PRECIOUS METALS

Pancon intersects 106.5m at 1.49g/t gold-equivalent

Pancontinental Resources has reported more significant gold and copper intercepts from drilling at the former Brewer mine in South Carolina.

Staff reporter
 Pancontinental Resources is continuing drilling at the former Brewer mine in North Carolina

Pancontinental Resources is continuing drilling at the former Brewer mine in North Carolina

A highlight was 106.5m at 1.07g/t gold and 0.26% copper or 1.49g/t gold-equivalent from 52m, which also included 45.23m at 2.87g/t Au-eq, plus 8.23m at 7.34g/t Au-eq.

The results were from the first three holes drilled in phase two of an ongoing, fully-funded 10,000m programme.

Pancon shares (TSXV: PUC) had spiked to a one-year high of C20c in March following an intercept grading 181.6m at 1.24g/t gold and 0.27% copper in initial drilling at Brewer.

However they lost 15% yesterday to close at 14c, capitalising the company at $34.6 million (US$11.6 million).

Pancon president and CEO Layton Croft said the new results proved gold-copper mineralisation extended to the south and southeast of discovery Holes 4 and 5.

He said the company planned to build on its success by soon adding a second diamond drill rig.

The company was awarded the right to explore Brewer in January 2020 and has entered a lease agreement with the option to purchase.

Brewer produced 178,000oz of gold between 1987-1995.

It's nearly surrounded by Pancon's Jefferson project and is about 12km from OceanaGold's Haile mine.

Pancon had $2.9 million in working capital at March 31.

The company announced a $103,000 debt settlement last month through the issuance of shares priced at 20c.

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