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Pancontinental Gold Acquires Strategic Nickel-Copper-Cobalt Project in Canada
Toronto, Ontario--(Newsfile Corp. - January 10, 2018) - The Board of Directors of Pancontinent...
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[{"type":"text","content":"Pancontinental Gold Acquires Strategic Nickel-Copper-Cobalt Project in CanadaToronto, Ontario--(Newsfile Corp. - January 10, 2018) - The Board of Directors of Pancontinental Gold Corporation (TSXV: PUC) (\"Pancontinental\" or the \"Company\") is pleased to announce that it has entered into an option agreement (the \"Agreement\"), effective January 10, 2018 with 2522962 Ontario Incorporated, to acquire a 100% interest in the Montcalm West Nickel-Copper-Cobalt Project. The Montcalm West Project is located in the Porcupine Mining Division, approximately 65 kilometers northwest of Timmins, Ontario, Canada. The Montcalm West Project is comprised of two separate properties, the Montcalm and Nova Properties. The Montcalm Property is contiguous and surrounds the western portion of the former Montcalm Mine, which had historical production of 3,931,610 tonnes of ore grading 1.25% nickel (Ni), 0.67% copper (Cu), and 0.051% cobalt (Co), and which produced in excess of 4 million pounds of Cobalt (Ontario Geological Survey, Atkinson, 2011). The Nova Property is located approximately 19 kilometers southwest of the mine. The Montcalm Property consists of 16 contiguous mining claims (3,312 hectares) and the Nova Property is made up of 4 contiguous mining claims (672 hectares). The Company has the right to earn a 100% interest in the Montcalm West Project in exchange for cash payments totalling $140,000 and the issuance of a total of 1,200,000 common shares in four equal payments over a three-year period. The claims are subject to a 2.5% net smelter return (NSR). The Company reserves the right to purchase 1% NSR for $1 million. The Agreement is subject to regulatory approvals.\"We are excited to acquire this strategic Canadian project, allowing our shareholders to benefit from exposure to three key battery metals in addition to our gold assets in the southeastern United States,\" said Layton Croft, Pancontinental President and Chief Executive Officer. \"Nickel, copper and cobalt are all in strong demand due to electric vehicle and battery demand growth. This acquisition, combined with our Jefferson Gold Project in South Carolina, creates a portfolio of highly prospective North American strategic gold and battery metals projects located in close proximity to current and past producing mines, and with low political, social and environmental risk pr...