Pancon Acquires New Sawyer Historic Gold Mine, North Carolina
Pancon Acquires New Sawyer Historic Gold
Mine, North Carolina
Toronto, Ontario--(Newsfile Corp. - January 24, 2023) - Pancontinental Resources Corporation (TSXV:
PUC) (OTCQB: PUCCF) ("Pancon" or the "Company") has entered into an exploration lease and
purchase option agreement (the "Agreement") for the New Sawyer Gold Mine Property ("New Sawyer"
or the "Property").
The property is privately owned, containing both surface and mineral rights, and
covers 246.6 hectares.
The property contains the historic New Sawyer Gold Mine which includes 12
identified vertical
shafts.
The property lies within the Sawyer-Keystone Gold Trend ("Sawyer Trend"), a
>20 km long structurally-controlled alignment of volcanic-hosted, Haile-type alteration and historic gold
mines (Moye, 2018).
The New Sawyer mine and the Sawyer Trend are located in Randolph County,
North Carolina.
Pancon's Technical Advisor Keith Laskowski, QP, stated: "The Carolina Terrane hosts hundreds of
historic gold mines and thousands of occurences. The >20 kilometer Sawyer Gold Trend is
characterized as a deeply weathered,
antiformal,
axial-planar shear zone with widespread alteration and
gold mineralization. The New Sawyer property,
on the northeastern end of the Sawyer Trend, contains
historic gold mineralization that occurs within silicified zones hosted within sericite-pyrite (limonite)
alteration. The Sawyer Gold Trend has similarities to the Haile Mine in South Carolina and many
significant orogenic gold systems around the world."
History
The New Sawyer Mine was briefly described by the U.S.G.S. in Professional Paper 213 (Pardee &
Park, 1948) where they reported prior surface sampling and noted multiple shafts ranging from 10 - 20
meters in depth.
Records indicated the mine was in production in 1902, however nearby properties were
operating much earlier in 1856.
Gold was produced from multiple zones hosted in a large zone of Haile-
type sericite-pyrite-clay alteration.
No production records are available.
The property has since been
explored by three companies to varying degrees, starting in the 1980s:
1986-88:
Battle Mountain Gold
completed systematic soil sampling (357 samples), trenching (13
trenches/1157 m), 6 reverse circulation drill holes and 3 core holes.
Soil sampling identified two
continuous soil anomalies, the main anomaly extending 650 meters northeast and approximately 200
meters wide, with a second anomaly along trend extending 150 meters northeast and about 80 meters
wide.
Trenches constructed within this anomaly
identified significant gold values in 6 of 8 trenches.
2012: Romarco
drilled six
holes, no data available.
2019 - 20
:
Carolina Mining Company ("CMC")
compiled historic data and re-excavated portions of
two historic trenches within the historic soil gold anomaly to verify the historic results reported by Battle
Mountain Gold.
Two 30-meter long mechanical trenches were oriented northwest-southeast across the
fabric of the geology, located about 100 meters apart.
The trenches were excavated with a track hoe to
the point of refusal.
Continuous chip channel samples of oxidized bedrock were collected and analysed
using CIMM Best Practices and
QA/QC procedures according to NI 43-101 recommendations. Trench
results confirmed the historic results and included:
Trench NS-1:
30.0 meters @ 1.6 g/t Au
from 0 - 30m (open in both directions),
Including 16.0 meters @ 2.2 g/t Au, from 12-28 m
Trench NS-2 :
30.0 meters @ 1.0 g/t Au from 0 - 30 (open in both directions),
including 10.0 meters @ 2.1 g/t Au, from 20 - 30 m
(see figures below)
CMC also completed a helicopter-supported VTEM and Magnetics survey covering the property.
The New Sawyer property contains significant historic results that will be incorporated in a systematic
evaluation of gold distribution on the property and within the Sawyer Trend, incorporating new ideas and
concepts established recently by the successful developments at the Haile Gold Mine.
The New Sawyer
property has potential for near surface, oxide, bulk-mineable gold-mineralization within a large,
structurally controlled alteration zone that has not been explored.
Figure 1: Location Map of Sawyer and Regional Geology
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5156/152144_30c6709304439a1f_003full.jpg
Figure 2: New Sawyer Trench NS-1
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5156/152144_30c6709304439a1f_004full.jpg
Figure 3: New Sawyer Trench NS-2
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https://images.newsfilecorp.com/files/5156/152144_30c6709304439a1f_005full.jpg
Details of the Agreement:
The initial term of the Agreement shall be of a period of ten (10) years (the "Initial Term"), effective March
1, 2023. Pancon retains the exclusive first right to automatically renew the Agreement for an additional
ten (10) years (the "Additional Term"). The Company will grant the New Sawyer landowner a 1% net
smelter return ("NSR") royalty subject to the ability of Pancon to purchase 0.5% of the NSR.
Qualified Person
Keith Laskowski (MSc) is a Technical Advisor for the Company and is a Qualified Professional
(#01221QP) of the Mining and Metallurgical Society of America and a Qualified Person as defined by
Canadian National Instrument 43-101. He has reviewed and approved the technical information in
this press release.
About Pancon
Pancontinental Resources Corporation (TSXV: PUC) (OTCQB: PUCCF), or Pancon, is exploring the
Carolina Terrane in the southeastern USA. Its flagship project is the past-producing Brewer Gold Mine,
located in Chesterfield County, South Carolina, 12 kilometers along trend from the producing Haile Gold
Mine. Pancon's 100%-owned, 673 hectare Jefferson Gold Project is continusous with and mostly
surrounds the 389 hectare Brewer property. In March 2023, the Company will commence an exclusive
minerals exploration lease and purchase option agreement for the 246.6 hectare New Sawyer Gold
Mine Property on the historic and underexplored Sawyer Gold Trend, located in Randolph County, North
Carolina.
For further information, please contact:
Jeanny So, External Relations Manager
E:
T: +1.647.202.0994
For additional information please visit our new website at
http://www.panconresources.com/
and our
Twitter feed:
@PanconResources
.
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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
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revise any forward-looking information, other than as required by applicable securities laws.
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