Pan Global finds shallow, high‑grade native gold at Cármenes Providencia; Barrick Gold noted

Shallow, high‑grade signals at Cármenes

Pan Global Resources reports that its Phase 2 drilling and preliminary petrographic work at the Providencia target within the Cármenes project in northern Spain continue to define shallow, high‑grade gold mineralisation that may carry favourable metallurgical characteristics. The company confirms visible, free native gold within hematite‑breccia zones from petrographic samples, a style that typically reduces processing complexity and can accelerate de‑risking and development timelines for hard‑rock gold projects.

Native gold in hematite breccia: a metallurgical flag for major miners

The identification of native gold hosted in hematite breccia is the principal development and has immediate industry relevance. Petrographic evidence of coarse, free gold suggests simple physical recovery routes may be viable and supports follow‑up metallurgical testwork to quantify recoveries and processing options. For large producers such as Barrick Gold, which operate diverse deposits and prioritise projects with lower capital‑intensity processing, such mineralogical characteristics can materially influence project economics and the attractiveness of district‑scale targets.

Pan Global emphasises that the metallurgical implication is coupled with continuity of near‑surface mineralisation. The company frames the combination of high‑grade intercepts adjacent to historical workings and visible native gold as a route to rapid de‑risking through targeted metallurgical programs, trenching and step‑out drilling — an approach commonly used by majors to prioritise fast‑track opportunities within a larger land package.

Drill and trench highlights

Key assay results include drillhole PVD10, which returns 3.5 g/t gold over 8 metres and 1.2 g/t gold over 10 metres, with these zones occurring at shallow depths east of historical adits. Drilling also confirms polymetallic Au–Cu–Ni–Co signatures that extend beyond the limits of past workings, and surface trenching defines an untested zone averaging 1.74 g/t Au and 11.2 g/t Ag across 20 metres. The system remains open along strike and at depth, providing multiple vectoring opportunities for follow‑up work.

Next steps and broader exploration agenda

Pan Global schedules Phase 3 drilling to begin in the first quarter of 2026 to test priority targets, extend known mineralised zones and target more than two dozen untested prospects across the Cármenes tenure. The company plans a multi‑disciplinary programme of drilling, trenching, mapping, geophysics and metallurgical testwork to advance resource definition and to define viable recovery pathways — a sequence of work that mirrors the exploration and de‑risking strategies employed by major gold producers.