CAROLINA RUSH CORPORATION TSXV: PUC/ OTCQB: PUCCF
Brewer Gold and Copper Project
Phase 2 Drilling Underway
July 2021
Greetings from the Carolinas!
Dear Pancon Shareholders and Followers:
Warm and sunny summer greetings from the Carolinas!
June was a productive month at our flagship Brewer Gold & Copper Project in Chesterfield County, South Carolina. We continue to compile and analyze geological, geochemical and mineralogical data to evolve our Conceptual Model and guide our exploration work at Brewer.
We continue diamond drilling, and to date our Phase 2 drill program has completed 5 new vertical holes below and near the former mine, with a 6th new hole underway. We expect to begin receiving gold assay and multiele- ment geochemistry results for these new diamond drill holes in July. We also expect all multielement geochemistry results from the 4 new Phase 2 vertical sonic drill holes in July.
In June we conducted a Phase 2 of rotary air blast (RAB) drilling, which was very productive. We drilled more than 95 vertical RAB holes in two weeks, with each hole averaging about 25 meters in depth. Given that the Brewer system is open in all directions, we designed this RAB Phase 2 program to provide useful new information in areas of interest to the west, north, east and south of the former mine. We expect results back in August, and this will continue to inform and guide our ongoing diamond drilling.
In July we will continue our diamond drilling, with a focus on testing targets below and near the former B6 mined pit, to the east of the former main pit, as well as step-out targets to the north of the former mine, and to the east of diamond hole 7 from Phase 1.
We remained focused on creating shareholder value through three value drivers: 1) a potential economic resource in the backfilled waste material in the former main pit, the extraction of which would also possibly alleviate Brewer's overall environmental management needs; 2) a potential new economic resource below the former mine, based on discovery diamond holes 4 and 5; and 3) a potential discovery of the underlying intrusive complex, which we believe is relatively nearby the former mine and relatively close to surface.
Thank you for your interest in Pancon!
Sincerely,
Latyon
Gold | Copper | PUC.V | |
(Au) | (Cu) | ||
May 31, 2021 | $1,902.50 | $10,159.50 | $0.17 |
June 30, 2021 | $1,770.90 | $9,385.00 | $0.145 |
MoM $ Change (+/-) | $131.60 | $774.50 | $0.025 |
MoM (%) | -6.9% | -7.6% | -14.7% |
YTD (%) | -8.8% | +18.5% | +52.6% |
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
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- Commerzbank still see some more upside in gold
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- Seizing The Moment: Mining And The Future Of Energy
- Global refined copper demand to rise 31% by 2030
- When Will Gold Go Up?
- Is copper the new golden child of the metals group?
- Central bank gold buying gathers steam
- Central and Eastern European banks rush to increase gold reserves
- U.S. Mint gold bullion sales rose 360% in May
- Not a quiet summer: Gold price to take direction from U.S. data, Fed speak, USD, and yields
- Commerzbank say it is important for gold to break above $1800/oz
- Inflation conundrum results in a rally in both equities and precious metals
+++ MORE INSIDE!
Copyright ©2021 Pancontinental Resources Corporation. All rights reserved. | July 2021 |
TSXV: PUC/ OTCQB: PUCCF
ABOUT PANCON
Pancon (TSXV: PUC/ OTCQB: PUCCF) is a Canadian junior mining company focused on exploring the prolific and underexplored Carolina Slate Belt in Chesterfield County, South Carolina, USA. In January 2020, Pancon won the exclusive right to explore the former Brewer Gold Mine property.
Between 1987-1995, Brewer produced 178,000 ounces of oxide gold from open pits that extended to 65-meter depths, where copper and gold-rich sulphides were exposed but could not be processed by the oxide heap leach processing facility.
Brewer is a high sulphidation system driven by a sub-volcanic intrusive and possibly connected to a large copper-gold porphyry system at depth, as indicated by: widely known prospective geology, including diatreme breccias; associated high sulphidation alteration; gold and copper mineralization; and geophysics (Schmidt, R.G., 1978, The Potential for Porphyry Copper -Molybdenum Deposits in the Eastern United States, U.S. Geological Survey).
Pancon's 100%-owned,1,500-acre Jefferson Gold Project nearly completely surrounds the 1,000-acre former Brewer Gold Mine property, and both Jefferson and Brewer are located 12 kilometers northeast along trend from the producing Haile Gold Mine, which produced 146,100 ounces of gold in 2019.
Pancon is fully funded for up to 10,000 meters drilling program at Brewer. Phase 1 drilling is now completed for a total of 2,692 meters in seven holes, two of which included both sonic and diamond drilling.
Phase 1 Drill Program Highlights
(Holes 1 - 5)
GOLD CHART
YEAR TO DATE
Price as of Jan 4, 2021: $1,942.00/oz
MONTH OVER MONTH
Price as of June 30, 2021: $1,770.90/oz
- Hole 5:
- 181.6 meters of 1.24 g/t gold, includ- ing: 152 meters of 1.4 g/t gold; 75 meters of 2.14 g/t gold; 24.2 meters of 4.26 g/t gold; and 3 meters of 24.3 g/t gold.
-
On a gold equivalent basis, 181.6 meters of 1.67 g/t AuEq, including:
75 meters of 2.57 g/t AuEq and 24.2 meters of 4.94 g/t AuEq. - 7.6 meters of 0.95% copper and 1.11 g/t gold.
- In terms of copper values as they cor- relate to gold values, 181.6 meters of 0.26% copper, including 24.2 meters of 0.41% copper.
- Hole 4:
- 115.6 meters of 0.91 g/t gold, includ- ing: 71 meters of 1.24 g/t gold; 15.5 meters of 2.35 g/t gold; and 3.45 meters of 5.29 g/t gold.
- On a gold equivalent basis, 115.6 meters of 1.19 g/t AuEq, including: 71 meters of 1.64 g/t AuEq; 15.5 meters of 3.10 g/t AuEq; and 3.45 of 7.24 g/t AuEq.
- 7.6 meters of 0.97% copper and 2.96 g/t gold.
- In terms of copper values as they cor- relate to gold values, 115.6 meters of 0.17% copper, including: 71 meters of 0.24% copper; 15/5 meters of 0.45% copper; and 3.45 meters of 1.17% copper.
- In Hole 5, Pancon geologists identified five sightings of visible gold in three different locations.
- 86% of all 1,339 samples from Holes 1-5 returned detectable gold (≥0.025 g/t Au), further proving widespread presence of anomalous gold across the Brewer prop- erty.
Phase 1 & 2 Drill Holes
- In Hole 2, all 219 samples contain detectable gold, with the lowest sample value being 0.012 g/t gold and the high- est being 2.05 g/t gold.
- Gold and multielement geochemistry results are still pending for holes 1, 3, 6 and 7 as well as the two sonic holes.
COPPER CHART
YEAR TO DATE
Price as of Jan 4, 2021: $7,918.50/t
MONTH OVER MONTH
Price as of June 30, 2021: $9,385.00/t
Copyright ©2021 Pancontinental Resources Corporation. All rights reserved. | Page 2 |
TSXV: PUC/ OTCQB: PUCCF
Pancon Reports 9.8 g/t Gold with Average of 0.37 g/t Gold from first 2 Sonic Drill Holes
June 8, 2021
Pancon (TSXV: PUC/ OTCQB: PUCCF), further to its news releases of March 2 and April 27, 2021, reports gold assay and multielement geochemistry results for the remaining two sonic and two diamond drill holes drilled in Phase 1 of the Company's fully funded 10,000-meter (m) maiden diamond drill program at its flagship Brewer Gold & Copper Project. The Brewer Project, on the gold-rich Carolina Slate Belt in South Carolina, is where the former shallow Brewer Gold Mine produced 178,000 ounces of oxide gold between 1987-1995, and is located 12 kilometers along trend from the producing Haile Gold Mine.
Highlights:
- First two sonic holes through the backfill waste material and former mined pit floor bedrock produced 242 large samples averaging about 35 kilograms (kg) per sample (see Table 1).
- One pit floor bedrock sonic sample contains 9.81 g/t Au; one backfill waste sample contains 5.67 g/t Au.
- Average gold value of all 242 sonic samples is 0.37 g/t Au; average value of all samples excluding the surface clay cap and pit floor bed- rock is 0.34 g/t Au (see Table 2).
- All sonic samples but one contain detectable gold (>0.025g/t Au); 30 samples contain >0.5 g/t Au and 11 samples contain >1 g/t Au (see Table 3).
Pancon President and CEO, Layton Croft, stated: "Brewer's backfill waste material and former pit floor contain compelling gold values and strong gold continuity (see Table 1). The previous operator reclaimed 6.8 million tonnes of waste rock and sulphide ore they couldn't process
Table 1: Average of All Samples from Sonic Holes 1 & 2
Hole ID | Length (m) | # Samples | Total Sample | Au (g/t) | |||||||||||||||
Weight (Kg) | Min. | Max. | Avg. | ||||||||||||||||
B20S-001 | 55.49 | 121 | 1928.6 | 0.055 | 3.229 | 0.318 | |||||||||||||
B20S-002 | 65.85 | 121 | 1608.9 | <0.025 | 9.811 | 0.431 | |||||||||||||
Table 2: Average of All Samples Excluding Clay Cap and Pit Floor Material | |||||||||||||||||||
Hole ID | Length (m) | # Samples | Total Sample | Au (g/t) | |||||||||||||||
Weight (Kg) | Min. | Max. | Avg. | ||||||||||||||||
B20S-001 | 49/73 | 110 | 1798.7 | 0.055 | 3.229 | 0.316 | |||||||||||||
B20S-002 | 60.75 | 116 | 1540.8 | 0.031 | 5.666 | 0.354 | |||||||||||||
Table 3: Average of Sonic Samples with Respect to Material Type | |||||||||||||||||||
Total | Au g/t | ||||||||||||||||||
Hole ID | Backfill | From | To (m) | Length | # | Sample | |||||||||||||
Type | (m) | (m) | Samples | Weight | Min. | Max. | Avg | ||||||||||||
(Kg) | |||||||||||||||||||
Clay Cap | 0.00 | 0.88 | 0.88 | 3 | 39.1 | 0.055 | 0.096 | 0.076 | |||||||||||
HLP | 0.88 | 20.12 | 19.25 | 46 | 853.4 | 0.066 | 3.103 | 0.316 | |||||||||||
B20S-001 | Waste | 20.12 | 24.51 | 4.39 | 7 | 88.9 | 0.167 | 3.229 | 1.030 | ||||||||||
HLP | 24.51 | 50.61 | 26.10 | 57 | 856.5 | 0.055 | 1.274 | 0.228 | |||||||||||
Pit floor | 50.61 | 55.49 | 4.88 | 8 | 89.9 | 0.121 | 1.539 | 0.435 | |||||||||||
Clay cap | 0.00 | 0.46 | 0.46 | 2 | 15.9 | <0.025 | 0.175 | 0.094 | |||||||||||
HLP | 0.46 | 16.87 | 16.41 | 48 | 721.0 | 0.138 | 1.346 | 0.338 | |||||||||||
B20S-002 | Waste | 16.87 | 40.01 | 23.14 | 20 | 239.4 | 0.102 | 5.666 | 0.676 | ||||||||||
HLP | 40.01 | 61.21 | 21.10 | 48 | 580.5 | 0.031 | 0.776 | 0.237 | |||||||||||
Pit floor | 61.21 | 65.85 | 4.64 | 3 | 52.3 | 0.512 | 9.811 | 3.623 | |||||||||||
HLP = heap leach pads
See QA and QC Statement regarding sampling and assaying techniques.
with heap leaching, filling up two of the three mined pits to surface. The reclamation was well engineered, resulting in homogenous layers of material (see Figure 3). Our maiden sonic drill results are very encouraging, suggesting there could be enough gold in the former pits to be economic, especially since the loose material doesn't require blasting and crushing. Further, removing and monetizing the backfill is likely to reduce Brewer's ongoing environmental management needs, as we believe the waste material is exacerbating acidity in groundwater currently being extracted and treated. Additionally, removing and monetizing the backfill waste could reduce construction and production costs of a potential future mining operation beneath the former mine."
Croft continued: "Diamond holes 6 and 7 were the two step-out holes in our Phase 1 diamond drill program, with Hole 6 located about 250 m south of the former mine and Hole 7 located about 500 m northwest of the former mine (see Figure 1). Neither of these holes contain notable gold or copper values, but both holes provide valuable geochemical and mineralogical information on the structurally complex Brewer system. This information has already informed our Phase 2 exploration decisions and ac- tions, and will help de-risk our targeting of mineralization below the former mine as well as what we believe is a nearby intrusive complex and the source of the mineralizing fluids."
Diamond hole 7 contains anomalous gold in most of the hole, which seems to correlate with strong presence and continuity of topaz and prospective alteration north and northwest of the former mine. Diamond hole 6 missed its target associated with the 3.6 g/t Au assay from vertical rotary air blast (RAB) hole 60. Diamond hole 6 was collared near RAB hole 60 and drilled due south at a 65-degree angle over 286.8 m.
Continue on Page 4
Copyright ©2021 Pancontinental Resources Corporation. All rights reserved. | Page 3 |
TSXV: PUC/ OTCQB: PUCCF
Pancon Reports 9.8 g/t Gold with Average of 0.37 g/t Gold from first 2 Sonic Drill Holes (cont'd)
The Company has posted on its website the Certificates of Analysis with complete results for gold assays and multielement geochemistry for diamond drill Holes 1-7 and sonic drill Hole 1, and gold assays for sonic drill Hole 2 (see here). The Company cautions that the mineralization at the former Brewer Gold Mine is not necessarily indicative of the mineralization that may be identified by the Company's ongoing and upcoming exploration work.
Figure 1: Plan Maps with Phase 1 and Planned Phase 2 RAB Holes (left panel) and Phase 1 and Completed, In Progress and Planned Phase 2 Diamond Holes (right panel)
Figure 2: Updated Cross Section of Sonic Holes 1, 2, 3 and 5 and Diamond Holes 4, 5, 8, 9 and 11
Figure 3: Historic Cross Section of Waste Backfill Schematic of Former Brewer Gold Mine
Phase 2 Drilling Update
Pancon commenced Phase 2 drilling on April 6, 2021, and to date has completed four new vertical sonic drill holes through the backfill waste material and pit floor in the former main and adjacent B6 mined pits, for a total of 246 large sonic samples over a total 222 meters (see Figure 1). Below those new sonic holes, Pancon has completed three new vertical diamond drill holes over a total 422.75 m of core, and is currently drilling one additional new vertical diamond drill hole immediately north of the former main pit. Gold assay and multielement geochemistry results for these initial Phase 2 sonic and diamond holes are expected from SGS lab in Ontario within the next month.
In addition, on June 14 Pancon will commence Phase 2 of shallow rotary air blast (RAB) drilling, following up to the Compa- ny's 90-hole RAB drill program conducted in August-September 2020 (news release). The Company plans to drill more than 75 new RAB holes, averaging about 20 meters per hole, in order to produce more valuable geological, geochemical and mineralogical data to inform future diamond drill targeting (see Figure 1).•
Quality Assurance and Quality Control Statement, Notes and Assumptions
Phase 1 exploration diamond core drilling was HQ/ HQ3 and NQ/NQ3 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-half of 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 Minerals Processing Corporation's (MPC) ISO/IEC 17025 Certified sample preparation and assay laboratory in Carney, Michigan where it was dried, crushed and pulverized to >80% passing -200 mesh. For sonic drilling, each complete sonic sample was crushed and split.
Gold was analyzed by fire assay (30 g) with an AA (atomic absorption) finish at ALS Laboratories (Holes
1-3) and MPC (Holes 4-7) with detection limits of 0.005 g/t gold (ALS) and 0.025 g/t gold (MPC). Samples containing greater than 3.0 g/t gold were analyzed by fire assay with a gravimetric finish. Multielement analyses, including base metals and rare earth elements, were analyzed at ALS with ICP-MS (inductively coupled argon plasma mass spectrometry). 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 Richard "Criss" Capps, PhD, RPG, SME REG GEO, a Qualified Person as defined by NI 43-101.
Copyright ©2021 Pancontinental Resources Corporation. All rights reserved. | Page 4 |
TSXV: PUC/ OTCQB: PUCCF
PANCON'S LATESTS VIDEOS | INDUSTRY NEWS | |
Don't forget to follow Pancon Resources YouTube Channelfor new content
or simply visit:
www.panconresources/investors/videos/.
Pancon Reports Sonic Results from Phase 1 -
June 8, 2021
In this video, Layton Croft discusses the last reported results from Phase 1 drilling and updates on Phase 2 drilling currently underway from the Brewer Gold & Copper Project.
Click on the image, or simply click here to view it.
Brewer Updaate from the Field
June 24, 2021
Phase 2 of the Brewer Gold & Copper Project is underway, using Sonic Drilling, RAB Drilling and Diamond Drilling.
Click on the image, or simply click here to view it.
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June 1, 2021
Gold to benefit as U.S. dollar could drop 10% to 20% - CrossBorder CapitalJune 1, 2021
Commerzbank still see some more upside in gold
June 1, 2021
Gold to Benefit in This Multi-Metal Bull Market
June 2, 2021
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June 7, 2021
Global refined copper demand to rise 31% by 2030
June 8, 2021
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June 9, 2021
Is copper the new golden child of the metals group?
June 9, 2021
Central bank gold buying gathers steamJune 10, 2021
Central and Eastern European banks rush to increase gold reserves
June 13, 2021
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June 15, 2021
#YouthMatters: The mining industry needs more young leaders
June 15, 2021
Not a quiet summer: Gold price to take direction from U.S. data, Fed speak, USD, and yields
June 21, 2021
Commerzbank say it is important for gold to break above $1800/oz
June 22, 2021
Inflation conundrum results in a rally in both equities and precious metalsJune 23, 2021
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