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Pancon, in Cooperation with Environmental Risk Transfer, Selected to Explore the Former Brewer Gold Mine Property in South Carolina, USA
Toronto, Ontario--(Newsfile Corp. - January 15, 2020) - Pancontinental Resources Corporation (...
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[{"type":"text","content":"Pancon, in Cooperation with Environmental Risk Transfer, Selected to Explore the Former Brewer Gold Mine Property in South Carolina, USAToronto, Ontario--(Newsfile Corp. - January 15, 2020) - Pancontinental Resources Corporation (TSXV: PUC) (\"Pancon\" or the \"Company\") announces that the Company - in cooperation with Environmental Risk Transfer LLC (\"ERT\"), an industry leader providing complex environmental risk-transfer solutions to cost-effectively eliminate environmental liabilities - was selected, through a competitive process, to explore the highly prospective former Brewer Gold Mine property (\"Brewer\"), located 12 kilometres northeast along trend from the producing Haile Gold Mine on the gold-rich and underexplored Carolina Slate Belt in South Carolina, USA.Brewer is surrounded by Pancon's 100%-owned Jefferson Gold Project. Gold was discovered at Brewer in the early 1800s. Between 1987-1995, Brewer produced 178,000 ounces of oxide gold from open pits that extended to 50-metre depths, where copper and gold-rich sulfides were exposed but could not be processed by the oxide heap leach processing facility. Brewer could possibly contain a large porphyry copper-gold system at depth, as indicated by: widely known prospective geology, including diatreme breccias; associated high sulphidation alteration; gold and copper mineralization; and geophysics (Schmidt, R.G., 1978, The Potential for Porphyry Copper-Molybdenum Deposits in the Eastern United States, U.S. Geological Survey). Brewer has not been explored since 1997. In 1999, the Brewer Gold Company (\"BGC\"), a U.K.-owned entity, abandoned the site, leaving the South Carolina Department of Health and Environmental Control (\"SC DHEC\") and the U.S. Environmental Protection Agency (\"US EPA\") to handle reclamation activities and address conditions posing environmental risk. In 2005, Brewer was designated a US EPA Superfund site as per the Comprehensive Environmental Response, Compensations and Liability Act (\"CERCLA\"). In 2019, SC DHEC sought the appointment of the Brewer Gold Receiver (a legal construct similar to a trustee) to facilitate the leasing, sale or other use or disposition of the abandoned property, including potential renewal of mineral exploration and mining development. Based on Pancon/ERT's winning proposal, Pancon and ERT will finalize an Option Agreeme...