Carolina GoldRediscovering the former Brewer Gold Mine in South Carolina
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, 1,919-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 101,600 ounces of gold in the first half of 2021 (www.oceanagold.com). Brewer is a large, epithermal, high sulphidation gold-copper system driven by a sub-volcanic intrusive, possibly connected to a copper-gold porphyry system at depth (Schmidt, R.G., 1978, The Potential for Porphyry Copper-Molybdenum Deposits in the Eastern United States, U.S. Geological Survey).
As of October 1, 2021, Pancon has drilled more than 9,000 meters of: diamond core, rotary air blast (RAB), and sonic drill hole samples, and has funding for another 3,000+ meters of diamond core drilling at Brewer. Drill results to date have been very encouraging for realizing value from Brewer’s 3 value drivers:
- Quickly remediate the waste and monetize the gold contained in the reclaimed former mined pits.
- Define a maiden gold-copper resource below the former mine and move quickly to development.
- Use Pancon’s Geologic Model of the Brewer-Jefferson system to discover a large copper-gold porphyry deposit.
Compelling Initial Results:
Pancon takes a data-driven approach to exploration, using historic and new geological, geochemical, mineralogical and geophysical data to target, discover and define new gold-copper mineralization. To date Pancon has released results for 12.5 diamond core, 94 RAB, and 6 sonic drill holes at Brewer, and has reported results for a total 3,943 meters of core from its maiden diamond drill program. True widths are not yet known.
Grade x Thickness (GT) values are a common way to measure the significance and future potential of early-stage drill programs. By taking core lengths multiplied by the gold + copper (gold equivalent, AuEq), grades, one can calculate GT values in terms of gram-meters. Paradigm Capital, a research-driven, independent, institutional equity investment dealer based in Toronto (www.paradigmcap.com), characterizes:
- “good” drill results: 15-50 GT
- very good” drill results: 50-100 GT
- exceptional” drill results: anything above 100 GT
Select results from <4,000 meters of Pancon’s initial diamond core drilling in 12.5 holes at Brewer include:
- Hole 4 – 105 GT Au and 137 GT AuEq over 115 meters – “exceptional” as per Paradigm Capital
- Hole 5 – 225 GT Au and 303 GT AuEq over 181 meters – “exceptional”
- Hole 8 – 114 GT Au and 158 GT AuEq over 106 meters – “exceptional”
- Hole 15 – 45 GT Au and 57 GT over 20 meters – “good/very good”
Select Drill Results to Date:
- Hole 4: 115.6m of 0.91 g/t Au, 0.17% Cu and 1.19 g/t AuEq, including 15.5m of 2.35 g/t Au, 0.46% Cu and 3.1 g/t AuEq*
- Hole 5: 181.6m of 1.24 g/t Au, 0.27% Cu and 1.67 g/t AuEq, including 24.2m of 4.26 g/t Au, 0.42% Cu and 4.94 g/t AuEq*
- Hole 8: 106.5 m of 1.07 g/t Au, 0.26% Cu and 1.49 g/t AuEq, including 45.23 m of 2.03 g/t Au, 0.52% Cu and 2.7 g/t AuEq*
- Hole 9: 15.95 m of 1.09 g/t Au, 0.22% Cu and 1.44 g/t AuEq*
- Hole 10: 11.90 m of 2.22 g/t Au, 0.07% Cu and 2.33 g/t AuEq*
- Hole 15: 20.2m of 2.25 g/t Au, 0.35% Cu and 2.82 g/t AuEq, including 8.5m of 3.32 g/t Au, 0.65% Cu and 4.38 g/t AuEq*
* For details on Pancon’s gold equivalent (AuEq) calculations, please see Pancon’s news releases dated April 27, 2021 (for holes 4 & 5), July 26, 2021 (for holes 8, 9 & 10), August 31, 2021 (for holes 11 & 12) and September 8, 2021 (for hole 15).
Water Samples Certification
- Certificate TU20296294 – 6 water samples submitted Dec 14, 2020
- Certificate TU20296408 – 6 water samples submitted on Dec 15, 2020