Pancon Confirms Cobalt and Polymetallic Targets at Nova Project
Pancon Confirms Cobalt and Polymetallic Targets at
Nova Project
Toronto, Ontario--(Newsfile Corp. - August 21, 2018) - Pancontinental Resources Corporation (TSXV: PUC) ("Pancon" or the
"Company") announced today that initial prospecting and mobile metal ion (MMI) soil sampling programs on its Nova Project
confirmed the presence of cobalt mineralization as well as significant MMI cobalt and gold anomalies.
Layton Croft, President and CEO of the Company stated:
"We are pleased with the results from our initial surface exploration
work at Nova, including results from a series of MMI soil pathfinder elements. Rock sampling confirmed the presence of
cobalt mineralization. Our independent MMI analysis identified a broad cobalt anomaly in the northeast sector of the survey
area, coincident with electromagnetics (EM) and a strong magnetic anomaly, forming a bullseye target. The MMI soil data
also showed a significant and unexpected gold anomaly stretching over 200 metres in a northeast-southwest direction and
open to the southwest. Based on these surprisingly positive initial surface exploration results, the Company recently staked
additional claims and the Nova Project now encompasses 2,080 hectares."
Highlights:
Sampling of a bedrock area in the vicinity of the original 1991 Teck occurrence confirmed the presence of cobalt
mineralization with the best sample returning 536 parts per million (ppm) cobalt (500 ppm cobalt is equivalent to one
pound of cobalt per ton.)
Sampling of a second trenched area, with massive sulphides, returned 120 ppm cobalt and 138 ppm cobalt in the
northeast sector of the survey area. This trench is associated with a broad cobalt MMI soil anomaly on the flank of a strong
bullseye magnetic response with untested electromagnetic conductors.
MMI soil sampling also located a very significant gold anomaly stretching more than 200 metres in a north-northeasterly
direction; this anomaly remains open to the southwest.
Anomalous MMI copper responses correspond, to a limited extent, with the elevated MMI gold responses.
Weak anomalous gold and zinc values were also identified in bedrock occurrences hosted within felsic rocks proximal to
the MMI gold and copper soil anomalies. This environment suggests potential for a polymetallic volcanogenic massive
sulphide deposition.
All targets of interest to date are associated with a bullseye magnetic anomaly located within a larger, complex, folded
magnetic anomaly stretching across the entire property.
Within this larger magnetic anomaly there is a series of smaller bullseye magnetic targets with coincident EM anomalies
which are untested; these areas represent prospective targets similar to where the new gold and base metal targets were
detected.
In addition, the Company has renamed its Montcalm West Project and the three properties it contains. The Montcalm Project,
formerly called the Montcalm Property, covers 3,780 hectares of the Montcalm Gabbro Complex in the Montcalm Greenstone
Belt, and is adjacent to Glencore's former Montcalm Mine, which previously mined 3.9 million tonnes of Ni-Co-Cu ore and
produced more than 4 million pounds of cobalt (Ontario Geological Survey, Atkinson, 2011). The Gambler Project, formerly
called the Gambler Property, is adjacent to the Montcalm Project and covers 7,620 hectares of the Montcalm Gabbro Complex
in the Montcalm Greenstone Belt. The Nova Project, formerly the Nova Property, covers 2,080 hectares and is located 19
kilometres southwest of the Montcalm Project. As a result, the Company will no longer refer to the "Montcalm West Project," per
se.
To view the Nova Project Map and the initial work area,
click here
.
Nova Project Map
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5156/38172_enhance1.jpg
About
the
Nova Pro
ject
The Nova Project (2,080 hectares) is one of three Pancon projects in the Montcalm Greenstone Belt. Nova is located 19
kilometres southwest of Glencore's former Montcalm Mine, which previously mined 3.9 million tonnes of Ni-Co-Cu ore and
produced more than 4 million pounds of cobalt (Ontario Geological Survey, Atkinson, 2011). Regionally, the Nova Project covers
a portion of the eastern boundary of a major regional structure known as the Kapuskasing High (also known as the Kap High).
Very little exploration has been conducted on this structure until recently, leading up to Goldcorp's recent announcement of plans
to develop its Borden Lake Gold Mine, located in the Kap High.
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 J. Kevin Filo, PGeo, a Qualified Person as defined by NI 43-101, a member of
Pancon's Technical Advisory Committee, and Pancon's Project Manager for the Montcalm, Nova and Gambler projects within
the Montcalm Greenstone Belt.
Assaying of samples was completed at an Actlabs facilities in Timmins, Ontario. Rock grab samples were analyzed for gold
using Actlabs standard fire assay procedure 1A2 and silver and base metal analysis completed using Actlabs ICP procedure
1E3. In addition to Actlabs QA/QC blanks and standards, a series of separate standards, blanks and duplicate samples were
submitted by Pancon for internal QA/QC. Further details on the Actlabs procedures can be reviewed on their web site
(
www.actlabs.com
).
About Pancontinental Resources Corporation
Pancontinental Resources Corporation (TSXV: PUC) is a Canadian-based mining company focused on exploring and
developing 4 nickel-cobalt-copper projects in Ontario — the advanced stage McBride Project near Bancroft and three early
stage projects near Timmins: Montcalm Project, Gambler Project, and Nova Project. Pancon's strategy is to create value
from prospective assets in low-risk areas with existing resources and/or in proximity to producing or former mines. The
Company also holds a 100% interest in the Jefferson Gold Project in South Carolina, USA. In 2015, Pancon sold its interest in
its Australian rare earth element (REE) and uranium properties, formerly held through a joint venture, and retains a 1% gross
overriding royalty on 100% of future REE production.
For further information, please contact:
Layton Croft, President & CEO or Jeanny So, Investor 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.
Cautionary Language and Forward Looking Statements
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.