Pacton Red Lake Project – 2D Seismic Survey Enhances New Priority Drill Targets
Vancouver, British Columbia, January 26, 2021 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) is pleased to announce it has received final data from PureGold for the 2D seismic survey that was completed at its Red Lake Gold project (Figures 1 & 2). The 2D seismic survey, which included 13 km of seismic line data over Pacton’s claims, was designed and initiated by PureGold Mining Inc. (PGM: TSX-V) (see Pacton news release dated August 10, 2020). The survey goal was to define extensions of mineralized structures to support exploration and resource expansion at the PureGold Mine property, adjacent to Pacton’s Red Lake exploration project, where Pacton is currently carrying out a 10,000 m drill program. Based on the survey results, Pacton has identified new targets which will be prioritized as part of the current drill program.
- New Drill Targets Prioritized. Data from the 2D seismic survey has enhanced targets at the historic Carricona trenches on Pacton’s Red Lake exploration project. These include contacts between mafic and felsic volcanic units and other significant structural features (Figures 3, 4 & 5). These targets will be prioritized for drilling as part of the ongoing 10,000 m drill program at the project.
- Preparation for a 3D Seismic Survey Initiated as Follow Up. Consultation and permitting for line cutting for a detailed follow up survey has been initiated by PureGold Mining Inc. over Pacton’s Red Lake property (Figure 2). The 3D survey is expected to include 94 line km over Pacton’s property and is anticipated to provide increased definition of existing structural targets. Permitting for the advance line cutting for the 3D survey is underway, with line cutting expected to begin in winter 2021 and the survey work is expected to be completed in early 2022.
Nav Dhaliwal, Interim President and CEO for Pacton, commented, “The 2D survey results targeting the PureGold Mine property and 13 line km of Pacton’s Red Lake project are very encouraging, as is PureGold’s decision to begin preparation to follow up with a 3D survey including 94 line km over Pacton’s claims. We now have a number of new, priority targets for our current drill program, and we are working with PureGold to assist with permitting the additional survey.”
Figure 1. Red Lake regional projects showing location of 2D seismic survey completed in 2020 and the proposed location of the future 3D seismic survey where line clearing is to be initiated in 2021.
Figure 2. Pacton Red Lake property showing location of 2D seismic survey completed in 2020 and the proposed location of the 2021 line clearing for future 3D seismic work.
Figure 3. Cross section showing northern 2D seismic results from Pacton property with interpreted major seismic features and select gold surface anomalies.
Figure 4. Cross section showing northern 2D seismic results on with interpreted major seismic features and select gold surface anomalies.
Figure 5. Cross section showing southern 2D seismic results on with interpreted major seismic features, Pacton and historic drilling and projected PureGold Mine workings.
About the Red Lake 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.
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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