07:13 AM EDT, 05/20/2025 (MT Newswires) -- Pan Global Resources ( PGZFF ) , which lost more than 10% on Friday, on Monday released near-surface gold assay results from the first completed drill hole at the Carmenes project in northern Spain, which confirmed potential for a significant new gold discovery.

The six-hole maiden drill program is targeting expansion of the mineralization associated with the historical Providencia copper-cobalt-nickel underground mine workings. The Providencia target had no previous drilling and no past reports of gold mineralization.

Highlights of the results include 46 meters at 1.08 grams per tonne gold from 24 meters down-hole, including 4 meters at 6.27 g/t gold and 0.25 g/t platinum+palladium from 66 meters.

"The new gold zone occurs as a potential halo to the copper-rich mineralization found in the mine workings," said Pan Global President and CEO Tim Moody.