The company said the latest results were from drilling targeting extensions of the volcanic-hosted massive sulphide associated mineralisation at the La Romana discovery, about 15km west of First Quantum Minerals' Las Cruces copper mine.

A highlight intercept of 23m at 1.06% copper-equivalent from 27m also included 11m at 1.74% Cu-eq and 3.5m at 3.15% Cu-eq.

"The new drill results are exciting and confirm wide intercepts of near-surface copper mineralisation with multiple higher-grade intervals over a strike of more than 700m," president and CEO Tim Moody said.

Mineralisation remained "wide open in all directions".

More assay results are pending and the company has expanded the phase four drilling programme to 30 holes.

Pan Global last raised about C$4.1 million in an oversubscribed, upsized placement at 18c per unit in July.

Its shares (TSXV: PGZ) have ranged from 10c-72c over the past year and closed up more than 6% yesterday to 52c, capitalising it about $80 million (US$64 million).