Pancon Commences Exploration at the St. Laurent Ni-Cu-Co Project
Toronto, Ontario--(Newsfile Corp. - July 2, 2019) - Pancontinental Resources Corporation (TSXV: PUC) (OTC: PUCCF) ("Pancon" or the "Company") announced today that exploration field work is underway on the newly acquired nickel-copper-cobalt St. Laurent Project, located in St. Laurent Township, Northern Ontario, 160 kilometres northeast of Timmins, 50 kilometres south of Detour Lake Mine and 20 kilometres southwest of the Casa Berardi Mine.
According to Pancon President and CEO Layton Croft, "A recently completed geological compilation and a re-interpretation of past work indicates the presence of an intrusive gabbro body containing widespread anomalous Ni-Cu-Co mineralization. Mineralization consists of disseminations, blebs and stringers, which represent a body up to 80 metres thick. Historic diamond drilling was limited along 205 metres of strike extent, with the deepest hole at a 160 metre vertical depth. It appears from our ongoing interpretation that several of the previous drill holes were terminated while still in the mineralized gabbro body. An unexplained robust airborne electromagnetic (EM) conductor, 600 metres in length, is coincident with the mineralized body. Our ongoing evaluation indicates these important exploration features together represent a classic Ni-Cu-Co massive sulphide target."
The first phase of historic diamond drilling was completed in 1965-1966, when 7 holes totalling 1,081 metres were completed. Pancon has located a sufficient number of the drill casings in the field in order to re-establish and incorporate this work into the current interpretation. Drill logs from the 7 holes were preserved and incorporated, although assay results were not preserved. A single drill section from an accompanying historical assessment report indicates the following intersections from the drill program
DDH | Ni% | Cu% | Width (m) |
PA-1 | 0.78 | 0.23 | 2.7 |
PA-5 | 0.37 | 0.33 | 19.2 |
PA-7 | 0.23 | 0.16 | 26.5 |
The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.
Source: MNDM Assessment Report KL-0162 and KL-1062 Geological Report on Asarco Claims, March 1971.
The historic drill logs record sulphide mineralization in all 7 holes, ranging from trace to higher concentrations of up to 70% over several cm intervals. The extent of sampling in 7 seven holes is not indicated, but the sulphide descriptions and visual estimates in the logs provide supportive indication of a wide mineralized zone. Evidence of a second phase of drilling (6 holes) by the same previous operator is indicated in a drill plan map from the assessment report. Casings from this phase of work were also located in the field, however drill logs were not preserved and assay results were not preserved.
In 2008, a 3-hole, 604-metre diamond drill program was completed. Drill logs and assay results were preserved from this phase of exploration, and they support the presence of a wide zone of low-grade Ni-Cu-Co sulphide mineralization. Pancon has located and re-logged the complete drill core from this program. The core logging, in conjunction with magnetic susceptibility measurements and specific gravity measurements, forms the basis of Pancon's current geological interpretation. The broad zone of sulphide mineralization is hosted in a fine-grained intrusive gabbro body that shows distinct intrusive breccia textures (see Figure 1). The drill holes intersected disseminated and blebby sulphides and scattered narrow sections of sulphide stringers (see Figure 2), but did not explain the strong EM conductor.
Two of the holes are interpreted to have ended in the mineralized body. The Ni-Cu mineralization is associated with relatively low sulphur assay data, which is consistent with the observed mineralization. Projected to massive sulphides of approximately 35% sulphur, St. Laurent's Ni grade could potentially be 4.8% and the Co grade could potentially be 0.2%. Calculating Ni and Co tenor to 100% sulphide is a common practice in Ni-Cu-Co exploration to determine potential economic possibilities of nickel sulphide mineralization.
These characteristics provide a number of similarities to the Ni-Cu-Co deposit mined at the former Montcalm Mine, owned by Glencore. Pancon has built up its exploration knowledge of the Montcalm deposit from its recent and ongoing exploration work on its Montcalm Ni-Cu-Co Project, which surrounds the former Montcalm Mine.
Figure 1: SL 08-01 - Gabbro Breccia
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5156/46013_7199a00ac4335bdb_003full.jpg
Figure 2: SL08-02 - Sulphide Stringers
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5156/46013_7199a00ac4335bdb_004full.jpg
DDH | From (m) | To (m) | Width (m) | Ni% | Cu% | Co (ppm) | Au-Pt-Pd (ppb) |
SL-08-01 | 57.4 | 64.5 | 7.1 | 0.14 | 0.22 | 95 | 104 |
SL-08-01 | 71.9 | 82.4 | 10.5 | 0.14 | 0.15 | 92 | 78 |
SL-08-01 | 93.9 | 112.4 | 18.5 | 0.18 | 0.12 | 143 | 60 |
SL-08-01 | 120.3 | 124.4 | 4.1 | 0.25 | 0.10 | 174 | 59 |
SL-08-02 | 65.2 | 81.1 | 15.9 | 0.27 | 0.23 | 149 | 85 |
SL-08-02 | 85.4 | 90.9 | 5.5 | 0.51 | 0.31 | 290 | 70 |
SL-08-02 | 94.2 | 104.2 | 10.0 | 0.34 | 0.34 | 191 | 145 |
SL-08-03 | 157.1 | 187.1 | 30.0 | 0.25 | 0.20 | 145 | 92 |
The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.
Source: Ministry of Northern Development and Mines assessment report 20006295.
About the St. Laurent Project:
- Pancon acquired the St. Laurent Project earlier this year (see News Release dated March 15, 2019) which covers 4,170 hectares and is located in St. Laurent Township, Northern Ontario, 160 kilometres northeast of Timmins, 50 kilometres south of Detour Lake Mine and 20 kilometres southwest of the Casa Berardi Mine.
- Past shallow drilling at the St. Laurent Project identified disseminated multi-element sulphide mineralization across notable widths trending towards a large gabbro-hosted magnetic feature.
- The Ni-Cu-Co-Au-Pt-Pd zone is open along strike and at depth. This mineralized zone is coincident with a strong 600-metre long EM anomaly.
- Drilling to date has not yet intersected massive sulphides, and the EM anomaly has not yet been explained. The disseminated sulphide halo provides an important vector to guide our upcoming exploration work.
Maps and more information on the St. Laurent Key Exploration Features can be viewed here: https://adobe.ly/301aBPy.
In a separate matter, Pancon has renewed its Investor Relations consulting agreement with Jeanny So Consulting (the "Consultant") for another 12-month term, wherein the Company will pay the Consultant a fee of $5,000 per month. In addition, the Consultant shall be granted 250,000 options to purchase common shares at $0.08 per share. The options will vest in installments of 62,500 options per quarter and will have a term of 5 years, subject to acceptance of the TSX Venture Exchange.
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 Todd Keast, P.Geo., a Qualified Person as defined by NI 43-101. Mr. Keast is a member of Pancon's Technical Advisory Committee and Pancon's Projects Manager. Certain technical information within this news release is historical in nature and pre-dates NI 43-101 standards; this information is believed to be reliable however the Company has not verified this material.
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 producing or former mines. Pancon's 100%-owned Jefferson Gold Project is 15 km along trend from the Haile Gold Mine and next to the former Brewer Gold Mine, on the Carolina Gold Belt in South Carolina, USA. Pancon has 5 nickel-copper-cobalt projects in Northern Ontario. The Montcalm Project, Gambler Project, Nova Project and Strachan Project are near and surrounding the former Montcalm Ni-Cu-Co Mine, 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: info@panconresources.com
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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