Pan Global's Escacena Project comprises a significant land package covering more than 5,700 hectares, immediately neighbors the Aznalcóllar and Los Frailes projects owned by Grupo México, and is 12km to the west of First Quantum Mining’s Cobre Las Cruces Mine*. Atalaya’s operating Riotinto Mine is 23km to the northwest.
The Company has been actively exploring Escacena and the La Romana target since 2019 when a copper-tin-silver discovery was made. Since then, more than 180 holes have been drilled at La Romana in the Volcanic Massive Sulphide (VMS) style deposit, with 99% hitting mineralization. The 2023 drill program expanded the mineralization surface strike length at La Romana to 1.3km, a more than 25% increase. There are currently more than 14 untested targets at the Escacena Project and as additional geophysics is conducted, the geology team continues to find additional targets.
In March 2024, Pan Global released the second phase of copper metallurgy results for La Romana, indicating excellent recoveries of 88% copper and concentrate grades of up to 32.5% copper, with payable silver content and low deleterious elements. The positive results advanced La Romana to the preliminary design phase of the metallurgical process. In April 2024, the Company reported positive tin metallurgy results for La Romana, concluding that the deposit mineralization is amenable to producing high-quality tin concentrate using conventional gravity separation. Tin concentrate grades of 63.2% tin and 58.1% recovery were achieved. The outstanding copper and tin metallurgy test results are an important de-risking milestone for the La Romana deposit.
In June 2023, the discovery holes at the Cañada Honda copper-gold deposit were announced and subsequent drillholes have expanded on the results, indicating an upper gold zone and deeper zone of copper-gold mineralization at the edge of a large untested DHEM conductor anomaly. The Downhole Electromagnetic (DHEM) conductor and adjacent 3km-long gravity anomaly expands the size potential at Cañada Honda significantly. Cañada Honda has consistently produced drillhole assay results with the highest gold grades detected in the Escacena Project area to date, a potentially significant addition to the copper equivalent grade.
The Los Frailes Mine received notice of its Unified Environmental Authorization in July 2024; construction and pre-development work is expected to begin in Q4 2024 and are expected to take up to three years. The €450 million project includes a new processing facility and is expected to create about 2,000 direct and indirect jobs with an initial resource of 45 million tons of copper, zinc, and lead with an initial mine life of 17 years.
Álvaro Merino P.Geo., Pan Global’s Vice President, Exploration, and a qualified person as defined by National Instrument 43-101, has reviewed the technical information that forms the basis for this webpage.
