Spain’s diverse geological resources and deposits position it as the world’s third-largest producer of copper ore, the leading producer of spar-fluorine and one of only four European states that produce nickel ore. The provinces of Huelva and Sevilla in Spain are hosts to the Iberian Pyrite Belt – one of the world’s greatest regions hosting metallic mineral deposits where greater than 2,000 million tonnes of ore have been extracted.
Pan Global Resources (TSXV:PGZ, OTCQX:PGZFF) is a junior resource company in pursuit of base and precious metals projects in Spain. The company’s flagship Escacena project is located in southern Spain’s Iberian Pyrite Belt, a world-class volcanogenic massive sulfide (VMS) district that hosts at least nine giant VMS ore deposits (>100 million tonnes) and seven large operating mines.
Pan Global’s land package in the Iberian Pyrite Belt totals approximately 5,760 hectares and lies directly adjacent to the Aznalcóllar (more than 70 million tonnes) and Los Frailes (more than 90 million tonnes) deposits. The Escacena Project is also located only 12 kilometers from the active Cobre Las Cruces mine (42 million tonnes at 2.95 percent copper), which has produced mining grades of more than 5 percent copper in the open pit.
Pan Global is currently focusing on three targets at Escacena: the La Romana massive sulfide copper-tin-silver mineralization, the Cañada Honda gravity anomaly and the Zarcita gravity anomaly. Recent drill results at the La Romana target have returned high multi-metal (copper, tin, silver) grades from near surface with 99 percent of holes hitting mineralization, and with potential to increase in size as Romana West drilling occurs along strike. Escacena’s exceptional land position, great infrastructure, and multiple large untested targets make it an exciting prospect for the company. The below graphic shows the project area and multiple targets in the immediate region of La Romana. Surface access is currently being negotiated from Romana East where the large anomaly Bravo sits.
Exploration Targets at the Águilas Project
Since 2017, Pan Global has been exploring the Águilas Project, which comprises more than 16,000 hectares in northern Andalucía, Spain. The Águilas Project contains several major faults and breccia structures with indications of hematite-dominant iron oxide copper-gold (IOCG) and polymetallic lead-zinc-silver mineralization. With two major fault trends indicating numerous historic lead, silver, and copper mine works, Pan Global will continue to explore this highly prospective project.
Pan Global’s exploration activities are focused on Andalucía, Spain, an area with more than 2,000 years of active mining history.Flagship Escacena Project is located in Spain’s Iberian Pyrite Belt, where the world’s largest volcanogenic massive sulfide (VMS) deposits are found and home to seven operating mines owned by companies such as Lundin, Grupo Mexico, Sandfire MATSA, First Quantum, and Atalaya, plus juniors that include Avrupa Minerals, Ascendant Resources and Emerita Resources.The Escacena Project includes the recent La Romana copper-tin-silver discovery and 13 additional large targets – most as yet untested. The project is located adjacent to the Aznalcóllar-Los Frailes mines and only 12 kilometers from the active Cobre Las Cruces mine, once one of the highest-grade, open-pit copper mines in the world. In May 2023, a surface access agreement increased access to four different highly prospective targets at Escacena, including the 800 meters of potential strike at the Romana West target adjacent to the La Romana copper-tin-silver mineralization. The Águilas Project located 200 kilometers northeast of Escacena has returned high-grade drill intervals up to 16.85 percent lead, 1.9 percent zinc and 85 grams per ton (g/t) silver.The fully funded 2023 exploration program covers 20,000 meters with an estimated budget of C$8.5 million.Pan Global’s strong management team has a track record of discoveries in Spain and brings decades of resource industry experience and expertise to the company.
History of the Escacena Project
In June 2017, Pan Global Resources acquired the Escacena Project. Based on historical information, the project was known to host two large gravity anomalies, La Romana and Cañada Honda. Historical wide-spaced drilling at the La Romana gravity anomaly confirmed massive sulfide and stockwork mineralization including the best drill interval of 4.68 meters at 2.94 percent copper.
Pan Global Resources began its initial exploration of the Escacena project in early 2019, including gravity, induced polarity (IP) and geochemical surveys. The results of this initial exploration work confirmed the La Romana and Cañada Honda gravity targets, allowing the company to move forward with the first scout hole exploratory drilling.
Pan Global Resources commenced drilling in July 2019, testing shallow IP targets previously identified at the La Romana and Cañada Honda targets. Despite some limiting conditions due to the COVID-19 pandemic, encouraging assay results led to several drill programs in 2020 and 2021. In 2022, Pan Global undertook its largest program to date, with a 20,000-meter, multi-target drill program testing shallow strike extensions at La Romana and identifying new targets, including Zarcita, Cañada Honda, La Jarosa and Hornitos. The drilling has successfully defined the southern margin of the La Romana mineralization showing supergene copper mineralization. By early 2023, almost 44,000 meters of drilling had occurred at Escacena, and an additional 20,000-meter drill program was approved for the year with an estimated budget of C$8.5 million.
In April 2023, the company announced assay results for in-fill drill holes at La Romana at the Escacena Project, including:
15 meters at 1.2 percent copper, 0.05 percent tin, 5.4 g/t silver, including 7.8 meters at 1.9 percent copper, 0.07 percent tin, 8.8 g/t silver22 meters at 0.7 percent copper, 0.07 percent tin, 3.1 g/t silver, including 12 meters at 1.1 percent copper, 0.13 percent tin, 5.0 g/t silver
In addition, the company reported the first drill holes at Romana Deep target that delivered encouraging results and prompting a plan to conduct follow-up geophysics
Exploration drilling continues in 2023 at other targets, including Zarcita and La Romana, and now that Romana West surface access has been granted, there are at least three additional targets on the list of 14 targets at the Escacena Project
In June 2023, the company announced that the scout holes drilled at Cañada Honda had intersected high gold grades and copper mineralization near surface, including:
13 meters at 0.5 percent copper, 0.8 g/t gold and 2.7 g/t silver, including 6.2 meters at 0.9 percent copper, 1.5 g/t gold, 3.8 g/t silver, and 5 meters at 0.5 percent copper, 2.7 g/t gold, 4.5 g/t silver These results were found at the edge of a downhole EM conductor and a large gravity anomaly at Cañada Honda, and they have significantly enhanced the potential for a new copper-gold discovery at the Cañada Honda target. The results indicate an upper gold zone and deeper zone of copper-gold mineralization at the edge of a large untested DHEM conductor anomaly. The DHEM conductor and adjacent gravity anomaly expands the size potential at Cañada Honda. These are exciting results, including the highest gold grades encountered at the Escacena Project, and further highlight the prospectivity of this land package and the many other targets not yet tested. Cañada Honda is now a high-priority target due to subsequent down hole electromagnetic (DHEM) surveys in both drill holes that show a large approximately 190 meters x 100 meters untested conductor anomaly with potential for stronger sulphide mineralization to the east and down-dip. Drilling commenced in June 2023 on the first of three follow-up drill holes based on this new information.
In August 2023, the company announced assay results for 15 in-fill and step-out drill holes at La Romana at the Escacena Project. La Romana represents a coherent zone of moderately northward-dipping copper-tin-silver mineralization, currently delineated over approximately 1.2 kilometers along strike and from surface to 400m down-dip. A planned 25-hole drill program is ongoing to expand and test the western extensions to the near-surface mineralization at the Romana West target. Results include:
LRD158 – 5.6m at 1.2% Cu, 3.3g/t Ag from 195.4m, and 1m at 3.6% Cu and 19.4g/t Ag from 109mLRD154 – 23m at 0.4% Cu, 0.12% Sn, 2g/t Ag from 33m, including 7m at 0.5% Cu, 0.23% Sn and 2.8g/t AgLRD147 – 32.25m at 0.4% Cu, 0.05% Sn and 1.3g/t Ag from 114m, including 3.25m at 1.9% Cu, 0.36% Sn and 7.6g/t Ag
The Águilas Project comprises nine investigation permits covering a total of 16,300 hectares in northern Andalucía, Spain. The main targets on the property are major cross-cutting fault zones in the Pedroches Batholith, including the Torrubia and Zumanjo trends. The project hosts IOCG-style copper mineralization along the Torrubia copper trend, which was drilled by the company in 2019 and confirmed wide zones of breccia over several kilometers of strike length.
Drill holes on the Zumajo trend targeted high-grade polymetallic (lead, zinc, silver and lesser copper and gold) vein or breccia mineralization. Several shallow historical mine shafts and ancient workings occur along both trends.
Pan Global first began drilling on the Águilas Project in April 2019 and has so far completed 27 wide-spaced drill holes totaling 3,908 meters. This includes thirteen holes along 4.1 kilometers of the more than 20-kilometer-long Zumajo lead-zinc-silver trend and 14 drill holes along three sections of the more than 10-kilometer-long Torrubia trend.
In 2022, the company released the results for the 10 new drill holes on the 25-kilometer-long Zumajo fault breccia zone and historical mine trend at the Águilas Project, which confirmed 7.3 percent lead + zinc and 9.1 g/t silver over 5.25 meters and 37.6 percent lead + zinc and 6.8 g/t silver over 0.55 meters.
Patrick Evans – Chairman and Director
For over 30 years, Patrick Evans has enjoyed an exemplary career as a mining executive holding multiple senior management positions in the industry. Of note are CEO of Dominion Diamond Mines and Norsemont Mining, and vice-president of Placer Dome. He has extensive M&A experience and has helped a number of public mining companies discover and develop base metals, precious metals and diamond mining projects on four continents. Evans is a graduate of the University of Cape Town and served as consul-general of South Africa to Canada.
Patrick Downey – Director
Patrick Downey has been a director of Pan Global Resources since January 2008, and is the CEO of Orezone, a gold company with an operating mine in Burkina Faso. He has over 30 years of international experience in the resource industry. Downey held the position of president, chief executive officer and director of Elgin Mining, Aura Minerals and previously Viceroy Exploration before its acquisition by Yamana Gold in 2006. He has held numerous senior engineering positions at several large-scale global gold mining operations and has also held operating positions at several mining projects for Anglo American Corporation in South Africa. Downey was a member of the boards of Claude Resources and Dalradian Resources before their recent successful acquisitions, and he is a member of the board of a number of active resource companies. He holds a Bachelor of Science (Honors) degree in engineering from Queen’s University in Belfast, Ireland.
Tim Moody – President, CEO and Director
Tim Moody has over 30 years of experience in the mining industry including mineral exploration, resource assessment, business development and strategy. He spent 24 of those years with Rio Tinto, where he held the posts of exploration director, vice-president and director of business development. Moody has a Bachelor of Science in geology and geophysics (Honors) from the University of New England. He is a graduate of the senior leadership program from the London Business School, a graduate of the business leadership development program from the Australian Graduate School of Management, and a fellow of the Society of Economic Geologists. In addition to Pan Global Resources, Moody is also a director of Prism Resources, Indico Resources and Xiana Mining.
Jim Royall – Vice President Exploration
Jim Royall has worked in the mining industry for over 20 years on early-stage and advanced exploration projects for a diverse range of commodities in Europe, Asia, Africa and South America. This includes 10 years with Rio Tinto and senior management positions for various junior mining companies. Royall has lived in Spain for many years and has extensive experience throughout the Iberian Peninsula, where he has managed a number of important exploration and development projects. Royall has a bachelor of science degree in geology from Oxford Brookes University, is a member of the Australian Institute of Geoscientists, and served as a qualified person for several mineral exploration companies.
Andrew Marshall – Chief Financial Officer
Andrew Marshall is a chartered accountant and chartered financial Analyst with more than 11 years of finance and CFO experience in the mining sector. He has an extensive background in financial and risk management; corporate reporting, ESG management; M&A transactions and working with international jurisdictions. Most recently, he served as chief financial officer at First Mining Gold Corp. and assisted in building the company’s gold project portfolio during its initial period of growth in 2015 when it acquired eight companies in just over one year. Prior to this, Marshall held finance roles at two Vancouver-based TSX/NYSE MKT-listed silver mining companies with operations in Mexico and Canada. Marshall started his career with PricewaterhouseCoopers LLP in London and moved to Vancouver in 2008.
Jason Mercier – Vice President Investor Relations and Communications
Jason Mercier is an investor and media relations professional with more than 20 years of experience acquired in a range of mining companies, from exploration-stage juniors to a $15-billion market cap producer. Most recently, he was the global investor relations, and external communications lead for a base and precious metals producer with mines in Canada, Burkina Faso and Namibia. Mercier’s past communications successes are grounded in a journalism degree, and he has significant experience building investor support at the institutional, family office and retail levels.
Brian Kerzner – Director
Brian Kerzner has over 25 years of experience as a successful entrepreneur in the retail and real estate industries. He is the founder and president of Rocky Mountain Chocolate Factory Canada Inc., and has established several private companies that have completed extensive residential and commercial developments throughout North America. Kerzner has been broadly involved in providing seed capital for many successful public and private companies in the resource, environmental and technology sectors. Kerzner is a graduate of the University of Toronto Bachelor of Commerce (Honors) program. He is a member of British Columbia’s Children’s Hospital Circle of Care and is actively involved in many other charitable organizations. In addition to Pan Global Resources, Kerzner is also a director of Prism Resources Inc and Indico Resources.
Bob Parsons – Director
As a chartered professional accountant and partner at PricewaterhouseCoopers, Bob Parsons spent 34 years heading up the firm’s global mining practice. He has advised governments around the world on mineral policy matters and has served on the boards of the PDAC, Indonesian Mining Association, Canada Indonesia Chamber of Commerce, World Mines Ministries Forum, Canadian Minerals Industry Federation, Advisory Council of the Centre for Resource Studies at Queens University, and the Professional Advisory Board of the Government of Canada’s Petroleum Monitoring Agency. In 2005, the PDAC presented Parsons with their Distinguished Services Award, and in 2013 the Government of Canada awarded him the Queen Elizabeth II Diamond Jubilee Medal for his contribution to Canada’s mining industry. Parsons is a graduate of McGill University (B.Com). Parsons is aso a director of Prism Resources Inc and Indico Resources.
Max Pinsky – Corporate Secretary
Max Pinsky is a lawyer with over 20 years of practice experience, mainly in the corporate and securities areas. He has a B.Sc. (Special) degree and an LL.B. degree from the University of
Alberta. He is a member of the Law Society of British Columbia and has considerable experience in assisting companies in all stages of planning and corporate development.
Daniel Roca – Spanish Legal Counsel (External)
Daniel Roca is a practicing lawyer in Spain, with extensive professional experience in the areas of business law and mining law. He has worked in the mining industry for the last 35 years, with companies such as Rio Tinto, Lundin Mining, Sibelco and Imerys, in all stages of mine development from exploration to production.
Corinne Smit – Director
Corinne Smit has almost two decades of experience working in managerial positions for publicly listed mining companies and in public accounting practice. She has extensive experience in all aspects of commercial mining operations including development of strategy, export logistics and supply chain management, marketing/sales, budgeting and forecasting, risk management, and hedging. She currently serves Newmont Corporation as Senior Director, Concentrates and Dore Sales and Marketing. Her previous roles include Director, Marketing and Logistics for Nevada Copper, Senior Marketing Manager for Nevsun Resources, and Concentrate Marketing Manager for Capstone Mining Corp. Ms. Smit is a Certified Public Accountant and began her career in Audit and Assurance for PwC in Vancouver and Hong Kong.
Juan Garcia Valledor – General Manager Spain
Juan Garcia Valledor brings over 28 years of project development, open pit mining and operational experience from mine design to mine closure in Spain. This includes previous roles as operations manager at Rio Tinto’s talc mining operations, re-opening of the Alquife iron ore open pit mine in Granada and, most recently, as operations manager at W Resources La Parrilla tungsten and tin mine going from development to production. Garcia Valledor was awarded a degree in mining engineering in 1991, a master’s degree in occupational risk prevention in 2005, and diploma in business administration in 2007.
BÁRBARA GÓMEZ – HSE & Relations Manager Spain
Bárbara is a mining engineer and brings a wide range of experience to her role at Pan Global. She has most recently managed her own consultancy in Spain specializing in permitting and government relations, as well as health and safety. Throughout her more than 20-year career, she has participated in most of the mining projects in the Iberian Pyrite Belt, including Las Cruces, Aguas Teñidas, Aznalcóllar, Magdalena and Sotiel.
Michael Westcott – Advisor
Michael Westcott is a capital markets professional with wide-ranging experience in senior management, team leadership, institutional sales and mining equity research. Westcott retired as head of equities for Raymond James in 2021 following a 25-year career with the firm. Westcott was awarded a Bachelor of Science, geology in 1988 and a master’s degree, mineral exploration in 1991.