Heat one large pot of water over medium heat with the 1/2 tsp sea salt. When it is boiling, add the noodles and cook per package directions.
In a large sauté pan, add the pancetta and cook about 5 minutes until the fat has been rendered and the color turns dark red. Then remove and put on a plate with a paper towel to drain excess grease.
Wipe out the sauté pan and turn the heat to low. Add the extra virgin olive oil and heat for 2 minutes. Then add the shallots, garlic and lemon zest, stirring continuously for about 3 minutes or until fragrant.
Add int he butter and when it is melted, add in the olives, thyme, lemon juice and chicken broth. Simmer for 5-7 minutes.
Add the pasta water and basil. Simmer for another 3 minutes.
Turn off the heat. Toss with the cheese. Then add the pasta and toss. Serve with the pancetta on top and additional basil.