Ongoing district-scale exploration at more than 25 high-priority targets across the Cármenes Project area
VANCOUVER, BC, May 7, 2026 /PRNewswire/ -- Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQB: PGZFF) (FRA: 2EU) is pleased to announce new twin saw-cut channel sampling at surface has verified high-grade gold mineralization, returning 20.2 g/t gold over 5.0 meters. Underground mapping of historical mine workings has confirmed a substantial widening of the mineralized system at depth at the Providencia target ("Providencia"), within the Cármenes Project ("Cármenes") on the southeastern extension of the Rio Narcea Gold Belt in northern Spain.
Figure 1 – New twin saw-cut channel location and results at Providencia
Figure 2 – Providencia target area showing new sample results at surface and previous Pan Global drillholes, channel and trench gold results
Figure 3 – Providencia target showing widening of the mapped hematite and sulphide breccia system from 1,467m to 1,438m Levels, with mineralization open laterally and at depth Cross-Section
Figure 3- Level Plans
Figure 4 – Inside the entrance to the historical Providencia mine tunnel at the 1,438m Level
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"The verification of 20 g/t gold at surface and confirmation of the scale of the extensive sulphide and hematite breccias at the 1,438m Level represent a significant advancement for the Cármenes Project," said Tim Moody, President and CEO. "We are seeing clear evidence that the gold and copper-nickel-cobalt system is growing as we go deeper and it remains wide open for expansion in several directions. With plans to investigate up to 25 additional targets at Cármenes, we are no longer just looking at just a single deposit at Providencia but are focused on exploring a significant mineral district."
Higher confidence systematic twin saw-cut channel sampling has verified and upgraded the previously reported chip sample results of 15 g/t Au over 6m (see March 25, 2026 media release). These latest results include a new bonanza-grade assay at Providencia of 51.2 g/t gold and 1.9 g/t platinum and palladium over 1m. The new channel is approximately one meter uphill from the previous sampling traverse and 70 meters east of the projected surface footprint of the Providencia underground workings (see Figure 1 below).
Channel sample results are selective in nature and may not be representative of overall mineralization
In light of these additional high-grade results, the Company has expanded the current Providencia drill program to eight drillholes for an estimated 1,200 meters. The drill rig is currently testing potential extensions and structural controls of copper-cobalt-nickel sulphide and high-grade gold mineralization.
A detailed program of 800 saw-cut channel samples is currently underway within a newly exposed underground tunnel at the 1,438-meter elevation level in the historical Providencia mine workings. The sampling program is intended to evaluate continuity of the mineralized system and refine the structural model. The new sampling and mapping have identified extensive sulphide-rich breccia and hematite breccia, which are the primary host rocks for copper, cobalt, nickel and gold at Providencia. Over 180 meters of breccia has been mapped in the walls of the accessible mine workings at the 1,438-meter level. This represents a significant widening of the system footprint to more than 100m x 60m, open laterally and at depth, approximately 30 meters vertically beneath the previously sampled 1,467-meter elevation level (see August 20, 2025 media release).
Results from both the drill program and underground channel sampling will be released as they become available.
District-Scale Program: 25+ Targets Identified
Pan Global is currently also advancing regional exploration at Cármenes where over 25 high-priority targets have been identified, including:
Providencia western extension: Soil geochemistry is expanding the Providencia footprint up to 300 meters to the west of the previous sampling, targeting lateral extensions of the known breccia system.
Profunda Target: Mapping and systematic geochemical sampling are active over the historical Profunda mine located one kilometre south of Providencia.
Surface soil sample geochemistry and mapping programs: Focused on other targets selected from the interpretation of geophysics, structural and geological data and where there is evidence of historical mining.
About the Cármenes Project
The Cármenes Project is located on the southeastern extension of the Rio Narcea Gold Belt approx. 55km north of León and comprises five Investigation Permits over 5,653 hectares held 100% by Pan Global. The Project area is highly prospective for multiple bodies or "clusters" of carbonate-hosted hydrothermal breccia style copper, nickel, cobalt, and gold mineralization. The area includes the former Profunda and Providencia mines that last operated in the 1930s, producing concentrates of copper and cobalt with nickel. Numerous other smaller historical mine workings in the area highlight the potential for additional breccia mineralization. These types of ore deposits can have significant vertical dimensions exceeding 1km. The Company's maiden drill program in 2025 at the Providencia target yielded a new gold discovery.
About Pan Global Resources
Pan Global Resources Inc. is actively exploring for copper-rich mineral deposits along with gold and other metals. Copper has compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. Gold is also attracting record prices.
The Company's flagship Escacena Project, hosting La Romana and Cañada Honda copper-tin-gold mineral resources, is in the prolific Iberian Pyrite Belt in southern Spain, where a favourable permitting track record, excellent infrastructure, mining and professional expertise, and support for copper as a Strategic Raw Material by the European Commission collectively define a tier-one low-risk jurisdiction for mining investment. The Company's second project, at Cármenes in northern Spain, is an area with a long mining history and excellent infrastructure. The Pan Global team comprises proven talent in exploration, discovery, development, and mining operations. Pan Global Resources is committed to operating safely and with utmost respect for the environment and our partnered communities. The Company is a member, and operates under the principles, of the United Nations Global Compact.
Álvaro Merino, Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has approved the scientific and technical information for this media release. Mr. Merino is not independent of the Company.
Sampling, QA/QCand Analytical Procedures
The channel samples were collected across exposed rock face exposed in a surface bulldozer trench. Samples were collected as continuous horizontal twin-saw cut rock-chip channels.
Individual sample lengths were approximately 1.0 meter horizontal. Reported intervals represent the cumulative length of consecutive mineralized samples; true widths are unknown. Channel samples are selective in nature and may not be representative of the overall grade or continuity of mineralization.
Samples were placed in sealed bags and delivered to the ALS sample preparation facility in Seville in Spain and assayed at the ALS facility in Ireland. All samples were crushed, split and pulverized using methods CRU-31, SPL-22Y and PUL-31. Gold, platinum and palladium analyses were by 50g Fire Assay – ICP-AES finish (PGM-ICP24). Multi element analysis was undertaken using a 4-acid digest with ICP-AES finish (ME-ICP61). Over-grade gold samples were analyzed using Fire Assay with Gravity Finish (Au-GRA21). A certified reference sample was also inserted as a check.
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. The Company believes that the expectations reflected in the forward-looking information included in this media release are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental, and technological factors that may affect the Company's operations, markets, products, and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained in this media release is based on information available to the Company as of the date of this media release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information.
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