March 24, 2022
Pancontinental Resources Corp. (TSXV:PUC, Not Rated, David A. Talbot) has extended the term of its agreement to explore and purchase the Brewer Au-Cu project in South Carolina to Dec 31/24. The original agreement, signed in Jan/20, provided an option period till Oct/23. With this extension, the company has another 33 months to explore the property and build on recent drilling results from below and along trend of the former, open pit mine. Pancontinental’s new Brewer discovery model suggests that a significant zone of unoxidized gold-copper mineralization occurs below the open pit and that higher grade zones are associated with feeder structures that show increased sulphides along the diatreme margin. Future drilling is expected to target an additional breccia zone to the S-SW of the historical open pit, hosted within a NE-SW trending zone of favorably altered rocks. This new geological model is the result of extensive work conducted at the property since Apr/20 which includes compilation work, mapping, sampling, geophysics, and 9,000m core, 3,900m RAB and 350m sonic drilling. It has helped put all previous historic work into context, but more importantly strives to understand the mineralized system, and points Pancontinental towards targeting areas of interest. Extensive gold and copper mineralization has recently been identified, both below the pit and along trend and within new rock types, and we anticipate these mineralized areas to continue expanding based on future exploration and drilling programs. Upcoming catalysts include IP and follow-up drilling in four target areas including: 1) beneath the former mine, 2) S-SW of the former mine and below the former waste dump, to test the new breccia target, 3) west of the former mine (where the leach pads were once located) to test the western plunge of the known Brewer breccia, and 4) N-NW of the former mine at depth to follow-up on the broad zones of favorable alteration. Read more
