The above-mentioned intercept also included 3m at 24.3g/t, while hole 4 110m to the south intersected 115.6m at 0.91g/t gold from 66.4m, about 10m below the bottom of the former mine.
"To see continuous gold mineralisation directly below the former shallow mine for 181m in one hole and 115m in a nearby hole, five sightings of visible gold in one hole, and detectable gold in 95% of all 738 samples, is absolutely thrilling!" president and CEO Layton Croft said.
"We could not have asked for a better outcome from this initial round of diamond drilling at Brewer.
"It's a game-changer in terms of Pancon's exploration outlook and our level of confidence for the future of the project."
Pancon was awarded the right to explore the property in January 2020 and has entered a lease with the option to purchase.
Brewer was said to produce 178,000 ounces of gold between 1987-1995 before being abandoned.
The property is almost fully surrounded by Pancon's Jefferson project and is about 12km from OceanaGold's Haile gold mine.
The company changed its name from Pancontinental Gold in mid-2018 to reflect its additional focus on battery metals, however it agreed to sell its four nickel-copper-cobalt projects in Ontario in June 2020 as it put its "sole focus" on Carolina gold.
Pancon said it was experiencing "unusually long delays" in assay results due to high demand and logistical and labour challenges owing to COVID-19.
It was awaiting further gold assay results and multi-element geochemistry results from Brewer, saying copper and "elevated levels" of rare earth elements had been found in samples of sludge concentrated and sequestered at Brewer from metal-rich acid mine waters routinely recovered as part of the government's environmental mitigation plan.
Phase two drilling at Brewer was upcoming and Pancon was also planning exploration for its Jefferson project.
Pancon had about C$4.6 million in working capital at September 30 after raising $3 million at 12c per unit.
Its shares (TSXV: PUC) hit 19c intraday before closing up 24c to 15.5c, capitalising it at $37.6 million (US$29.8 million).
