Pan Global confirms shallow high-grade gold, polymetallic mineralisation at Cármenes Providencia

Cármenes Providencia: Shallow high-grade gold confirmed in new drilling

Pan Global Resources reports Phase 2 drilling at the Providencia target within the 100%-owned Cármenes project in northern Spain is confirming near-surface, high-grade gold and broader polymetallic mineralization. Drillhole PVD10 returns standout intercepts of 3.5 g/t gold over 8 metres and 1.2 g/t gold over 10 metres, with those zones occurring adjacent to historical workings and at shallow depths to the east. The company says mineralization remains open along strike and at depth, underlining the potential for a larger, near-surface system.

Petrographic analysis is reinforcing the exploration case by identifying free native gold within hematite breccia, a texture that suggests coarse gold and potentially favourable metallurgy for recovery. In addition to gold, the drilling campaign continues to encounter polymetallic signatures — gold with copper, nickel and cobalt — extending beyond historical mine limits and intersecting multiple shallow gold zones. Surface trenching further delineates near-surface continuity, notably a 20-metre trench averaging 1.74 g/t Au and 11.2 g/t Ag that Pan Global plans to test by drilling in 2026.

The company positions the Cármenes land package as a multi-target system, with more than two dozen untested gold and polymetallic prospects across veins, breccias and polymetallic zones. Management is emphasising the ability to leverage historical mining data alongside modern mapping, geophysics and targeted drilling to rapidly de-risk priority targets and advance toward resource definition and permitting studies.

Metallurgical and technical follow-up

Pan Global is prioritising metallurgy and further petrographic work to confirm that the occurrence of native gold in hematite breccia translates into simple, high-recovery processing options. The company outlines a multi-disciplinary follow-up program — including further trenching, metallurgical testwork and geophysical surveys — to characterise ore types and refine drilling vectors.

Phase 3 drilling and broader exploration agenda

Phase 3 drilling is scheduled to begin in the first quarter of 2026 and is designed to test the high-priority targets identified from Phase 2, expand known mineralized zones and drill the untested trench anomaly. The broader Cármenes programme aims to convert multiple prospects into drill targets and evaluate the polymetallic potential across the property, aligning with industry trends toward systematic, data-led exploration of historical mining districts.