Pancon Intersects 1.3% Nickel, 0.47% Copper and 5.6% Sulphur over 4.2 Metres, Demostrating Ni-Cu Sulphide Potential at the St. Laurent Project

Toronto, Ontario--(Newsfile Corp. - November 7, 2019) -  Pancontinental Resources Corporation (TSXV: PUC) ("Pancon" or the "Company") provides exploration results from a recently completed program at the Company's St. Laurent Nickel-Copper-Cobalt Project. The program was planned to evaluate an historical Ni-Cu showing coincident with a pronounced 600-metre-long unexplained airborne electromagnetic anomaly. Recent drilling and downhole geophysical results confirm and expand upon the exploration potential of this new magmatic nickel sulphide target. The St. Laurent Project is located in northeastern Ontario, 50 kilometres south of the producing Detour Lake Mine and 20 kilometres southwest of the producing Casa Berardi Mine.

Pancon President and CEO Layton Croft stated: "Our initial drill program produced assay results with considerably higher grade mineralization than previous programs (see Tables 1 and 2 below). The intersection of greater than 1% nickel within sulphide disseminations and sulphide stringers is encouraging (see Figures 1 and 2 below). The most significant result is the low associated Sulphur (S) content of these intersections (5-8% S). The Ni:S ratios predict a grade of 3-5% Ni for massive sulphides (25-35% S) within this system, which is our exploration goal. Drilling has extended the mineralization a considerable distance along strike and at depth, providing indications of a much larger system then previously known. The bore hole electromagnetic survey (BHEM) has identified a series of significant conductors associated with the mineralized trend and remains open and unexplained in the down plunge direction. The results of this program allow us to confidently develop a larger exploration program to follow-up on these significant new conductors."

Highlights:

  • Three mineralized intervals in SL-19-01 returned Nickel (Ni) assays averaging greater than 1% Ni.
  • SL-19-03 intersected 113 metres of a wide continuous section of disseminated sulphides and sulphide stringers, extending the mineralized system to approximately 500 metres.
  • The Ni-S ratios predict a grade of 3-5% Ni in a massive sulphide.
  • BHEM surveys have identified a complex series of conductors plunging to the northeast within and proximal to the interpreted mineralized trend.

Figure 1: SL-19-01
253.6m sulphide breccia at 1.6% Ni, 0.41% Cu, 7.7%S
 

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Figure 2: SL-19-01
259.5m sulphide stringers at 0.6% Ni, 0 .06% Cu, 7.0% S

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SL-19-01 intersected a broad section of mineralized gabbro, interrupted by several barren dikes. Three mineralized intervals all returned Ni assays greater than 1% Ni. This mineralization is located 90 metres down dip from the nearest drill intersection, demonstrating higher grade portions to the mineralized system.

SL-19-03 intersected a 113 metre-wide continuous section of disseminated sulphides and sulphide stringers. The intersection is located 250 metres northeast of the nearest drill intersection, thus demonstrating the size potential and continuity of the target area (see Table 3 and Figure 3 below). Limited drilling on the Project does not provide sufficient information to accurately determine the geometry of the mineralization or the true thickness of reported intersections.

Borehole TDEM geophysical surveys indicate a complex series of conductive features plunging to the northeast. The Maxwell Plate interpretation indicates conductive anomalies along a down plunge distance of 550 metres, greatly extending the exploration target area. Additional geophysical modelling is being considered to assist in selecting drill targets. As massive sulphides are generally strong conductors, Pancon is confident that the interpretation of the geology and the geophysical results at the St. Laurent Project support additional exploration drilling to discover massive sulphide mineralization.

Table 1: St. Laurent 2019 Drill Results from Pancon

DDHFromToWidthNi (%)Cu (%)Co (ppm)Au+Pt+Pd (ppb)S (%)
SL-19-01238.5248.610.10.32%0.33%1550.12.2
SL-19-01248.6252.43.8Dike no values
SL-19-01252.4256.03.61.07%0.45%503.90.45.1
SL-19-01256.0256.70.7Dike no values
SL-19-01256.7260.94.21.26%0.47%5681.05.6
SL-19-01260.9265.84.9Dike no values
SL-19-01265.8270.54.71.03%0.83%5060.54.8
SL-19-02No significant assays
SL-19-03328.0441.4113.40.220.171390.13.4
SL-19-04No significant assays

 
Table 2: St. Laurent 2008 Drill Results from Previous Operator

DDHFromToWidthNi (%)Cu (%)Co (ppm)Au+Pt+Pd (ppb)S (%)
SL-08-0162.9112.449.50.150.121070.061.6
SL-08-01120.3125.45.10.210.091490.052.1
SL-08-01129.4133.44.00.130.111150.061.6
SL-08-01154.9157.93.00.100.04850.051.0
SL-08-0265.281.115.90.270.231490.082.0
SL-08-0285.4104.218.80.330.311940.102.8
SL-08-03157.1187.130.00.250.191460.092.0
SL-08-03193.2205.712.50.140.151160.031.8
SL-08-03214.3217.33.00.160.061240.051.8

 
Table 3: St. Laurent Drill Hole Location

BHIDUTM EUTM NElev ZAzDipEOHm
SL-19-016037785469185290330-60471.0
SL-19-026037785469185290330-75441.0
SL-19-036039635469306290330-60477.0
SL-19-046036155469107289330-45342.0
SL-08-016036805469279292330-55158.4
SL-08-026037195469301292330-55227.2
SL-08-036037505469246289330-55218.3

 

Figure 3: St. Laurent Drill Hole Locations

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Technical Disclosure

The sampling of, and assay data, from drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program designed to follow industry best practice. Samples are transported in sealed bags to ALS Laboratories in Timmins Ontario for preparation. Pulps are transported to Vancouver, British Columbia for 35 element MEICP41 Aqua regia ICP AES analysis, PGM ICP23 for Au-Pt-Pd analysis, S-IR08 for Sulphur analysis, Cu OG46 analysis for >10000 ppm Cu and NiOG46 analysis for >10000 ppm Ni. The technical content of this release has been compiled, reviewed and approved by Todd Keast, P.Geo., a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Pancon

Pancontinental Resources Corporation (TSXV: PUC), or Pancon, is a Canadian junior mining company focused on North American gold and battery metals projects surrounding or near producing or former mines in proven and safe mining districts. Pancon's 100%-owned Jefferson Gold Project is 15 km along trend northeast from the Haile Gold Mine and surrounds the former Brewer Gold Mine, both in South Carolina and on the prolific and underexplored Carolina Slate Belt. In addition, Pancon has five nickel-copper-cobalt projects in Northern Ontario. The Montcalm, Gambler, Nova and Strachan Projects are near and/or surround the former Montcalm Ni-Cu-Co Mine property owned by Glencore and located 65 km northwest of Timmins. The St. Laurent Project has an advanced Ni-Cu-Co-Au-Pt-Pd target located 50 km south of the Detour Lake Mine and 20 km southwest of the Casa Berardi Mine.

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 Todd Keast, P.Geo., a Qualified Person as defined by NI 43-101. Mr. Keast is a member of Pancon's Technical Advisory Committee and Pancon's Projects Manager. Certain technical information within this news release is historical in nature and pre-dates NI 43-101 standards; this information is believed to be reliable however the Company has not verified this material.

For further information, please contact:

Layton Croft, President & CEO or Jeanny So, Manager, External Relations
E: info@panconresources.com
T: (Carolinas) +1.980.498.7688; (Ontario) +1.647.202.0994

For additional information please visit our new website at www.panconresources.com and our Twitter feed: @PanconResources.

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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