08:10 AM EDT, 06/18/2025 (MT Newswires) -- Pan Global Resources ( PGZFF ) on Wednesday said new assay results for drillholes PVD03 and PVD04 completed in the maiden drill campaign at its 100%-owned Carmenes project located in northern Spain, expand the breccia-hosted gold zone to the east and north of the mine workings, and mineralization remains wide open.

Higher-grade intervals include 2.19 grams per tonne (g/t) gold (Au) over 4 meters; 1.05 g/t Au over 10m; and 0.59 g/t Au, 1.05% copper, 0.22% nickel, 0.22% cobalt over 4m.

"The wide zones of breccia mineralization in Pan Global's maiden drill program at Carmenes highlight the potential for significant hydrothermal breccia-hosted gold, copper, nickel, and cobalt mineralization," said Pan Global Chief Executive Tim Moody. "The next three step-out holes will be the first tests of a wide zone with highly anomalous gold mineralization east of the Providencia workings, including channel sampling that returned 3.11 g/t gold over 37 meters."

A statement noted that interpretation of a recently completed helicopter electromagnetic, magnetic and radiometric survey over Carmenes is progressing quickly and indicates multiple additional targets with similar characteristics to Providencia. The company also added that drilling will resume at the large high-priority Bravo target at the flagship Escacena project in southern Spain, following a pause for crop harvesting.

Shares of the company closed down 1.6% to $0.1525 on Tuesday on the TSX Venture Exchange.