Pancon Expands Its 100%-Owned Jefferson Gold Project to Surround the Former Brewer Gold Mine Property in South Carolina
Pancon Expands Its 100%-Owned Jefferson Gold Project
to Surround the Former Brewer Gold Mine Property in
South Carolina
Toronto, Ontario--(Newsfile Corp. - July 15, 2019) - Pancontinental Resources Corporation (TSXV: PUC) ("Pancon Resources,"
"Pancon" or the "Company") is pleased to announce it has strategically improved its 100%-owned Jefferson Gold Project's land
position on the gold-rich Carolina Slate Belt in South Carolina, USA (
see Figures 1 and 2
). The Project has grown to 644
hectares (1,591 acres) and now surrounds the former Brewer Gold Mine property (
see Figure 3
).
The Jefferson Gold Project is located on the same mineralized trend and 15 kilometres northeast of the operating Haile Gold
Mine, which produced 131,819 ounces of gold in 2018 and has measured and indicated gold resources of 3.1 million ounces.
The Jefferson Project is located 55 kilometres along trend northeast of the former Ridgeway Gold Mine, where Kennecott
Minerals produced more than 1.6 million ounces of gold from 1988-1999.
"Pancon acquired the Jefferson Gold Project, on the highly mineralized, prospective and underexplored Carolina Slate Belt, in
mid-2016. In light of today's strengthening gold market (
see Figure 4
), we have repositioned the Jefferson Project to take full
advantage of market dynamics with our improved land package," said Layton Croft, Pancon President and CEO. "Our Project
now surrounds the former Brewer Gold Mine, which produced 178,000 ounces of gold several decades ago from open pit
operations that mined only down to 100-metre depths."
Brewer's prospective geology, including diatreme breccias, associated high sulphidation alteration, gold and copper
mineralization, and geophysics support a possible porphyry-style copper-gold system at depth (
Schmidt, R.G., 1978, The
Potential for Porphyry Copper-Molybdenum Deposits in the Eastern United States, US Geological Survey
).
Figure 1
: The Carolina Slate Belt runs from Georgia northwest through the Carolinas to Virginia, and has hosted many gold
mines, including Barite Hill, Ridgeway, Howie, Haile and Brewer. The Jefferson Gold Project surrounds Brewer and is 15 km
along trend from Haile. (Source: US Geological Survey and Hatcher and Butler).
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5156/46270_ae6282ca046ee9e2_003full.jpg
Figure 2
: Gold prospects and gold mines on the Carolina Slate Belt. (Source: US Geological Survey.)
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5156/46270_ae6282ca046ee9e2_004full.jpg
Pancon's near-term plans for the Jefferson Gold Project include further expanding the land position, conducting geophysics, and
preparing for a drill program on targets believed to correlate to the Brewer gold system and with geological similarities to the
Haile Gold Mine, including similar host rock lithology, similar age, similar stratigraphy and time of mineralization, as well as
similar alteration style and mineral assemblage (
Ayuso, R.A., Wooden, J.L., Foley, N.K., Seal, R.R.II, Sinha, A.K., 2005, U-Pb
zircon ages and Pb isotopic geochemistry of gold deposits in the Carolina Slate Belt of South Carolina; and Foley, N.K. and
Ayuso, R.A., 2012, Gold deposits of the Carolina Slate Belt, southeastern United States: age and origin of the major
producers
). Of the 10 holes drilled on the Jefferson Gold Project between 2011-17, nine of them intersected gold mineralization,
including one averaging 1.27 grams per tonne over 164.3 metres, true width unknown.
Pancon cautions that the mineralization
on adjacent and nearby properties is not necessarily indicative of the mineralization that may be identified on the Company's
property.
Figure 3
: The expanded Jefferson Gold Project surrounds the former Brewer Gold Mine property.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5156/46270_ae6282ca046ee9e2_005full.jpg
The chart below (
Figure 4
) shows gold prices since 2001 and how recent upward price movements have broken through
previous resistance levels.
Figure 4
: Gold spot prices based on the GOLDS Commodity Index. (Source: Bloomberg, 5 July 2019.)
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/5156/46270_ae6282ca046ee9e2_006full.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 Resources:
Pancontinental Resources Corporation (TSXV: PUC), or Pancon, is a Canadian junior mining company focused on North
American gold and battery metals projects in proven mining districts and near or surrounding producing or former mines.
Pancon's 100%-owned Jefferson Gold Project is 15 km along-trend from the Haile Gold Mine and surrounds the former Brewer
Gold Mine property, on the prolific and underexplored Carolina Slate Belt in South Carolina, USA. In addition, Pancon has 5
nickel-copper-cobalt projects in Northern Ontario. The Montcalm, Gambler, Nova and Strachan Projects are near and surround
the former Montcalm Ni-Cu-Co Mine property, 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 southwest of Casa Berardi Mine.
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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