Pacton Completes New High Resolution Surveys and Identifies Additional Target Areas at Red Lake, Ontario
Vancouver, British Columbia, September 15, 2020 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) is pleased to announce the completion of high-resolution airborne magnetic surveys at the Gullrock, Pakwash, Dixie, and Golden Loon properties – part of Pacton’s large Red Lake exploration project, in Red Lake, Ontario (Figure 1). Initial survey results have defined multiple prospective areas of folding and faulting, most notably at Pacton’s Gullrock property (Figures 2 and 4). The Company is currently in the final stages of targeting, prior to commencing drilling in Fall, 2020.
The Gullrock property is located along the structural trend hosting Evolution Mining’s (ASX: EVN) Red Lake Gold Mine (Figure 3). The new data better defines the location of the mine trend structure on the Gullrock property. The property is also along trend and contiguous to Great Bear Resources’ (TSVX: GBR) Sobel property, where recent geochemical work identified two large Spaciotemporal Geochemical Hydrocarbon (“SGH”) targets. These targets are associated with structures which appear similar to those identified in Pacton’s magnetic data (Figure 4). Mapping and prospecting at the Gullrock property is ongoing, and the new priority areas of interest will be evaluated for targeting in the upcoming drilling campaign.
- New airborne magnetic survey completed: A total of 2,931 line kilometers at 50 meter spacing was flown at Pacton’s Gullrock, Golden Loon, Dixie and Pakwash properties – part of the Company’s Red Lake exploration project.
- Gullrock property now an increased priority area. Gullrock is along trend from Evolution’s Red Lake gold mine and adjacent, along trend to Great Bear’s Sobel property. The new survey data has increased the priority of select targets at Gullrock.
- New areas of interest and enhanced definition of priority targets. Results have identified new targets and provided greater definition of existing priority targets. The data will be instrumental in fine tuning the drill targeting process for the upcoming drill program.
- Pacton now in final stage of preparation and targeting for drilling. Targets will continue to be evaluated for the upcoming Phase 2 drill campaign, scheduled to begin in Fall 2020.
Figure 1. High-resolution airborne magnetics data from surveys completed in 2019 and 2020 at Pacton Gold Red Lake properties.
Figure 2. New magnetics data at Pacton’s Gullrock property provides greater definition to target areas along the Red Lake Mine trend.
Figure 3. Bedrock geology of the Red Lake area showing the location of Pacton’s Gullrock property along the Red Lake Mine trend and proximity to Evolution Mining’s Red Lake Mine and Great Bear Resources’ new SGS targets.
Figure 4. New, high-resolution magnetic survey at Pacton’s Gullrock property indicates multiple areas of interest containing folding and faulting along the Red Lake Mine trend.
About Pacton’s Red Lake Exploration Project
The Red Lake exploration project, located in Red Lake, Ontario, comprises 28,000 ha. The project is adjacent and proximal to past, current and near-term production mines, and is also adjacent and on trend to Great Bear’s Dixie discovery. Exploration to date includes successful 1st pass sampling, surveys and drilling. High-grade surface samples include 126.5 g/t Au and 23.3 g/t Au and 1st pass reconnaissance drilling has hit 17.5 g/t Au over a 0.5 m interval. The project also includes regional properties such as Gullrock, Pakwash, Dixie, Golden Loon, and Swain.
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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