Base Metals

Highlights include:

  • 30.0m at 1.0% CuEq (0.50% Cu, 0.14% Sn, 2.1g/t Ag, 0.01g/t Au) from 19.5m in LRD45, including;
    • 14.4m at 1.7% CuEq (0.83% Cu, 0.27% Sn, 3.2g/t Ag, 0.011g/t Au) from 23.1m
  • 14.7m at 1.38% CuEq (1.24% Cu, 5.8g/t Ag, 0.03g/t Au) from 33.6m in LRD58, including;
    • 7.65m at 2.38% CuEq (2.17% Cu, 10g/t Ag, 0.04g/t Au) from 34.6m
  • 46.5m at 0.73% CuEq (0.50% Cu, 0.05% Sn, 3g/t Ag, 0.01g/t Au) from 33m in LRD55, including;
    • 7.35m at 1.37% CuEq (1.06% Cu, 0.06% Sn, 5g/t Ag, 0.012% Co) from 42m, and
    • 4m at 1.29% CuEq (0.93% Cu, 0.08% Sn, 5g/t Ag, 0.012% Co) from 56m

Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) (the "Company") is very pleased to announce that drilling continues to expand the La Romana copper target at the Escacena Project with significant near surface high grade intercepts of copper and tin mineralization. La Romana is located approximately 6km southwest of the former Aznalcollar open pit mine and approximately 15km west of the Las Cruces copper mine, in the Iberian Pyrite Belt, southern Spain.

Tim Moody, Pan Global President and CEO states: "The new drill holes at La Romana continue to deliver some excellent results with near surface high-grades over wide intervals, including additional supergene enrichment style mineralization. Step-out holes in the west have extended the strike length of the mineralization to more than 800m and remains wide open. Results for 21 additional drill holes are pending and drilling is continuing. We fully expect to further expand the area of mineralization with the ongoing program."

Drill results

The latest drill results are from nine new holes in the Phase 4 drill program at the La Romana discovery. The drill program is testing extensions in all directions of the volcanic hosted massive sulphide associated mineralization.

Drill holes LRD43, LRD45, LRD46 and LRD50 tested extensions of the copper mineralization near surface and at depth in the west of La Romana. Holes LRD52, LRD55 and LRD58 targeted near surface mineralization in the east. Holes LRD44 and LRD47 tested down-dip potential. Copper mineralization was intersected in all nine holes, with the most significant grades reported from near surface intercepts in LRD45, LRD55 and LRD58.

Drill hole collar information is provided in Table 1 below. Assay results are summarized in Table 2. Drill hole locations are shown in Figure 1. Summary cross sections with holes LRD43, LRD45 to LRD55 are provided in Figure 2. The drill holes were all inclined towards the south and all reported drill intervals are approximately true widths.

Table 1 Escacena Project, La Romana drill hole collar information (Total 1,333.2m)

Hole IDEasting1Northing1Azimuth (º)Dip (º)Depth (m)
LRD437362824152749180-55197.4
LRD447368324152860180-73329.2
LRD457362834152652180-55152
LRD467361844152743180-55219.1
LRD477366874152813180-55274.35
LRD507361834152692180-55223
LRD527367834152649180-55131.2
LRD557367334152615180-60119.25
LRD587369824152584180-5594.8

 1Coordinates are in ERTS89 datum UTM29N

Table 2 - Escacena Project, La Romana drill results summary

HoleFrToIntCuEq1CuSnAgCoAu
PbZn



m%%ppmg/tppmg/t
ppmppm
LRD4388.85120.0031.150.620.346842.3730.009
115313

94.0095.601.601.160.807157.0810.018
110361

99.50100.501.001.440.6623004.9760.010
5451465

112.00113.001.001.070.5812802.71400.014
39172

114.00116.002.001.020.619913.21300.012
89504

153.70154.901.201.170.903396.51040.043
89182













LRD44207.50207.850.351.891.66474.42600.025
30131

238.55239.000.454.884.24849.88100.073
55294

275.50277.001.501.130.94666.31280.025
325852

288.25288.700.452.041.2746612.06620.147
13804390













LRD4519.5049.5530.051.000.5014482.1830.008
173211

23.1037.5014.401.700.8326523.2940.011
210175

86.0094.008.000.430.35761.0590.011
362

89.7090.751.051.251.091182.41360.029
674













LRD466.707.901.201.160.97997.6530.046
2198

63.5064.400.901.120.991433.7660.007
2488

81.00106.0025.000.570.249371.3690.006
102231

83.0085.002.001.030.4218223.0670.007
9491447

99.00100.001.001.690.4040702.31020.023
58131

187.00187.200.202.211.7711401.51390.016
9169













LRD47151.55151.750.202.111.868311.31010.041
426994

174.00191.6017.600.520.402191.9560.005
45241

176.00179.103.101.260.909064.1770.006
60309

191.30191.600.301.831.532587.51950.026
621030

221.65222.000.351.370.942518.23200.097
6103840

228.45228.700.251.930.5931605.04920.121
3653470

242.70243.801.101.010.586015.32060.096
12852380













LRD5041.9066.0024.100.710.3510102.1710.009
47176

41.9043.451.551.681.374399.11010.023
187439

46.5046.700.202.591.8019009.1850.096
3981100

48.5050.502.001.080.6112753.0860.012
26125

57.0059.202.201.090.4917403.6840.009
217398

62.0066.004.001.170.2329821.5810.009
20102

172.65172.850.21.261.03586.41420.071
146297













LRD5250.0073.0023.000.410.262631.6790.010
44335

51.9052.100.201.420.9318716.03780.039
579641

57.0058.251.251.331.016675.6930.013
34513

60.5060.700.204.271.62832010.11520.031
100875

68.5070.001.501.130.864123.81530.024
34282

115.80116.000.201.170.4017706.52410.057
5441240

117.10117.850.751.140.696795.11720.110
5282133













LRD5533.0079.5046.500.730.504883.0770.008
94684

36.0049.3513.351.060.786093.9920.010
84423

42.0049.357.351.371.065825.01220.015
55447

56.0060.004.001.290.937575.01200.015
54904

65.7066.801.101.711.2211636.41100.013
862284

69.0069.500.501.281.112165.6650.005
47323

70.4070.600.202.321.5320909.8940.013
3202710

75.6576.600.951.951.28146411.31290.029
5981918

79.1579.500.351.571.256406.3870.013
159834













LRD5833.6048.3014.701.381.24515.8540.025
302325

34.6042.257.652.382.175710.0780.039
258186

36.3539.072.725.525.0410323.01650.089
171173

74.8075.050.251.421.22556.0870.067
981650

 1Metal prices used: Copper US$6,200 per tonne, Silver USD22.50 per ounce, Gold US$1,500 per ounce, Cobalt US$32,800 per tonne and Tin US$18,000 per tonne. The copper equivalent (CuEq ) values are for exploration purposes only and include no assumptions for metal recovery.

The recent drill results at La Romana confirm the high-grade near surface copper mineralization continues over a strike length of approximately 800m and remains open along strike, down-dip and up-dip locally. The primary mineralization includes mainly stockwork, semi-massive sulphides and bands of massive sulphide, with chalcopyrite as the main primary copper mineral and cassiterite as the only observed tin mineral. The copper and tin mineralization is associated with elevated levels of silver, cobalt and gold. Supergene chalcocite is also evident in several recent drill holes and most significant in hole LRD58 with 14.7m at 1.24% Cu where chalcocite is the principal copper mineral.

LRD43, LRD45, LRD46 and LRD50 extend the copper mineralization in the west and it remains open in that direction. There is the potential for the copper mineralization to extend a further 400m to the west, in the direction of the historic La Romana mine workings. Tin grades also appear to increase in this direction.

Hole LRD43 extends the near-surface copper mineralization approx. 50m along strike to the east of hole LRD18, which included 21.6m @ 1.02% CuEq. The copper mineralization remains open down dip and to the west of hole LRD43. Significant results include:

  • 31.15m at 0.62% CuEq (0.34% Cu, 0.07% Sn, 2.3g/t Ag, 0.02g/t Au) from 88m downhole, including several narrow close-spaced intervals with >1% CuEq.

Hole LRD44 is located approx. 50m west and along strike from hole LRD19 which returned 10m at 2.1% CuEq, including 0.65m of massive chalcopyrite with 13.6% CuEq. The results include several thin high grade copper intervals, including 0.45m at 4.88% CuEq (4.24% Cu, 9.8g/t Ag, 0.081% Co, 0.07g/t Au) from 238m down hole, indicating continuation of the massive sulphide from hole LRD19.

Drill hole LRD45 confirmed that the near surface high grade copper mineralization extends a further approx. 50m west from LRD20 which intersected 26.5m at 1.27% CuEq. The mineralization remains open along strike to the west and shows high tin values (up to 0.99% Sn). A supergene enriched chalcocite zone is also evident from 21.5 to 37.5m beneath approx. 15m of cover. Significant results include:

  • 30.0m at 1.0% CuEq (0.50% Cu, 0.14% Sn, 2.1g/t Ag, 0.01g/t Au) from 19.5m, including;
    • 14.4m at 1.7% CuEq(0.83% Cu, 0.27% Sn, 3.2g/t Ag, 0.011g/t Au) from 23.1m(supergene chalcocite)

Drill hole LRD46, in the west of the drill area, intersected 25m at 0.57% CuEq (0.24% Cu, 0.094% Sn, 1.3g/t Ag) from 81m with assay values up to 0.68% Cu and 0.41% Sn. The results confirm the copper-tin mineralization continues approx. 100m along strike from hole LRD43 and remains open to the west and down-dip.

Drill hole LRD47 tested the down-dip continuation of a downhole EM conductor anomaly. The hole intersected 17m at 0.52% CuEq (0.40% Cu, 0.022% Sn, 1.9g/t Ag) from 174m downhole, including 3m at 1.26% CuEq (0.9% Cu, 0.09% Sn, 4.1g/t Ag) from 176m and confirms copper mineralization continues more than 100m down-dip from hole LRD37.

Drill hole LRD50, located 50m up-dip to the south of LRD46, tested continuation of the copper mineralization to the west. The hole intersected 24.1m at 0.71% CuEq (0.35% Cu, 0.10% Sn, 2.1g/t Ag) from 41.9m, including several close-spaced higher-grade intervals ranging from 0.2 to 4m thick with >1% CuEq. The results indicate copper-tin grades increase towards surface and up-dip from hole LRD46 and remains open to the west.

Drill hole LRD52 tested 50m along strike to the east of hole LRD40, which intersected 52.6m at 1.0% CuEq, including 26.6m at 1.39% CuEq. The results include 23m at 0.41% CuEq (0.26% Cu, 0.026% Sn, 1.6g/t Ag) from 50m, including several close-spaced higher-grade intervals ranging from 0.2 to 1.5m thick with >1% CuEq. The results indicate a wide zone of alteration with anomalous copper and tin, but lower grade than hole LRD40.

Drill hole LRD55 confirmed a wide zone of copper-tin mineralization from near surface and shows continuity of the mineralization up-dip from LRD40. Significant results include:

  • 46.5m at 0.73% CuEq (0.50% Cu, 0.05% Sn, 3.0g/t Ag) from 33m, including;
    • 7.35m at 1.37% CuEq(1.06% Cu, 0.06% Sn, 5g/t Ag, 122ppm Co, 0.015g/t Au) from 42m
    • 4m at 1.29% CuEq(0.93% Cu, 0.08% Sn, 5g/t Ag, 120ppm Co, 0.015g/t Au) from 56m
    • 1.1m at 1.71% CuEq(1.22% Cu, 0.12% Sn, 6.4g/t Ag, 110ppm Co, 0.013g/t Au) from 65.7m

Drill hole LRD58 tested approximately 25m up-dip from hole LRD28, which intersected 23.2m at 0.57% CuEq, including 7.65m at 1.21% CuEq. The hole confirmed significant near surface high-grade supergene enrichment style chalcocite mineralization in the far southeast of the drill area and remains open to the east and west. Significant results include:

  • 14.7m at 1.38% CuEq (1.24% Cu, 5.8g/t Ag, 0.03g/t Au) from 33.6m, including;
    • 7.65m at 2.38% CuEq (2.17% Cu, 10g/t Ag, 0.04g/t Au) from 34.6m
      • 2.72m at 5.52% CuEq (5.04% Cu, 0.01% Sn, 23g/t Ag, 0.09g/t Au, 0.02% Co) from 36.35m

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Figure 1
- La Romana geophysics targets and drill hole locations with selected highlights. New drill hole results are highlighted in orange.

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Figure 2 - Selected summary drill hole cross sections with new drill holes LRD43 and LRD45 (Section 736285 E) and LRD55 (Section 736335 E)

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Assay results are pending for an additional 21 completed drill holes. The Phase 4 drill program is now expected to increase to approx. 50 drill holes with additional holes planned to further expand the area of copper mineralization. Additional ground geophysics is also in progress, including IP and EM to investigate deeper extensions of the La Romana copper mineralization and an untested satellite target approximately 400m to the north. Additional down-hole EM results are also awaited.

QA/QC
Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was 1m core length and ranged from 0.4 to 2m. 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). Tin was analysed in selected intervals using Lithium borate fusion and ICP MS finish (method ME-MS81). 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 Person
Patrick Downey, a Director of Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Downey is not independent of the Company.

About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in southern Spain and is pursuing opportunities from exploration through to mine development. The Company is committed to operating safely and with respect to the communities and environment where we operate.

On behalf of the Board of Directors
www.panglobalresources.com
.

FOR FURTHER INFORMATION PLEASE CONTACT:
info@panglobalresources.com

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 news 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 news release is based on information available to the Company as of the date of this news 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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TSXV:PGZ

Pan Global Resources

Overview

Pan Global Resources (TSXV:PGZ,OTC:PGNRF) 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 several operating mines.

Pan Global’s land package in the Iberian Pyrite Belt totals approximately 5,760 hectares and lies directly adjacent to the Aznalcollar (>70 million tonnes) and Los Frailes (>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% copper) which has been mining grades of more than 5% copper in the open pit. Pan Global is currently focusing on two targets at Escacena, the La Romana massive sulfide copper deposit and the Cañada Honda gravity anomaly. Recent drill results at the La Romana target have returned high multi-metal (copper, tin, silver, zinc) grades from near surface with every hole hitting mineralization indicating the potential for a large size deposit. Escacena’s exceptional land position, great infrastructure and multiple large untested targets make it an exciting prospect for the company.

Pan Global Resources Project Location and Infrastructure Map – Southern Spain

Pan Global has been exploring the Aguilas project since 2017 which comprises more than 16,000 hectares in northern Andalucia, Spain. The Aguilas project contains several major faults and breccia structures with indications of hematite-dominant iron oxide copper-gold (IOCG) and polymetalic lead-zinc-silver mineralization.

Company Highlights

  • Pan Global’s exploration activities are focused in the mining friendly jurisdiction of Andalucia, Spain
  • Flagship Escacena project is located in Spain’s Iberian Pyrite Belt, a world-class VMS district host to at least 9 ore deposits and several operating mines
  • Iberian Pyrite Belt hosts several exploration and mining companies, such as Lundin, Grupo Mexico, First Quantum, Trafigura, Mubadala, Atalaya and juniors including Avrupra Minerals, Ascendant Resources and Emerita Resources
  • Escacena project includes the recent La Romana copper-tin-silver discovery and several other large untested targets
  • Escacena project is located adjacent to the Aznalcollar-Los Frailes mines and only 12 kilometers from the active Cobre Las Cruces mine, one of the highest grade open pit copper mines in the world
    Aguilas project has returned high-grade drill intervals up to 16.85 % lead, 1.9 % zinc and 85 g/t silver
  • 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

Key Projects

Pan Global Resources’ Escacena Project

In June 2017, Pan Global Resources acquired the Escacena project. The project hosts 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 a best drill interval of 4.68 meters at 2.94 percent copper.

Exploration

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 drilling.

Pan Global Resources commenced drilling in July 2019, testing shallow IP targets previously identified at the La Romana and Cañada Honda targets. This included two drill holes at La Romana and one drill hole at Cañada Honda, totaling 547 meters. Channel sampling of the Cañada Honda mine tunnel at the Escacena project returned 26 meters at 0.43 g/t gold and up to 2.91 g/t gold and 0.39 percent copper.

In October 2019, Pan Global announced the results of its first two drill holes at Escacena testing the La Romana target, including discovery drill hole LRD-02 at La Romana with 20.55m at 1.5% copper equivalent. Both drill holes LRD-01 and LRD-02 intersected shallow volcanic-associated copper stockwork, semi-massive and massive sulphides.

Pan Global Resources Escacena Project Area Map (~5760 ha)

Pan Global continued its exploration of Escacena in 2020 including geochemistry and geophysics designed to identify new targets on the property. The second phase of drilling commenced in February and included the first step out drill holes at the La Romana copper target. The new drill holes intersected copper mineralization over wide intervals and showed the mineralization extends from near surface over several hundred meters of strike and shows copper in several layers open in most directions. Pan Global’s own geophysics results and historical geophysics by Exxon indicate a potential for the copper mineralization to continue more than 2 kilometres along strike.

Selected drilling highlights include:

LRD-02: 20.55m at 1.5 percent copper equivalent (1.02 percent copper, 0.11 percent tin, 4.7 g/t silver) from 37.45m, including 7m at 3.43 percent copper equivalent (2.50 percent copper, 0.23 percent tin, 10.1 g/t silver, 0.014 g/t gold, 0.11 percent zinc, 133 ppm cobalt) from 48m.

LRD-03: 21.3m at 1.03 percent copper equivalent (0.73 percent copper, 0.055 percent tin, 4.1 g/t silver) from 47.3m, including 6.6m at 2.05 percent copper equivalent (>1 percent copper) combined thickness.

LRD-05: 21m at 1.55 percent copper equivalent (1.19 percent copper, 0.069 percent tin, 5.8g/t silver) from 16m, including 11m at 2.60 percent copper equivalent (>1 percent copper or 0.5 percent tin) combined thickness.

Drill core at Escacena Project

In August 2020, Pan Global Resources commenced phase three follow-up drill program at La Romana. The 25-hole drill program is designed to test the multi-layer copper potential and significantly expand the mineralization in the area. The program is also expected to test two large down-hole EM conductor plate anomalies and help define vectors to areas of stronger mineralization.

Pan Global Resources extended its holdings at the Escacena project through the acquisition of the rights to the “Al Andalus” property investigation permit and completed the acquisition of the property in early 2020. Al Andalus is located adjacent to the company’s initial holdings at Escacena and includes potential eastern extensions to the company’s La Romana prospect and several large untested gravity anomalies. The property comes to within 600 meters of the edge of the Aznalcollar open pit and also includes both the historical mining areas of the El Pozo and La Zarcita, and the La Jarosa target where a historical drill hole by Exxon in the mid-1980’s returned 9.5 meters at 1.42 percent. Exploration will commence on the Al Andalus property as soon as permitted.

Pan Global Resources’ Aguilas Project

The Aguilas project comprises nine investigation permits covering a total of 16,300 hectares in northern Andalucia, 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 Aguilas project in April 2019, and so-far completed 27 wide-spaced drill holes totaling 3,908 meters. This includes thirteen of the 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.

On the Zumajo trend, high-grade polymetallic mineralization was intersected with an 8 to 20- meter-wide, steeply-dipping zone of multi-stage breccia and veins. High-grade intervals included hole VAC-02 with 14.85% lead, 0.11% zinc, 67.1g/t silver (16.91% lead equivalent or 634g/t silver equivalent) over 1.3 meters and hole VAC-06 with up to 16.85 % lead, 1.9 % zinc and 85 g/t silver (22.15 % lead equivalent or 815 g/t silver equivalent) over 0.6 meters. The drill results show potential for a significant zone of high-grade lead, zinc and silver mineralization near the San Luis and San Cayetano mine workings over several kilometers of strike and open at depth. Several other targets along the Zumajo trend require testing.

Drilling conducted at the Torrubia trend included 40 to 90-meter-wide intervals of intense multi-stage breccia and hematite-quartz-carbonate alteration over several kilometers of strike. The best grades at Torrubia included 2.65% copper, 125ppm cobalt and 3 g/t silver (2.76% copper equivalent) over 0.8m and 1.65% copper, 240ppm cobalt and 2.1 g/t silver (2.05% copper equivalent) over 0.7m in drill hole TOR-001; and 3m at 1.16g/t gold from 74m, including 0.8m at 3.48g/t gold and 1.5g/t silver in drill hole TN-06. The breccia includes fragments or casts with high contents of chalcopyrite and hematite indicating an early copper mineralizing stage and further potential both along-strike and at depth.

Management Team

Patrick Evans—Chairman and Director

For over 30 years, Mr. 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 Inc. 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. Mr. Evans is a graduate of the University of Cape Town and served as Consul-General of South Africa to Canada.

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, Andy held finance roles at two Vancouver based TSX/NYSE MKT-listed silver mining companies with operations in Mexico and Canada. Mr. Marshall started his career with PricewaterhouseCoopers LLP in London and moved to Vancouver in 2008.

Tim Moody—Director

Mr. 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. Mr. Moody has a Bachelor of Science in Geology and Geophysics (Honours) 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.

Directorships: Pan Global Resources, Prism Resources, Indico Resources and Xiana Mining.

Brian Kerzner—Director

Mr. 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 he established several private companies that have completed extensive residential and commercial developments throughout North America. Mr. Kerzner has been broadly involved in providing seed capital for many successful public and private companies in the resource, environmental, and technology sectors. Mr. Kerzner is a graduate of the University of Toronto Bachelor of Commerce (Honours) program. He is a member of the British Columbia’s Children’s Hospital Circle of Care and is actively involved in many other charitable organizations.

Directorships: Pan Global Resources, Prism Resources Inc and Indico Resources.

Patrick Downey—Director

Mr. Downey brings over 25 years of international experience in the resource industry and he is currently President and CEO of Orezone. His past senior positions include President and CEO of Aura Minerals Inc. and Viceroy Exploration Ltd. before its acquisition by Yamana Gold Inc. in 2006 for $600 million. He also negotiated the successful merger of Consolidated Trillion Resources Ltd and Oliver Gold Corporation that became Canico Resource Corp, which was purchased by CVRD in 2006 for over $800 million. Mr. Downey holds a BSc (Honours) degree in Engineering from Queens University in Belfast, Ireland.

Directorships: Orezone and Pan Global Resources

Bob Parsons—Director

As a Chartered Professional Accountant and partner at PricewaterhouseCoopers, Mr. 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 Mr. 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. Mr. Parsons is a graduate of McGill University (B.Com).

Directorships: Pan Global Resources, Kennady Diamonds Inc, Indico Resources Ltd, Prism Resources Inc.

Juan Garcia Valledor - General Manager Spain

Juan Garcia Valledor brings over 27 years 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. Mr Garcia Valledor was awarded a degree in Mining Engineering (MEng) in 1991, Master's Degree (MBA) in Occupational Risk Prevention in 2005 and Diploma in Business Administration in 2007.

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. Mr. Westcott retired from Raymond James Ltd. in 2021 as Head of Equities following a 25-year career with the firm. Mr. Westcott was awarded a Bachelor of Science, Geology degree in 1988 and a Master's Degree, Mineral Exploration (Minex) in 1991

copper pipe

VIDEO — Byron King: Copper Supply Can't Meet Future Demand, Here's How to Position

Byron King: Copper Supply Can't Meet Future Demand, Here's How to Positionyoutu.be

Copper is down from its all-time high earlier this year, but its long-term outlook remains strong.

Speaking to the Investing News Network at the Rule Symposium, Byron King said investors who follow the copper market know that the red metal's supply/demand outlook creates a positive picture.

"If you follow the fundamentals of copper you know that if you forecast it out … there's not enough copper," he said, noting that many large mines focused on the base metal are in "terminal decline," with not nearly enough new discoveries and development projects in the pipeline.

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Ambler Metals, Trilogy Metals' JV Company, Hosts Site Visit for Doyon Region Tribal Chiefs and NANA Region Tribal Presidents

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy", "Trilogy Metals" or "the Company") announces that on August 12, 2022 Ambler Metals LLC ("Ambler Metals"), the joint venture operating company equally owned by Trilogy and South32 Limited (ASX: S32) (LSE: S32) (JSE: S32) (ADR: SOUHY) ("South32"), hosted a site visit for Chiefs from the Doyon region and NANA region tribal leadership.

Ambler Metals' full news release is below.

News Provided by Canada Newswire via QuoteMedia

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SailingStone Applauds Turquoise Hill Response to Rio Tinto's Offer

Second Open Letter to TRQ Independent Directors Focuses on Unjust Business Dealings by Rio Tinto and Long-Time Concerns of Minority Owners

SailingStone Capital logo

SailingStone Capital Partners, a long-time owner of Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ), has delivered the attached letter to the Turquoise Hill Independent Directors:

Dear Independent Directors of Turquoise Hill Resources Ltd.,

SailingStone Capital Partners applauds the decision of the Turquoise Hill Resources Special Committee to reject Rio Tinto's opportunistic offer to acquire the minorities' stake in TRQ for C$34 /share.

As one of the largest, lowest cost, and longest duration copper/gold assets ever discovered, Oyu Tolgoi is a crown jewel. The proposed acquisition price is nowhere near the intrinsic value of Oyu Tolgoi, as it values the Company at less than 35% of capital invested to date and represents a 60% discount to Rio Tinto's own cost basis in TRQ, a position that Rio acquired over a decade ago when the net present value was far lower and the risks far greater than today. In the next few months, the underground mine will achieve sustainable first production, unlocking billions of dollars in annual free cash flow for decades into the future even before the impact of potential expansions. Tier 1 copper assets with brownfield growth options are increasingly rare and therefore increasingly valuable, particularly given how critical copper is in the race to decarbonize and expand the world's energy systems. Rio Tinto's opportunistic bid did not compensate TRQ minority shareholders adequately for any of these realities.

In addition, we appreciate that "Rio Tinto welcomes the continued investment by Turquoise Hill minority shareholders and their pro rata sharing of future risks and funding obligations." Unfortunately, most of the risks and funding obligations "shared" over the last several years have come as the result of Rio's incompetence, including the incremental equity raise which now must be addressed. However, we welcome Rio's continued participation as mine developer and operator and trust that they have addressed their internal shortcomings so that all Oyu Tolgoi stakeholders can benefit from the mine's incredible employment, business development, and free cash flow potential.

Lastly, we note the following from Rio Tinto's press release.
As previously disclosed, Rio Tinto is not interested in pursuing any alternative transaction, including any such transaction which would result in the sale of Rio Tinto's interest in Turquoise Hill or the acquisition by a third party of Turquoise Hill or Oyu Tolgoi in partnership with or independent of Rio Tinto.

Apparently, Rio Tinto isn't interested in selling their stake in TRQ, even at a price which it claims represents "compelling value" for the seller. More importantly, this statement clearly is intended to preempt any price discovery process which might allow minority owners to be fairly compensated for their 49.2% stake in the Company. While we appreciate that Rio Tinto has certain rights, it cannot and should not preclude potentially interested parties from approaching Turquoise Hill, nor can it preclude the independent directors from considering a combination or transaction from any party which might crystalize the true value of Oyu Tolgoi. In other words, if Rio wants complete control, they can acquire it for a price. The Special Committee has determined that price is meaningfully higher than C$34 /share, and we agree with that conclusion.

Best regards,

SailingStone Capital Partners LLC

ABOUT SAILINGSTONE CAPITAL PARTNERS LLC

SailingStone Capital Partners , a division of Pickering Energy Partners, provides investment solutions in the global natural resource space with a specific focus on the industrial businesses, commodities and infrastructure assets which will enable the energy transition. SailingStone manages concentrated, long-only equity portfolios for institutional investors.

For media inquiries:

Petree Partners LLC
Jennifer Petree / Tina Tallant
713.269.3776

For investor inquiries:

SailingStone
MacKenzie Davis
ir@sailingstonecapital.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/sailingstone-applauds-turquoise-hill-response-to-rio-tintos-offer-301606287.html

SOURCE SailingStone Capital Partners

News Provided by PR Newswire via QuoteMedia

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Alvo Minerals

Flem Conductors & Mineralised Gossans Define High Priority Targets, Drilling Underway

Alvo Minerals Limited (ASX: ALV) (Alvo or the Company) is pleased to announce multiple new FLEM conductors around the C3 prospect increasing the prospectivity of the C3 ‘cluster’. Follow-up mapping, sampling and trenching has improved the targeting at Mafico, a new and undrilled VMS prospect to the east of C3. Diamond drilling has recommenced at C3 after extensive drilling at C1. The targets around C3 will be the focus of discovery drilling in coming weeks.

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copper ingots

Top 3 Copper Stocks on the TSX in 2022

Click here to read the previous best TSX copper stocks article.

After a strong 2021, copper has seen even greater success in 2022, reaching an all-time high of US$10,910 per metric ton on March 4. However, prices have fallen in Q3, dropping to US$8,085 as of August 11.

This decline began in Q2, and experts have weighed in on what happened and where copper will go from here. In the short term, some market watchers believe prices will fall further, but long-term factors look positive.

“Any sign that inflation is coming down quickly would potentially be a bullish trigger for copper and financial markets more generally,” Dan Smith of Commodity Markets Analytics said. “Russia remains a key swing factor, of course, and this is likely to remain a significant headwind for copper.”

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Western Copper and Gold Corporation

Western Copper and Gold Corporation

Western Copper & Gold Corp is a Canada-based exploration-stage company. It is engaged in the acquisition, exploration, and future development of resource properties. The company is developing the Casino project into Canada's premier copper-gold mine. It holds significant gold, copper reserves in its Casino project located in the Yukon, Canada.

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