logo-loader
Pacton Gold Inc.

Pacton Gold buys more ground in famous Red Lake district

The latest ground is contiguous and to the north of Pacton's current landholdings, Pacton said

Businessman inking a deal
Pacton has entered into an acquisition agreement with Frontline Gold

Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) continues to increase its foothold in the Red Lake district in Ontario, revealing Tuesday it is set to buy further claims there from Frontline Gold Corp.

The latest ground is contiguous and to the north of Pacton's current landholdings and extend to within 3km of Goldcorp's newest production shaft.

READ: Pacton Gold further strengthens footprint in famous Red Lake district

Limited historical diamond drilling at the claims included an intersection of 24 g/t (grams per ton) of the yellow metal over 1m, found by SkyHarbour Resources in 2003.

The prolific Red Lake mining district has produced more than 30 million ounces of gold and benefits from major active mining operations, including the Red Lake Gold Mine of Goldcorp Inc (NYSE:GG), plus modern infrastructure and a skilled workforce.

Pacton's expanded land position now overlaps with the prolific Balmer Assemblage, known to host significant high-grade mineralization at Pure Gold's Madsen mine and Goldcorp's Red Lake and Campbell mines, which historically produced over 20 million ounces of gold combined.

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

The company can earn 100% interest in today's claims by completing a heli-mag survey and issuing a total of 350,000 shares and paying $100,000 over two years.

The site is subject to net smelter return (NSR) royalties totalling 2.25% and Pacton has the option to buy back a portion of the royalties for $250,000

Shares in Toornto added over 7% to $0.29 each.

Contact Giles at [email protected]

Follow him on Twitter @Gile74

Quick facts: Pacton Gold Inc.

Price: $0.17

Market: TSX-V
Market Cap: $29.18 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Pacton Gold Inc. named herein, including the promotion by the Company of Pacton Gold Inc. in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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