Pacton Gold High Resolution Survey Identifies Multiple Areas of Interest in Red Lake, Ontario
TSX VENTURE: PAC
Vancouver, British Columbia / TheNewswire / April 25, 2019 - Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the "Company" or "Pacton") is pleased to announce the completion of a high resolution airborne magnetic survey at Pacton's Red Lake property in Ontario. A total of 2,957 line kilometers at a 50 meter line spacing was flown by Prospectair of Gatineau, Quebec. Initial survey results indicate multiple areas of interest in the form of prominent linear structures containing small-to-large scale folding and faulting (Figure 1 and Figure 2). This type of geological structure has the potential to host high-grade gold mineralization as proven by mineralized zones elsewhere on Pacton's land package, as well as major gold deposits in the Red Lake district.
Next phase of exploration work: With the survey complete, the Company is set to begin an initial field exploration program. This will include following up on historical sampling, gold showings, trenching and diamond drilling, along with the geophysical survey and soil sampling. The follow-up ground program will assist with the identification of D2 structures, mafic contacts and folds as identified by the magnetic survey. The combination of mafic to felsic contacts on Pacton's main Red Lake property and on the adjoining Dixie Lake project to the southeast are obvious exploration priorities. (Figure 2). Drilling of multiple priority targets is anticipated to begin late summer.
Dale Ginn, Executive Chairman commented, "The recent, significant exploration success near Pacton's Red Lake project was achieved by focusing on specific geological structures that include high-iron mafic rocks and D2 related folding and faulting. Our recent survey has successfully established the presence of all these components at our project and identified their locations. We are now in a position to commence targeted field exploration activity that will culminate in a drill program."
Further survey details: The central-west area of the property, mapped as basalt, demonstrates numerous east-west D2 fault structures that appear to be axial planar to repetitive folding (see inset Figure 1and Figure 2). Historical trench and surface sample results from the Boyden Lake showings appear to lie along an east-west D2 fault that bisects folding to the west, within or near mapped basalt units. Limited geochemical data is available, however MNDM lake sediment sampling in the area plot as basalts, as well, geochemistry plots of the Confederation Assemblage units do exhibit the presence of high iron tholeiite basalt (see Figure 2). Within the Confederation units, Pacton will prioritize targets that exhibit the confluence of high iron basalts, D2 faulting through folding, and historical sampling and workings. Exploration within the Balmer units of Pacton's landholdings primarily concentrated on the northeastern quadrant bordering Newmont, will focus on similar settings having already been established by the nearby extensive gold production.
The Company also announces that it has entered into an option agreement (the "Agreement") to acquire 100% ownership of additional mineral claims in the Red Lake District, Ontario (the "Property"). The claims are located south of Great Bear Resource's Dixie Project along the Pakwash Fault. The Company can earn a 100% interest in the Property by paying a total of $90,000 and issuing an aggregate of 250,000 common shares over a two year period. The 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 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
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.
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