Pancon Extends Brewer Option Term, Optimizes Exploration Plan
Pancon Extends Brewer Option Term, Optimizes
Exploration Plan
Toronto, Ontario--(Newsfile Corp. - April 22, 2020) - Pancontinental Resources Corporation (TSXV: PUC) ("Pancon" or the
"Company") announces that, due to delays caused by the COVID-19 pandemic, the Company has agreed with the Brewer Gold
Receiver ("Receiver") to extend by six months the initial term of the Brewer Option Agreement. The initial option term, which
commenced on April 1, 2020, is now 24 months. If Pancon spends US$2 million during the initial term, it can extend the option
period another 18 months, for a total of 42 months.
Pancon President and CEO, Layton Croft, stated: "Pancon is grateful to the Receiver for granting us more time to explore
Brewer in light of unforeseen delays caused by COVID-19. The delays have given us opportunities to optimize and further de-
risk our exploration plan. Pancon's goal for 2020-2021 is to discover new gold-copper mineralization under and/or nearby the
former gold mine. To achieve this goal we have four objectives: 1) to understand, through iterative data analysis, the probable
location of new gold-copper mineralization; 2) to find, through drilling, new gold-copper mineralization; 3) to expand, through
more drilling, the size and shape of new gold-copper mineralization; and 4) to demonstrate, through data modeling, Brewer's
economic potential."
2020-2021 Brewer Exploration Plan
Based on the Company's current understanding of what a realistic implementation schedule will be in light of COVID-19, the
following summarizes the Brewer exploration plan. The schedule may be modified as needed in order to follow government
protocols and to ensure Company activities keep all employees, contractors, suppliers and community members safe from
COVID-19. In 2020, the Company envisions the following:
Improve knowledge of Brewer mineralogy by using x-ray diffraction (XRD) on historic drill core
Complete the compilation of historic geophysical, geochemical and geologic data
Conduct new geophysics (radiometrics, ground magnetics, gravity, induced polarization)
Based on historic data compilation plus new geophysical data and interpretation, establish a baseline geologic model and
finalize initial drill plan and targets for Phase 1 of drilling
Complete Phase 1 of drilling
Produce assay, geochemical and hyperspectral mineralogy data from Phase 1 drill core
In 2021, based on the above, the Company envisions the following:
Update database and geologic model
Finalize initial drill plan and targets for Phase 2 of drilling
Complete Phase 2 of drilling
Produce assay, geochemical and hyperspectral mineralogy data from Phase 2 drill core
Update database and geologic model
Finalize initial drill plan and targets for Phase 3 of drilling
Complete Phase 3 of drilling
Produce assay, geochemical and hyperspectral mineralogy data from Phase 3 drill core
In addition, Pancon has partnered with the local Helping Hands Outreach Center in Pageland, South Carolina. Serving families
in need in the communities of Pageland, Mount Crogman and Jefferson - where Pancon's Brewer and Jefferson gold projects
are located - Helping Hands Outreach Center is a recently established food bank run by volunteers and dependent on charitable
donations.
Also, due to the COVID-19 pandemic, Pancon has deferred its 2020 Annual General Meeting to September.
About Pancon
Pancon is a Canadian junior mining company focused on exploring the prolific and underexplored Carolina Slate Belt in South
Carolina, USA. In January 2020, Pancon won the exclusive right to explore the former Brewer Gold Mine. Between 1987-1995,
Brewer produced 178,000 ounces of oxide gold from open pits that extended to 50-metre depths, where copper and gold-rich
sulphides were exposed but could not be processed by the oxide heap leach processing facility. Brewer is a high sulphidation
system driven by a sub-volcanic intrusive and possibly containing 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. Pancon's 100%-owned Jefferson Gold Project nearly surrounds the former Brewer Gold Mine,
and both Jefferson and Brewer are located 12 km along trend northeast from the producing Haile Gold Mine, which produced
146,100 ounces of gold in 2019. In addition, Pancon has four nickel-copper-cobalt exploration projects in Northern Ontario,
surrounding or near producing and former mines.
For further information, please contact:
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
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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