The Montcalm Project (3,780 hectares) is one of three Pancon projects in the Montcalm Greenstone Belt. It is located within the prospective Montcalm Gabbro Complex, 65 kilometres northwest of Timmins, Ontario.
The project is contiguous to and surrounds the western, northwestern and southwestern portion of the former Montcalm Mine, currently owned by Glencore plc. The former Montcalm Mine was discovered and developed based on a single airborne electromagnetic anomaly identified in 1970s and 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).
- State-of-the-art Virtual Time Domain Electromagnetic (VTEM) and gravity airborne geophysical surveys have been flown over approximately 80% of the Project area.
- Pancon has identified 25 priority geophysical targets which warrant follow-up as a result of initial VTEM analysis, in addition to analysis of historic University of Toronto Electromagnetic (UTEM) survey results.
- As part of the follow up, Pancon plans to conduct a ground pulse electromagnetic (PEM) survey in mid-December, after the ground freezes over historic UTEM targets for target confirmation and acquisition of EM profiles to determine positioning of drill holes.
- The Company expects a final VTEM assessment report in the coming weeks; this data will be integrated with the preliminary gravity data to further prioritize the VTEM and historical ground UTEM targets.
- By the end of 2018, Pancon expects to have a strategic drilling plan for the most prospective targets with a diamond drill program of 5,000 to 10,000 metres for the 2018-2019 winter season.
- Productive First Nation consultations and local government engagement has commenced in order to secure community support and all necessary permits well in advance of drilling season, which is January-April.