Pancon Completes Initial Shallow Drill Program at Former Brewer Gold Mine Property in South Carolina
Toronto, September 14, 2020 - Pancontinental Resources Corp. (TSXV: PUC) ("Pancon" or the "Company") has completed its initial shallow rotary air blast (RAB) drilling program at its flagship Brewer Gold Project. The program commenced on August 6, concluded on September 8, and drilled nearly 1,700 meters in 90 shallow holes. Most of the drill holes paralleled Pancon's recently completed geophysical traverses across regionally extensive northeast-trending gold and base metal mineralization and regional structure.
The RAB program was designed to: validate historic drill results adjacent to reclaimed workings in the northern Brewer prospect; test Pancon's geophysical anomalies and historic geochemical anomalies; and identify new prospective zones along the traverses. The combined drilling and geophysical traverses will provide a critical systematic profile through the heart of the Brewer property, and will provide quality geological, geochemical and mineralogical data that will inform the Company's upcoming deeper diamond drill program. Results from the shallow RAB program are expected in mid-October.
Brewer is a high-sulphidation epithermal Au-Cu system that produced 178,000 ounces of near-surface oxide gold from 1987-1995. The Brewer mine has since been reclaimed and was partially backfilled with known sulphide-hosted gold and copper mineralization encountered at the bottom of the shallow historic pits. The Brewer Gold Project and Pancon's Jefferson Gold Project, which surrounds the Brewer property, are located 12 kilometers along trend from the producing Haile Gold Mine in the prolific and underexplored Carolina Slate Belt. Brewer hasn't been explored in 23 years, and most of the tools used previously to explore the property have since been updated with more advanced technologies.
Pancon President and CEO Layton Croft stated: "This shallow drill program complements the compelling results of our recently completed geophysical surveys at the Brewer and Jefferson projects. We employed rigorous quality assurance and quality controls to prepare the nearly 1,700 samples for assay, chemistry and spectral analyses at ALS laboratories in the US and Canada. Historic drilling and mining operations at Brewer focused only on shallow oxide gold mineralization. Less than 10% of Brewer's 1,000-acre property has been explored and mined. Informed by Pancon's recent geophysical data and interpretation and our analysis of historic data, we believe the remaining 900 acres of the Brewer property - plus our Jefferson Project's surrounding 1,500 acres - are highly prospective for both near-surface oxide gold mineralization and deeper sulphide gold-copper mineralization. Data from our initial RAB drill program will further enrich our knowledge about Brewer's geology, minerology and potential structural controls to maximize the impact of our initial deeper diamond drill program, which we expect to commence in late October."
Qualified Person
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Richard "Criss" Capps, PhD, RPG, SME REG GEO, a Qualified Person as defined by NI 43-101.
The Company cautions that the mineralization at the former Brewer Gold Mine is not necessarily indicative of the mineralization that may be identified on the Company's ongoing and upcoming exploration work.
About Pancon
Pancon is a Canadian junior mining company focused on exploring the prolific and underexplored Carolina Slate Belt in Chesterfield County, South Carolina, USA. In January 2020, Pancon won the exclusive right to explore the former Brewer Gold Mine. Between 1987-1995, Brewer produced 178,000 ounces of oxide gold from open pits that extended to 50-meter depths, where copper and gold-rich sulfides were exposed but could not be processed by the oxide heap leach processing facility. Brewer is a high sulphidation system driven by a sub-volcanic intrusive and possibly containing a large copper-gold porphyry system at depth, as indicated by: widely known prospective geology, including diatreme breccias; associated high sulphidation alteration; gold and copper mineralization; and geophysics (Schmidt, R.G., 1978, The Potential for Porphyry Copper-Molybdenum Deposits in the Eastern United States, U.S. Geological Survey). Pancon's 100%-owned Jefferson Gold Project nearly surrounds the former Brewer Gold Mine, and both Jefferson and Brewer are located 12 km along trend northeast from the producing Haile Gold Mine, which produced 146,100 ounces of gold in 2019. In addition, Pancon has four nickel-copper-cobalt exploration projects in Northern Ontario, surrounding or near producing or former mines in proven and safe mining districts.
For further information, please contact:
Layton Croft, President & CEO or Jeanny So, Manager, External Relations
E: info@panconresources.com
T: +1.647.202.0994
For additional information please visit our new website at www.panconresources.com and our Twitter feed:@PanconResources.
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This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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