Pacton Provides Exploration Update; Adds New Target Area to 10,000m Drill Program
Vancouver, British Columbia, November 19, 2019 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton”) is pleased to provide the following project update for exploration activities at the Red Lake Gold project in northwest Ontario. Pacton’s initial 10,000 m drill program is underway at the Boyden prospect (Figures 1-3), where multiple high-grade samples have been recovered with channel and surface sampling. The program will now include a total of four exploration hotspots, namely Boyden, Carricona, LP Fault Extension and Shim. All four areas lie within the Madsen-Dixie fault corridor, largely located in the western third of the Company’s land package (Figure 1). A brief description of each target area is provided below.
The Boyden prospect has been chosen as the first drill target area based on the results of Pacton’s initial exploration activity and analysis of historical data. Recent channel sampling at the prospect by the Company returned values including 101.3 g/t Au and 33.9 g/t Au (see Pacton news release dated October 23, 2019). Pacton geologists have collected surface grab samples returning values including 19.0 g/t Au, 23.3 g/t Au and 126.5 g/t Au (see Pacton news release dated July 26, 2019). Historic sampling in the prospect area also includes 6.0 g/t Au and 147.4 g/t Au. The prospect is underlain by intermediate to mafic volcanic rocks with pyrite, galena, sphalerite and gold mineralization associated with quartz veining and silicification. The area has had limited historic exploration work including trenching and pitting with eight historic drill holes ranging from 20 to 200 m depth.
The Carricona prospect is located east of Madsen Mine with close proximity to the unconformity between the Balmer and Confederation assemblages. Historic work at the prospect includes a series of historical trenches with surface sampling. Historic sampling in the Carricona area includes 8.7 g/t Au, 15.9 g/t Au and 37.3 g/t Au. The area is underlain by intermediate to felsic volcanic rocks in contact with mafic volcanic rocks and proximal to felsic intrusive units. The area is structurally complex, containing multiple intersections of large-scale east-west structures with north-west trending structures.
LP Fault Extension
Recent magnetic and Lidar surveys conducted by Pacton, together with available regional and other public data clearly demonstrate that the northwesterly LP Fault as coined by Great Bear Resources extends across Pacton ground towards Madsen Mine. This fault is proximal to or consists of mafic and felsic rock unit contacts and displays folding and dilation consistent with the geological model for the recent gold discoveries at the Dixie project. Pacton ground crews have recently uncovered areas along the fault that contain extensive brecciation, silicification and sulphide mineralization. These areas and other geophysical targets along this trend will be tested by drilling for the first time by Pacton.
Pacton will conduct drilling at locations near its northern property boundaries looking for Madsen-style mineralization related to the unconformity between the Balmer and Confederation assemblages.
About Pacton Gold
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, P.Geo., Executive Chairman and a director of the Company and a Qualified Person pursuant to National Instrument 43-101.
On Behalf of the Board of Pacton Gold Inc.
R. Dale Ginn
For more information, please contact 1-(855)-584-0258 or [email protected].
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.
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