Pacton Gold Expands Land Position in Red Lake, Ontario, Plans Drill Program

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$432/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Return to homepage

(TheNewswire)



Vancouver, British Columbia / TheNewswire / March 19, 2019 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton”) is pleased to announce that it has entered into an agreement with Larry Herbert to acquire 100% ownership of additional mineral claims in the Red Lake District, Ontario (the “Property”). The claims are located contiguous and to the northwest of Pacton’s current landholdings in the prolific Balmer Assemblage and increase the Company’s land package to 16,630 hectares (Figure 1). Pacton is in the process of planning a spring, 2019 exploration program in Red Lake, including drilling.

 

The Balmer Assemblage has been proven to host significant high-grade mineralization at Pure Gold’s Madsen mine and Goldcorp’s Red Lake and Campbell mines, historically producing over 20M oz. of gold combined. The new Property contains geology consistent with known areas of high-grade gold mineralization in the region, specifically the contact between Confederation and Balmer Assemblage rock units as well as folded mafic and ultramafic volcanics with mafic and felsic intrusives.

 


Click Image To View Full Size

 

Figure 1. Location map of showing Pacton’s Red Lake property and surrounding companies.

Dale Ginn, Executive Chairman of Pacton Gold explains “Pacton’s Red Lake land package now spans a large, underexplored area of the prolific Balmer Assemblage and Confederation Assemblage, as well as much of the contact between the two. We view this as a clear opportunity to capitalize on prospective ground that hosts geological structures of considerable interest. Our team has an aggressive exploration program planned for this spring, and we expect to commence drilling in May.”

 

The high-resolution helicopter magnetics survey has been flown and Pacton is awaiting a finalized report to begin preliminary targeting to aid the mapping and prospecting in spring 2019, with drilling to follow.

 


Click Image To View Full Size

 

Figure 2. Location map of showing Pacton’s Red Lake property and regional geology.

  

Agreement Details

 

The Company can earn a 100% interest in the Property by completing a heli-mag survey on the Property and by issuing an aggregate of 325,000 common shares and paying a total of $100,000 over a period of two years.  The Property is subject to net smelter return royalties of 2.5%, half of which can be purchased by the Company for $2,000,000.

The transaction is subject to the acceptance of the TSX Venture Exchange.

The Company also announces that Allan Folk has resigned as a director of the Company.  The Company thanks Mr. Folk for his service and wishes him well in his future endeavours.

About Pacton Gold

Pacton Gold owns a portfolio of projects prospective for high-grade, shallow gold mineralization, in the district-scale Pilbara gold rush in Western Australia and the Red Lake District, Ontario. The Company has aligned with strategic partners and is focused on the exploration and development of its full portfolio.

The technical content of this news release has been reviewed and approved by Dale Ginn, P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.

On Behalf of the Board of Pacton Gold Inc.

R. Dale Ginn

Executive Chairman

For more information, please contact 1-(855)-584-0258 or [email protected].

This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2019 TheNewswire - All rights reserved.