A Letter from our CEO
As we close out the year and prepare for 2022, I am reaching out to share my thoughts on Pacton’s incredible exploration potential.
The Red Lake Gold Rush continues to heat up at an unprecedented rate, with two majors taking positions immediately adjacent to our own huge land position. I am of course referring to Barrick’s earn-in agreements with Red Lake Gold and Dixie Gold, and also the Kinross acquisition of Great Bear Resources for $29.00 per share (40% premium) plus a contingent value right.
It’s getting crowded, and it’s the majors who are making the big moves. That’s exciting because one quick look at the map below will show you just how central Pacton’s location is to this incredible gold hot spot.
Progress at Sidace has so far unfolded as our technical team had anticipated: the two-phase drill program in 2021 intercepted gold with almost every hole, and we expanded both of our targeted mineralized zones in every direction. The success of the program led our JV partner, Evolution, to recommend that Pacton retain the operator role for the next round of exploration. Furthermore, we have increased our percentage of project ownership from 39.5% to 46.7%.
For the Red Lake project, 2021 has been a period of intense data gathering, analysis and target generation. With its premium location, proximal to Great Bear’s Dixie discovery and PureGold’s Madsen mine, this project has increased in priority and in status as a prime play.
Previous work on the property, including early ground surveys and prospecting, reconnaissance drilling and a seismic survey funded by PureGold, identified a very large number of prospective areas. The next step has been to prioritize and develop advanced targets for extensive drill testing. To achieve this, we rolled out the largest ground prospecting and sampling program conducted by any company operating in the region.
We are still analyzing the data gathered through that ground program, but we are excited by what we have uncovered so far. The first two advanced target areas have now been developed and there are more on the way. If you’ve not already done so, I would encourage you to read our news releases of September 22 through December 2, 2021 from more details on these targets.
Drilling and More Drilling
Over the coming weeks, we will be announcing further details for our upcoming drill programs. The first of these will be the highly anticipated, fully funded program at the Red Lake project. First announced on December 2, we have since announced an expansion to the program. We expect to have boots on the ground by January 20, 2022. In addition, thanks to our prior work programs, we have now established a network of trails on the property which will facilitate faster drill rig travel time between targets, as well as more rapid deployment.
We are also in the final stages of discussion with Evolution for the next drill program at Sidace. Once finalized, we will announce our plans for this advanced exploration play.
Stay tuned for news as we announce our continued progress at Red Lake. We would also welcome the opportunity to discuss our plans and activities with you directly, so please do not hesitate to reach out to us by phone or email.
Interim President and CEO for Pacton Gold
For more information, please contact 1-(855)-584-0258 or [email protected].