Partial results reported in September from rush analysis of Hole 15, drilled under the mine's waste dump, had returned 20.2m at 2.25g/t gold and 0.35% copper, which Pancon said at the time was the first significant mineralisation found outside the former mine in the company's maiden drilling programme.

Pancon opted to pause drilling last month until all phase two results were returned.

Yesterday it said Hole 15 intersected 62.4m at 1.03g/t gold and 0.15% copper from 44.6m, including the previously reported interval, plus an additional 19m at 0.31g/t gold from 4m.

Hole 14B returned 105.1m at 0.31g/t gold and Hole 13 intersected 42.35m at 0.42g/t gold.

"These new drill results suggest we may have discovered a new zone of gold-copper mineralisation separate from the former Brewer mine," president and CEO Layton Croft.

"If true, this is significant and opens up a new priority target zone at least 150m south of the former mine."

Pancon was awarded the right to explore the property in January 2020 and has the option to purchase.

Brewer was said to produce 178,000 ounces of oxide gold between 1987-1995 from shallow pits before being abandoned.

The property is almost surrounded by Pancon's Jefferson project and is about 12km from OceanaGold's Haile gold mine.

Explorer adds industry heavyweights

Pancon strengthened its team in October with several key appointments, including appointing experienced geologist and executive Laurie Curtis to the board.

David Harquail, chair of royalty and streaming company Franco-Nevada, and Sandstorm Gold VP technical services Keith Laskowski were named advisors.

Pancon received about C$1.06 million last month from the exercise of stock options, warrants and the payment of the fourth instalment from the pending sale of its non-core Canadian mineral properties.

Its shares have spanned 7.5-20c over the past year and closed down 4% yesterday to 11.5c, valuing it at $29.2 million (US$23 million).