The Iberian Pyrite Belt (IPB) is recognized as having one of the major concentrations of volcanogenic massive sulfide (VMS) deposits on Earth. Original resources of about 2000 Mt of massive sulfides have been reported in the province. Recent classifications have considered the IPB deposits as the bimodal siliciclastic subtype, although major differences can be recognized among them. The main ones concern the hosting rocks. To the north, volcanic and volcaniclastic depositional environments predominate, whereas to the south, black shale-hosted VMS prevail. The mineral composition is quite simple, with pyrite as the main mineral phase, and sphalerite, galena, and chalcopyrite as major components. A suite of minor minerals is also present, including arsenopyrite, tetrahedrite–tennantite, cobaltite, Sb–As–Bi sulfosalts, gold, and electrum. Common oxidized phases include magnetite, hematite, cassiterite, and barite. The spatial relationship between all these minerals provides a very rich textural framework.
Pan Global Resources Update – IWA Top Copper Pick – Sprott Research Notes Below
The most recent results (and there are more coming soon – IWA management calls confirm), lead smart investors to see the prior ‘10Mt in the bag’ as increasingly rear-view mirror. Alongside good hits, pleasant surprises include (i) thick low-grade zones which should bulk up tonnes, (ii) increasing tin – indicative of a large VMS like the mother of all Iberian discoveries, Neves Corvo, and (iii) linear ore zones for simple drilling to resource. Many of the hits are in the new eastern deeper conductor, east of a low-grade hole which we see as a potential fault-offset with lower tin to the east indicative of a changing geological regime. Stepping back – and this is where the fun starts – we expect permits to drill the next five along strike gravity-IP anomalies in 3Q, which could quite simply grow this by 5x, or not at all of course. We’re excited though because a little ‘cheating’ comes from the single historic hole of 9.5m @ 1.4% which was never followed up. This year should thus see La Romana ‘ready to 43-101’ by 2H, but if drilling is still growing the resource, we’d expect to push this back. Sprott maintained their BUY rating and C$1.00/sh PT based on a nominal 25Mt @ 1% CuEq for La Romana at US$500/t metal value (~5% in-situ, i.e., US$100/oz), with US$250/t (~2.8% or US$50/oz) over nominal 200kt Cu in satellites. Recent on on-going drilling should give investors’ confidence that prior ~10Mt is creeping toward the 15Mt mark, albeit far more/less than that at higher/lower cut-off.
You simply must not underestimate how important the leadership and board are for any junior resource company. Tim Moody, CEO, and the heavy weight board at PGZ have not only picked a major winner in the exploration world, but they also have the pedigree to ensure that shareholders receive maximum value for this incredible and growing asset. If you need to hand pick a team to do this, just look at the roster of this group. The team is steeped in deep experience, integrity, and patience. IWA recently interviewed Patrick Downey where he reminded the writer that the resource world is like baseball and you don’t have to swing at everything – you can wait for your pitch. That is how they got Pan Global and a CEO like Tim Moody. The Pan Global board is loaded with smart and patient swingers. One of the problems in the resource exploration world is that your fans keep yelling, “Swing, you bum!”. The smart ones pick the right pitch, most of the time.
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IWA is a shareholder of Pan Global Resources.
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