Pancon reaches loan agreement
Toronto, Ontario–(Newsfile Corp. – June 17, 2022) – Pancontinental Resources Corporation (TSXV: PUC) (OTCQB: PUCCF) (“pancon“or the”Company“) entered into an unsecured loan agreement dated April 12, 2022 (the “OK“) between the Company and David Petroff, Director of the Company (the “Lender“). Pursuant to the Agreement, the Lender granted the Company a loan in the amount of $100,000, bearing interest at $1,000 per month. The total amount of the loan, including applicable interest, has since been repaid to the Lender.
Pancontinental Resources Corp. (TSXV: PUC) (OTCQB: PUCCF), or Pancon, is a junior Canadian mining company exploring the rich and underexplored Carolina Slate Belt in the southeastern United States. In January 2020 Pancon was granted the exclusive right to explore and purchase the former Brewer Gold Mine property, with an option period until October 2023. Between 1987 and 1995 Brewer produced 178,000 ounces of oxidized gold from open pits that extended up to 65 meters deep. , where gold (Au) and copper (Cu) sulphides were exposed but could not be treated by the oxide heap leach operation. The 1,960-acre Jefferson Gold Project, 100% owned by Pancon, almost completely surrounds the 1,000-acre Brewer property. The Brewer-Jefferson prospect in Chesterfield County, South Carolina is 12 kilometers along trend from the Haile gold mine, which produced 190,000 ounces of gold in 2021 (www.oceanagold.com). Brewer is a large, high sulphidation epithermal gold-copper system driven by a subvolcanic intrusion, possibly related to a large copper-gold porphyry system at depth.
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Jeanny So, Head of External Relations
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