Pancontinental Resources Corporation (TSXV:PUC) has released its PUC monthly report, which updates its shareholders on the company’s activities as well as trends in the battery and gold sectors.
Pancontinental Resources Corporation (TSXV:PUC) has released its PUC monthly report, which updates its shareholders on the company’s activities as well as trends in the battery and gold sectors. The July edition provided an overview of the latest industry, supply and demand and electric vehicle (EV) news. The report also covered the company’s exploration activities to date on the St. Laurent nickel-copper-cobalt in Ontario, Canada.
According to the report, seven drill holes were completed on the property between 1965 and 1966. Through its review of the historical data, Pancon located several drill casings from the field to re-establish and incorporate those holes into its current interpretation of the property. Drilling in 2008 yielded a three-hole, 604-meter drill program that supports the presence of a wide zone of low-grade nickel-copper-cobalt sulfide mineralization. Pancon believes that the massive sulfides found on the property could grade 35 percent sulfur, 4.8 percent nickel and 0.2 percent cobalt.
“A recently completed geological compilation and a re-interpretation of past work indicate the presence of an intrusive gabbro body containing widespread anomalous nickel-copper-cobalt mineralization. Mineralization consists of dissemination, blebs, and stringers, which represent a body up to 80 meters thick. Historic diamond drilling was limited along 205 meters of strike extent, with the deepest hole at a 160-meter vertical depth. It appears from our ongoing interpretation that several of the previous drill holes were terminated while still in the mineralized gabbro body. An unexplained robust airborne electromagnetic (EM) conductor, 600 meters in length, is coincident with the mineralized body. Our ongoing evaluation indicates these important exploration features together represent a classic nickel-copper-cobalt massive sulfide target,” said Pancon President and CEO Layton Croft.
The characteristics of the mineralization at the St. Laurent project are similar to what has been found at Glencore’s (LSE:GLEN) Montcalm mine. Pancon has built its understanding of the Montcalm deposit through its recent and ongoing work at its Montcalm nickel-copper-cobalt project, which surrounds the formerly-producing Montcalm mine.
To view this month’s PUC report, click here.