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 Corp. (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.
The 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 to date, and the current initial stage drill plan calls for completing approximately 1,500 metres (5,000 feet) in total, at which time results will be released. Core samples are being shipped first to ALS Chemex in Arizona for preparation, then to ALS in Vancouver for fire assay gold analysis and four acid digestion 33 multi-element ICP-AES analysis. Standard quality assurance/quality control procedures are followed including blanks, duplicates and standards. Dr. Dennis LaPoint is a qualified person under National Instrument 43-101 "Standards of Disclosure for Mineral Projects," and has approved the technical information contained in this news release. Dr. LaPoint is not independent of Pancon Gold, as he is Vice President of Exploration.
Also today, the Pancon Gold Board announced the appointment of Layton Croft as President and CEO of Pancon Gold's wholly-owned subsidiary, Palmetto Mining Corporation. Incorporated in South Carolina, Palmetto Mining has 100% ownership of the Jefferson Gold Project. Mr. Croft is responsible for ensuring successful and cost effective drill programs at the Jefferson Gold Project. He is also responsible for building and maintaining positive, mutually beneficial stakeholder relationships in the Carolinas region to foster stability, expansion and growth over time. He will be working closely with Dr. LaPoint and with Pancon Gold's Technical Advisory Committee. Mr. Croft was appointed Vice President of Corporate Development for Pancon Gold on January 26, 2017.
The Jefferson Gold Project is located in the highly mineralized, gold-rich Carolina Mineral Belt, which was home to the first gold rush in the United States, 190 years ago.
About Pancontinental Gold Corporation
Pancontinental Gold Corp. (www.pancongold.com) is a Canadian-based mining company focused on the exploration and development of the Jefferson Gold Project in South Carolina, USA, and on acquiring additional prospective properties. The Company's shares are listed on the TSX Venture Exchange, trading under the symbol PUC. In 2015, Pancon Gold sold its interest in its Australian rare earth element (REE) and uranium properties, formerly held through a joint venture, and retains a 1% gross overriding royalty on 100% of future production.
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