Pancontinental Resources Corp (PUC)

[EnergyGuy62]

PANCON UPDATES PROGRESS ON AUSTRALIAN URANIUM PROPERTIES; PHASE 2 DRILLING HAS BEGUN AT CHARLEY CREEK AND IS ABOUT TO BEGIN AT CHILLING
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Vancouver, B.C., September 23, 2010. Pancontinental Uranium Corporation (TSX-V: PUC) ("Pancon") is pleased to report that it has now earned its 50% interest in the uranium properties of Crossland Uranium Mines Limited ("Crossland") (ASX: CUX) in Australia. Pancon is also pleased to update shareholders on current activities at Charley Creek, Chilling, and Kalabity.
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Charley Creek:
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Throughout 2010, JV partner, Crossland, worked diligently to obtain access approvals from Aboriginal organizations responsible for land access in Australia. Crossland was successful and received the access approvals in mid-July. This access related to the Crossland titles in the Cockroach Dam area, where Crossland has?obtained very strong uranium radiometric results from the Teapot Granite. Cockroach Dam is part of the Charley Creek Project in NT, Australia.
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Crossland's titles contain over 50 square kilometres of Teapot Granite. All 186 rock outcrop samples collected by Crossland Geologists from the Teapot Granite averaged almost 1 pound per tonne U3O8, with individual values exceeding 10 pounds per tonne U3O8. ?Detailed ground spectrometer surveys and?geological?mapping, designed to assist in locating sites for drill holes, continued until agreement from Aboriginal custodians was obtained to drill.
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Intensive interaction with local?traditional?groups occurred during the first six months of the year, including some large gatherings of local people accompanied by officers of the Central Land Council, the statutory body representing traditional Aboriginal owners in Central Australia. During these meetings, the family group that has?traditional?links to the Cockroach Dam area was identified and this group indicated their strong positive desire to proceed with our exploration efforts on?their traditional?lands. ?Following ratification of these wishes, Crossland began preparation for the drill program at Cockroach Dam in mid-July.
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This involved clearing and the construction of approximately 40 km of new and/or upgraded ranch tracks, and the engagement of a drill contractor. ?Unfortunately, soon after the necessary approvals were?obtained, weather conditions in central Australia deteriorated, with wet weather delaying the construction of access roads and the?commencement?of?drilling. By late July, a?drill was on site and drilling had commenced.
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The first 5 holes of the program, phase 1, were drilled at Cockroach East. These 5 holes are now?completed, and core processing is under way. Samples from the first 2 holes will be delivered to the laboratory on September 22. Results from the initial submission should be available in about three weeks.
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Access to the very prospective Cockroach Central is now possible and phase 2 drilling at Cockroach Central began on September 21. Procedures have now been implemented to enable continued drill production and core processing even if high rainfall continues.
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Reconnaissance of the Bloodwood area, recently acquired from Global Geoscience Ltd., will proceed when weather conditions are conducive to off-road desert travel.?
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A limited airborne survey of a newly secured exploration license covering a western extension of the Teapot Granite has been completed. A more extensive survey of areas to the east of the original Charley Creek titles is planned for October, if weather patterns stabilize.?CLICK?HERE TO READ MORE
For more information?on the North Shore Mining Group,speak with a Company representative at
1-866-816-0118 or 604-986-2020.
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