Pancontinental Resources (TSXV: PUC) announced this week the acquisition of the St. Laurent project, located in the eastern Canadian province of Ontario.
Pancon is purchasing the property from 2681891 Ontario Inc., with whom the company entered into an option agreement. In order to earn a 100% interest, the Toronto-based miner has to pay a total of $145,000 in cash and issue 1,850,000 common shares over three years. The seller, on the other hand, will retain a 2.5% net smelter royalty on the project, of which Pancon has the right to purchase 1% for $1 million.
St. Laurent covers 4,170 hectares and is located in the northern St. Laurent Township, some 160 kilometres northeast of Timmins, 50 kilometres south of Detour Lake mine and 20 kilometres southeast of Casa Berardi mine.
According to Pancontinental, the site contains an advanced exploration target hosting a prominent 600-metre long electromagnetic anomaly with associated Ni-Cu-Co-Au-Pt-Pd mineralization.
“The St. Laurent project strengthens Pancon’s strategy of exploring for essential battery and energy metals in low-risk jurisdictions near operating and former mines,” said Pancon President and CEO, Layton Croft, in a media brief. “Past shallow drilling at our St. Laurent project identified disseminated multi-element sulphide mineralization across notable widths trending towards a large gabbro-hosted magnetic feature. The Ni-Cu-Co-Au-Pt-Pd zone is open along strike and at depth. This mineralized zone, importantly, is coincident with a strong 600-metre long EM anomaly.”
Croft also said that even though drilling to date has not yet intersected massive sulphides, the disseminated sulphide halo provides an important vector to guide the company’s upcoming exploration work.
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