Pancon Identifies New Drill Targets at Flagship Brewer Gold & Copper Project in South Carolina
Pancon Identifies New Drill Targets at
Flagship Brewer Gold & Copper Project in
South Carolina
Toronto, Ontario--(Newsfile Corp. - January 3, 2023) -
Pancontinental Resources Corporation (TSXV:
PUC) (OTCQB: PUCCF) ("Pancon" or the "Company") has completed its analysis of the recent Induced
Polarization ("IP") geophysical survey at the Company's flagship Brewer gold and copper project,
located in Chesterfield County, South Carolina. IP results have been integrated with geological and
alteration models to define four primary prospective near surface gold targets and deeper conceptual
porphyry copper-gold targets.
Pancon President and CEO Layton Croft stated: "Based on this integrated analysis we are able to
correlate and map discrete geologic and geophysical domains in three-dimensions across Brewer's
expansive alteration footprint. This data provides insight into the complexity of the Brewer mineral
system and allows us to project along strike and down-dip of known mineralization to target areas that
we feel are highly prospective to contain additional gold-copper mineralization. We plan to resume
drilling in 2023 and build on the excellent results to date."
IP Survey Highlights:
A 6.0-square kilometer dipole-dipole IP geophysical survey was completed, covering most of the
1,000-acre Brewer property and a significant portion of its adjacent Jefferson Project property.
Results of the geophysical analysis and interpretation has led to the identification of four primary
target areas (see Figure 1).
The T-1 target is a SE-dipping polarizable-conductive body that correlates with and extends from a
NE-trending zone of near-surface mineralization.
This area extends from the former B-6 pit and
continues along strike for approximately 700 meters.
Within the central portion of the T-1 target,
Pancon's hole 15 discovered a new zone of breccia-hosted mineralization that returned 21.2
meters of 2.23 g/t Au and 0.36% Cu (
see news release dated November 24, 2021 for additional
details
).
The T-2 target is the southernmost polarizable-conductive body within the Brewer alteration
footprint and is associated with a zone of high grade, near surface gold mineralization identified in
shallow historic drilling.
The 2022 IP survey reveals this area to be a small chargeability anomaly at
surface that broadens and intensifies at depth where the target remains to be drill tested.
The T-3 target aims to test the lateral continuity and down-dip extension of drilled mineralization
along the northwest margin of a large polarizable-resistive body.
This western target area is further
supported by near surface gold mineralization and favorable alteration identified in Pancon RAB
drilling.
The T-4 target is the result of a 3D inversion of magnetic data and aims to test discrete low-
magnetic conical bodies as potentially mineralized sub-volcanic intrusions.
Pancon Advisor Keith Laskowki, MSC, QP, stated: "The Brewer Mine is a significant historic gold
producer that was never properly explored.
Pancon has now completed a thorough analysis of the
controls and genesis of the mineralization.
Pancon's exploration database displays the key features of
this dynamic porphyry/epithermal gold system allowing us to identify additional areas of potential
mineralization.
We look forward to the next phase of drilling."
Figure 1: Four Primary Targets
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5156/149298_1dd25b9134102b58_003full.jpg
The IP survey was designed to cover the large Brewer alteration footprint that forms a discrete
topographic anomaly, and consists predominantly of quartz with a diagnostic suite of advanced argillic
alteration minerals. This alteration zone creates a significant resistivity anomaly and was mapped
remarkably well in the recent survey.
Gold-copper mineralization at Brewer occurs within this alteration
zone and is hosted by a sulfide-bearing breccia body characterized by a polarizable-conductive
geophysical response.
The ability to correlate these discrete geophysical and geologic domains allows
us to map the distribution of favorable alteration zones and delineate areas of potential mineralization.
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 Patrick Quigley, MSc,
CPG-12116, a Qualified Person as defined by NI 43-101.
About Pancon
Pancontinental Resources Corporation (TSXV: PUC) (OTCQB: PUCCF), or Pancon, is exploring the,
underexplored Carolina Terrane in the southeastern USA. In January 2020, Pancon won the exclusive
right to explore and purchase the former Brewer Gold Mine property, with an option period through 2030.
Brewer is a breccia-hosted, high-sulphidation epithermal gold-copper system which is likely related to a
copper-gold porphyry system at depth. Total historic production at the Brewer property is estimated to
be a minimum of 200,000 ounces of gold.
Most of the gold production occurred between 1987-1995
when 178,000 ounces of gold were recovered mostly from oxide ore extracted from open pits that
extended to maximum of depth of 65 meters (Zwaschka and Scheetz, 1995, Detailed Geology of the
Brewer Gold Mine, Jefferson, South Carolina). Pancon's 100%-owned, 1,730-acre Jefferson Gold
Project mostly surrounds the 1,000-acre Brewer property. The Brewer-Jefferson area of interest, in
Chesterfield County, South Carolina, is 12 kilometers along trend from the producing Haile Gold Mine,
which produced 190,000 ounces of gold in 2021 (
www.oceanagold.com
).
For further information, please contact:
Jeanny So, External Relations Manager
E:
T: +1.647.202.0994
For additional information please visit our new website at
http://www.panconresources.com/
and our
Twitter feed:
@PanconResources
.
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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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