Potentially Significant New Copper Discovery in the Iberian Pyrite Belt, Spain

Pan Global Resources (TSXV:PGZ) announced new drill results at its 100 percent owned Escacena project in the Iberian Pyrite Belt in Southern Spain. Director Tim Moody said the company has the opportunity to make another discovery.

“La Romana is a new copper discovery with potentially important concentrations of tin and silver as well. We’ve been drilling non-stop now for over a year and a half. We’ve probably got 130 drill holes into it. It’s high-grade copper mineralization from surface, extending to maybe 300 or 400 meters depth, and over about 1.3 kilometers east,” said Moody. The company is waiting for some access to grow it further to the west. “It’s certainly shaping up to be a potentially significant new copper discovery in the Iberian Pyrite Belt in Spain.”

The Iberian Pyrite Belt is known for its large volcanogenic massive sufide deposits. Moody explained that the area has been continuously mined since pre-Roman days for more than 2,000 years, but it still attracts major players. “There are at least seven operating mines in the belt, and there’s nothing like it when it comes to finding these very large volcanogenic massive sulfide orebodies,” he said.

“The Romans were great explorers. And though the rocks were sticking out of the ground, these were well explored. We managed to pick up a really unique piece of ground off the edge of the cover for the outcropping areas where these prospective rocks went under shallow cover. We used modern geophysics to drill and we made a new discovery. It looks like you’re sitting over the top of it, but just enough to hide it from the Romans. So we’re fortunate.”

According to Moody, the new drill results continue to show potential for near-surface, high-grade mineralization. Drilling successfully defined the southern margin of the La Romana mineralization and shows supergene copper mineralization extending over the footwall to the main copper zone.

Pan Global Resources plans to expand the deposit further to secure access to the western extensions, where there is near-surface mineralization.

Watch the full interview of Pan Global Resources Director Tim Moody above.

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