Pancon Releases Discovery Model to Guide Next Steps at Brewer Gold & Copper Project
Pancon Releases Discovery Model to Guide
Next Steps at Brewer Gold & Copper Project
Toronto, Ontario--(Newsfile Corp. - February 3, 2022) - Pancontinental Resources Corporation (TSXV:
PUC) (OTCQB: PUCCF) ("Pancon" or the "Company") is excited to report on its recent work updating
its geological compilation and discovery model for its flagship Brewer Gold & Copper Project in South
Carolina, USA. Gold was first discovered at Brewer in the 1820s, and 178,000 ounces of near-surface
oxide gold was produced from 1987-1995. Pancon is the first company to systematically explore for
gold-copper below Brewer's shallow oxide zone and across its large alteration footprint.
Pancon's exclusive 42-month option to explore and purchase the 1,000-acre Brewer property began on
April 1, 2020. Since then, the Company has conducted: historic data review; mapping; geophysical
surveys; rotary air blast (RAB), sonic, and core drilling; assay, multielement geochemical, spectral, and
petrographic analyses; preliminary metallurgical testing; data compilation; and modeling. This work
included drilling and reporting lab results for more than 9,000 meters (m) of drill samples: core (5,000 m),
RAB (3,900 m), and sonic (350 m).
As a result, Pancon has updated its data driven Discovery Model that identifies the most prospective
parts of the Brewer gold-copper system. Next steps include induced polarization (IP) surveys in 4 target
areas, followed by drilling.
Highlights:
Pancon's Discovery Model includes an alteration model that systematically explains the location of
Brewer breccia and gold-copper mineralization, and a viable exploration model that guides next
steps of the program (see Figure 1).
The Model targets additional breccia-hosted mineralization and associated high-grade feeder
zones, potentially located below and to the north and west of the former mine, as well as a newly
identified breccia target south-southwest of the former mine (see Figures 2 and 3).
The Model identifies 4 new target areas:
beneath the former mine, to follow up on the success of core Holes 4, 5 and 8;
south-southwest of the former mine beneath the former waste dump, to test the new breccia
target encountered in core Hole 15;
west of the former mine where the former heap leach pads were located, to test the western
plunge of the known Brewer breccia; and
north-northwest of the former mine at depth, to follow up on the broad zones of favorable
alteration in core Holes 7 and 16 (see Figures 2 and 3).
Next steps include a robust 9.0 square kilometer grid of IP geophysics (see Figure 4), which
significantly expands on Pancon's initial 2020 geophysics work of 4 lines of IP. The new IP
geophysics aims to refine drill targets in the 4 most prospective areas and may identify new,
deeper drill targets. This work will be followed by an aggressive core drilling program in all 4 target
areas.
Pancon President and CEO Layton Croft stated: "We have accomplished a lot; 12 of our initial 17 core
holes contain very encouraging gold-copper mineralization. After four months of data compilation and
modeling, we have updated our Model based on a much better understanding of the geology, alteration,
and distribution of mineralization. The Brewer Project hosts a high sulphidation epithermal alteration
system that forms a prominent topographic feature extending approximately 3.0 square kilometers. The
alteration is defined by the development of a leached cap composed primarily of residual quartz and
aluminosilicate minerals as a result of extreme acid leaching over a broad area. Portions of the leached
cap have been breached by diatreme breccias that acted as permeable conduits for later copper and
gold mineralization, and are defined by a quartz-topaz alteration assemblage."
Pancon Senior Geologist and Exploration Manager Patrick Quigley stated: "The former Brewer mine
targeted near surface, oxidized gold mineralization within the exposed portion of a large diatreme
breccia. Pancon's work to date has demonstrated that a significant zone of unoxidized gold-copper
mineralization exists beneath the former pit and that higher grade zones are associated with increased
sulphide abundance focused within and along the diatreme margin. In addition to targeting these high
grade feeder structures, our Model also suggests an additional breccia target to the south-southwest of
the former mine, hosted within a NE-SW trending zone of favorably altered rocks. Based on our analysis,
we plan a large, systematic IP survey across the Brewer property to better define these targets, followed
by drill testing."
Figure 1
To view an enhanced version of Figure 1, please visit:
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Figure 2
To view an enhanced version of Figure 2, please visit:
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Figure 3: Highly altered core at 290 m depths from Hole 16 located 350 m north-northwest of
the former mine
To view an enhanced version of Figure 3, please visit:
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Figure 4: Planned Area for new IP geophysics on Brewer & Jefferson Projects
To view an enhanced version of Figure 4, please visit:
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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 Corp. (TSXV: PUC) (OTCQB: PUCCF), or Pancon, is a Canadian junior
mining company exploring the rich, underexplored Carolina Slate Belt 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 October 2023. Between 1987-1995, Brewer produced 178,000
ounces of oxide gold from open pits that extended to 65-meter depths, where gold (Au) and copper (Cu)
sulphides were exposed but could not be processed by the oxide heap leach operation. Pancon's
100%-owned, 1,960-acre Jefferson Gold Project nearly completely 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
). Brewer is a large, epithermal, high sulphidation gold-copper system driven by a
sub-volcanic intrusive, possibly connected to a large copper-gold porphyry system at depth.
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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www.sedar.com
. Forward-looking information in this
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