Business
Pancon Gold Provides Update on Jefferson Gold Project and Appoints President and CEO of Palmetto Mining Corporation
Toronto, Ontario--(Newsfile Corp. - February 15, 2017) - Pancontinental Gold Corporation (TSXV...
About this update from Carolina Rush Corporation
[{"type":"text","content":"\nPancon Gold Provides Update on Jefferson Gold Project and Appoints President and CEO of Palmetto Mining CorporationToronto, Ontario--(Newsfile Corp. - February 15, 2017) - Pancontinental Gold Corporation (TSXV: PUC) (\"Pancon Gold\" or the \"Company\") is pleased to provide a progress update on the initial stage of its Jefferson Gold Project drill program in Chesterfield county, South Carolina, USA. Project UpdateThe drill program began in mid-November 2016 (as per Pancon Gold's news release of November 15, 2016). Four pilot holes have been completed to date at Anomaly A, which is partially covered by a veneer of younger sand that limits the availability of surface exposures. The purpose of these pilot holes has been to test structural and lithologic controls on mineralization at depth, and to provide context and guidance for further drilling throughout the first half of 2017. The geology on the Jefferson Gold Project is similar to that hosting the nearby producing Haile gold mine and the adjacent historic Brewer gold mine. Unique to Pancon Gold's Jefferson Gold project is the recognition from current drilling that the mineralization identified consists of Haile-style sediment hosted gold replacement mineralization and altered packages, together with porphyry intrusives that more closely resemble a Brewer-style high sulphidation gold system and related low sulphidation mineralization. Current drilling has also identified surface oxidation to depths of nearly 70 metres (229 feet), which bodes well for the discovery of a bulk tonnage oxidized gold deposit within the current target areas.Pancon Gold's Board and Technical Advisory Committee are encouraged by the degree of alteration and sulphide mineralization observed in the initial Anomaly A pilot holes, and by the presence of significant wide zones of silicification and quartz stockwork. The Company is employing oriented drill core and close-spaced drilling to unravel the structure within a footprint of 300 metres by 200 metres (984 feet by 656 feet). Additional surface anomalies up to a kilometre (0.6 mile) south of Anomaly A have been identified, but are yet to be tested. These anomalies may relate to the Anomaly A trend or a parallel trend, and the Company is conducting surface sampling in this area where possible. Approximately 715 metres (2,345 feet) have been drilled...