TSXV: PGZ | OTCQX: PGZFF

VANCOUVER, BC, Aug. 23, 2023 /PRNewswire/ -- Pan Global Resources Inc. ("Pan Global" or the "Company") (TSX-V: PGZ; OTCQX: PGZFF) is pleased to report the results of 15 drilling at the La Romana deposit in the Escacena Project, 100% owned by the Company, in the Iberian Pyrite Belt, southern Spain. La Romana constitutes a coherent zone of moderate north-dipping copper-tin-silver mineralization, currently defined to be approximately 1.2 kilometers in length and down to 400 m down-dip. A 25-hole drill program is underway to extend and verify the westward extension of surface mineralization in the Romana Oeste area.

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"We are very pleased with these results, which successfully extend copper and copper-tin-silver mineralization at La Romana and further demonstrate the favorable continuity of mineralization," said Tim Moody, President and CEO of Pan Global.

"New drill holes extending research to the north show mineralization remains open at depth. Northeast infill holes confirm continuity of high-grade mineralization intersected in previous holes. Three infill holes drilled for program metallurgical tests for tin that are being carried out confirm the continuity of tin mineralization in the west."

"At Romana Oeste we continue to be encouraged by the visible copper-tin mineralization seen in cores since early drilling in this high-potential zone, which represents the possible westward extension of copper-tin-silver mineralization from La Roman."

"Results are also pending from the recently completed follow-up drilling program at the Cañada Honda copper-gold target, less than 4km north of La Romana."

The results of the boreholes are summarized in table 1 and the details of the inlets are presented in table 2. The location of the boreholes is shown in figure 1.

extension probes

Extension drill holes have expanded to depth the northern limits of La Romana copper and copper-tin-silver mineralization to between 50m and 70m in various sections, and show mineralization remains open at depth. Results include broad zones of copper mineralization and/or bands of high-grade copper mineralization with associated strong chloritic alteration, indicating the potential for mineralization to continue at depth. Mineralization also remains open to extension. Some notable data are:

padding probe

Infill drilling included testing an area previously unapproachable due to access limitations, and confirmed additional high-grade copper mineralization within a continuous zone extending from near surface to approximately 450m depth (see Figure 2). Three additional infill holes (LRD152, LRD154 and LRD159) complement a tin metallurgical assay program and have confirmed the continuation of high-grade tin mineralization to the west. Some of the highlights are:

Table 1 - Escacena Project, summary of borehole results (all intersections are from >90% to approximately 100% of actual thickness)

1 Probe for metallurgical tests of Sn

Table 2 - Escacena Project, information on inlets (Total 3745.5m)

1 Probe for metallurgical tests of Sn2 Coordinates in ERTS89 datum UTM29N

The Escacena Project comprises a continuous piece of land of 5,760 hectares in the eastern Iberian Pyrite Belt owned 100% by Pan Global. The Escacena Project is located close to the operating Las Cruces and Riotinto mines and is adjacent to the Aznalcóllar and Los Frailes mines, where Minera Los Frailes/Grupo México is in the final permitting phase and is expected to be Construction begins in 2023. The Escacena Project hosts the La Romana copper-tin-silver discovery and other potential targets, including Zarcita, Hornitos, La Jarosa, Romana Deep, Romana North, Romana West, Cañada Honda, Bravo, Barbacena, El Well and Saint Paul.

Pan Global Resources Inc. is actively seeking copper-rich mineral deposits given the future supply and demand market prospects for copper, and long-term price prospects as a critical metal for global electrification and energy transition. The Escacena Project, the Company's main one, is located in the prolific Iberian Pyrite Belt, in southern Spain, where infrastructure, mining and professional experience, and support for copper as a Strategic Raw Material by the European Commission Together they define a first level jurisdiction for mining investment. The Pan Global team is made up of professionals with recognized talent in mining exploration, development and exploitation, all of them committed to operating safely and with the utmost respect for the environment and the communities with which we collaborate.

QA/QC procedures

The control diameter was HQ (63 mm) and all samples were ½ control. The nominal sample size was 1 m core length and ranged from 0.4 m to 2 m. Sampling intervals were defined by geological contacts and the start and end of each sample were physically marked on the core. The company personnel supervised the cutting of the witnesses and the taking of samples at all times. Duplicate ¼ control samples were taken approximately every 30 samples and certified reference materials were inserted every 25 samples in each batch.

Samples were sent to the ALS laboratory in Seville (Spain) and analyzed at the ALS laboratory in Ireland. All the samples were crushed and divided (CRU-31 method, SPL22Y), and pulverized (PUL-31 method). The gold analysis was carried out by fire assay of 50 g with ICP analysis (Au-ICP22 method) and the multi-elemental analysis was carried out by 4-acid digestion with ICP AES finish (ME-ICP61 method). Higher grade base metal results were analyzed by ICP AES 4-acid digestion (OG-62 method). Very high grade tin was determined by peroxide melting with ICP analysis (Sn-ICP81x method).‍

Qualified Persons

James Royall, Vice President of Exploration for Pan Global Resources and a Qualified Person as defined by National Instrument 43-101, has reviewed the scientific and technical information in this news release. Mr. Royall is not independent of the company.

On behalf of the Board of Directors

FOR MORE INFORMATION, CONTACT Jason Mercier, VP Investor Relations and Communications jason@panglobalresources.com 1 778 372-7101 www.panglobalresources.com

Statements that are not purely historical are forward-looking statements, including any statements relating to beliefs, plans, expectations or intentions regarding the future. It is important to note that actual results and the actual results of the company 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 news release are reasonable, but there can be no assurance that these expectations will prove to be correct and such forward-looking information should not be undue relied on. 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 information contained in the company's management report on its audited financial statements, filed with the British Columbia Securities and Exchange Commission.

The forward-looking information contained in this news release is based on information available to the company as of the date of this release. Except as required by applicable securities law, the company does not intend to update this forward-looking information, nor does it assume any obligation to do so.

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