PGZ.V · 2022-02-03 12:00:00

Pan Global Drilling Continues to Expand Near Surface Copper-Tin Mineralization at La Romana and Drilling Commences at Nearby La Jarosa, Escacena Project, Southern Spain 10.1m at 2.5% CuEq, including 5.35m at 4.2% CuEq Assays up to 2.96% Sn associated with cassiterite

Drill Results

Pan Global Drilling Continues to Expand Near

Surface Copper-Tin Mineralization at La

Romana and Drilling Commences at Nearby La

Jarosa, Escacena Project, Southern Spain

10.1m at 2.5% CuEq, including 5.35m at 4.2% CuEq

Assays up to 2.96% Sn associated with cassiterite

La Romana mineralization expanded further to the West

Drilling commences at the La Jarosa target within the recently granted Al Andaluz permit

Vancouver, British Columbia--(Newsfile Corp. - February 3, 2022) - Pan Global Resources Inc. (TSXV:

PGZ) (OTC Pink: PGNRF) ("Pan Global" or the "Company") is pleased to announce new drill results and

the expansion of the La Romana mineralized target area at the Escacena Project in the Iberian Pyrite

Belt, southern Spain. Exploration is also in progress on the adjoining Al Andaluz permit area within the

Escacena Project where drilling has commenced at the La Jarosa target.

Tim Moody, Pan Global President and CEO states: "The latest results further confirm that high-grade

copper mineralization continues near to surface at La Romana, with recent drilling returning more than

2% Cu over 10.1m from less than 10m below surface. The new drill results also extend the copper and

tin mineralization to the west and show that the mineralization is wide open in several directions. It should

also be noted that further results are also awaited for more than 20 drill holes."

Mr. Moody added: "These latest results are very encouraging and continue to expand the near surface

high-grade copper/tin target at La Romana, the first of several gravity targets on the Escacena Project.

Following the recent grant of the Al Andaluz permit we have rapidly mobilized a drill rig and are excited to

have commenced drilling the first hole at the La Jarosa copper target, some 4 km from La Romana. An

extensive exploration program is also now in progress, including gravity and surface geochemistry

surveys, and a high-resolution airborne electromagnetic survey due to begin within the next two-weeks.

Once data is available from this work the Company plans to commence a substantial follow up drill

program throughout 2022."

Highlights include

10m at 2.5% CuEq

(2.02% Cu, 0.09% Sn, 9.2g/t Ag) from 10.9m in

LRD90

, including

5.35m at 4.2% CuEq

(3.49% Cu, 0.14% Sn, 15.2g/t Ag)

30.2m at 0.8% CuEq

(0.42% Cu, 0.09% Sn, 3g/t Ag) from 122.3m in

LRD83

, including

9m at 1.01% CuEq

(0.51% Cu, 0.12% Sn, 3.7g/t Ag)

1.05m at 1.9% Cu, 0.3% Sn, 23.9g/t Ag, 0.16g/t Au, 1% Pb, 1.5% Zn

17m at 0.8% CuEq

(0.74% Cu, 0.011% Sn, 1.9g/t Ag) from 107m in

LRD98

, including

6m at 1.8% CuEq

(1.62% Cu, 0.023% Sn, 4.2g/t Ag)

11m at 0.7% CuEq

(0.61% Cu, 0.01% Sn, 1.6g/t Ag) from 107m in

LRD99

, including

4m at 1.3% CuEq

(1.17% Cu, 0.02% Sn, 2.8g/t Ag)

0.3m at 12% CuEq

(0.48% Cu, 2.96% Sn, 2.5g/t Ag) from 43.8m and

16m at 0.7% CuEq

(0.57% Cu, 0.04% Sn, 1.9g/t Ag) from 80m in

LRD104

including

5m at 1.5% CuEq

(1.2% Cu, 0.07% Sn, 4g/t Ag)

Figure 1

- La Romana geophysics targets and drill hole locations with selected highlights. Newly

reported drill hole results are highlighted in yellow.

To view an enhanced version of Figure 1, please visit:

https://orders.newsfilecorp.com/files/5190/112722_d19c8acac4f82bc9_001full.jpg

Figure 2

- Summary drill hole cross sections with new drill holes LRD83 (Section 736285 E) and LRD90

(Section 736435 E) highlighted in yellow. Previous drill hole results are provided in the Company's news

releases on 23-October-2019, 22-April-2020, 28-May-2020, 2-November-2020, 6-July-2021and 7-

October-2021.

To view an enhanced version of Figure 2, please visit:

https://orders.newsfilecorp.com/files/5190/112722_d19c8acac4f82bc9_002full.jpg

Drill results

The latest drill results are from nine holes completed in 2021 in the Phase 4 drill program at the La

Romana discovery. Drill holes LRD90 and 92 tested near-surface extension up-dip from previous drill

holes LRD05 and LRD31, respectively. Drill holes LRD98, 99 and 104 were aimed at extending the

mineralization to the west. LRD 82, 83 and 88 tested down-dip extensions and hole LRD87 tested for

mineralized extensions in the far east of the target area.

Drill hole locations are shown in Figure 1 and summary cross sections with holes LRD83 to LRD90 are

provided in Figure 2 above.

Drill hole collar information is provided in Table 1 below. Assay results are summarized in Table 2. The

drill holes were all inclined towards the south or southwest and all reported drill intervals are approx. true

thickness.

Table 1

Escacena Project, La Romana drill hole collar information (Total 1659.7m)

Hole ID

Easting

Northing

Azimuth (º)

Dip (º)

Depth (m)

LRD82

736844

4152695

180

-55

194.15

LRD83

736287

4152799

180

-55

209.3

LRD87

737133

4152660

180

-55

161.15

LRD88

736585

4152791

180

-60

251.3

LRD90

736436

4152628

180

-55

92.2

LRD92

736835

4152595

180

-50

137.3

LRD98

736039

4152806

180

-55

221.1

LRD99

736039

4152808

220

-55

199.1

LRD104

736055

4152761

190

-60

194.1

Coordinates are in ERTS89 datum UTM29N

Table 2

- Escacena Project, La Romana drill results summary

Hole

Int

CuEq

ppm

g/t

ppm

g/t

ppm

LRD82

67.00

68.30

1.30

1.27

1.22

3.6

124

0.03

370

106.40

114.80

8.40

0.54

0.46

151

2.8

0.01

135

474

incl.

106.40

107.50

1.10

1.17

1.04

179

6.7

0.01

377

1063

LRD83

122.30

152.50

30.20

0.78

0.42

859

3.0

0.01

431

823

incl.

126.00

135.00

9.00

1.01

0.51

1203

3.7

0.01

160

535

incl.

146.50

152.50

6.00

0.99

0.63

797

5.5

0.03

1787

2811

incl.

151.45

152.50

1.05

3.28

1.91

2980

23.9

0.16

9980

15050

LRD87

94.00

121.40

27.40

0.04

0.01

1.4

0.02

1759

3653

LRD88

16.00

28.40

12.40

0.19

0.17

1.0

0.02

153

89.80

90.05

0.25

0.14

0.03

10.8

177

0.06

8020

2180

143.30

151.00

7.70

0.37

0.29

166

1.9

0.00

177

389

164.50

170.00

5.50

0.37

0.12

625

1.2

0.00

155

668

218.60

224.00

5.40

0.48

0.36

263

2.1

0.01

107

308

230.70

230.95

0.25

0.80

0.38

475

25.1

274

0.24

7000

6690

LRD90

10.90

53.00

42.10

0.75

0.59

351

2.8

0.01

381

incl.

10.90

21.00

10.10

2.47

2.02

919

9.3

131

0.02

151

846

incl.

14.75

20.10

5.35

4.19

3.49

1444

15.2

184

0.04

234

1363

incl.

39.00

45.70

6.70

0.39

0.25

346

1.2

0.00

236

LRD92

26.95

38.20

11.25

0.38

0.27

251

1.7

0.02

177

incl.

33.25

38.20

4.95

0.56

0.40

377

2.0

0.03

203

61.00

61.55

0.55

1.10

0.86

454

7.0

123

0.04

318

439

129.95

131.40

1.45

0.86

0.75

114

6.5

0.17

288

495

LRD98

98.00

101.05

3.05

0.44

0.41

1.1

0.01

107.00

124.00

17.00

0.80

0.74

112

2.0

0.01

130

incl.

116.80

122.80

6.00

1.75

1.62

239

4.2

108

0.02

174

235

incl.

121.45

122.80

1.35

5.66

5.38

375

14.1

261

0.05

391

657

202.95

203.25

0.30

1.28

1.25

2.0

0.01

LRD99

107.00

118.00

11.00

0.66

0.61

1.6

0.01

195

incl.

111.00

115.00

4.00

1.26

1.17

155

2.8

0.01

197

146.75

154.70

7.95

0.40

0.26

356

0.9

0.01

146.75

151.10

4.35

0.57

0.38

470

1.3

0.01

178.50

178.80

0.30

2.62

1.92

1770

1.5

173

0.05

LRD104

43.80

44.10

0.30

11.97

0.48

29600

2.5

0.03

80.00

96.00

16.00

0.74

0.57

383

1.9

0.01

135

incl.

91.00

96.00

5.00

1.49

1.20

654

4.0

113

0.02

263

119.75

121.00

1.25

2.32

1.97

825

2.7

232

0.06

No adjustments were made for metal recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of

recoveries is not yet available.

Pan Global Resources defines Copper Equivalent (CuEq) calculation for exploration reporting and comparative

purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (ppm) + (Sn (ppm) × 3.875) + (Ag (ppm) x 94.63) / 10000, utilizing metal prices

of Cu - USD$7,441 per tonne, Sn - USD$30,000 per tonne and Ag - USD$22.8 per oz. Metal prices used: Copper USD$7,741 per tonne, Silver

USD$22.66 per Troy oz and Tin USD$30,000 per tonne. The metal values are approx. based on LME 2020-2021 average Copper and Silver

settlement prices and LME 2021 average tin settlement prices (rounded down).

The results add near-surface copper and tin mineralization in the west and extends the mineralization to

more than 1.2km strike. The latest drill results continue to show that the mineralization remains wide

open in the west, up-dip and down-dip in some sections. The copper mineralization appears to plunge to

the northeast where it remains open.

The primary mineralization includes mainly stockwork, semi-massive sulphides and bands of massive

sulphide, with chalcopyrite as the primary copper mineral and cassiterite as the only observed tin

mineral. The copper mineralization is also associated with elevated levels of silver, cobalt and gold. A

metal zonation is also apparent, progressing from copper and tin in the west to copper and zinc in the

east.

Drill hole

LRD82

is located approx. 50m down-dip from hole LRD31 with the copper mineralization

thinning in this area with negligible tin content. Results include:

1.3m at 1.3% CuEq

(1.22% Cu, 51ppm Sn, 3.6g/t Ag) from 67m (downhole)

8.4m at 0.5% CuEq

(0.46% Cu, 0.015% Sn, 2.8g/t Ag) from 106.4m, including

1.1m at 1.17% CuEq

(1.04% Cu, 0.02% Sn, 6.7g/t Ag)

Drill hole

LRD83

confirms a 30m wide zone of copper and tin mineralization remains wide open approx.

50m down-dip

in the west of the drill area. Results include:

30.2m at 0.8% CuEq (

0.42% Cu, 0.09% Sn, 3g/t Ag) from 122.3m, including

9m at 1.0% CuEq

(0.51% Cu, 0.12% Sn, 3.7g/t Ag) and

6m at 1.0% CuEq

(0.63% Cu, 0.08% Sn, 5.5g/t Ag), including

1.05m at 3.3% CuEq

(1.91% Cu, 0.3% Sn, 23.9g/t Ag) plus 0.16g/t Au, 1.0% Pb,

1.5% Zn

Drill hole

LRD87

was a shallow test in the east and intersected a 27.4m thick mineralized zone grading

approx. 0.5% Pb+Zn (0.18% Pb, 1.51% Zn) from 94m.

Drill hole

LRD88

tested approx. 50m down dip from hole LRD53 showing a shallow low grade oxide

copper zone and several narrow intervals with anomalous copper, tin, cobalt, lead, zinc and silver.

Results include:

12.4m at 0.2% Cu

(oxide) from 16m

Drill hole

LRD90

intersected near-surface high grade copper mineralization immediately beneath post-

mineral cover sediments, extending the mineralization approx. 20m up-dip from hole LRD05. Results

include:

10.1m at 2.5% CuEq

(2.02% Cu, 0.09% Sn, 9.3g/t Ag) from 10.9m, including

5.35m at 4.2% CuEq

(3.5% Cu, 0.14% Sn, 15.2g/t Ag)

Drill hole

LRD92

tested the near-surface copper mineralization up-dip from LRD31 in the east of the drill

area. The hole intersected a shallow zone of low-grade oxide copper mineralization and several deeper

thin semi-massive sulphide layers. Results include:

11.25m at 0.4% CuEq

(oxide; 0.27% Cu, 0.03% Sn, 1.7g/t Ag) from 26.95m, including

4.95m at 0.6% CuEq

(oxide + chalcocite; 0.4% Cu, 0.04% Sn, 2g/t Ag)

0.55m at 1.1% CuEq

(0.86% Cu, 0.05% Sn, 7g/t Ag) from 61m

Drill hole

LRD98

confirmed that the copper mineralization continues in the far west of the drill area and

remains wide open. Results include:

17m at 0.8% CuEq

(0.74% Cu, 0.011% Sn, 2g/t Ag) from 107m, including

6m at 1.8% CuEq

(1.62% Cu, 0.02% Sn, 4.2g/t Ag), which includes

1.35m at 5.7% CuEq

(5.38% Cu, 0.04% Sn, 14.1g/t Ag)

0.3m at 1.3% CuEq

(1.25% Cu, 2g/t Ag) from 202.95m

Drill hole

LRD99

extended the copper mineralization along-strike approx. 50m west of hole LRD98 and

remains wide open in the direction of the historic La Romana mine workings. Results include:

11m at 0.7% CuEq

(0.61% Cu, 0.01% Sn, 1.6g/t Ag) from 107m, including

4m at 1.3% CuEq

(1.17% Cu, 0.01% Sn, 2.8g/t Ag)

0.3m at 2.6% CuEq

(1.92% Cu, 0.18% Sn, 1.5g/t Ag) from 178.5m

Drill hole

LRD104

was drilled approx. 50m up-dip from hole LRD98 and shows the mineralization

remains open up-dip and along-strike to the west. Results include:

0.3m at 12% CuEq

(0.5% Cu,

2.96% Sn

, 2.5g/t Ag) from 44.1m

16m at 0.7% CuEq

(0.57% Cu, 0.04% Sn, 1.9g/t Ag) from 80m, including

5m at 1.5% CuEq

(1.2% Cu, 0.07% Sn, 4g/t Ag)

1.25m at 2.3% CuEq

(1.97% Cu, 0.08% Sn, 2.7g/t Ag)

Assay results are pending for an additional 23 completed drill holes including several drill holes with

strong copper mineralization evident in drill core. A total of 117 drill holes have now been completed at

the La Romana discovery.

Al Andaluz Exploration Program

A major exploration program is planned for the recently granted Al Andaluz permit area, including:

a high resolution airborne electromagnetic (AEM) survey due to commence in the next two weeks;

regional ground gravity surveys over the entire area;

soil and rock geochemical sampling survey over selected targets;

ground geophysics over targets selected from the AEM;

detailed gravity and geochemical surveys over selected targets; and

drilling.

The 2022 plan includes up to 20,000m of drilling at the Escacena Project (approx. 40 to 60 holes), most

of which will test targets generated from the regional surveys. A significant follow-up drill program

(meterage to be determined) is also expected in the second half of 2022.

Drilling has commenced on the La Jarosa target in Al Andaluz designed to follow-up the historic Exxon

drill hole PJ2 1985 which intersected 9.5m at 1.42% Cu. A second drill hole is also planned to test dip

extensions to the mineralization. The Exxon drill hole was never followed up and the drill core is no longer

available to verify the results. The Company makes no representation as to the reliability or accuracy of

the historical Exxon drill results.

QA/QC

Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was 1m core length and

ranged from 0.4 to 2m. Sample intervals were defined using geological contacts with the start and end of

each sample physically marked on the core. Diamond blade core cutting and sampling was supervised

at all times by Company staff. Duplicate samples of ¼ core were taken approximately every 30 samples

and Certified Reference materials inserted every 25 samples in each batch.

Samples were delivered to ALS laboratory in Seville, Spain and assayed at the ALS laboratory in

Ireland. All samples were crushed and split (method CRU-31, SPL22Y), and pulverized using (method

PUL-31). Gold analysis was by 50gm Fire assay with ICP finish (method Au-ICP22) and multi element

analysis was undertaken using a 4-acid digest with ICP AES finish (method ME-ICP61). Tin was

analysed in selected intervals using Lithium borate fusion and ICP MS finish (method ME-MS81). Over

grade base metal results were assayed using a 4-acid digest ICP AES (method OG-62).

Over grade tin

was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

Qualified Person

James Royall, P Geo, VP Exploration for Pan Global Resources and a qualified person as defined by

National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for

this news release. Mr. Royall is not independent of the Company.

About Pan Global Resources

Pan Global Resources Inc. is actively engaged in base and precious metal exploration in southern Spain

and is pursuing opportunities from exploration through to mine development.

The Company is committed

to operating safely and with respect to the communities and environment where we operate.

On behalf of the Board of Directors

www.panglobalresources.com

FOR FURTHER INFORMATION PLEASE CONTACT:

[email protected]

+44 7766 253145

Statements which are not purely historical are forward-looking statements, including any statements

regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual

outcomes and the Company's actual results 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 no assurance can be given that these expectations will

prove to be correct and such forward-looking information should not be unduly relied upon.

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 disclosures outlined in the Company's Management Discussion and Analysis of

its audited financial statements filed with the British Columbia Securities Commission.

The forward-looking information contained in this news release is based on information available to the

Company as of the date of this news release. Except as required under applicable securities legislation,

the Company does not intend, and does not assume any obligation, to update this forward-looking

information.

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TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS

RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit

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