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.