THE PUC REPORT - JANUARY 2022
Brewer Gold & Copper Project
Compelling results and potential for significant new discovery at the former Brewer Gold Mine
TSXV: PUC / OTCQB: PUCCF
Dear Pancon Shareholders and Followers
Happy New Year greetings from the Carolina Slate Belt, where the first gold rush in all of North America started in the late 1700s!
The geology here on the Carolina Slate Belt - home of Pancon's flagship Brewer Gold & Copper Project and just down the road from the producing Haile Gold Mine - is the same as it is in Newfoundland, where a lot of companies are exploring for and discovering gold deposits similar to those found in the Carolinas. The rocks in Carolina and Newfoundland are the same; they're just 3,000 kilometers apart!
The Carolina Slate Belt is underexplored. Pancon is a first mover. Brewer is a past-producing gold mine. 2020 and 2021 were foundational years for Pancon's Brewer Project. We produced and analyzed and learned a lot from valuable new data and information. We intersected compelling gold and copper mineralization from only 17 diamond core holes. We have successfully set the table for a feast!
We expect 2022 to be a meaningful and prosperous year for Pancon shareholders, stakeholders and our fantastic Team. We have exciting new drill targets. We are finalizing our refreshed Geological Compilation & Discovery Model. We are progressing on an environmental remediation plan, essential if we decide to exercise our exclusive option to purchase the Brewer property. We plan to commence Phase 2 geophysics and Phase 3 diamond core drilling. The future is bright!
Please stay safe, and please never forget:
You Can't Score a Goal if You Don't Shoot the PUCk!
~All for now! Layton
Gold | Copper | PUC.V | |
(Au) | (Cu) | ||
November 30, 2021 | $1,776.40 | $9,600.00 | $0.115 |
December 31, 2021 | $1,819.20 | $9,692.00 | $0.105 |
MoM $ Change (+/-) | $42.80 | $92.00 | $0.01 |
MoM (%) | 2.4% | 1.0% | -8.7% |
YTD (%) | -6.3% | +22.4% | +10.5% |
Gold & Copper Source: The London Metal Exchange
* Gold price per ounce/copper price per tonne; priced in US dollars.
PUC.V Source: TSX Venture Exchange
* Priced in Canadian dollars
INSIDE THE PUC REPORT
Gold & Copper Insights
- Month over month & year to date commodity prices and charts
Industry News
- Energy Department funding experiments to fight methane with plasma, copper
- Gold price moves higher on US jobs data letdown
- Rising geopolitical tensions brighten gold's appeal
- Gold price edges lower as investors weigh virus risks to global growth
- World's 10 biggest underground mines by tonnes of ore milled
- Copper price up as China imports rise
- Kinross Gold to buy Great Bear for $1.42 billion
- Five charts ask if mining is in a supercycle, one screams no
- Another 4 years of gold's tricky romance with Jay
- Gold investment apathy
- Sleepy copper ETF surges to $1.7 billion assets as EV bets boom
- Copper price rebounds after Fed decision
- Copper price jumps on Fed's upbeat view
+++ MORE INSIDE!
Copyright ©2022 Pancontinental Resources Corporation. All rights reserved. | January 2022 |
TSXV: PUC/ OTCQB: PUCCF
ABOUT PANCON
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 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 large 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 and develop a maiden gold-copper resource below and near the former mine.
- Use Pancon's Geologic Folio and Discovery Model of the Brewer-Jefferson system to discover a large copper-gold porphyry deposit.
Pancon has reported on drill results from all diamond core, RAB and sonic holes drilled to date. The results are compelling. Pancon have taken advantage of unusually slow lab turnaround times to compile and analyze a large amount of high quality geological, geochemical, geophysical and mineralogical data. The Geological Compilation & Discovery Model update work is progressing according to plan. The team is more confident than ever in the potential for new discoveries across our Brewer-Jefferson land package, both in a brecciated upper zone as well as in a deeper mineralized lower zone. Pancon has identified high priority targets for Phase 3 drilling, which is planned to commence in the first quarter of 2022.
PUC.V CHART YEAR TO DATE
GOLD CHART
YEAR TO DATE
Price as of Jan 4, 2021: $1,942.00/oz
MONTH OVER MONTH
Price as of Dec 31, 2021: $1,819.20/oz
COPPER CHART
YEAR TO DATE
Price as of Jan 4, 2021: $7,918.50/t
MONTH OVER MONTH
Price as of Dec 31, 2021: $9,692.00/t
Copyright ©2022 Pancontinental Resources Corporation. All rights reserved. | Page 2 |
TSXV: PUC/ OTCQB: PUCCF
Pancon Reports Detectable Gold in All 104 Phase 2 RAB Drill Holes, Including 2 Holes 150 & 300
Meters West of Former Brewer Gold Mine Each With 6-Meter Intervals of >1.00 g/t Au
December 21, 2021
Toronto, Ontario, December 21, 2021: Pancontinental Resources Corporation (TSXV:
PUC; OTCQB: PUCCF) ("Pancon" or the "Company") provides drill results for Phase 2 shallow rotary air blast (RAB) drill holes, and for Phase 2 diamond core drill holes 16 and 17, at its flagship Brewer Gold & Copper Project in South Carolina, USA (see Figures 1
- 2 and Tables 1 & 2). All 104 Phase 2 RAB drill holes contain detectable gold (using the laboratory's 5 ppb detection limit) and end less than 25 meters below surface. The aver- age gold grade of all 1,437 RAB drill samples is nearly 100 ppb (0.1 ppm), and 87.5% of all RAB holes contain at least one sample grading higher than 50 ppb (0.05 ppm) gold.
Highlights:
- RAB Hole B21B-100 - located ~150 meters (m) west of the former mine, intersected 21 m of 0.46 g/t Au starting at 3 m below surface, including 6 m of 1.2 g/t Au
- RAB Hole B21B-111 - located ~300 meters west of the former mine, intersected
- m of 0.59 g/t Au starting at 6 m below surface, including 6 m of 1.0 g/t Au
- RAB Hole B21B-153 - located ~100 meters south of the former mine, intersected
- m of 0.69 g/t Au starting at 16.7 m below surface, including 3 m of 0.90 g/t Au
- RAB Hole B21B-175 - located immediately east of the former main pit (and immedi- ately west of the former ancillary B6 pit), intersected 10.7 m of 0.47 g/t Au, including 3 m of 0.90 g/t Au
- Core Hole B21C-016 - located 350 meters north-northwest of the former mine, remained within a package of strongly altered volcanic rocks for 380 meters
Results of the Phase 2 RAB drill program expand the footprint of near-surface gold mineralization on the Brewer property, and specifically define an attractive drill target to the west of the former mine. This western target area returned values up to 2.4 g/t Au (B21B-
- and, to Pancon's knowledge, has not previously been tested by core drilling. Several of Pancon's RAB holes in this area were stopped short of their maximum depth due to extremely hard and slow drilling conditions, likely related to the presence of topaz similar to that documented in and below the former Brewer mine. Pending spectral analyses will help confirm the presence and relative abundance of topaz and other key alteration minerals, and will complement the geochemical data to better define drill targets.
Regarding the results of the last two diamond core drill holes in Phase 2, Hole 16 was significant in that it was drilled 350 meters north-northwest of the former mine and remained within a package of strongly altered and mineralized volcanics for 380 meters. Alteration included a distinctive "patchy" aluminosilicate alteration zone that has been recognized in association with breccia-hostedAu-Cu mineralization beneath the former Brewer pit. Although no ore-grade mineralization was encountered in Hole 16, the degree of alteration and presence of a different suite of Cu-bearing sulphide minerals, namely chalcopyrite and bornite, are considered encouraging. Whereas Cu-bearing zones identified in earlier Pancon drilling have been comprised of an enargite-chalcocite-covellite assem- blage, the identification of chalcopyrite-bornite mineralization may indicate the presence of a higher temperature part of the Brewer system.
Pancon President and CEO Layton Croft stated: "We have now reported on drill results from all diamond core, RAB and sonic holes drilled to date. The results are compelling. We have taken advantage of unusually slow lab turnaround times to compile and analyze a large amount of high quality geological, geochemical, geophysical and mineralogical data. Our Geological Compilation & Discovery Model update work is progressing according to plan. We are more confident than ever in the potential for new discoveries across our Brewer-Jefferson land package, both in a brecciated upper zone as well as in a deeper mineralized lower zone. We have identified high priority targets for Phase 3 drilling, which is planned to commence in the first quarter of 2022."
Figure 1 shows the results of Pancon's Phases 1 and 2 RAB drilling, as well as historic production blasthole data from the Brewer, B6, and NWT open pits. The data shows a halo of near-surface gold mineralization around the former mine and what appears to be an extension of mineralization to the west. This western target area provides a high priority exploration target for follow-up core drilling in 2022.
Figure 1: Results of Pancon's RAB Drilling in Comparison to Historic Production Blasthole Data
RAB assay results were composited using a cut-off grade of 0.1 g/t Au over a minimum of 3.0 meters, allowing a maximum of one internal interval (1.5 meters) below the cutoff grade to be included in the composite. Grade times thickness (GxT) values were calculated only for holes that met the composite criteria. Pancon RAB drill holes were oriented vertically and drilled to a maximum depth of 24.39 meters (80 feet). Production blastholes are shown for comparative purposes across the NWT, Brewer, and B6 pits of the former mine. GxT values were calculated using the reported Au value (determined by a cyanide leach assay) and the bench height of the former mine (6.10 meters or 20 feet).
Continue on Page 4
Copyright ©2022 Pancontinental Resources Corporation. All rights reserved. | Page 3 |
TSXV: PUC/ OTCQB: PUCCF
Pancon Reports Detectable Gold in All 104 Phase 2 RAB Drill Holes, Including 2 Holes 150 & 300 Meters West of Former Brewer Gold Mine Each With 6-Meter Intervals of >1.00 g/t Au (cont'd)
Figure 2: Intense Silcification and Minor Chalcopyrite Mineralization at ~290 Meters Downhole in Hole B21C-016
Table 1: Selected Results from Phase 2 RAB Drill Program (see here for Certificates of Analysis and complete results)
Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | GxT |
B21B-100 | 3.05 | 24.38 | 21.33 | 0.48 | 10.24 |
Incl. | 7.62 | 12.19 | 4.57 | 1.51 | 6.90 |
B21B-111 | 6.10 | 19.81 | 13.68 | 0.59 | 8.07 |
Incl. | 13.72 | 19.81 | 6.09 | 1.03 | 6.27 |
B21B-153 | 16.76 | 24.38 | 7.62 | 0.69 | 5.26 |
Incl. | 21.34 | 24.38 | 3.04 | 0.90 | 2.74 |
B21B-175 | 1.52 | 12.19 | 10.67 | 0.47 | 5.01 |
Incl. | 3.05 | 6.10 | 3.05 | 0.90 | 2.75 |
Table 2: Select Results from Core Holes 16 and 17
(see here for Certificates of Analysis and complete results)
Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) |
B21C-016 | 4.70 | 12.50 | 7.80 | 0.22 |
and | 222.00 | 230.00 | 8.00 | 0.21 |
and | 368.50 | 373.00 | 4.50 | 0.23 |
B21C-017 | 2.20 | 13.60 | 11.40 | 0.27 |
See Quality Assurance and Quality Control Statement below regarding assaying tech- niques. Intervals are core lengths and are not presumed to be true thicknesses.
Quality Assurance and Quality Control Statement, Notes and Assumptions Phase 2 exploration diamond core drilling was HQ and NQ size. The core was logged and marked for sampling and assaying by geologists contracted by Pancon. Samples, typically 1.5 meters in length, were sawn in half using a diamond core saw and one-halfof the core was placed in sample bags and tagged with unique sample numbers, while the remaining half was kept in the core box for storage. Each bagged core sample was shipped to SGS Labs in Ontario, Canada, where it was dried, crushed and pulverized to >80% passing -200mesh.
Gold was analyzed by fire assay (30 g) with an AAS (atomic absorption) finish, with
a lower detection limit of 0.005 g/t gold. Samples containing greater than 10.0 g/t gold were analyzed by fire assay with a gravimetric finish. Multielement analy- ses, including base metals and rare earth elements, were analyzed with ICP-MS/ICP-AES (inductively coupled argon plasma mass spectrometry/atomic emission spectroscopy). Strict sampling and QA/QC protocols are followed, and assay integrity is monitored internally with a quality control program including the insertion of standards, blanks and duplicates in the sample stream on a regular basis.
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 Patrick Quigley, MSc, CPG- 12116, a Qualified Person as defined by NI 43-101. ●
Copyright ©2022 Pancontinental Resources Corporation. All rights reserved. | Page 4 |
TSXV: PUC/ OTCQB: PUCCF
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Final Results from Phase 2 Drilling at Brewer
December 21, 2021
n December 21, 2021 Pancon reported drill results for Phase 2 shallow rotary air blast (RAB) drill holes, and for Phase 2 diamond core drill holes 16 and 17, at its flagship Brewer Gold & Copper Project in South Carolina, USA. All 104 Phase 2 RAB drill holes contain detectable gold (using the laboratory's 5 ppb detection limit) and end less than 25 meters below surface. The average gold grade of all 1,437 RAB drill samples is nearly 100 ppb (0.1 ppm), and 87.5% of all RAB holes contain at least one sample grading higher than 50 ppb (0.05 ppm) gold.
Click on the image, or simply click here to view it.
Pancon Webinar with Red Cloud Financial Services
December 8, 2021
On December 8, 2021, Pancon's President and CEO Layton Croft discussed the Brewer Gold and Copper Project with analyst David Talbot.
Click on the image, or simply click here to view it.
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Pancontinental Resources Corporation published this content on 06 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 January 2022 15:07:04 UTC.