PGZ.V · 2024-01-30 12:00:00

Pan Global Drills Multiple GOLD and Copper Intercepts, Including 20 Meters of 1.1G/T GOLD and 5.6 Meters of 1.15% Copper at Cañada Honda Target, Spain

Drill Results

PAN GLOBAL DRILLS MULTIPLE GOLD AND COPPER INTERCEPTS,

INCLUDING 20 METERS OF 1.1G/T GOLD AND 5.6 METERS OF 1.15%

COPPER AT CAÑADA HONDA TARGET, SPAIN

TSXV: PGZ | OTCQX: PGZFF | FSE: 2EU

Cañada Honda target: 3km north of expanding La Romana copper-tin discovery

Best gold intercept to date at Cañada Honda; every hole hitting mineralization

Gravity target spans over 2km, indicating significant size potential

Drill program expanding east and west, targeting continuity of the copper-gold mineralization

VANCOUVER, BC

Jan. 30, 2024

/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is pleased

to announce results for two further drillholes from an 11-hole step out drill program at the Cañada Honda copper-gold (Cu-Au) discovery, on the Company's 100%

owned Escacena Project in the Iberian Pyrite Belt, southern

Spain

. Drilling has resumed, with additional holes planned targeting extensions of Cañada Honda

copper and gold mineralization.

"These excellent results provide further indication of size potential and continuity of the copper-gold mineralization at the Cañada Honda target. We are also

excited about the results showing significant gold in the structural hanging wall at Cañada Honda," said

Tim Moody

, President and CEO of Pan Global.

"The next steps at Cañada Honda include further drilling to test for shallow extensions in the east, where copper-gold soil geochemistry indicates the

mineralization comes to surface, and further test a large gravity target that extends for two kilometers to the west."

Highlights:

Drillhole CHD09

at 0.45% Cu,

10.5g/t Au

, 9.5g/t Ag, 0.12% Co

from

120m

, and

at 1.12g/t Au, 7.9g/t Ag, 0.26% Zn

from

133m

, and

20m

at 1.09g/t Au, 0.6g/t Ag

from

154m

, including

at 5.83g/t Au, 2.7g/t Ag

, and

at 0.12% Cu, 2.09g/t Au, 0.6g/t Ag

from

227m

, and

13m

at 0.51% Cu, 0.36g/t Au, 2.7g/t Ag

from

254m

, including

8.1m

at 0.61% Cu, 0.52g/t Au, 3.3g/t Ag

, including

3.1m

at 1.01% Cu, 0.45g/t Au, 4.8g/t Ag

Drillhole CHD10

13m

at 0.59% Cu, 0.34g/t Au, 2.0g/t Ag

from

150m

, including

5.6m

at 1.15% Cu, 0.67g/t Au, 3.8g/t Ag

, and

at 0.21% Cu, 5.25g/t Au, 1.1g/t Ag

from

174m

Hole ends in

1.1m

at 0.27% Cu, 0.42g/t Au, 1.6g/t Ag

from

198m

Hole CHD09 extends the copper-gold mineralization

80m

down-dip from previous drillhole CHD08 and expands the gold mineralization

CHD10 successfully tested a down-hole electromagnetic target, confirming copper-gold mineralization

140m

downdip beneath a historical mine tunnel

Two styles of mineralization are recognized at Cañada Honda:

Copper-gold volcanogenic massive sulphide (VMS) style mineralization (pyrite, chalcopyrite), including stockwork, semi-massive and massive-sulphides

hosted within shales, similar to the host rocks at the former Aznalcóllar and Los Frailes mines, 4km to the east; and

Gold mineralization associated with quartz-sulphide (pyrite, and lesser chalcopyrite, sphalerite and arsenopyrite) veins and stockwork within folded and

fractured shale and quartzites, in the structural hanging wall above the copper-gold mineralization

Figure 1 – Cañada Honda gravity anomaly map showing locations for new drillholes CHD09 and CHD10, and cross-section locations A-A’ (Figure 2) and B-B’

(Figure 3). (CNW Group/Pan Global Resources Inc.)

Figure 2 – Cross section A-A’, showing select assay results and simplified geology for new drillhole CHD09, and hole CHD08 (reported January 11, 2024). The

results show copper-gold mineralization beneath a thrust fault, and gold above in the hanging wall. (CNW Group/Pan Global Resources Inc.)

Figure 3 – Cross section B-B’, showing select assay results and simplified geology for new drillhole CHD10, and hole CHD05 (reported September 8, 2023). The

results show copper-gold mineralization extending from surface to 300m downdip. (CNW Group/Pan Global Resources Inc.)

Table 1 – Cañada Honda Selected Drill Results

Hole ID

From

Interval

g/t

ppm

CHD09

120.0

121.0

1.0

0.45

10.50

9.5

1200

207

536

and

133.0

134.0

1.0

0.07

1.12

7.9

694

2550

and

154.0

174.0

20.0

0.01

1.09

0.6

incl.

154.0

156.0

2.0

0.04

5.83

2.7

incl.

164.0

166.0

2.0

0.01

2.57

0.8

124

and

227.0

228.0

1.0

0.24

3.60

0.9

122

and

254.0

267.0

13.0

0.51

0.36

2.7

115

101

incl.

258.9

267.0

8.1

0.61

0.52

3.3

138

111

incl.

258.9

262.0

3.1

1.01

0.45

4.8

213

106

CHD10

150.0

163.0

13.0

0.59

0.34

2.1

119

100

incl.

150.0

155.6

5.6

1.15

0.67

3.8

227

147

incl.

153.0

155.6

2.6

1.98

1.12

5.4

311

103

and

174.0

176.0

2.0

0.21

5.25

1.1

and

198.0

199.1

1.1

0.27

0.42

1.6

431

Approximate true thickness

Table 2

– Cañada Honda Drillhole Collar Information

Hole ID

Easting

Northing

Azimuth (

)

Dip (

)

Length (m)

CHD09

737281

4156409

180

-78

278.0

CHD10

737228

4156287

198

-55

199.1

Coordinate system: UTM30N ERTS89

Further drill results will be released as soon as they are received.

About the Escacena Project

The Escacena Project comprises a large, contiguous, 5,760-hectare land package controlled 100% by Pan Global in the east of the Iberian Pyrite Belt. Escacena

is located near the operating mine at Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera Los Frailes/Grupo Mexico

is in the final permitting stage with construction anticipated to start in 2024. The Escacena Project hosts Pan Global's La Romana copper-tin-silver and Cañada

Honda copper-gold discoveries and a number of other prospective targets, including, Bravo, Barbacena, El Pozo,

Romana Norte

, San Pablo, Zarcita, Hornitos, La

Jarosa, and

Romana Deep

About Pan Global Resources

Pan Global Resources Inc. is actively targeting copper-rich mineral deposits, given copper's compelling supply-demand fundamentals and outlook for strong long-

term prices as a critical metal for global electrification and energy transition. The Company's flagship Escacena Project is located in the prolific Iberian Pyrite Belt

in southern

Spain

, where a favourable permitting track record, excellent infrastructure, mining and professional expertise, and support for copper as a Strategic

Raw Material by the European Commission collectively define a tier-one jurisdiction for mining investment. The Pan Global team comprises proven talent in

exploration, discovery, development, and mine operations - all of which are committed to operating safely and with utmost respect for the environment and our

partnered communities. The Company is a member, and operates under the principles, of the United Nations Global Compact.

QA/QC Procedures

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

core length and ranged from 0.5 to

. 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). 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 Persons

James Royall

, Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has approved the scientific

and technical information for this media release. Mr. Royall is not independent of the Company.

Forward-looking statements

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 media 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 media release is based on information available to the Company as of the date of this media 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.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX

VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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SOURCE

Pan Global Resources Inc.

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For further information:

Jason Mercier, VP Investor Relations and Communications, [email protected] / [email protected], Tel:

+1-778-372-7101

+1-604-689-9930, www.panglobalresources.com

CO: Pan Global Resources Inc.

CNW 07:30e 30-JAN-24

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