Pancon Provides Exploration Update for Its Advanced Stage McBride Nickel-Cobalt-Copper Project in Southern Ontario
uly 31, 2018 (Source) — Pancontinental Resources Corporation (TSXV: PUC) (“Pancon” or the “Company”) provides an update on exploration activities at the Company’s advanced stage nickel-cobalt-copper McBride Project (the “Project”), located in Limerick Township, 25 kilometres south of Bancroft, Ontario. The Project contains Historical Resources of an estimated 5.1 million tons of near-surface nickel-cobalt-copper mineralization that includes the North Zone deposit, the South Zone deposit, and the South Extension prospect [Reno Pressacco, Micon International Limited (“Micon”), 2004, NI 43-101 Technical Report].
The foregoing Historical Resource estimates presented above were completed prior to the implementation of the NI 43-101 requirements; however, given the high quality of the historic work completed and the respective mining companies’ reputations and production history of the previous Project owners, Pancon believes the Historical Resource estimates to be both relevant and reliable. In addition, a Qualified Person has not completed sufficient work to classify these historic mineral resources as current mineral resources; and the Company is not treating the Historic Resources as current.
- Retained P&E Mining Consultants Inc. to produce an updated, independent NI 43-101 Resource Estimate.
- Produced a comprehensive digital database of all historic drill core, sample reject and downhole survey data from more than 80 historic diamond drill holes.
- Re-boxed and re-logged more than 20,000 metres of historic diamond drill core housed at the government core storage facility in Tweed, Ontario.
- Cut 70 kilometres of lines, and restored the Project grid from historic work conducted in the 1960s, 1970s and 2004 by Macassa Mines, Long Lac Minerals, and Limerick Mines.
- Commenced in-depth geological mapping of entire core block covered by the Project grid, 30% of which has been completed to date.
- Commenced soil sampling and geochemistry analysis to build on previous soil geochemistry work conducted at the North Zone, South Zone and Southern Extension.
- Commenced interpretation of historic airborne geophysical surveys conducted by Long Lac Minerals.
- Commenced environmental and social impact baseline studies.
- Commenced local community and Alderville First Nations consultations.
“We are encouraged by the work that has been conducted at our advanced-stage McBride Project thus far,” said Layton Croft, Pancon’s President and Chief Executive Officer. “Our Phase 1 objectives are to produce a comprehensive modern exploration database, deliver a NI 43-101- Resource Estimate, and begin drilling in order to expand the resource and prepare for a Preliminary Economic Assessment. Market demand for battery metals, including cobalt and nickel, remains strong. The McBride Project is well positioned to be a source of high quality, low cost battery metal supply to meet that growing demand in the medium term and over time.”
About the McBride Project
The McBride Project, covering 880 hectares of patented mining land, is led by Dr. Derek McBride, P.Eng., who has assembled an experienced professional team with combined 35 years’ experience at and knowledge of the Project.
The McBride Project contains Historical Resources of an estimated 5.1 million tons of near-surface nickel-cobalt-copper mineralization. It includes: the North Zone deposit, the South Zone deposit, and the South Extension prospect [Reno Pressacco, Micon International Limited (“Micon”), 2004, NI 43-101 Technical Report]. The Project was discovered in the 1960s and diamond drill tested with more than 90 holes by Macassa Gold Mines Limited (“Macassa”) and Long Lac Minerals Limited (“Long Lac”), which later acquired control of Macassa. In 1971, Long Lac produced the following Historical Resource estimate [Pressacco/Micon, 2004; and Robert Chataway, 2015, NI 43-101 Technical Report]:
- North Zone: 3.9 million tons grading 0.82% nickel, 0.054% cobalt and 0.25% copper;
- South Zone: 1.2 million tons, grading 0.30% nickel, 0.03% cobalt and 0.14% copper.