Project Overview
The Cármenes Project is located approx. 55km north of León in northern Spain and comprises five Investigation Permits over 5,653 hectares. The Project area is highly prospective for multiple bodies or “clusters” of carbonate-hosted “pipe-like” breccia style copper, nickel, cobalt, and gold mineralization. The area includes the former Profunda and Providencia mines, that last operated in the 1930s, producing concentrates of copper and cobalt with nickel. Numerous other smaller historical mine workings in the area highlight potential for additional breccia pipes. These types of deposits can have significant vertical dimensions exceeding 1km.
In July 2024, Pan Global announced the start of on-the-ground exploration with systematic sampling, geochemistry surveys, and mapping at the 100%-owned Cármenes Project, a 5,653-hectare (56.5km2) area that is centred over two past-producing polymetallic mines, Profunda and Providencia, which are breccia-pipe-style copper, nickel, cobalt, and gold mineralization. Gossan samples with assays up to 10.5g/t Au indicate additional untested potential to expand the underlying sulfide mineralization near the Providencia mine.
In January 2025, the Company announced initial geochemistry results from surface soil and rock sampling near the Providencia target. The new high-grade copper, gold, and other metals results from Cármenes indicate the footprint of the Providencia breccia pipe mineralization is much larger than previously known and show significant gold potential. The grades detected in the soil samples are exceptional, including assays up to 24.3 grams-per-tonne (g/t) gold, and percent levels of copper, nickel, and lead. The rock samples confirm mineralization in outcrop.
As the newest addition to Pan Global’s exploration pipeline in Spain, the Project meets Pan Global’s criteria of having size potential, grade potential, and multi-target potential with numerous untested targets.
Location
Cármenes is located in the province of León, northern Spain, approximately 55km north of the regional capital city León.
Figure 1 - Cármenes Project mineral rights and target locations, northern Spain. The project is approximately 55km north by paved road from the provincial capital León. Targets include former mine localities at Providencia, Profunda, Fontun and Valverdin. The León region has a centuries-old mining history.
The Cármenes Project is a highly prospective area for carbonate-hosted breccia “pipe” style mineralization, with evidence of high grades of copper, nickel, cobalt and gold. Breccia pipe deposits typically occur in clusters, and the area is highly prospective for discovery of additional breccia pipes. Initial exploration priorities include the former Profunda and Providencia mine areas, targeting extensions to the copper-nickel-cobalt mineralization beneath the mine workings and recently mapped gossans. Numerous other smaller historical mine workings occur throughout the project area, highlighting the potential for additional breccia pipes and other styles of mineralization.
Pan Global has commenced systematic exploration in the Cármenes Project following an initial phase of reconnaissance sampling and a detailed review of past exploration in the area. The program includes detailed mapping and surface geochemistry surveys, drill planning at Profunda and Providencia, and follow-up of targets identified from past exploration.
Table 1 (below) includes assay results from new rock samples recovered by Pan Global from within the underground mine workings and surface gossans at Providencia and Profunda, and previously unreported underground sample results acquired with the mineral rights from the previous owners, “Sociedad de Investigación y Explotación Minera de Castilla y León, S.A.” (SIEMCALSA).
The Pan Global and SIEMCALSA rock samples were assayed using the same laboratory and sampling protocols. The underground samples consisted of rock chips from the walls of former mine tunnels/stopes. Average grades from the combined Pan Global and SIEMCALSA underground samples at Providencia and Profunda, include:
Providencia (22 samples) – 2.53% Cu, 1.28% Ni, 0.68% Co, 0.6g/t Au, 3.1g/t Ag
Profunda (8 samples) – 10.3% Cu, 0.18% Ni, 0.19% Co, 0.1g/t Au, 15.6g/t A
Reconnaissance mapping by Pan Global at the Providencia target has identified breccias hosting the historical mine workings, and surface gossans, over an area more than 300 x 100 meters. The target area at Profunda has similar dimensions. Assay results for six samples of gossans (rock chips of gossan outcrops and float) collected at Providencia average 3.8g/t Au, 0.41% Cu, 0.28% Ni, 0.10% Co and 3.7g/t Ag. The results highlight additional untested potential for significant gold and copper-nickel-cobalt mineralization beneath the gossans outside the mine workings.
Table 1 – Rock sample assay results, including grab samples or rock chips from the walls in the historical underground mine workings at Providencia and Profunda, and samples of gossan from the Providencia target
Reference: For more information, see July 3, 2024 media release.
Álvaro Merino P.Geo., Pan Global’s Vice President, Exploration, and aqualified person as defined by National Instrument 43-101, has reviewed the technicalinformation that forms the basis for this webpage.
In January 2025, the Company announced initial geochemistry results from surface soil and rock sampling near the Providencia target. The new high-grade copper, gold, and other metals results from Cármenes indicate the footprint of the Providencia breccia pipe mineralization is much larger than previously known and shows significant gold potential. The grades detected in the soil samples are exceptional, including assays up to 24.3 grams-per-tonne (g/t) gold, and percent levels of copper, nickel, and lead. There are no historical records of gold extraction at Cármenes.
The Providencia and Profunda targets are carbonate-hosted “pipe-like” breccia style mineralization previously mined for copper, nickel, and cobalt. The rock samples collected confirm mineralization in outcrop. Numerous mine/exploratory workings found during recent mapping and prospecting, including previously unrecorded tunnels and shafts, highlight additional mineral potential.
Providencia Target Geochemistry Testing Highlights:
Soil sample results for pXRF copper are provided in Figure 1 below, and the Providencia Target close-spaced laboratory soil sample results for gold, copper, nickel, cobalt and lead are provided in Figures 2 to 6. Rock sample results from Providencia for gold and copper are provided in Figures 8 and 9.
Figure 1 – Soil copper anomaly map based on 1,089 samples, highlighting strong anomalies at the Providencia and Profunda targets
Figure 2 – Providencia Target geology map, soil sample locations and gold anomaly, highlighting selected peak assay results (geology legend in Figure 7)
Figure 3 – Providencia Target geology map, soil sample locations, and copper anomaly plus peak assay result (geology legend in Figure 7)
Figure 4 – Providencia Target geology map, soil sample locations, and nickel anomaly (geology legend in Figure 7)
Figure 5 – Providencia Target geology map, soil sample locations, and cobalt anomaly (geology legend in Figure 7)
Figure 6 – Providencia Target geology map, soil sample locations, and lead anomaly (geology legend in Figure 7)
Figure 7 – Providencia Target geology legend for Figures 2, 3, 4, 5, 6, 8, and 9.
Figure 8 – Providencia Target geology map, rock sample gold results, and soil gold anomaly (geology legend in Figure 7)
Figure 9 – Providencia Target geology map, rock sample copper results, and copper-nickel-cobalt anomaly location (geology legend in Figure 7)
Qualified Persons
Álvaro Merino, Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has approved the scientific and technical information on this page. Mr. Merino is not independent of the Company.
QA/QC
Rock samples delivered to the ALS sample preparation facility in Seville were prepared and assayed at the ALS facility in Ireland. All samples were crushed, split and pulverized using methods CRU-31, SPL-22Y and PUL-31. Gold analysis was by 50gm Fire assay with AA finish (Au-AA23). Multi element analysis was undertaken using a 4-acid digest with ICP-AES finish (ME-ICP61). Over-grade samples were analyzed using 4-acid digest with ICP-AES finish for base metals (OG62), and Fire Assay with Gravity Finish for gold (Au-GRA21). Certified reference materials were inserted at a 1/25 samples. The grab sample results are selective by nature, and may not be representative of average grades for the mineralization.
The first pass soil geochemistry survey includes samples collected from the top 20cm from surface (un-sieved, weighing approx. 1kg) on a 100m x 40m grid and follow-up/infill sampling was tightened to 50m x 20m. The samples are collected in plastic bags, and a multi-element analysis is obtained using an Olympus Vanta hand-held x-ray fluorescence (“pXRF”) device. Analyses are repeated on 1 per 20 samples, and standards analyzed to check and compare against pXRF results. Additionally, closer-spaced infill samples over the Providencia area were also sent to the ALS laboratory in Seville for higher resolution multi-element analysis. The pXRF copper values shows excellent (99%) correlation with laboratory copper assays.
Soil samples delivered to the ALS sample preparation facility in Seville were prepared and assayed at the ALS facility in Ireland. All samples were weighed and screened to 180 microns. All samples were analyzed by super trace low detection Aqua Regia digest with ICP-MS finish (ME-MS41L). Over-grade samples were analyzed using Aqua Regia digest, ICP-AES finish (ME-OG46). Certified reference materials were inserted at a 1/25 samples. The rock sample results from outcrop, float and dumps are selective by nature and may not be representative of average grades for the mineralization.
Reference: For more information, see January 27, 2025 media release.
A plan map of the Providencia target and gossan sample locations is provided in Figure 1 below. Cross sections through the Providencia and Profunda mines with sample locations are provided in Figure 2.
Figure 1 – Providencia Target geology map and gossan sample locations
Figure 2 – Providencia (left) and Profunda (right) cross sections showing the breccia pipes and underground rock sample locations
The Cármenes Project area comprises three Investigation Permit’s (total 4,028 hectares) that were acquired 100% by Pan Global from the Spanish state-owned exploration company SIEMCALSA together with all associated exploration data, and two additional granted Investigation Permits (total 1,625 hectares) that were obtained as a result of mineral rights applications by the Company’s wholly owned subsidiary, Minera Águila Sociedad Limitada (MASL). There are no royalties on any of the mineral rights.
The Profunda and Providencia copper-cobalt-nickel mines were operated continuously between 1860 and 1880, and intermittently until the 1930s. Mine grades (unverified) include 1.9% Cu, 1.8% Ni, 0.9% Co at Providencia and 2.2% Cu, 1.5% Ni, 0.9% Co at Profunda. (1) The mines produced copper and cobalt concentrates, both containing nickel. Underground mining extended to approximately 100m depth below surface at Providencia and 260m depth at Profunda, and mineralization remains open to depth and along strike at both. Artisanal mining occurred elsewhere in the area to the 1960s.
SIEMCALSA began exploring in the area from 2009 to 2017, and through a Joint Venture (JV) on part of the area with Riedel Resources (ASX: RIE) from 2017 to 2019 when exploration stopped. SIEMCALSA focussed on four target areas, Profunda, Providencia, Fontun, and Valverdin. The exploration data indicates numerous other untested targets that require follow-up exploration.
Four diamond drill holes were completed during the SIEMCALSA JV with Riedel Resources, testing IP-chargeability targets. This included hole CMN-3, that drilled in the main breccia at the Profunda mine, intersecting grades of 7.72% Cu, 0.11% Co, 0.09% Ni, 0.44% U and 0.24% Zn over 1.95m in the wall of a 7-meter-wide previously mined stope (2). The Providencia mine area was outside the JV and not drilled.
(1) Instituto Geológico y Minero de España, Mongografia N.o 4 – Recursos Minerales, 2003, pp186-187
(2) Riedel Resources media release and ASX Announcement dated October 26, 2018 titled “Drilling Programme Highlights Exploration Potential and Validates Exploration Strategy”: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2995-02039382-6A905981
Reference: For more information, see July 3, 2024 media release.
QA/QC
Rock samples delivered to the ALS sample preparation facility in Seville were prepared and assayed at the ALS facility in Ireland. All samples were crushed, split and pulverized using methods CRU-31, SPL-22Y and PUL-31. Gold analysis was by 30gm Fire assay with AA finish (Au-AA23). Multi element analysis was undertaken using a 4 acid digest with ICP-AES finish (ME-ICP61). Overgrade samples were analyzed using 4 acid digest with ICP-AES finish (OG62). Certified reference materials were inserted at a 1/25 samples. The grab sample results are selective by nature, and may not be representative of average grades for the mineralization.
Reference: For more information, see July 3, 2024 media release.
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.
A Brief History of Mining in the region of León, Spain
The history of mining in the region of León, Spain, is at least 3,000 years old. Mining has played a significant role in the development of the country, particularly during Roman times but also in the Middle Ages and the modern era.
Ancient Times and Roman Era
Mining in León dates to prehistoric times, with early inhabitants exploiting surface mineral deposits. However, it was during the Roman occupation (1st Century BC to 5th Century AD) that mining in León attained a higher level of production, particularly in the recovery of gold. The most notable mining operation was Las Médulas, near the present-day town of Ponferrada. This vast open-pit mine was one of the largest in the Roman Empire, using advanced techniques like hydraulic mining to extract gold. The mining methods used by the Romans produced a profound and enduring landscape still visible today.
Middle Ages to Early Modern Period
Following the decline of the Roman Empire, mining activity in León decreased significantly. During the Middle Ages, artisanal-scale mining continued on a small scale, primarily driven by monastic orders and feudal lords who mined for various minerals, including iron and silver. The technological limitations of the time restricted large-scale operations, but mining remained a vital part of the local economy.
The Industrial Revolution and Modern Era
The Industrial Revolution in the 19th Century led to a revival in León's mining industry, particularly with the advent of coal mining. Coal became the dominant mineral extracted, essential for fueling the burgeoning steel and rail industries in Spain. Towns like Fabero and Villablino grew around coal mines, drawing workers from across the region and contributing to urbanization and economic growth.
During the 20th century, León continued to be a critical area for coal production, especially during periods of industrial expansion and in response to energy crises. However, the latter part of the century saw a decline due to the depletion of easily accessible coal seams and competition from other energy sources.
