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Pancon Gold Closes Its Acquisition of the Jefferson Gold Project in South Carolina, United States
TORONTO, ON / ACCESSWIRE / August 18, 2016 / Pancontinental Gold Corporation (TSXV: PUC.H) (...
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[{"type":"text","content":"Pancon Gold Closes Its Acquisition of the Jefferson Gold Project in South Carolina, United StatesTORONTO, ON / ACCESSWIRE / August 18, 2016 / Pancontinental Gold Corporation (TSXV: PUC.H) (\"Pancon Gold\" or the \"Company\") is pleased to announce that it has closed the acquisition of the Jefferson Gold Project located in South Carolina, United States, first announced on May 25, 2016.\nThe acquisition has been completed pursuant to the purchase agreement with Firebird Resources Inc. (\"Firebird\") (TSXV: FIX), Pageland Minerals Ltd. (\"Pageland\") and Appalachian Resources LLC (\"Appalachian\") dated May 20, 2016, and Pancon Gold has acquired a 100% interest in the high-potential, advanced exploration stage gold project (the \"Jefferson Gold Project\" or \"Jefferson\").\n In 2011, Firebird and Pageland drilled a total of four holes at Jefferson with very positive results, providing a base for establishing a significant gold resource. All four holes encountered mineralization, with the best hole averaging 1.27 grams per tonne over 539 feet (164.3 metres) - true width unknown. The drill hole details for all four holes were included in the Company's news release of May 25, 2016.\nThe Jefferson Gold Project is located within one of the most significant historic gold trends in the United States. It contains the nearby Haile Gold Mine, which is less than 7 miles (12 km) from Jefferson. Haile is currently being developed by Oceanagold Corporation and is expected to begin production in 2017, according to Oceanagold's website. \nAlso on this trend is the former Brewer Gold Mine, which was last mined in the 1980's and 1990's and forms the western border of Jefferson Gold Project. The region also includes the former Ridgeway Gold Mine, about 35 miles (56 km) away, which was a 15,000 tons per day open pit mine operated by Kennecott Minerals and produced in excess of 1.6 million ounces of gold from 1988 to 1999. \nThe Jefferson Gold Project consists of over 1,500 acres under lease from private landowners who own the surface and sub-surface mineral rights. Jefferson is along a nearly continuous northeast-striking structural trend of hydrothermal alteration and gold mineralization. The mineralized footprint of Jefferson is similar in magnitude to the footprints of the Haile and Ridgeway mines. Jefferson contains multiple drill targets within a...