Providencia hematite‑breccia spurs Cármenes drill push, relevant to Randgold Resources

Providencia hematite‑breccia find drives Cármenes drill push

Vancouver‑based Pan Global Resources is reporting that its Phase 2 campaign at the Providencia target within the 100%-owned Cármenes Project in northern Spain continues to confirm near‑surface, high‑grade gold associated with hematite‑breccia zones. Drillhole PVD10 returns headline assays of 3.5 g/t gold over 8 metres and 1.2 g/t gold over 10 metres, with those shallow gold intervals occurring adjacent to historical mine workings and extending eastward beyond mined areas. The company says these intersections strengthen the case for a contiguous, shallow mineralized envelope amenable to follow‑up drilling.

Preliminary petrographic studies reinforce the exploration case by identifying free native gold within the hematite breccia, a textural characteristic Pan Global interprets as supportive of potentially favourable metallurgy and straightforward recovery routes. The presence of coarse, visible gold in the primary host encourages a metallurgical testing program aimed at defining recovery options early in the evaluation process. Management frames the petrography and drilling together as de‑risking signals that will guide the design of Phase 3 testwork.

The system also shows a polymetallic footprint, with Au–Cu–Ni–Co signatures recorded beyond historical workings and in multiple shallow gold horizons. Pan Global says the mineralized corridor remains open along strike and at depth, prompting a planned Phase 3 drill program scheduled to start in the first quarter of 2026 that focuses on expanding known zones and testing priority targets defined by cross‑sections and surface mapping.

Follow‑up targets and surface work

Surface trenching complements the drill results, with a 20‑metre trench returning an untested zone averaging 1.74 g/t gold and 11.2 g/t silver that Pan Global intends to test by drill in 2026. Across the Cármenes land package the company identifies more than two dozen untested gold and polymetallic targets — veins, breccias and other structural features — providing multiple parallel opportunities for rapid target conversion.

Exploration strategy and next steps

Pan Global positions the Cármenes programme to leverage historical mine data combined with modern geophysics, mapping, trenching and metallurgy to accelerate resource definition and permitting studies. The company emphasises a multi‑disciplinary approach in Phase 3 aimed at both expanding the footprint of mineralisation and advancing metallurgical work to assess recovery pathways, an approach broadly relevant to gold explorers such as Randgold Resources and others operating in hematite‑hosted, near‑surface gold systems.