Pacton Acquires "Golden Palms" Ground in Egina Area, Pilbara
VANCOUVER, British Columbia, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton”) is pleased to announce that it has entered into a binding letter of intent (“LOI”), whereby it will acquire one tenement, the “Golden Palms” property (E 47/3810) measuring approximately 7 km by 5 km, 100 km southwest of Port Hedland, Australia (the “Property”). The Property is strategically significant in that it extends Pacton’s Friendly Creek project (News: Sept 21, 2018) northward. It is also adjacent to Novo Resources Corp.’s tenement block that contains the basal Mount Roe contact over the underlying basement rocks of the Pilbara Well Greenstone belt (Figure 1).
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6c254c8d-6788-46ff-a171-15e6bad535d1
Recent prospecting on the Property has resulted in the discovery of numerous gold nuggets in 10 locations dispersed throughout the tenement from various stratigraphic lithologies (Figure 2 and 3). The Property, together with our adjacent Friendly Creek project, provides multiple types of gold targets indicated by the distribution and texture of individual nugget populations, the different observed host lithologies, depositional environments, and possible structural concentration controls. The nuggets recovered from the initial reconnaissance program were collected over several different unassigned geological units and constitute a reconnaissance population that is being used to design the next exploration program to commence soon.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/62eb2db5-c9f1-4e62-a9c2-62118b0e869c
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c887d54a-33e1-47cd-82a7-66ed7e1d8e22
The nuggets and/or mineralization shown in Figures 2 and 3 are selected samples and are not necessarily representative of the mineralization hosted on the Property.
The Property covers basalt dominated rocks of the Pilbara Well Greenstone belt. The belt is up to 8.6 km wide and forms a north-east plunging fold over a strike length of 40 km. Sediments of the Mallina Formation, with interbedded, differentiated mafic and ultramafic intrusives of the Millindinna Intrusion and the Satirist Gabbro, lie to the north of the greenstone belt. Granites of the East Pilbara Granite-Greenstone terrane sit to the south.
Historic gold mining near the Property occurred in the late-1800’s, producing gold from quartz veins and eluvial workings. Gold is reported to occur in veins in structures that are similar to Archean orogenic gold deposits, as well as in Fortescue group rocks. Interestingly, our new Golden Palms multiple locality nugget collection represents a new, extensive discovery. The government gold occurrences dataset does not indicate any known gold on the Golden Palms property (Figure 1).
The new nugget discoveries on the Property indicate a different range of targets than are expected to occur on our nearby Arrow project. The Arrow project runs for 40 km from south to north along the nearby western boundary of Novo’s large Egina area project (Figure 1, Pacton news: Sept 20, 2018). The southern part of the Arrow Project contains multiple unassigned De Grey group units that correlate with mineralized areas on Novo’s Egina project.
Most of the geological units on the Golden Palms Property remain unassigned to known formations and will require further study. A combined geological and prospecting team is being assembled to explore the Property, together with Pacton’s Friendly Creek project, under the supervision of a geologist who is also responsible for conducting exploration on the nearby Arrow project.
Under the terms of the LOI, Pacton can purchase 100% of the Property by paying a total of $100,000 and issuing 400,000 common shares on completion of the transaction.
About Pacton Gold
Pacton Gold (PAC: TSXV; PACXF: US) is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia. The Company recently raised approximately $5.5 million, currently controls the third largest conglomerate-hosted gold property portfolio totaling in excess of 2,500 km2, and continues to aggressively review additional accretive acquisitions.
The technical content of this news release has been reviewed and approved by Peter Caldbick, 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.
Alec Pismiris
Interim President and CEO
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
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.
