Pancon Completes Phase 1 Drilling at Flagship Brewer Gold Project
Pancon Completes Phase 1 Drilling at
Flagship Brewer Gold Project
Toronto, Ontario--(Newsfile Corp. - January 28, 2021) - Pancontinental Resources Corporation (TSXV:
PUC) (OTCQB: PUCCF) ("Pancon" or the "Company") has completed Phase 1 of a fully funded 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 Chesterfield County, South Carolina, and is
where a former mine produced 178,000 ounces of oxide gold between 1987-1995. Phase 1 drilling
commenced on November 3, 2020 (
see November 5, 2020 news release
).
Highlights:
2,692 meters were drilled in seven holes, two of which included both sonic and diamond drilling.
Holes 4 and 5 intersected lithologies typical of highly mineralized zones in the historic mine and
core (
see corporate presentation slide 20
).
Gold assay and multielement geochemistry results for copper and other elements are pending.
Layton Croft, Pancon President and CEO stated: "While we await assay and multielement geochemistry
results, we are super excited by what we see from Phase 1 drilling. Our team possesses an unmatched
level of combined experience drilling at and near Brewer, and during Phase 1 the team identified an
abundance of highly altered silicification and brecciation in all seven holes. We see a lot of pyrite as well
as some enargite and other copper minerals. We see textures that suggest skarn-like minerology,
something corroborated by more than 1,000 x-ray diffraction (XRD) analyses on both historic Brewer
core as well as on RAB drill samples from August-September 2020."
Croft continued: "In Pancon core holes 4 and 5, we see lithologies typical of mineralized zones in historic
drill core from beneath the former mine. Some of these historic zones ran more than 7 grams per tonne
gold. In all, we believe Phase 1 drill results will achieve two objectives: i) prove the concept that the
former Brewer Gold Mine property has a lot more gold, plus copper, to be discovered; and ii) provide an
unprecedented quantity and quality of new information that will increase probabilities for success in
upcoming Phase 2 drilling, and beyond."
The Pancon team is very encouraged by twinning and extending the historic mineralized lithology in both
depth and length (see Photo 1 and Photo 2 below for more details). The Company cautions that the
mineralization at the former Brewer Gold Mine is not necessarily indicative of the mineralization that may
be identified by the Company's ongoing and upcoming exploration work.
In Phase 1, Pancon drilled a total 2,691.95 meters from seven diamond drill holes and two sonic drill
holes. The two sonic drill holes were vertical holes through reclaimed waste rock and high-sulphide
refractory ore from the former mine. These two holes continued vertically beneath the former mine in
diamond drill holes. The first six holes tested either geophysical anomalies and/or targets associated
with historic diamond drill holes or recent rotary air blast (RAB) drill holes (
see July 28, 2020 news
release on geophysical results
and
November 16, 2020 news release on RAB drill results
). The seventh
hole stepped out to the northwest of the former mine in an area known to be rich in topaz, which has
historical correlation to gold found and mined at Brewer (see Figure 1 below for a map showing both
Pancon's Phase 1 drill holes and the 90 RAB holes and their associated gold results).
Pancon is waiting to receive Phase 1 assay and multielement geochemistry results for gold, copper and
other elements, including rare earths elements, of which elevated levels were found in samples of sludge
concentrated and sequestered from metal-rich acid mine waters routinely covered as part of the
government's environmental mitigation plan (
see November 16, 2020 news release
). It is believed that
the unusually lengthy wait times for assay and multielement geochemistry results are due to both an
overall increase in exploration drilling all over North America and thus exceptionally high demand on
labs, as well as labor and logistical challenges related to the Covid-19 pandemic.
Once Phase 1 results are received, Pancon will update its database and conceptual model to design the
Phase 2 drill program. Sonic drilling, in addition to diamond drilling, may be used again during Phase 2
in order to effectively drill through the 55-65 meters of loose, unconsolidated material reclaimed in the
former mined pit. This backfilled material contains waste rock and high-sulphide refractory ore from the
previous mining operation, which used cyanide to heap leach the oxide ore. Pancon's 2020 RAB drill
program demonstrated that the top layer of this backfill, down to 10-15 meters, contains attractive gold
values, with two of the seven RAB holes in the backfill containing samples running more than 1 g/t Au.
As per Figure 1 below, the seven holes in Phase 1 were plotted coincident with the two parallel north-
south traverses from Pancon's first and fourth lines of resistivity/IP geophysical surveys conducted in
June-July 2020, and similar to how the majority of Pancon's 90 shallow RAB holes were plotted.
Figure 1: Phase 1 diamond drill holes with 2020 RAB drill holes and RAB gold results
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5156/73038_c7c5e5586474d8e9_003full.jpg
Table 1: Phase 1 Drill Holes
Drill Hole
Location
Orientation
Length (meters)
B20C-001
southwest of the former
mine
65-degree angle, due south
azimuth
341.5
B20C-002
north of the former mine
45-degree angle, due south
azimuth
314.7
B20C-003
west of the former mine
65-degree angle, due south
azimuth
503.5
Sonic Hole 1
vertically in the central area
of the former mine
vertical
55.49
B20C-004
continued down from sonic
hole 1
vertical
543.96 meters, for a total
hole depth of 599.45
meters
Sonic Hole 2
vertically 100 meters due
north of sonic hole 1 and
diamond hole 4
vertical
65.85
B21C-005
continued down from sonic
hole 2
vertical
200.15 meters, for a total
hole depth of 266 meters
B21C-006
250 meters from the
southern wall of the main
historic mined pit
65-degree angle, due south
azimuth
286.8
B21C-007
500 meters northwest of the
northwest trend historic
mined pit
65-degree angle and south
azimuth
380
Photo 1 below shows wet, cut drill core from historic diamond drill hole B97-4, a hole drilled by Placer
Dome in 1997. Hole B97-4 was collared north of the former mine, at a 45-degree angle, due south
azimuth. Photo 1 is of core from approximately 193 meters (633 feet) down the hole, or about 150
meters vertical depth. Historic assay results for hole B97-4 show 1.2 g/t Au over 61 meters, between
190.2 and 251.2 meters down the hole, and including 3.1 meters of 7.6 g/t Au at between 242-245.1
meters down the hole.
Photo 1: Historic core photo (cut core) from diamond drill hole B97-4 (labeled in feet)
To view an enhanced version of Photo 1, please visit:
https://orders.newsfilecorp.com/files/5156/73038_c7c5e5586474d8e9_004full.jpg
Photo 2 below shows wet, uncut drill core from Pancon's vertical diamond drill hole B21C-005. Photo 2
is of core from approximately 152 meters vertical depth down the hole, similar to the vertical depth
location of the core in Photo 1 above. The lithological similarities are evident and encouraging.
Photo 2: New Pancon core photo (uncut core) from diamond drill hole B20C-005 (labeled in
meters)
To view an enhanced version of Photo 2, please visit:
https://orders.newsfilecorp.com/files/5156/73038_c7c5e5586474d8e9_005full.jpg
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.
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 (https://oceanagold.com/operation/haile/).
For further information, please contact:
Layton Croft, President & CEO or Jeanny So, Manager, External Relations
E:
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
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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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