Pancontinental Gold is set to raise up to C$1.5m ($1.15m) to fund exploration plans for the Montcalm West nickel-copper-cobalt project, located around 65km north-west of Timmins, Ontario, Canada.

The development comes after Pancontinental reached an option agreement in January this year to purchase a 100% interest in the project, which contains two properties, namely Montcalm and Nova.

Under the financing plan, the company will offer 15 million units and an additional 12.5 million common shares.

Once the financing is closed, the company is planning to undertake an airborne versatile time domain electromagnetic (VTEM) survey over the Montcalm property, which is located in the Porcupine mining division and comprises 16 contiguous mining claims spanning 3,312ha.

“We anticipate this programme, which includes the use of state-of-the-art airborne technology, will identify numerous prospective drill targets on both the Montcalm and Nova properties.”

Pancontinental Gold president and CEO Layton Croft said: “We are very excited that with this financing, we can quickly commence work on the Montcalm West Project.

“We anticipate this programme, which includes the use of state-of-the-art airborne technology, will identify numerous prospective drill targets on both the Montcalm and Nova properties.”

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The company will also carry out an airborne gravity survey.

The surveys are aimed at identifying and defining anomalies similar to those found at the adjacent former Montcalm Ni-Cu-Co Mine.

Pancontinental will thereafter prioritise all identified targets in order to take up subsequent diamond drilling.

Existing untested anomalies within the property are expected to be further defined and prioritised simultaneously to enable diamond drilling.

The Nova property comprises four contiguous mining claims and will be subjected to a programme that seeks to evaluate anomalous cobalt occurrences and a higher-grade historical surface showing.

The programme will help the company in assessing the extent of the known mineralisation for future exploration.

As part of the programme, a mobile metal ion (MMI) geochemical survey will be carried out to find out whether known mineralisation extends beyond known rock exposures.