Work Program Commences Ahead of Drill Program on Extensive High Grade Vein System at Boodalyerrie, Pilbara, Western Australia
VANCOUVER, Nov. 15, 2018 /CNW/ - Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the "Company" or "Pacton") is pleased to announce that it has scheduled a helicopter and ground supported rock chip sampling and detailed geological mapping program on its 62 km2 Boodalyerrie tenement (E 45/3586). Boodalyerrie is located 85 km northeast of the town of Nullagine, and Novo Resources Corp's (TSXV: NVO) Beatons Creek project. (Figure 1).
Highlights of exploration undertaken at Boodalyerrie to date:
- Multiple quartz vein reefs extend over a total cumulative strike length of at least 23 km within an area of 25 km2, and range in thickness between 1 to 10 m
- Significant high-grade rock chip samples of up to 200g/t Au (Plenty River Corporation Ltd, 2000)
- Channel sampling results of up to 3 m at 88.6g/t Au (Plenty River Corporation Ltd, 2000)
- Multiple small scale historic high grade workings documented
- Potential exists for high-grade vein hosted gold mineralizing system associated with the Yilgalong Granite quartz veins. Target style has never been drill tested
Although half of the Boodalyerrie tenement is covered by sedimentary and volcanic rocks of the Fortescue Group, including surface exposures of the Mount Roe, Hardey and Kylena formations, the focus of the immediate exploration program will be to define the extents and controls of gold mineralization within steeply dipping quartz veins hosted in older Archean granitic basement rocks. This extensive swarm of gold-bearing, quartz veins have thicknesses ranging from 1 to 10 m and extend along strike lengths of up to 2.5 km throughout a 25 km2 area. Geological mapping indicates that the veins were emplaced into the Archean granitic basement rocks before the deposition of the overlying Fortescue Group. Accordingly, the mapped vein system is expected to extend under the thin cover of Fortescue formations. (Figures 2 & 3).
Exploration conducted in 2000, indicated the Boodalyerrie veins are prominent, protruding surface features that dip steeply in a north and north west criss-cross pattern and extend along strike for several kilometers. The 1 m to 10 m thick veins are composed of white and/or grey quartz, and carry minor sulphides, principally pyrite and galena. Surface and grab samples have been reported by Plenty River Corporation Ltd, in 2000, as grading up to 200 g/t gold, and with a channel sample returning 88.6 g.t gold over 3 m.
Image analysis suggests that a secondary target type of interest consists of dense swarms of smaller quartz vein stockworks that extend throughout the tenement. (Figure 5).
Pacton has not independently verified the Boodalyerrie sampling results but considers them to be sufficiently reliable to justify more detailed exploration. Mr. Robert Jewson, BSc., Mineral Exploration & Mining Geology, and Managing Director of Geonomics Australia will be supervising the implementation of the Boodalyerrie exploration program.
The November-December Boodalyerrie work program will consist of detailed geological mapping and rock chip sampling in order to define the controls and extents of mineralization. Unexplored parts of the vein swarm, together with areas of intense vein stockworks will be mapped and surface sampled. Additionally, a preliminary reconnaissance sampling program will be undertaken in the southwestern portion of the Boodalyerrie tenement, which is underlain by the Mount Roe and Hardey formations of the Fortescue Group.
About Pacton Gold
Pacton Gold 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 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.
Alec Pismiris
Interim President & CEO
This news release contains or refers to forward-looking information based on current expectations, including, but not limited to the Company completion of the proposed transaction described herein, the prospect of 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.
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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