Pacton Gold Increases Exposure to High-Grade Gold in Pilbara Region
VANCOUVER, March 1, 2019 /CNW/ - 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") to acquire a 100% interest in the Tardarinna Gold Project. The acquisition of this strategic and prospective property, significantly enhances Pacton's exposure to high-grade, shear-hosted gold within the Pilbara in Western Australia. Exploration targeting is underway and will be followed by field-based exploration across the property.
Tardarinna Gold Project Acquisition Highlights:
- Up to 328 g/t Au has been reported by historical surface samples
- Shallow eluvial gold workings identified in the south eastern quadrant of Project
- Large target locations: Pegmatoidal-quartz veins have been delineated within a shear zone with >1 km strike and ranging between 10 to 50 m wide
- Underexplored: property has never been drill tested
- Tier one jurisdiction: Located in the Pilbarra region of Western Australia
Alec Pismiris, Interim President and CEO, of Pacton Gold, commented, "Acquiring the Tardarinna gold project will greatly enhance our exposure to high-grade, shear-hosted gold mineralization. This is a property with considerable advantages: it has historical samples of impressively high-grade gold, it is underexplored and has never been drill-tested and it is located in a stable jurisdiction with superb access to infrastructure. We look forward to defining the potential scale of Tardarinna."
LOI Terms
Under the terms of the LOI, which will be formalized by a definitive agreement, the Company will acquire a 100% interest in Tardarinna by the issuance of 1,250,000 common shares.
This transaction is subject to the acceptance of the TSX Venture Exchange.
About Pacton Gold
Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high grade conglomerate and orogenic gold properties located in the district-scale Pilbara gold rush in Western Australia and the Red Lake District, Ontario.
The technical content of this news release has been reviewed and approved 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.
R. Dale Ginn
Executive Chairman
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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SOURCE Pacton Gold Inc.
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