TSX-V:PUC
Pancontinental

Projects

In August 2016, Pancon Gold (TSX-V:PUC) completed its purchase agreement with Firebird Resources (TSX-V:FIR), Pageland Minerals and Appalachian Resources, and thus acquired 100% ownership of the Jefferson Gold Project, through Pancon Gold’s wholly owned, South Carolina-incorporated subsidiary Palmetto Mining Corporation.

The Jefferson Gold Project, in Chesterfield county, South Carolina, near the town of Jefferson, includes more than 1,500 acres under lease from private landowners who own the surface and sub-surface mineral rights. The Jefferson Gold Project is along a nearly continuous northeast-striking structural trend of hydrothermal alteration and gold mineralization. The mineralized footprint of the Jefferson Gold Project is similar in magnitude to the footprints of the nearby Haile and Ridgeway gold mine sites. The Jefferson Gold Project contains multiple drill targets within a mineralized trend more than 1.2 miles (2 kilometres) wide.

In 2011, Firebird Resources and Pageland Minerals drilled four holes at the Jefferson Gold Project (complete results of that drill program are included in Pancon Gold’s news release of 25 May 2016). All four holes encountered mineralization, with the best hole containing more than 164 metres (539 feet) of gold averaging 1.27 grams per tonne, true width unknown. Another hole from the 2011 drill program contained 35 metres (115 feet) of 1.12 grams per tonne of gold. Prior to the 2011 drill program, multiple shallow holes were drilled at the Jefferson Gold Project in the 1980s and 1990s.

Prior to the Firebird-Pageland 2011 drill program, various exploration work – including geological mapping, ground geophysics, trenching, sampling and drilling – was conducted over decades at the Jefferson Gold Project by other companies. In 1982-83, Amax and Phillips drilled two diamond core holes near the historic Leach Mine, one of the largest of the many historic workings at Jefferson. Amselco (later Kennecott) acquired the Project, completed ground geophysics and drilled a core hole on a geophysical target. In 1985, the Project was acquired by Westmont and added to the adjacent Brewer Gold Company (Brewer Mine). In 1988, Dean Vaughan and Associates acquired the properties and brought in a succession of junior companies: International Viking Resources, Avondale Resources and Candela Resources through Prime Equities.

Their work included drilling 311 shallow air rotary holes totaling about 18,500 feet, and identified six target areas. In 1990, Inter-Rock Gold acquired the project and completed 5,400 feet of core drilling and 7,500 feet of reverse-circulation exploration drilling in 57 drill holes. Drilling in all six target areas intersected highly anomalous mineralized and altered felsic volcanic and sedimentary rocks with gold values commonly more than 250 parts per billion. In 2009, Pageland Minerals acquired a large lease position at the Jefferson Gold Project, and made an agreement with Firebird. In 2011, Firebird drilled four core holes at Anomaly A (one of the six original target area anomalies) of the Jefferson Gold Project.


click to enlarge

Pancon Gold’s Jefferson Gold Project is located within one of the most significant gold trends in the United States, in the Carolina Mineral Trend. The Jefferson Gold Project is on the northeastern edge of two former gold mines and one current gold mine – the former Brewer and Ridgeway mines, and the current Haile mine – proving the exceptional gold-rich mineralization in this region.

The former Ridgeway gold mine, located 35 miles south-southwest of the Jefferson Gold Project, was a 15,000-tonnes per day open pit operated by Kennecott Minerals from 1988-1999. The Haile gold mine, first discovered in 1827, is today a new open pit operation with a multi-million ounce resource that commissioned in December 2016. Haile is owned and operated by OceanaGold (TSX:OCG), which reports ongoing exploration and the potential for an expansion phase to an underground mine at Haile. The former Brewer gold mine, which forms the western border of the Jefferson Gold Project, was mined most recently from 1987-1995, during which 12 million tonnes of gold-rich ore was extracted.

Pancon Gold spent the third and fourth quarters of 2016 conducting extensive analyses of historic data and the 2011 drill results, and planning for a staged drill program. On November 14, 2016, Pancon Gold commenced its flagship drill program at the Jefferson Gold Project. The initial stage, to consist of more than 1,500 metres (5,000 feet) of diamond drilling, will continue through the first quarter of 2017.


Photos

Pancon Gold’s Jefferson Gold Project includes a 1,500-acre land package adjacent to the former Brewer gold mine, and less than seven miles from the Haile gold mine, a new open pit operation with a multi-million ounce resource owned by OceanaGold.


Diamond drilling at Pancon’s Jefferson Gold Project in December 2016.


Cutting diamond-drilled core.


Jefferson Gold Project drill core boxes from 2011 (top row) and 2016 (bottom row).

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