Mr. Dale Ginn reports
PACTON GOLD ADDS 2,700 HA TO RED LAKE LAND PACKAGE, ACQUIRES GULLROCK LAKE CLAIMS
Pacton Gold Inc. has entered into an agreement, whereby it has been granted an option to acquire a 100-per-cent interest in 150 mineral claims known as the Gullrock Lake property, located in the Red Lake district, Ontario, subject to certain underlying royalties. The property acquisition increases Pacton's land position by 2,700 hectares in the Red Lake district for a total of 23,110 hectares. The Gullrock property adjoins the existing northern Pacton block and is an eastern extension of the producing Red Lake mine trend. Pacton continues to add strategic positions in the Red Lake belt, which is quickly becoming the most active exploration region in Canada.
Gullrock Lake property
The Gullrock Lake property is underlain by rocks of the Balmer assemblage and located within the prolific Red Lake gold trend. The Red Lake gold trend is a five-kilometre-wide band with distinct structural characteristics, hosting multiple gold mines that have produced over 25 million ounces of gold.
Current exploration activities and drill program
Pacton has completed a field reconnaissance and mapping program and has commenced a 10,000-metre drilling program at the southwestern part of its main Red Lake claim package. The 10,000-metre program will focus on high-priority targets at the Boyden and Carricona prospects and possible extensions of known mineralization from adjacent projects within the Madsen-Dixie fault corridor. Drilling has begun at the Boyden prospect, where recent surface channel sampling has returned values including
101.3 grams per tonne gold
33.9 grams per tonne gold
(see Pacton news release dated Oct. 23, 2019).
The company can earn a 100-per-cent interest in the property by paying a total of $125,000 and issuing an aggregate of 750,000 common shares over a four-year period. The optionor will retain net smelter return royalties ranging from 0.25 per cent to 2.25 per cent on the property, half of which can be purchased by the company for an aggregate payment of $1-million.
This transaction is subject to the acceptance of the TSX Venture Exchange.
About Pacton Gold Inc.
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, PGeo, executive chairman and a director of the company, a qualified person pursuant to National Instrument 43-101.
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