Ni-Cu-Co-Pt-Pd-Au

St. Laurent Project covers 4,170 hectares and is located in St. Laurent Township, Northern Ontario, 160 kilometres northeast of Timmins, 50 kilometres south of Detour Lake Mine and 20 kilometres southeast of Casa Berardi Mine.

Past shallow drilling at the 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.

Drilling to date has not yet intersected massive sulphides, and the EM anomaly has not yet been explained. The disseminated sulphide halo provides an important vector to guide our upcoming exploration work.

Exploration Highlights and Analysis:

• In 1966, S. Gray, in association with Asarco Exploration, completed ground geophysics and 7 diamond drill holes (1,081 metres), from which disseminated sulphide assay results (for Ni and Cu only) were preserved for 3 holes
• In 1970, Asarco conducted ground geophysical surveys and geological mapping, followed by 4 diamond drill holes (411 metres) to test geophysical targets not associated with the area of the 1966 drilling, and for which assay results were not preserved.
• From 2004-2007, Eastmain Resources and Xstrata completed a series of airborne geophysical MegaTEM surveys. Using 200-metre line spacing, the surveys revealed a prominent 600-metre long EM anomaly, coincident with the 1966 diamond drilling. The EM anomaly is strong and plunging to the northeast, below detection limits of the survey, and terminates abruptly to the southwest. Laurent’s gabbro-hosted geological setting and exploration characteristics provide an analogue to the former gabbro-hosted Montcalm Ni-Cu-Co Mine adjacent to Pancon’s other Northern Ontario projects. For comparison, the EM anomaly associated with the former Montcalm Mine was approximately 200-metres long, and the actual Montcalm deposit was approximately 350-metres long.
• In 2008, Eastmain and Falconbridge completed 3 diamond drill holes (604 metres) to test St. Laurent’s prominent EM anomaly. All 3 holes intersected a wide halo zone of highly anomalous disseminated low grade Ni-Cu-Co-Au-Pt-Pd mineralization. The source of the prominent EM anomaly has not yet been explained.
• Ni-Cu-Co sulphide deposits may consist of massive, semi-massive and net-textured lenses with disseminated halos. Such halos can provide good exploration vectors to target massive sulphides. The Project’s strong airborne EM anomaly is a conductive feature that is positioned coincident with the non-conductive disseminated mineralization. The sulphur content from the assayed Eastmain mineralized zones are relatively low, which is expected with disseminated sulphides. Projected to massive sulphides of approximately 35% S, St. Laurent’s Ni grade could potentially be 4.8% and the Co grade could potentially be 0.2%, which are comparable massive sulphide grades found at the former Montcalm Mine. Calculating Ni and Co tenor to 100% sulphide is a common practice in Ni-Cu-Co exploration to determine potential economic possibilities of nickel sulphide mineralization.
• Eastmain’s 2008 exploration report states: “drilling has indicated that the mineralization is open in all directions, and therefore a more aggressive drill program should be undertaken on the claim block.”
• The Project’s mineralized zones have an associated geochemical anomaly, providing a cost-effective exploration tool in addition to drilling.
• Pancon’s 2019 drilling intersected 1.26% Nickel, 0.47% Copper and 5.6% Sulphur over 4.2 metres, demonstrating Ni-Cu-Sulphide potential.