6 Yukon Site Visits in 3 Days, and More
Includes Pan Global, Vizsla Copper, and Cartier Resources
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Last Week on Resource Talks
I Visited 6 Junior Mining Companies in 3 Days to See Who’s the Real Deal
Could a Copper Mine Be Built in the EU Today?
A New Copper Porphyry Discovery in BC
Gold Explorer Drilling 100,000 Metres in Quebec
I Visited 6 Junior Mining Companies in 3 Days to See Who’s the Real Deal
The Yukon Mining Alliance has paid for the production of this film❗
I spent three days on the ground in the Yukon visiting six exploration companies: White Gold, Fireweed, Yukon Metals, Rackla, Banyan, and Klondike. It was a packed trip that gave me a chance to see these projects up close, outside of the polished investor decks and news releases.
Exploring in the Yukon isn’t easy. Short field seasons, tough terrain, and constant funding pressure make progress slow and messy. Seeing how each company handles those realities says a lot more than a headline ever will.
This video is a straightforward look at what I saw: the projects, the people, and the reality of trying to make discoveries in one of mining’s last frontiers.
Could a Copper Mine Be Built in the EU Today?
Pan Global Resources (TSX-V: PGZ) is a junior exploration company focused on copper, tin, and silver in southern Spain’s Iberian Pyrite Belt, one of the world’s most prolific volcanogenic massive sulfide (VMS) districts. Its flagship Escacena Project hosts the La Romana copper-tin-silver discovery, where the company is advancing toward a maiden NI 43-101 resource estimate. Additional targets within Escacena, plus the nearby Cármenes Project, provide a pipeline of prospects. The company has raised ~$40–50M under current management to fund drilling but remains in the exploration stage with no defined reserves or production. Pan Global’s strategy leans heavily on the CEO’s long exploration experience in the district, but the path to development would require navigating Europe’s challenging permitting and financing environment, all of which was discussed in this conversation.
TLTW
1. Geology
Pan Global is advancing the Escacena project in Spain’s Iberian Pyrite Belt, a district known for large volcanogenic massive sulfide (VMS) deposits. The flagship La Romana target has yielded continuous shallow mineralization, open in multiple directions. Management’s stated goal is to expand beyond this discovery and test multiple nearby targets in order to reach a district-scale resource in the 50–100 Mt range.
2. Team
CEO Tim Moody has over 40 years in the mining sector, including senior exploration and business development roles at Rio Tinto. He says he's led teams that made several discoveries in Spain and elsewhere. Moody owns about 6.4 million Pan Global shares (~2–2.5% of the company) through a mix of vendor shares, financings, and market purchases.
3. Metallurgy
Metallurgical test work at La Romana has returned copper concentrate grades approaching 30% with recoveries around 88–90%, and tin concentrates over 60% with similar recoveries. The ore is described as “clean,” with low deleterious elements, which management says makes it suitable for nearby smelters and potentially more attractive for processing than other deposits in the belt.
4. Financing
Since inception, Pan Global has raised approximately C$40–50M. The company will need to raise further funds to continue exploration. It has ~30 million warrants outstanding at C$0.16 (expiring May 2025) and C$0.30 (expiring October 2025). If exercised, these could generate up to ~C$13M. Management acknowledged a financing may be required before year-end 2025, depending on treasury and drill pace.
5. Risks
The primary risk identified is exploration: the need to make additional discoveries to reach the 50–100 Mt scale target. Other risks such as permitting, community opposition, and infrastructure were discussed as well. According to the CEO, Spain is a mining-friendly country with strong local support and excellent infrastructure. A maiden mineral resource estimate (MRE) for La Romana is targeted by the end of 2025, which management views as a key milestone.
A New Copper Porphyry Discovery in BC
Vizsla Copper has paid for the production of this interview❗
Vizsla Copper is a BC-focused explorer that just made a porphyry copper discovery at its Poplar project’s Thira target, where drilling returned 500m at ~0.39% Cu from surface within a 10 km x 4 km anomaly that could host multiple centers. The company already holds a large resource base (~4B lbs Cu + 1.8 Moz Au across Poplar and Woodjam) and is fully funded into 2025, and millions more expected from in-the-money warrants. Vizsla has pivoted to a discovery-driven strategy, with Copper View set as a second high-priority target later this year, while also keeping an eye on M&A to leverage its in-house development team. Near-term catalysts include two more rounds of assays from Thira and potential new drilling at Copper View, with majors already circling given the scale potential.
TLTW
1. Discovery
Vizsla Copper’s drilling at the Thira target delivered a standout intercept: 500m at ~0.39% Cu from surface (including 345m at 0.43%). The discovery sits within a 10 km x 4 km magnetic anomaly, suggesting potential for multiple porphyry centers. Mineralization outcrops at surface, all holes to date end in mineralization, and step-outs continue to hit the same rocks. Management believes the system could host +500 Mt, potentially up to billion-ton scale, putting it in the size range majors look for.
2. Money
The company holds ~$3M in the treasury after its current 5,000m drill program and does not necessarily need to raise again in 2024. CEO Craig Parry and insiders have heavily backed financings ($2.4M from him personally), and millions more could flow in from warrants now in the money (~160M outstanding). Management expects further capital raises in late 2024 or early 2025 to fund resource delineation drilling but sees warrant conversions and insider support bridging much of the gap.
3. Drilling cost
Poplar can be drilled year-round thanks to flat, logged terrain, road access, grid power, and proximity (20 km) to Imperial Metals’ idle Huckleberry Mine. Drill costs are ~$300/m all-in, which CEO Craig Parry says is half the cost of northern BC projects requiring helicopters. Location also makes it attractive to majors seeking mill feed or new development opportunities in an accessible setting.
4. Strategy
After consolidating the Poplar and Woodjam projects (now ~4B lbs Cu + 1.8 Moz Au resources), Vizsla shifted from resource expansion toward high-impact exploration, as the market is rewarding new discoveries. Beyond Thira, Vizsla plans to drill Copper View later this year (adjacent to Kodiak’s gate zone discovery), which could deliver a second porphyry find in 2024. On the corporate side, Parry stresses Vizsla aims to acquire and build projects itself, not just be a takeout target.
5. Outlook
The share price has tripled since the Thira discovery, aided by aggressive marketing in Europe and strong news flow. While 530M shares fully diluted creates an overhang, Parry says the register is clean and points to large-cap peers (e.g., NexGen with 600M shares). He doesn’t rule out a rollback but prefers waiting for either a higher valuation or an M&A event to make it “neat.” Near-term catalysts are two more batches of drill results from Thira within six weeks, possible Copper View drilling later this year, and ongoing strategic interest from majors.
Gold Explorer Drilling 100,000 Metres in Quebec
Cartier Resources has paid for the production of this interview❗
Cartier Resources Inc. (TSXV: ECR) is a Canadian gold exploration company focused on its flagship 100%-owned Cadillac Project in Quebec’s Abitibi Greenstone Belt, a prolific gold-producing region. The project includes the historic Chimo Mine and adjacent East Cadillac property, with a current NI 43-101 resource estimate of about 720,000 ounces Indicated and 1.63 million ounces Inferred. A 2023 Preliminary Economic Assessment outlined potential underground production averaging 117,000 ounces annually for 10 years, with a post-tax NPV5% of C$388 million and IRR of 21% at US$1,750/oz gold, requiring C$341 million in initial capex. Cartier recently launched a 100,000-metre drill program to expand and upgrade resources, while Agnico Eagle Mines maintains a 27% equity stake, signaling institutional interest.
TLTW
1. Cadillac
Philippe emphasized that Cartier’s primary focus is the Cadillac Project, which combines the historic Chimo Mine with the East Cadillac property. The project already hosts a significant NI 43-101 resource, and the company’s strategy is centered on systematically growing and de-risking this asset rather than chasing multiple new properties.
2. Drilling
The ongoing 100,000-metre drill program is designed to both expand resources at depth and along strike and to upgrade Inferred ounces into Indicated. Philippe stressed that this program is fully financed and will serve as the key driver for the next resource update and future economic studies.
3. Agnico Eagle
Agnico Eagle, holding a ~27% equity stake, is a strategic partner but has no joint venture or royalty rights over the project. Philippe clarified that Agnico’s role is strictly as a shareholder with investment protections, not as a co-developer at this stage. The company retains full operational control of Cadillac.
4. PEA
Philippe outlined the staged development path: expand and upgrade the resource, complete an updated PEA or pre-feasibility, and then assess financing and construction scenarios. He noted that while Cartier is capable of advancing toward a mine build, an eventual transaction with a producer remains possible depending on market conditions.
5. Money
Operating in Quebec provides strong infrastructure, skilled labour, and a supportive mining jurisdiction. Financially, Cartier recently strengthened its balance sheet with equity financings (including Agnico’s participation), ensuring the drill campaign is funded. However, Philippe acknowledged that further capital will be needed as the project advances toward development.
Upcoming Interviews
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VERY IMPORTANT WARNING
This post included paid-for content. Resource Talks has been compensated by The Yukon Mining Alliance, Vizsla Copper, and Cartier Resources for the production of their respective videos.
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Thank you for reading. I wish you a great week.