Pancon Provides Exploration Update for Its Montcalm West Nickel-Cobalt-Copper Project in Ontario
Pancon Provides Exploration Update for Its Montcalm
West Nickel-Cobalt-Copper Project in Ontario
Toronto, Ontario--(Newsfile Corp. - July 23, 2018) -
Pancontinental Resources Corporation (TSXV: PUC) ("Pancon" or the
"Company") provides an update on exploration activities at the Company's early-stage nickel-cobalt-copper Montcalm West
Project near Timmins. The Montcalm West Project covers 11,600 hectares and is comprised of three separate Properties:
Montcalm, Nova and Gambler. Montcalm West 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.
Exploration
Highlights
:
Montcalm Property:
Completion of a state-of-the-art Virtual Time Domain Electromagnetic (VTEM) survey over the gabbroic phase of
intrusive, same lithological unit hosting former mine.
In process of contracting Gedex's new High-Definition Airborne Gravity-Gradiometer (HD-AGG®) technology to be
flown over the same area as the VTEM survey.
The VTEM results combined with the Gedex airborne gravity data will be analyzed to define drill targets for Pancon's
upcoming winter drill program.
Nova Property:
6.4 km of flagged grid lines were completed and 231 mobile metal ion (MMI) soil samples were collected for
analysis.
Surface prospecting currently ongoing with a total of 59 surface rock samples already submitted for multi-element
analysis.
"We are encouraged by the work that has been conducted on the Montcalm West Project thus far," said Layton Croft, Pancon's
President and Chief Executive Officer. "Market demand for battery metals, including cobalt and nickel, remains strong. In Q3, we
intend to secure drill permits so that we can begin drilling on both Montcalm and Nova starting this winter."
Montcalm West -
Montcalm
Property:
The Montcalm Property (3,780 hectares) is contiguous to and surrounds the western. north-western and south-western portion of
the former Montcalm Mine, which previously mined 3,931,610 tonnes of ore grading 1.25% nickel (Ni), 0.67% copper (Cu), and
0.051% cobalt (Co), producing in excess of 4 million pounds of Cobalt (Ontario Geological Survey, Atkinson, 2011). The Nova
Property (840 hectares) is located approximately 19 kilometres southwest of the Montcalm Mine.
Pancon has recently completed a state-of-the-art Virtual Time Domain Electromagnetic (VTEM) survey over the "gabbroic
phase" of the property. The gabbroic phase of the Montcalm gabbro complex hosts the former Montcalm Mine and is considered
an extremely prospective target area. In the next few weeks a review of all the VTEM data will be completed and targets of
interest selected.
The Company is also in the process of completing a contract to have the gabbroic phase of the Montcalm Property flown with the
new Gedex airborne gravity system. The data from this survey will be integrated with the VTEM data and priority targets selected
from both data sets. It is anticipated that all of this work will be completed by fall of 2018, well ahead of the winter drill season.
Previous operators of the property left a series of near-surface ground electromagnetic targets untested and/or unexplained
within the "gabbro phase" at the property. These legitimate high priority targets will require ground follow up with a moving coil
pulse electromagnetic system to define their orientation. This work will be conducted at first freeze up due to the swampy
conditions.
The permitting process for the 2018 winter drill program will be initiated in the coming weeks.
Montcalm West -
Nova Property:
During the months of May and June a total of 6.4 km of flagged grid lines were established and 231 mobile metal ion (MMI) soil
samples were collected for analysis. The samples will be analyzed for cobalt and other associated pathfinder elements for the
project including gold, nickel and copper. This survey was completed proximal to known cobalt mineralization detected by
previous exploration groups. The Nova Property has very limited surface exposure and it is anticipated that the MMI survey will
assist in delineating mineralized trends associated with known surface mineralization.
With respect to the surface prospecting efforts, five specific areas with substantial sulphide mineralization were hand stripped
and sampled to date. There is a distinct association with sulphide mineralization and cobalt on the Nova Property. A total of 59
rock samples have been submitted for multi-element analysis. Further prospecting work will be determined based on results
from rock sample assays and soil sample geochemistry results.
The data from both prospecting efforts and the soil sampling program will be evaluated in August 2018. As with the Montcalm
Property, the Company is also starting the permitting process for drilling the Nova Property this winter.
Montcalm West - Gambler
Property:
Based on the VTEM and gravity airborne survey results and subsequent analysis from the Montcalm Property, Pancon will
commence preliminary exploration planning for the larger Gambler Property (6,980 hectares). Given Gambler's similarity to the
Montcalm Property in terms of topography and surface overburden cover, the methods for identifying drill targets at Gambler will
include state-of-the-art VTEM and gravity airborne geophysical surveys, followed by expert analysis.
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 and a technical
advisor for Pancontinental.
About Pancontinental
Resources
Corporation
Pancontinental Resources Corporation (TSXV: PUC) is a Canadian-based mining company focused on exploring and
developing its advanced stage McBride Nickel-Cobalt-Copper Project and its early stage Montcalm West Nickel-Cobalt-Copper
Project, both in Ontario, Canada. Pancon's strategy is to acquire and 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 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:
Jeanny So, Investor Relations
T: +1.416.293.8437
E:
For additional information please visit our new website at
www.panconresources.com
and our Twitter feed:
@PanconResources
.
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characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words,
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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
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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
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