Multiple High-Grade Polymetallic Drill Intercepts At Aguilas Project

VANCOUVER - Pan Global Resources Inc. reported on ten new drill holes on the 25-kilometer long Zumajo fault/breccia zone and historical mine trend at the Aguilas Project in the Cordoba Province, southern Spain.

Tim Moody,President and CEO, said, "The resumption of drilling on the Aguilas Project, approximately 200 kilometers north of our Escacena Project, included testing three targets on the 25-kilometer long Zumajo historic Pb-Ag mine trend. Encouraging drill results were received from the ten hole program, with significant polymetallic (lead, zinc and silver) assays returned from our first ever drill holes at the Minguillo Target and follow-up drill holes at the Vacadillas target. The mineralization remains open at depth and along strike at both targets.

The vertical extent of this type of mineralization can be several hundred meters as is characteristic of the important historic Linares and La Carolina Pb-Ag vein mining districts less than 100km to the east. The drilling is currently wide-spaced and tested the mineralization to shallow depths of less than 150m on small parts of the Zumajo vein/breccia system. Additional drilling is required to further evaluate this potentially important mineral trend. Together with the announcement of multiple drill targets at Escacena last week, these results further support the compelling prospectivity of the Pan Global exploration portfolio."

Drill holes 22MID01 and 22MID02 are the first holes at the Minguillo Target. The holes are approximately 400m apart and confirmed significant high grade polymetallic (Pb, Zn and Ag) mineralization extending beneath the Mina Pasqualin and Mina Chinche historic underground mine workings. The mineralization includes coarse sphalerite and galena over intervals of approximately 5m to 6m within a steep north-dipping quartz-carbonate vein and breccia zone up to 11m thick. The mineralization remains wide open at depth and along strike, associated with a Pb-Zn soil geochemistry anomaly that extends from the mine workings for approximately 3 kilometers along the Zumajo Fault Trend.

Hole 22MID01 tested approximately 30m below the lowest underground mine level at Pasqualin and intersected 6.0m at 0.7% Pb, 4.6% Zn, 3.5g/t Ag from 102.0m downhole, including 2.2m at 1.9% Pb, 12.3% Zn, 9.2g/t Ag. Hole 22MID02 tested approximately 30m beneath the lowest underground mine level at Chinches and intersected 5.25m at 2.4% Pb, 4.9% Zn, 9.1g/t Ag from 156.5m, including 0.55m at 20.8% Pb, 16.8% Zn, 66.4g/t Ag and 0.6m at 0.94% Pb, 10.4% Zn, 6.8g/t Ag.

The Vacadilla Target coincides with a semi-continuous zone of lead and zinc mineralization over more than 2 kilometers strike associated with abundant historic surface and shallow underground mine workings, including Mina San Juan and Mina San Rafael. New drill holes 22VAD01 to 22VAD05 were designed to follow-up previous wide spaced drilling by Pan Global in 2019. Holes 22VAD01 and 22VAD04 intersected significant high grade Pb-Zn-Ag mineralization with coarse galena and lesser sphalerite over intervals of approximately 4m to 7.5m. The results indicate mineralization potentially continues over more than 500m strike associated with the San Rafael mine workings and remains open below approximately 150m depth and is also wide open at depth in the east at the Dos Centimos zone. Additional potential is apparent, associated with a strong Pb-Zn soil anomaly over 2km strike extending from the mine workings and in potential parallel veins/breccias.

Hole 22VAD01 intersected 7.5m at 2.35% Pb and 13.6 g/t Ag from 112.5m including 4.5m at 3.9% Pb, 1.1% Zn and 22.4g/t Ag and 1m at 5.51% Pb and 19.4g/t Ag from 89.7m in the hanging wall. The results extend the mineralization approximately 45m below previous drill hole VAC06 and confirms additional mineralization within a narrow parallel fault or splay to the main structure.

Hole 22VAD04, drilled in the west of the San Rafael underground mine workings, intersected a 7m interval with breccia and veining, including 3.75m at 4.9% Pb, 36.1 g/t Ag and 0.2 % Zn from 98.65m and exceptionally high grades up to 32.7% Pb and 233 g/t Ag over 0.55m.

New drill holes 22NAD01 to 22NAD03 are the first holes at the Navalaencina Target in the far southeast of the Zumajo structure, approximately 5km southeast of the Vacadilla Target. The holes tested a lead-zinc-(copper) soil anomaly and trend of historic surface and shallow San Antonio underground mine workings. Mine dump material includes samples with coarse galena, chalcopyrite and bornite. All three holes intersected broad zones of alteration and brecciation over intervals of approximately 20m within the granitic host rocks with anomalous levels of Cu and Pb over narrow intervals in holes 22NAD01 and 22NAD03.