Pancon Completes First Drill Program at Montcalm Ni- Cu-Co Project, Identifies Target Area for Further Evaluation
Pancon Completes First Drill Program at Montcalm Ni-
Cu-Co Project, Identifies Target Area for Further
Evaluation
Toronto, Ontario--(Newsfile Corp. - March 27, 2019) -
Pancontinental Resources Corporation (TSXV: PUC) ("Pancon" or the
"Company") has completed its first exploratory drill program at the early stage Montcalm Ni-Cu-Co Project, adjacent to the
former Montcalm Mine owned by Glencore, 65 kilometres northwest of Timmins, Ontario. The purpose of the maiden drill
program was to test airborne virtual time-domain electromagnetic (VTEM) geophysical anomalies identified in 2018. All assay
results have been received from 10 diamond drill holes which produced approximately 4,300 metres of drill core.
Pancon President and CEO Layton Croft stated: "We drilled 10 VTEM anomalies covering a broad section of the Project area.
Narrow (<1.5 metre) sections of massive sulphides, net textured sulphides and sulphide stringers were intersected, explaining all
but 2 of the VTEM anomalies. The mineralized intervals did not return anomalous Ni-Cu-Co assay results. Further evaluation of
the data identified a complex magnetic feature, hosting a cluster of electromagnetic (EM) anomalies we are calling the Hook
zone. We are now conducting induced polarization (IP) and geophysical reinterpretation on the Hook zone in anticipation of
follow-up drilling."
Highlights & Analysis:
The former Montcalm Mine is situated in the large, continuous Montcalm Gabbro Complex, and is the only known
mineralized occurrence.
The Ontario Ministry of Northern Development and Mines' (MNDM) 1990 GEOTEM Survey (Map 81360) identified 11 EM
anomalies in the area covered by the combined land positions controlled by Pancon (Montcalm Project) and Glencore
(Montcalm Mine).
The former Montcalm Mine is coincidental with 3 of those 11 EM anomalies.
6 of the 11 EM anomalies from the MNDM Survey are associated with a complex magnetic feature called the Hook zone.
These 6 anomalies are proximal to each other and form two east-west oriented trends which follow the magnetic pattern.
The magnetic pattern in the Hook zone has a curved hook shape (see map below), indicating local change in strike
direction. This change in strike direction posed a problem for the VTEM line orientation, and thus Pancon's subsequent
drilling orientation. This would explain why Pancon's 2 holes in the Hook zone did not intersect mineralization.
Pancon's 2 strongest VTEM anomalies are both located in the Hook zone. They were not explained by drilling, remain
viable targets and are the subject of ongoing reinterpretation.
The 6 EM anomalies in the Hook zone have not been explained by any of the previous exploration programs.
Pancon is currently
conducting IP surveys and a geophysical reinterpretation on the Hook zone in anticipation of follow-up
drilling as soon as possible.
Hook zone map:
To view an enhanced version of the zone map, please visit:
https://orders.newsfilecorp.com/files/5156/43674_48b0b615a4bb58df_003full.jpg
About the
Montcalm
Project:
The Montcalm Project (3,780 hectares, 37.8 square kilometres) is located within the prospective Montcalm Gabbro Complex in
the Montcalm Greenstone Belt, 65 kilometres northwest of Timmins, Ontario. The Project is contiguous to and surrounds the
western, northwestern and southwestern portion of the former Montcalm Mine, which was discovered and developed based on a
single airborne electromagnetic anomaly identified in the 1970s and previously mined 3,931,610 tonnes of ore grading 1.25%
nickel (Ni), 0.67% copper (Cu), and 0.051% cobalt (Co), producing in excess of 4 million pounds of Co (Ontario Geological
Survey, Atkinson, 2011). The Company cautions that the mineralization on this adjacent property is not necessarily indicative of
the mineralization that may be identified on the Company's property. In January 2018, Pancon acquired an option to earn a
100% interest in the Montcalm Project, as well as in the nearby Nova Project, as detailed in its
January 10, 2018 news release
.
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 Todd Keast, P.Geo., a Qualified Person as defined by NI 43-101. Mr. Keast is a
member of Pancon's Technical Advisory Committee and Pancon's Projects Manager. Certain technical information within this
news release is historical in nature and pre-dates NI 43-101 standards; this information is believed to be reliable however the
Company has not verified this material.
About Pancon:
Pancontinental Resources Corporation (TSXV: PUC), or Pancon, is a Canadian-based exploration company with a mission to
generate value through responsible exploration of prospective assets proximal to producing/former mines in low-risk areas.
Pancon holds five nickel-copper-cobalt projects in Northern Ontario. The Montcalm Project, Gambler Project, Nova Project and
Strachan Project are adjacent to and near the former Montcalm Ni-Cu-Co Mine located 65 km northwest of Timmins. The St.
Laurent Project has an advanced Ni-Cu-Co-Au-Pt-Pd target and is located 50 km south of Detour Lake Mine and 20 km
southeast of Casa Berardi Mine. The Company also holds a 100% interest in the Jefferson Gold Project near Haile Gold Mine
and adjacent to the former Brewer Gold Mine on the Carolina Gold Belt in South Carolina, USA.
For further information, please contact:
Layton Croft, President & CEO or Jeanny So, Manager, External Relations
E:
T: +1.416.293.8437
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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