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Pancon to Acquire New Ni-Co-Cu Project near Timmins, Consolidating Its Dominant Position in Emerging Montcalm Battery & Energy Metals District
Toronto, Ontario--(Newsfile Corp. - January 18, 2019) - Pancontinental Resources Corporation (...
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[{"type":"text","content":"Pancon to Acquire New Ni-Co-Cu Project near Timmins, Consolidating Its Dominant Position in Emerging Montcalm Battery & Energy Metals DistrictToronto, Ontario--(Newsfile Corp. - January 18, 2019) - Pancontinental Resources Corporation (TSXV: PUC) (\"Pancon\" or the \"Company\") announced today it has entered into a binding letter of intent (\"LOI\") with Pelangio Exploration Inc. (TSXV: PX) to acquire up to a 75% interest in the Strachan Project, covering 2,280 hectares within the Montcalm Greenstone Belt, 65 kilometres northwest of Timmins, Ontario. Strachan is Pancon's fourth early stage Ni-Co-Cu exploration project in the emerging Montcalm battery and energy metals district, and it consolidates Pancon's control over most of the highly prospective gabbro intrusives across 15,760 hectares. The Strachan Project binding letter of intent (LOI) forms the basis for an Option and for a future Joint Venture Agreement. Under the binding LOI, Pancon can earn a 60% interest in the Strachan Project for total cash payment of C$40,000 and issuance of 400,000 common shares over an initial three-year period as well as a C$250,000 work commitment over those three years, including C$50,000 within the first year. Pancon can earn a further 15% interest, for a total 75% interest in the Strachan Project, by completing an additional C$500,000 work commitment over an additional three-year period. Pancon President and CEO, Layton Croft, stated: \"Pancon now controls more than 157 square kilometres in a proven nickel-cobalt-copper mining location west of Timmins. Glencore's former Montcalm Mine property covers less than 5 square kilometres of the Montcalm Gabbro Complex. With Strachan, in addition to our Montcalm, Gambler and Nova projects, Pancon is the dominant player in an emerging battery and energy metals exploration district. Pelangio is an excellent company led by high quality exploration and mining professionals, and we are excited to be their partner.\" The Strachan ProjectThe Strachan Project covers 22.8 square kilometres and is located in Strachan and Melrose Townships, due south of Montcalm Township. The Strachan Project is approximately 5 kilometres south of Pancon's Gambler Project, 10 kilometres east of Pancon's Nova Project, 13 kilometres south of Pancon's Montcalm Project, and 19 kilometres south of Glencore's former Montcalm Mine.The ...