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