Pancon Commences First Phase of 10,000-Meter Diamond Drilling Program at Flagship Brewer Gold Project in South Carolina
Toronto, November 5, 2020 - Pancontinental Resources Corp. (TSXV: PUC) (OTCQB: PUCCF) ("Pancon" or the "Company") has commenced the first phase of a 10,000-meter diamond drill program at its flagship Brewer Gold Project. The Brewer Project covers nearly 1,000 acres on the gold-rich, underexplored Carolina Slate Belt in South Carolina, and is where a former mine produced 178,000 ounces of oxide gold between 1987-1995.
The first phase will consist of approximately 8 holes ranging from 300-600 meters each, for a total of approximately 3,500 meters. This phase is focused on coincident geochemical, geophysical and geological targets. Many of the targets are coincident resistivity and chargeability anomalies, with hole locations, angles and depths informed by the Company's compilation of historic data together with its own recently produced data.
"We are testing priority targets outside and underneath the former mine, both nearby and further away from where we know gold and copper was and is," stated Pancon President and CEO Layton Croft. "For the first time ever at Brewer, we will be testing targets below 300-meter depths. We are informed and guided by our analysis of compiled historic data, by our gravity, ground magnetics, and resistivity/induced polarization (IP) geophysical surveys conducted from May to July, and by our shallow rotary air blast (RAB) drilling conducted in August and September."
Croft continued: "Based on our analysis of historic and modern data, we believe Brewer has at least two different pyrite-bearing lithologies, both containing gold. One is finely disseminated pyrite in quartz; the other is penetratively deformed massive sulphide. Our initial phase of drilling is targeting multiple IP anomalies in both of these lithologies, including targets with coincident conductive and resistive characteristics."
Figure 1: Core drilled on November 3, 2020
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Figure 2: Pancon's Senior Advisor Criss Capps reviewing core
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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 property. 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 hasn't been explored since 1997, and most of the tools used previously to explore the property have since been updated with more advanced technologies. Brewer is a high sulphidation system driven by a sub-volcanic intrusive and possibly connected to 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, 1,500-acre Jefferson Gold Project nearly completely surrounds the 1,000-acre former Brewer Gold Mine property, and both Jefferson and Brewer are located 12 kilometers northeast along trend from the producing Haile Gold Mine, which produced 146,100 ounces of gold in 2019.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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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