Toronto's Pancontinental Resources (Pancon) is selling its base metal properties in Timmins and northeastern Ontario to a private exploration outfit.
Pancon signed a purchase agreement with Tempus Resources for its Montcalm, Nova, Gambler projects, west of Timmins, and the St. Laurent Project, north of Kirkland Lake, on the Quebec border. These projects are considered very prospective for nickel, copper and cobalt deposits.
Pancon acquired and explored these properties in 2018 and 2019.
A company spokesperson emphasized their deal with Tempus is not to be confused with the Australian copper exploration company. This is a private company registered in Ontario.
According to the terms of the June 22 agreement, Tempus pays Pancon $1 million in cash payments staggered out over the next year to earn up to 80 per cent project ownership in these projects.
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Tempus gains full ownership if it spends $2 million in exploration on one or more of these projects. Pancon retains a 1.5 per cent net smelter royalty on each of the four.
In a statement, Pancon president-CEO Layton said his company's new focus is on a brownfields gold-copper target in South Carolina called the Brewer Gold Project.
"As a result, we have agreed to sell our four high quality nickel-copper-cobalt exploration projects. We are very pleased to partner with Tempus Resources, a private company whose owners have been and remain Pancon shareholders, and who fully understand the significant value potential of these Ontario battery metals assets.”
The 4,170-hectare St. Laurent Project is 50 kilometres south of Detour Lake Mine and had been drillled for base metals in past.
Tempus also picks up three properties, west and northwest of Timmins, with a combined land area of 13,570 hectares near the former Montcalm Mine, owned by Glencore.
