PGZ.V · 2024-01-08 12:00:00

Pan Global Intersects 1.6% Copper over 9.7 Meters Confirming Continuity of LA Romana Copper-TIN-Silver Discovery over 1.4KM

Drill Results

PAN GLOBAL INTERSECTS 1.6% COPPER OVER 9.7 METERS

CONFIRMING CONTINUITY OF LA ROMANA COPPER-TIN-SILVER

DISCOVERY OVER 1.4KM

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

VANCOUVER, BC

Jan. 8, 2024

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

announce results for nine new drillholes from the La Romana copper-tin-silver (Cu-Sn-Ag) discovery in the Company's 100% owned Escacena Project in the

Iberian Pyrite Belt, southern

Spain

. The drill holes are part of a 25-hole program aimed at delineating the western extension of the La Romana deposit.

The significance of these drill results:

The near surface copper mineralization is extended more than

50m

west and is now continuous for a total strike length of 1.4km, remaining open for further

expansion along strike to the northwest and down-dip

A new higher grade (1%-plus copper) sector has been identified with grades ranging as high as 7.7% copper over

1.7m

. This mineralization is coincident with

290m

90m

down-hole electromagnetic (DHEM) target, providing a strong guide to potential extensions for future drilling

Drilling Highlights:

LRD173

9.7m

at 1.69% CuEq

(1.61% Cu, 0.02% Sn, 3.8 g/t Ag) from

99m

, including

5.7m

at 2.70% CuEq

(2.58% Cu, 0.03% Sn, 6.2 g/t Ag);

LRD177

1.48% CuEq

(1.21% Cu, 0.10% Sn, 1.5 g/t Ag) from

55m

, including

3.4m

at 2.85% CuEq

(2.72% Cu, 0.04% Sn, 3.2 g/t Ag);

LRD179

18.1m

at 0.65% CuEq

(0.61% Cu, 0.01% Sn, 1.5g/t Ag) from

108m

, including

6.1m

at 1.50% CuEq

(1.42% Cu, 0.02% Sn, 3.5g/t Ag);

LRD172

12m

at 0.74% CuEq

(0.60% Cu, 0.05% Sn, 1.4 g/t Ag) from

76m

, including

at 1.36% CuEq

(1.09% Cu, 0.10% Sn, 2.6 g/t Ag);

Drilling to resume in 2024, including five holes in the current plan at La Romana

"These drill results highlight a significant new zone of higher-grade copper at La Romana that remains wide open to the northwest. Drilling continues to grow the

La Romana deposit, demonstrating good continuity of the mineralization over 1.4 kilometers strike length, and from surface to more than

200m

down-dip. We look

forward to resuming drilling shortly and advancing the growing pipeline of high priority exploration targets in the Escacena Project, particularly the copper/gold

discovery at Cañada Honda and high-priority Bravo target following access," said

Tim Moody

, President and CEO of Pan Global.

"Ongoing exploration continues to demonstrate multi-discovery potential with numerous targets not yet tested. The Project is located in a tier one mining

jurisdiction, in close proximity with producing copper mines and advanced development projects, and excellent infrastructure," said Mr. Moody.

Drillhole locations are shown in Figure 1 below. Drillhole assay results are summarized in Table 1 and collar details are presented in Table 2 below.

Figure 1 – Gravity anomaly map for the La Romana target showing drillhole locations, selected new results, and cross-section locations A-A’ (Figure 2) and B-B’

(Figure 3). The gravity anomaly highlights potential for the copper mineralization to expand further west. The new results show several higher-grade intercepts

coincident with a DHEM target (approx. dimensions 290m x 90m) that remains open. (CNW Group/Pan Global Resources Inc.)

The main La Romana copper mineralization occurs in two highly continuous layers, Zone B and Zone C, commencing from surface or directly below a thin cover of

post-mineral sediments. The mineralization includes primary chalcopyrite and minor bornite, overprinted at shallow depths by secondary/supergene copper

sulphide (chalcocite) and an overlying oxide zone with local native copper and copper oxides. The tin mineralization is cassiterite, the preferred mineral for

commercial extraction.

Figure 2 – Cross section 735835m East, A-A’, showing select assay results and copper grade shells for drillhole LRD169 (reported November 7, 2023), and new

drillholes LRD173 and LRD180. The results show higher copper grades in Zone B continuing down-dip to the north coincident with a DHEM conductor target.

Yellow box = new results. (CNW Group/Pan Global Resources Inc.)

Figure 3 – Cross section 735865m East, B-B’, with select assay results and copper grade shells for drillholes LRD170 and LRD171 (reported November 7, 2023),

and new hole LRD179, with higher grades continuing down-dip in Zone B coincident with a DHEM “Conductor Target”. Yellow box = new results. (CNW

Group/Pan Global Resources Inc.)

Table 1 – La Romana new drill results summary

Hole ID

From

Interval

CuEq

True

Width

g/t

ppm

(m)

LRD172

76.00

88.00

12.00

0.74

0.60

0.05

1.4

0.02

12.0

including

82.00

88.00

6.00

1.36

1.09

0.10

2.6

0.03

109

6.0

including

84.00

87.00

3.00

1.55

1.28

0.09

3.3

0.03

116

3.0

and

123.00

135.00

12.00

0.20

0.15

0.02

0.3

0.01

12.0

LRD173

99.00

108.70

9.70

1.69

1.61

0.02

3.8

0.02

112

7.9

including

103.00

108.70

5.70

2.70

2.58

0.03

6.2

0.02

147

4.6

Including

107.00

108.70

1.70

7.93

7.73

0.04

19.1

0.08

313

1.4

and

142.00

146.00

4.00

0.36

0.29

0.03

0.7

0.02

3.3

LRD174

86.00

94.00

8.00

0.55

0.52

0.01

1.1

0.01

2.5

7.5

including

91.00

93.00

2.00

1.33

1.26

0.02

2.3

0.01

1.9

and

134.00

139.00

5.00

0.49

0.27

0.08

0.5

0.04

4.7

and

165.00

166.00

1.00

1.99

1.95

0.01

3.5

0.02

202

0.94

LRD175

55.00

68.00

13.00

0.14

0.11

0.01

0.4

0.0

13.0

LRD176

27.00

30.00

3.00

0.47

0.44

0.01

0.9

0.01

2.1

and

95.00

101.30

6.30

0.39

0.35

0.01

0.5

0.02

4.5

LRD177

4.00

12.00

8.00

0.25

0.23

0.0

0.2

0.0

112

3.4

and

55.00

63.00

8.00

1.48

1.21

0.10

1.5

0.02

3.4

including

56.00

59.4

3.40

2.85

2.72

0.04

3.2

0.04

118

1.4

Including

58.20

59.4

1.20

7.50

7.24

0.08

7.7

0.08

198

0.5

LRD178

114.20

115.10

0.90

2.20

1.95

0.08

5.6

0.08

120

0.64

LRD179

43.00

44.00

1.00

0.17

0.10

0.01

8.4

0.03

1.55 %

3.37 %

0.7

and

108.00

126.10

18.10

0.65

0.61

0.01

1.5

0.01

12.8

including

120.00

126.10

6.10

1.50

1.42

0.02

3.5

0.01

102

4.3

and

162.00

166.00

4.00

0.23

0.21

0.01

0.5

0.01

2.8

and

171.00

173.00

2.00

0.74

0.63

0.04

1.9

0.02

1.4

and

206.00

207.00

1.00

0.99

0.75

0.09

1.2

0.05

0.7

LRD180

119.00

132.00

13.00

0.66

0.60

0.02

1.2

0.01

9.8

including

127.00

131.00

4.00

1.55

1.45

0.03

2.8

0.02

122

3.0

Copper Equivalent = CuEq. CuEq is calculated using Cu, Sn, and Ag grades. Metallurgical recoveries include 86% for Cu, 68% for Sn and 56% for Ag, from preliminary studies by Wardell Armstrong International and MinePro. The CuEq calculation uses US$ 8,693/tonne Cu, US$

29,069/tonne Sn and US$ 23.72/oz Ag, corresponding to the three-year monthly price averages to July 2023. The effective formula is [CuEq %] = [Cu %] + 2.6440 * [Sn %] + 0.0057 * [Ag ppm]

Table 2

– La Romana drillhole collar information (9 holes, total

1,590.1m

)

Hole ID

Easting

Northing

Azimuth (

)

Dip (

)

Depth (m)

LRD172

735839

4152864

210

-45

203.4

LRD173

735840

4152867

190

-75

200.8

LRD174

735839

4152868

230

-50

182.7

LRD175

735721

4152836

210

-45

89.5

LRD176

735722

4152837

-90

159

LRD177

735719

4152837

100

-50

109.7

LRD178

735704

4152871

-90

190.5

LRD179

735870

4152842

-90

224.7

LRD180

735829

4152904

180

-75

229.8

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 operating mines at Las Cruces and 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 to recommence mining. The Escacena Project hosts the La Romana copper-tin-silver discovery and a number

of other prospective targets, including Cañada Honda, Romana North, Bravo, Barbacena, El Pozo, 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.

www.panglobalresources.com

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 08-JAN-24

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