Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has mobilized field crews in readiness for a new exploration program at the company’s Red Lake gold project in Ontario.
The Vancouver-based company announced Thursday that initial activities will focus on the Carricona and Boyden areas of the project. Work will include prospect-scale mapping and sampling.
Shares of Pacton jumped 13.1% in Thursday morning trading to hit C$0.09 in Toronto and were trading at US$0.12 on OTC markets.
Previous exploration work at the two targets have returned high-grade gold results, which is not surprising considering the project’s location in Red Lake, Ontario, home to some of the most valuable gold mines in the world.
Gold grades from samples taken from Carricona and Boyden range from nearly 16 grams per ton to as high as 133 grams per ton.
Pacton’s field crews previously uncovered trenches at Carricona and confirmed the presence of mineralized volcanic rocks on the property.
The junior explorer is confident that the Red Lake project contains highly prospective geology based on results from a high-resolution magnetic survey showing the 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.
An upcoming 10,000 metre drill program is expected to begin by late summer 2019.
Pacton's Red Lake claims lie between Pure Gold Mining's Madsen property, including the Wedge Zone, and Great Bear Resource's Dixie discovery.
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