Pancontinental Triples Land Position of Its Nickel-Copper-Cobalt Montcalm West Project
Toronto, Ontario--(Newsfile Corp. - April 17, 2018) - Pancontinental Gold Corporation (TSXV: PUC) ("Pancon" or the "Company") is pleased to announce it has expanded its total land position nearly threefold at its Montcalm West Ni-Cu-Co Project (the "Project") from 3,984 hectares to 11,600 hectares. The Project is part of the nickel-copper-cobalt-rich Montcalm Gabbro Complex, within the Montcalm Greenstone Belt in the Porcupine Mining Division, approximately 65 kilometers northwest of Timmins, Ontario.
In January, Pancon acquired an option to earn a 100% interest in two properties: the Montcalm Property and the Nova Property (as detailed in its January 10, 2018 press release). Due to recent Ontario government changes to legacy claim cell boundaries as part of its new online staking system, Pancon's Montcalm Property has now increased in size from 3,312 hectares to 3,780 hectares, and it's Nova Property from 672 hectares to 840 hectares.
When Ontario's new online staking system was launched on April 10, 2018, Pancon successfully acquired 100% ownership of an additional 6,980 hectares in the Montcalm Gabbro Complex (the "Gambler Property"). The Company's Montcalm West Project now consists of three properties totaling 11,600 hectares.
In light of the Company's strategic acquisition of the Gambler Property, its Montcalm West Project now covers all available land within the prospective Montcalm Gabbro Complex, with the exception of a single 20-hectare claim unit, consisting of lands prohibited from acquisition by the government, and mining leases controlled by Glencore Plc that cover the former Montcalm Ni-Cu-Co Mine. The Montcalm Mine previously mined 3,931,610 tonnes of ore grading 1.25% nickel, 0.67% copper, and 0.051% cobalt, producing in excess of 4 million pounds of Cobalt (Ontario Geological Survey, Atkinson, 2011).
Layton, Croft, President and CEO of Pancon, stated, "Our Montcalm West battery metals project is now of camp-sized proportion, and thanks to our recent oversubscribed financing, we are about to launch our exploration program at the expanded Project. The highly prospective Gambler Property, not previously explored using modern technology, gives us exceptional new land for target identification."
There has only been sporadic exploration on the Montcalm Gabbro Complex lands — including the Montcalm Property, the Nova Property and the Gambler Property — over the past 40 years. Such exploration was severely limited by ubiquitous, thick overburden and limited technology capabilities at the time.
The Company has conducted a cursory review of the substantial historical exploration assessment database on the Montcalm Gabbro Complex, archived in publicly accessible government files in Timmins. This review to date has found very valuable geological data in diamond drill records, which will allow the Company to focus on the most prospective areas of its Montcalm West Project.
This information will be utilized in conjunction with the Company's plans to evaluate its holdings utilizing a state-of-the-art airborne gravity system survey and an airborne versatile time domain electromagnetic (VTEM) survey. Both of these new airborne surveys will allow the Company to prioritize new, deep-seated targets in the Montcalm Gabbro Complex that could not be detected by previous exploration. The map below shows Pancon's new 100%-owned Gambler Property boundary (purple outline) and its existing Montcalm Property (blue outline), both adjacent to the former Montcalm Mine property (brown outline).
Figure 1: Map
To view an enhanced version of Figure 1: Map, please visit:
http://orders.newsfilecorp.com/files/5156/34085_a1523980723680_45.jpg
Qualified Person
The Company and/or a Qualified Person has not yet completed the work necessary to verify the historical data and past exploration results, as they pre-date National Instrument 43-101 standards. 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 Gold Corporation
Pancontinental is a Canadian-based mining company focused on the exploration and development of its Montcalm West nickel-copper-cobalt project in Ontario, Canada, and its 100%-owned Jefferson gold project in South Carolina, USA. The Company continues to focus on acquiring additional prospective properties in low-risk areas in proximity to producing or former mines. In 2015, Pancontinental 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 production.
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For additional information please visit our web site: www.pancongold.com, and our Twitter feed: @PanconGold.
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Cautionary Language and Forward Looking Statements
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.