Pacton Hits High-Grade and Widespread Mineralization; Extends Main Zone at Sidace Gold Project in Red Lake, Ontario
Vancouver, British Columbia, January 19, 2021 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) is pleased to announce Phase I drill results at the Sidace project in Red Lake, Ontario. All nine holes intercepted gold mineralization and, of note, the Main Zone has been extended in all directions (Figures 1 & 2). The results comprise high-grade gold mineralization, including 9.0 g/t Au over 2.3 m and widespread gold mineralization, including 1.3 g/t over 75.2 m.
- Phase I defines high-grade and widespread gold mineralization. All nine holes intercepted gold mineralization.
- Continuity of mineralization. Results have confirmed the geological modelling developed by Pacton’s technical team. Gold is hosted in smoky quartz veinlets within a major shear zone hosted in quartz-sericite schist. Mineralization includes arsenopyrite, realgar, pyrite and visible gold.
- Phase II drilling is underway. Phase I drilling is now complete, with results received from nine of ten holes. Phase II will target the extension of the Upper Duck Zone along strike and at depth. The program will include 11,500 m of drilling and is expected to be completed in Spring 2021. Pacton is partnered with Evolution Mining on the Sidace project and is the current operator.
- SDC-20-003 intersected 9.0 g/t Au over 2.3 m, extending the main zone by 200 m at depth (Figure 3).
- SDC-20-005 intersected widespread mineralization with 1.3 g/t Au over 75.2 m including 4.5 g/t Au over 5.2 m approximately 200 m below surface and 1.3 g/t Au over 30.9 m approximately 150 m below surface (Figure 4).
- SDC-20-009 intersected 1.5 g/t Au over 61.2 m including 4.7 g/t Au over 3.0 m and 10.0 g/t Au over 1.0 m (Figure 5).
Nav Dhaliwal, Interim President and CEO for Pacton, commented, “These results represent a great start to our drill program at the Sidace gold project in Red Lake, Ontario. Not only has every hole hit mineralization, including high-grade and widespread gold, but we have extended the main zone in all directions. We have also identified broad surrounding mineralization and are excited to test the extent of these areas. Drilling is ongoing and we look forward to sharing further results as they are received.”
Table 1. Significant drill results from Main Zone Phase I drilling at the Sidace Project
|Hole ID||From (m)||To (m)||Length (m)||Au (g/t)||Metal Factor (g/t * m)|
Note: Reported intervals in this news release are downhole widths as true widths have not been determined.
Figure 1. Plan view of Phase I drilling results at the Main Zone of the Sidace project. Recent drilling was successful in extending the Main Zone along strike to the northeast and southwest and at depth.
Figure 2. Long section showing the Upper Duck and Main zones at the Sidace project with results from Phase I drilling.
Figure 3. Cross section showing SDC-19-003 which intersected 9.0 g/t Au over 2.3 m and 1.0 g/t Au over 25.5 m at the Main zone.
Figure 4. Cross section showing SDC-20-005 which intersected 1.3 g/t Au over 75.2 m including 4.5 g/t Au over 5.2 m and 1.3 g/t Au over 30.9 m at the Main zone. Historic gold intersections labeled in grey.
Figure 5. Cross section showing SDC-20-009 which intersected 1.5 g/t Au over 61.2 m including 4.7 g/t Au over 3.0 m and 10.0 g/t Au over 1.0 m. Historic gold intersections labeled in grey.
Figure 6. Sidace joint venture project between Pacton Gold and Evolution Mining showing the locations of the Main Discovery, Upper Duck, and Anderson zones and drill hole locations from the ongoing 11,500 m program.
About the Sidace Project
The Sidace property is located 28 km north east of the town of Red Lake, at the northern extent of the Red Lake Greenstone belt. The project is an advanced gold project with three distinct zones of mineralization and more than 80,000 m of drilling. Sidace is a joint venture project between Evolution Mining (60.5%) and Pacton Gold (39.5%) with Evolution’s ownership undergoing dilution in the current program.
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.
About Evolution Mining
Evolution Mining is a leading, growth-focused global mid-tier gold miner. Evolution operates four wholly-owned mines in Australia - Cowal in New South Wales, Mungari in Western Australia and Mt Carlton and Mt Rawdon in Queensland. The Company also holds an economic interest in the Ernest Henry copper-gold mine in Queensland, Australia. In April 2020 Evolution acquired a 100% interest in the Red Lake gold mine in Ontario, Canada. In the 2021 Financial Year Evolution is guiding gold production of 670,000 – 730,000 ounces at an All-In Sustaining Cost of US$900 – US$940 per ounce.
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 Labs 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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