Pacton Drilling Identifies New Gold Trend; Advances Red Lake Project, Ontario
Vancouver, British Columbia, September 22, 2021 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) is pleased to announce that drilling has intersected gold over a 600 m strike length on a newly identified gold trend. The Faulkenham gold trend consists of near surface mineralization approximately 140 m from the claim boundary with PureGold’s Madsen Mine project and will be prioritized for follow up during the next drill program.
Red Lake News Highlights
- New Gold Trend Identified in Drilling Near Boundary with PureGold. Successful drilling along a 600 m strike has identified the Faulkenham gold trend. The trend is located within the Madsen Dixie Corridor and consists of low-grade, widespread mineralization near surface. It is open along strike and at depth and Pacton plans to follow up these results in future drilling to test for potential extensions and gold enrichment along the trend (Figure 1).
- Drilling Complete with Gold Intercepted on Four Regional Area Targets. The 2020-2021 winter drill program is complete, with assays received from 26 drill holes totaling 8,921 m. In total, 12 holes intersected gold on 4 area targets, including Carricona, Carricona West, LP Extension and Faulkenham (Table 1).
- Balmer Assemblage identified on Pacton Property Near Madsen Mine. Drilling completed by Pacton was successful in intersecting the Balmer-Confederation unconformity where predicted by 2D seismic survey and surface mapping. This confirms the presence of Balmer Assemblage units on Pacton ground and increases the potential to discover typical Red Lake-style, high-grade mineralization on Pacton’s claims adjacent to PureGold’s Madsen Mine.
- Ongoing 2021 Surface Program. Pacton’s surface exploration campaign is well underway with approximately 7,300 soil samples collected over high-priority target areas covering approximately 9,400 ha (Figure 2). Additional sampling and mapping will continue at the property through to fall 2021. Outcrop stripping and channel sampling is underway at the new Claremont target area identified from prospecting activities earlier this year.
- Next Drill Program. Several targets on the property remain to be drill tested, and they will be optimized by assay data from the surface exploration program which is currently underway. Drilling is expected to commence in the winter of 2021.
- Change of Assay Laboratory. As a result of the continued assay backlog at the Red Lake laboratory caused by the Covid-19 pandemic, Pacton is now transporting samples from the Red Lake project to an alternate region for analysis.
Nav Dhaliwal, Interim President and CEO for Pacton, commented, “Our Red Lake exploration continues to advance, including gold intersected on four different targets, and the discovery of a mineralized gold trend close to the claim boundary with PureGold’s Madsen Mine property. Pacton is also making strong progress with an extensive ground program to generate further targets that will be included in the next round of drill holes. In addition, due to the extremely long assay turnaround times encountered with the Red Lake laboratory, we have made arrangements to use an alternate facility moving forward.”
Table 1. Significant results from the 2020-2021 drill campaigns at the Red Lake project.
|Hole ID||From (m)||To (m)||Length (m)||Au (g/t)||Prospect|
Figure 1. The new Faulkenham gold trend was identified in Pacton’s recently completed winter drill campaign. The gold trend occurs near Pacton’s boundary with PureGold Mining and strikes for approximately 600 m.
Figure 2. Pacton Red Lake properties with 2021 surface sampling progress showing soil sampling coverage and status and where outcrop stripping is underway at the new Claremont target.
About the 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 gold properties located in the Red Lake gold rush in Ontario, Canada. The Company also owns a strategic portfolio of prospective projects in the district-scale Pilbara gold rush in Western Australia.
Drill core is logged and sampled at a secure core processing facility in Red Lake, Ontario. Core samples from the drill program are cut in half using a diamond cutting saw with half sent for assay at SGS Mineral Services lab in Red Lake, Ontario. The other half is secured and retained at a secure storage facility. All samples are analyzed for gold using standard Fire Assay-AA techniques. Samples returning greater than 10.0 g/t gold are analyzed utilizing standard Fire Assay-Gravimetric methods. Certified reference materials, blanks and duplicates are routinely inserted into the sample stream as part of Pacton’s quality control/quality assurance program.
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.
Interim President and CEO
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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