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Pancon Executes Mining Lease with Option to Purchase the Former Brewer Gold Mine in South Carolina, USA
Toronto, Ontario--(Newsfile Corp. - March 2, 2020) - Pancontinental Resources Corporation (TSX...
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[{"type":"text","content":"Pancon Executes Mining Lease with Option to Purchase the Former Brewer Gold Mine in South Carolina, USAToronto, Ontario--(Newsfile Corp. - March 2, 2020) - Pancontinental Resources Corporation (TSXV: PUC) (\"Pancon\" or the \"Company\") announced that the Company has executed, with the Brewer Gold Receiver LLC (the \"Receiver\") an exclusive Mining Lease With Option to Purchase (\"Option Agreement\") the highly prospective former Brewer Gold Mine property (\"Brewer\"). Brewer is located 12 kilometers northeast along trend from the producing Haile Gold Mine on the gold-rich and underexplored Carolina Slate Belt in South Carolina, USA.Pancon's President & CEO Layton Croft stated: \"In October 2019 we submitted our proposal, in cooperation with Environmental Risk Transfer LLC (\"ERT\"), to explore and possibly purchase Brewer. In January 2020 we were selected by the Receiver, the South Carolina Department of Health and Environmental Control (\"SC DHEC\") and the U.S. Environmental Protection Agency (\"US EPA\"). In February we finalized our Option Agreement, based on our winning proposal. We now intend to commence exploration work, with our initial phase of drilling to be completed this summer. We are pursuing a multi-million AuEq ounce high-grade gold-copper resource between 300-600 meters below surface. Our immediate goal is to discover significant new gold-copper mineralization in 2020. ERT, meantime, brings unmatched integrated financial, operational, technical and risk management expertise to define, mitigate and contain environmental and financial liability.\" Brewer has not been explored since 1997. Pancon's team includes the exploration and economic geologists who: (i) discovered Brewer's near-surface high-grade oxide gold mine that produced 178,000 ounces in the 1980s-1990s; (ii) discovered the near-surface high-grade Buzzard Gold Project, on trend less than a kilometre southwest of Brewer, in the 1990s; and (iii) intersected near-surface gold mineralization at Pancon's Jefferson Gold Project, on trend less than a kilometre northeast of Brewer, in 2016-17. Pancon's 100%-owned Jefferson Gold Project (1,758 acres/711 hectares) surrounds Brewer (996 acres/403 hectares) on all sides.The Option Agreement is effective as of March 1, 2020, with an initial option term of 18 months commencing on April 1, 2020. If Pancon spends ...