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Pancontinental buying St Laurent nickel property in Ontario

Pancontinental Resources Corp. said March 25 that it secured an option to acquire the St Laurent project in Ontario as part of its battery and energy metals exploration plan.

The project covers 4,170 hectares and contains an advanced exploration target hosting a 600-meter-long anomaly with associated nickel-copper-cobalt-gold-platinum-palladium mineralization.

Pancontinental will pay a total of C$145,000 and issue 1,850,000 shares over a three-year period to 2681891 Ontario Inc. under the deal. The seller also retains a 2.5% net smelter royalty on the project, of which 1% can be acquired for C$1 million.

Concurrent with the transaction, the company decided to terminate its option agreement covering the McBride nickel project, also in Ontario. No further details were provided.