Pancon Receives Final Payment from Sale of Ontario Properties
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Toronto, Ontario--(Newsfile Corp. - December 31, 2021) - Pancontinental Resources Corporation (TSXV: PUC) ("Pancon" or the "Company") announces it has received the final payment in the amount of $200,000 from Voltage Metals Inc. ("Voltage") pursuant to a purchase agreement (the "Agreement') dated June 20, 2020 as amended March 1, 2021, between the Company and Voltage, whereby the Company granted Voltage an option (the "Option") to acquire 100% of the Company's four mineral projects, St. Laurent, Montcalm, Nova and Gambler, located in Ontario, Canada (the "Property"). The Company confirms that the Option has been fully exercised and that Voltage now owns 100% interest in the Property.
In addition, the Company announces it has granted an aggregate of 3,730,000 options to purchase common shares (the "Common Shares") in the capital of the Company exercisable at a price of $0.20 per Common Share for a period of five (5) years to certain officers, directors, and consultants of the Company. The Common Shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant.
Pancontinental Resources Corp. (TSXV: PUC) (OTCQB: PUCCF), or Pancon, is a Canadian junior mining company exploring the rich, underexplored Carolina Slate Belt in the southeastern USA. In January 2020, Pancon won the exclusive right to explore and purchase the former Brewer Gold Mine property, with an option period through October 2023. Between 1987-1995, Brewer produced 178,000 ounces of oxide gold from open pits that extended to 65-meter depths, where gold (Au) and copper (Cu) sulphides were exposed but could not be processed by the oxide heap leach operation. Pancon's 100%-owned, 1,960-acre JeffersonGold Project nearly completely surrounds the 1,000-acre Brewer property. The Brewer-Jefferson area of interest, in Chesterfield County, South Carolina, is 12 kilometers along trend from the producing Haile Gold Mine, which produced 101,600 ounces of gold in the first half of 2021 (www.oceanagold.com). Brewer is a large, epithermal, high sulphidation gold-copper system driven by a sub-volcanic intrusive, possibly connected to a large copper-gold porphyry system at depth (Schmidt, R.G., 1978, The Potential for Porphyry Copper-Molybdenum Deposits in the Eastern United States, U.S. Geological Survey).
For further information, please contact:
Layton Croft, President & CEO or Jeanny So, Manager, External Relations
E: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108777
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