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Pacton Gold Inc.

Pacton Gold unveils encouraging results from Red Lake project

The company said an airborne magnetic survey showed initial results indicating multiple areas of interest, showing small-to-large scale folding and faulting

Gold
With the survey complete, Pacton Gold is set to begin an initial field exploration program at its Red Lake project in Ontario

Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has unveiled positive exploration results from its Red Lake property in Ontario, which have shown multiple areas of interest.

A high resolution airborne magnetic survey was  flown by Prospectair of Gatineau, Quebec, and initial results indicate multiple areas of interest, showing small-to-large scale folding and faulting.

Shares of Pacton were up 9% at C$0.19 on Thursday.

READ: Pacton Gold Inc looking for high grade gold at Tardarinna as it kicks off field work

This type of geology 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, the company said.

Pacton is now set to begin an initial field exploration program, which will include following up on historical sampling, gold showings, trenching and diamond drilling, along with the geophysical survey and soil sampling.

"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," said Dale Ginn, executive chairman at Pacton.

Pacton also said it had struck an option deal to acquire 100% ownership of additional mineral claims in the Red Lake District, Ontario.

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 claims lie south of Great Bear Resource's Dixie project along the Pakwash fault. The company can earn a 100% interest  by paying a total of $90,000 and issuing  250,000 shares over two years. The transaction is subject to the acceptance of the TSX Venture Exchange.

Contact Giles at [email protected]

Quick facts: Pacton Gold Inc.

Price: $0.23

Market: TSX-V
Market Cap: $39.47 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