Pan Global Resources Targets Game-changing Discovery at Escacena Project

Copper Investing
Pan Global Resources Targets Game-changing Discovery at Escacena Project

“What we're now looking for is the possibility of another discovery, and that would be a game changer for us," said Pan Global Resources President and CEO Tim Moody.

Pan Global Resources (TSXV:PGZ) is optimistic about the possibility of another discovery at its Escacena project in Andalucía on the Iberian Pyrite Belt, according to President and CEO Tim Moody.

Romana Deep is a compelling volcanogenic massive sulfide target featuring a large HEM anomaly extending down-dip from Pan Global's La Romana copper discovery. Moody is optimistic about another discovery as the company pushes the project forward to a fully funded 20,000-meter drill program.

“Once we've got a resource, then we can think about moving that through to permitting and perhaps mining … We're going to continue our somewhat systematic, methodical exploration in the rest of the area, and we think we can,” Moody said. "This is not the only discovery we're going to make. What we're now looking for is the possibility of another discovery, and that would be a game changer for us."

The Escacena Project is located next door to the former Aznalcóllar mine and Grupo Mexico's (OTC Pink:GMBXF,BMV:GMEXICOB) Los Frailes deposit, and is close to First Quantum Minerals' (TSX:FM,OTC Pink:FQVLF) operating Cobre Las Cruces mine.

“We're surrounded by some other mines, big mines. We've got perhaps the world's biggest volcanogenic massive sulfide deposit off to the northwest of us 20 kilometers away, one of the world's highest-grade open-pit copper mines 12 kilometers to the east and right next door to us is a new development on an old mine by one of the biggest copper-mining companies in the world, Grupo Mexico. So (it’s) an advanced project (with) lots of upside.”

In a press release, Moody said the company has completed approximately 140 drill holes at La Romana with mineralization in almost every hole. The company’s 2023 plan includes more than 50 additional drill holes at Escacena with a 10-hole step-out and an infill drill program at La Romana that is already underway and is targeting electromagnetic anomalies, further testing the continuity and potential down-dip extensions of the mineralization.

“We're looking at a 20,000-meter drill program this year," Moody said. "It was just approved by the board last week. We're fully funded for that for this year. We've got about $10 million in the bank coming into the beginning of this year. So we're in great shape.”

Watch the full interview with Pan Global Resources' Tim Moody above.

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