PGZ.V · 2024-04-17 12:00:00

Pan Global Intersects 11 Meters at 2.36G/T GOLD and 22 Meters at 0.41% Copper, Expanding Cañada Honda Copper- GOLD Discovery, Spain

Drill Results

PAN GLOBAL INTERSECTS 11 METERS AT 2.36G/T GOLD AND 22

METERS AT 0.41% COPPER, EXPANDING CAÑADA HONDA COPPER-

GOLD DISCOVERY, SPAIN

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

New drill results from Cañada Honda return best gold grade and thickness intercept

Results indicate copper and gold mineralization is expanding to the west and over broader intervals, and remains open downdip and to the east

Results in the east of the target area included a near-surface gold intercept, with elevated silver grades

Wide-spaced stepout drilling underway to test continuity of copper-gold mineralization coincident with a 2-kilometer-long gravity anomaly

VANCOUVER, BC

April 17, 2024

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

to announce results for three additional stepout drillholes from the 11-hole drill program at the Cañada Honda copper-gold (Cu-Au) discovery, at the Company's

100% owned Escacena Project in the Iberian Pyrite Belt, southern

Spain

. Drilling is continuing to test for extensions to the Cañada Honda copper and gold

mineralization. Cañada Honda is located approx. 3.5km north of Pan Global's La Romana copper-tin-silver (Cu-Sn-Ag) discovery, where further stepout drilling is

also planned to continue.

"These latest drill results include the best gold intercept to-date at the Cañada Honda target and expands the copper-gold mineralization 80 meters to the

northwest. Results also confirm additional near-surface mineralization in the east of the target area. The increasing width of the mineralization to the west and

strong correlation with the geophysics are highly encouraging, indicating excellent potential for the mineralization to continue and improve along the two-kilometer

east-west gravity target. Wide-spaced stepout drilling is progressing at Cañada Honda, with 13 drill holes now completed spanning a surface area of 450-by-300

meters," said

Tim Moody

, Pan Global's President & CEO.

Investor webcast:

The Company will host an investor webcast with CEO

Tim Moody

Thursday, April 18, 2024

1 p.m. Eastern Time

10 a.m. Pacific Time

to discuss the latest

results at the Escacena Project. A Q&A session will follow a short presentation. Please register in advance:

https://us06web.zoom.us/webinar/register/WN_LJCcdFmHQNGlqlDZwbhrjw

Figure 1 – Cañada Honda gravity anomaly map showing drillhole locations, new DHEM targets, and cross-section location A-A’ (Figure 2) (CNW Group/Pan

Global Resources Inc.)

Highlights:

Drillhole CHD11

4.3m

at 1.70g/t Au, 17.7g/t Ag,

from

38m

, including

at 4.16g/t Au, 34.6g/t Ag,

and

at 0.60g/t Au, 0.7g/t Ag from

66m

, including

at 1.33g/t Au

at 1.44g/t Au, 3.8g/t Ag

Drillhole CHD12

17m

at 1.58g/t Au, 0.5g/t Ag

from

285m

, including

11m

at 2.36g/t Au, 0.7g/t Ag

and

22m

at 0.41% Cu, 0.20g/t Au, 1.6g/t Ag

from

342m

, including

at 0.68% Cu, 0.61g/t Au, 2.6g/t Ag

Drillhole CHD13

10m

at 0.38g/t Au, 0.5g/t Ag from

132m

, and

10m

at 0.35% Cu, 0.15g/t Au, 1.1g/t Ag from

242m

Hole CHD11 in the east of the target area extends the gold and silver mineralization

90m

updip from hole CHD06 to within

40m

from surface. The results

confirm the mineralization is open to the east and copper grades are increasing downdip.

CHD12 drill results confirmed broad copper and gold intercepts coincident with the modelled gravity and induced polarization (IP) resistivity low targets. This

includes the best gold grade-thickness intercept and widest copper intercept to-date at the Cañada Honda target. The results expand the mineralization a

further

80m

west of hole CHD05, and provide further confirmation of the potential for the mineralization to increase to the west, following a two-kilometer long

east-west gravity target.

New downhole electromagnetics (DHEM) in holes CHD12 and CHD13 highlights potential continuation of the copper-gold mineralization for future testing.

"The results are further validation of the exploration models and methodologies that we are using. As most deposits in the Iberian Pyrite Belt occur in clusters,

these latest results enhance the potential for additional discoveries at the many compelling geophysics targets yet to be drill tested within Pan Global's Escacena

Project area," said Moody.

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 hangingwall above the copper-gold mineralization. The encouraging higher-grade gold drill intercepts at

Cañada Honda are uncommon in these host rocks in the Iberian Pyrite Belt.

Figure 2 – Cross section A-A’, showing select assay results, and simplified geology for new widely-spaced drillholes CHD12 and CHD13. The results in hole

CHD12 highlight increasing copper-gold downdip coincident with the DHEM target, and the mineralization remains wide-open. (CNW Group/Pan Global Resources

Inc.)

Figure 3 – Cross section B-B’, showing simplified geology and select assay results for new drillhole CHD11 and hole CHD06 (reported September 8, 2023). The

results show copper-gold increasing down dip in the sulfide zone and remains wide-open. (CNW Group/Pan Global Resources Inc.)

Table 1

– Cañada Honda Selected Drill Results

Hole ID

From

Interval

g/t

ppm

CHD11

38.75

43.0

4.25

0.05

1.70

17.7

1357

1980

incl.

38.8

39.8

1.0

0.09

2.66

31.0

3080

5440

incl.

42.0

43.0

1.0

0.07

4.16

34.6

256

1925

2130

and

66.0

75.0

9.0

0.01

0.60

0.7

incl.

68.0

70.0

2.0

0.01

1.33

<0.25

Incl.

74.0

75.0

1.0

0.04

1.44

3.8

116

CHD12

79.0

92.4

13.4

<0.01

0.32

0.3

and

285.0

302.0

17.0

0.03

1.58

0.5

101

incl.

289.0

300.0

11.0

0.05

2.36

0.7

143

incl.

289.0

298.0

9.0

0.05

2.79

0.8

167

incl.

289.0

291.0

2.0

<0.01

8.20

0.5

207

and

342.0

364.0

22.0

0.41

0.20

1.6

Incl.

358.0

361.0

3.0

0.68

0.61

2.6

158

CHD13

132.0

142.0

10.0

0.07

0.38

0.5

incl.

132.0

133.0

1.0

0.42

1.30

1.7

135

122

and

242.0

252.0

10.0

0.35

0.15

1.1

172

115

incl.

248.0

250.0

2.0

0.80

0.14

2.9

267

160

Approximate true thickness

Table 2

– Cañada Honda Drillhole Collar Information

Hole ID

Easting

Northing

Azimuth (º)

Dip (º)

Length (m)

CHD11

737324

4156328

180

-70

178.9

CHD12

737155

4156476

180

-75

396.6

CHD13

737118

4156355

170

-75

271.8

Coordinate system: UTM29N ERTS89

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 México

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

, and most recently Cortijo.

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).

Qualified Persons

Álvaro Merino. 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. Merino 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 / +1-236-886-9518, www.panglobalresources.com

CO: Pan Global Resources Inc.

CNW 07:25e 17-APR-24

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