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Pancontinental secures option over Pelangio's Strachan copper-nickel property

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Pancontinental secures option over Pelangio's Strachan copper-nickel property

Pelangio Exploration Inc. said Jan. 18 that it granted Pancontinental Resources Corp. an option to acquire up to a 75% stake in the 2,280-hectare Strachan copper-nickel-cobalt property in Ontario.

Pancontinental can acquire an initial 60% interest over three years by issuing 400,000 shares, paying C$40,000 and spending C$250,000 on the property. It can then move to acquire another 15% by spending another C$500,000 on exploration over three years.

Strachan covers 2,280 hectares south of the historical Montcalm nickel-copper-cobalt mine, in production from 2004 to 2009, as well as the early-stage Montcalm project, under option to Pancontinental from Pelangio under an early 2018 agreement.