Pacton Presents Historic High-Grade Gold Results and Next Steps for Red Lake, Ontario
Vancouver, British Columbia, February 27, 2019 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton”) is pleased to announce that, following the compilation of data from prior work programs on its Red Lake gold property in Ontario, it has added significant historic, high-grade gold results to its exploration database. Numerous high-grade gold occurrences occur on the property, including historical surface samples with values of 133 g/t Au, 37.3 g/t Au and 15.9 g/t Au (Figure 1).
The addition of the northern property (see press release dated February 26, 2019) has extended Pacton’s contiguous land package in the Red Lake gold camp to approximately 25 km in an east west direction and an average of 7 km in a north south direction. This land package lies immediately south of Goldcorp’s producing claims, immediately south of the Madsen Mine and Wedge Zone currently being developed by Pure Gold, and to the north of the high grade Dixie Zone currently being drilled by Great Bear Resources (Figure 2).
A high-resolution helicopter magnetics survey is underway. Together with the showings and historical sampling, trenching, and diamond drilling, the survey will assist with the identification of D2 structures and prioritization of drill targets at Red Lake.
Highlights from Pacton’s compilation of historical exploration work by various companies between 1936 and 2006 are summarized in Table 1.
|Northern Property||Drill hole||24 g/t Au over 1 m||Veining hosted in D2 shear at mafic volcanic contact (H03-03)||SkyHarbour Resources (2003)|
|Central Property||Trench Sample||121.4 g/t||Sheared, mineralized contact of mafic and felsic volcanic rocks with visible gold described||East West Resources (1997)|
|Central Property||Trench Sample||80.6 g/t||Sheared, mineralized contact of mafic and felsic volcanic rocks with visible gold described||East West Resources (1997)|
|Central Property||Trench Sample||33 g/t||Sheared, mineralized contact of mafic and felsic volcanic rocks with visible gold described||East West Resources (1997)|
|Central Property||Grab Sample||35.7 g/t||Boyden Main Showing: Sheared contact of mafic volcanic with veining||Boyden Lake Gold Mines (1936)|
|Central Property||Trench Sample||133 g/t||Boyden Showing: Sheared contact betweenmafic volcanic and mineralized felsic porphyry (sample MJ-H-02-02)||Sunridge Gold Corp. (2002)|
|Northwestern Property||Trench Sample||15.9 g/t||Carricona Zone, Pit #6: D2 shear at contact of mineralized felsic intrusive rock||Goldbrae Developments (1938)|
|Northwestern Property||Trench Sample||37.3 g/t, 8.7 g/t||Pit#3: D2 shear at contact of mineralized felsic intrusive rock||Heyson Red Lake Gold Mines (1936)|
|Northwestern Property||Trench Sample||8.7 g/t||Pit#3: D2 shear at contact of mineralized felsic intrusive rock||Heyson Red Lake Gold Mines (1936)|
|Southwestern Property||Drill hole||0.26 g/t Au over 10.32 m||Shear zone at contact of felsic intrusive rock (SB-06-09)||United Bolero (2006)|
Table 1: Significant intercepts from historical drilling. Note: a qualified person from Pacton Gold has not verified these assay results. These results have been tabulated from assessment files and the Ontario Mineral Deposit Inventory.
Pacton’s land package overlaps with the prolific Balmer Assemblage and contains the contact between Confederation and Balmer Assemblage rock units as well as folded mafic and ultramafic volcanics with mafic and felsic intrusives also present. Until the recent success of Great Bear Resources’ high-grade Dixie project, exploration to date within Confederation Assemblage rock units has been limited and sporadic with most of the Red Lake work concentrated in Balmer Assemblage units which host the majority of gold produced from the area. The compilation of historical results indicates that the Confederation Assemblage does host gold mineralization within Pacton’s Red Lake property that may be coincident with regional D2 structures.
In 2006, a lithoprobe transect seismic survey was conducted in the Red Lake and camp crossed the current Pacton property north to south. Numerous deep fault structures were interpreted reaching up to 12 km in depth.
The high-resolution helicopter magnetics survey will focus on identifying D2 structures and folding that are proposed to have significant control on gold mineralization in the Red Lake area.
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. Pacton’s Red Lake mineral claims are strategically located between Pure Gold’s Madsen property, including the Wedge Zone, and Great Bear Resource’s Dixie discovery. The property geology is made up of two key packages known to host significant gold mineralization in the district. The Confederation Assemblage and the Balmer Assemblage hosts the high-grade gold mineralization at Great Bear Resources’ Dixie Project and Pure Gold’s Madsen property, respectively. A high-resolution helicopter magnetics survey is underway to identify D2 structures and folding that are proposed to have significant control on gold mineralization in the district.
The technical content of this news release has been reviewed and approved by Peter Caldbick, P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.
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.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.