Wednesday September 28, 2022
Toronto, Ontario–(Newsfile Corp. – September 28, 2022) – Pancontinental Resources Corporation (TSXV: PUC) (OTCQB: PUCCF) (“Pancon” or the “Company”) has completed all field work and has received all data for its 6-square kilometer dipole-dipole induced polarization (IP) geophysical survey, covering most of the 1,000-acre Brewer property and a significant portion of its adjacent Jefferson Project properties, located in Chesterfield County, South Carolina.
The IP survey was designed to cover the large alteration footprint exposed across the Brewer and surrounding Jefferson Project properties. The alteration exposed on surface forms a large topographic anomaly (see Figure 1), and consists predominantly of quartz with a diagnostic suite of advanced argillic alteration minerals including kaolinite, pyrophyllite, and topaz. Known gold-copper mineralization at Brewer occurs within this alteration zone and is hosted by a breccia unit that contains several percent sulphides. The IP geophysical method is ideally suited to help map the distribution of these alteration and sulphide zones in the subsurface and will provide important information to Pancon’s exploration and discovery model. Integration of the geophysical and geologic information is ongoing, and the Company’s interpretation and analysis of the data is expected to be completed in coming weeks.
Figure 1: Dipole-Dipole IP Survey Lines Location
To view an enhanced version of Figure 1, please visit:
Pancon President and CEO Layton Croft stated: “Our new dipole-dipole IP survey is the most comprehensive geophysical survey ever conducted at Brewer, and allows us to see approximately 250 meters below surface, which is especially useful for the large and complex Brewer system. our geophysical interpretation and analysis will enhance our knowledge of existing priority drill targets, and will provide us with new drill targets. Our geophysical work will set the stage for the next phase of drilling.”
The IP survey was carried out by Géophysique TMC of Québec, Canada. Survey field work was conducted from May to July 2022, and Pancon received all survey data from TMC in August 2022. A total of 19 lines were surveyed using the dipole-dipole electrode array. The nominal a spacing between the electrodes was 100 meters and 8 dipoles were read (n = 1 to 8). The north-south oriented lines were 3 to 3.5 kilometers in length and spaced 100 meters apart for a total of 62 line kilometers surveyed (see Figure 1).
In addition, Mr. Philip Corriher resigned from the Board of Directors, effective today. The Company thanks Mr. Corriher for his valuable service and many contributions to the Pancon Board since October 2020.
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.
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
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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