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Pacton Gold kicks off magnetic survey at its claims in prolific Red Lake district in Ontario

The district is a prolific area for mining and has so far produced over 30 million ounces of gold

Gold bars and dollar bills
Pacton is on the hunt for gold riches in Australia and Ontario

Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) told investors it had kicked off a helicopter magnetic survey over its claims in the Red Lake district of Ontario.  

The district is a prolific area for mining and has so far produced over 30 million ounces of gold.

READ: Pacton Gold expands footprint in prolific Red Lake district with Frontline Gold acquisition

Yesterday, Pacton said that it had expanded its footprint in the district after striking an acquisition deal with Frontline Gold Corporation (CVE: FGC) over a property, which will see it buy a further 1,760 hectares (Ha) in the district.

The Vancouver-based company said the airborne survey was the first step to prioritize upcoming drill targets as part of an "aggressive exploration strategy going forward in this prospective area".

Pacton's claims lie between Pure Gold's Madsen property, including the Wedge zone and Great Bear Resource's Dixie discovery.

Recent drill results from Great Bear have included 190.78 grams per tonne (g/t) gold over 5.90 metres including 1,600 g/t of the yellow metal over a drill width of 0.7 metres in the Hinge zone.

Significantly, Pacton's Red Lake geology is similar to that, which hosts the high-grade discoveries at the Dixie project and Pacton will be using the geophysical data to focus on D2 structures that are proposed to have significant control on gold deposits in the Confederation assemblage.

Pacton's aims at Red Lake are as follows:

  • • Completion of heliborne magnetic survey to identify high-priority D2 structures in the Red Lake district;
  • • Surface programs to commence on both geological and geophysical targets in 2019;
  • • Geologically and structurally similar to Great Bear's Dixie project.

Junior resource group Pacton is focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia and the Red Lake district of Ontario.

Quick facts: Pacton Gold Inc.

Price: 0.145 CAD

TSX-V:PAC
Market: TSX-V
Market Cap: $24.89 m
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Pacton Gold encouraged after positive magnetic survey at Red Lake property...

Pacton Gold (CVE:PAC-OTC: PACXF) Executive Chairman Dale Ginn joined Steve Darling from Proactive Investors Vancouver to discuss the latest airborne results from their Red Lake, Ontario Project.  Ginn also providing gave Proactive an update on the company's projects in Western...

on 27/4/19

2 min read