VANCOUVER, Jan. 24, 2019 /CNW/ - Pacton Gold Inc. (TSXV:
PAC, OTC: PACXF) (the "Company" or "Pacton") is
pleased to announce that it has finalized initial 2019 exploration
plans for three of its Pilbara orogenic and conglomerate gold
projects in Western Australia.
Highlights:
- Boodalyerrie multiple km of high grade vein and stockwork
systems.
- Egina high grade bedrock gold + sampling extensive overlying
alluvial gravels.
- Nullagine (Beaton's Creek) area Hardey formation conglomerate
and fracture sampling.
Geological data and target inventories are being compiled for
Pacton's projects in Western
Australia's Pilbara craton. (Figure 1). Numerous targets
types have been identified, most with surface gold occurrences,
including Paleoarchean and Mesoarchean orogenic shear hosted
occurrences and intrusion related environments. Most of tenements
also contain the unconformably overlying, horizontal Fortescue
Group gold-bearing Mount Roe and Hardey conglomerates. Pacton is
currently planning the remainder of its 2019 exploration program,
which shall include field work on all of its Pilbara tenements.
Boodalyerrie Project
Boodalyerrie, Pacton's most easterly Pilbara tenement, (Figure
1), hosts a prominent swarm of up to 10
m thick gold-bearing veins and stockworks hosted in a
granitic tonalite host rock. Superficial reconnaissance prospecting
and surface sampling conducted in 2013 returned encouraging grades.
Pacton has prioritized exploration of the Boodalyerrie based on
image analysis, including satellite hyperspectral data, which
indicates large areas of alteration between the most massive quartz
veins. This is interpreted as representing a stockwork of smaller,
nested vein systems that present excellent, large, pervasive
gold-bearing targets.
The Boodalyerrie tenement also contains over 20 km of strike
length along the contact of Fortescue Group rocks that
unconformably overlie the tonalite pluton. The Fortescue Group
Mount Roe formation and the directly overlying Kylena basalt are
present. Geological relationships indicate that the emplacement of
the quartz veins precedes the deposition of the Mount Roe
formation. Consequently, the vein system is interpreted to extend
under the Mount Roe formation.
The initial 2019 Boodalyerrie exploration program will include
detailed sampling over the entire tonalite pluton, with emphasis on
the large alteration patches. Preliminary planning for a targeted
drill program is underway for currently identified targets and will
include expansion for additional targets identified by the sampling
program.
Egina Projects (Friendly Creek, Golden Palms, Hong
Kong and Arrow South tenements)
Pacton's Egina properties, (Figure 3), are contiguous with Novo
Resources Corp.'s extensive Egina tenements which contain
gold-bearing lag gravels that overlie Mesoarchean age orogenic gold
occurrences, and locally, formations of the basal Fortescue Group.
To the southeast of the Novo tenements, Pacton's Friendly Creek,
Hong Kong and Golden Palms tenements contain gold showings,
including gold nuggets, in areas of Mesoarchean basalts, and in lag
gravels mapped as alluvial deposits. To the west and northwest of
the Novo project, Pacton's Arrow South and Arrow North projects
contain Archean orogenic gold prospects that are partially covered
with extensive layers of alluvial gravels and conglomerates.
Pacton's initial 2019 Egina exploration will consist of spot
sampling of gravels with subsequent follow-up samples based on
initial results. Pacton is able to undertake bulk sampling
operations as a result of its 2018 strategic alliance with Artemis
Resources, which includes access to the Artemis Radio Hill
processing plant, now nearing completion.
The initial 2019 Egina exploration program will also include
more detailed mapping and sampling of the gold-bearing Mesoarchean
basaltic rocks, and their associated erosional gravels.
Nullagine -Beatons Creek (Impact 5 tenement)
The Beatons Creek gold project, (Figure 4), consists of
extensive gold-bearing Hardey formation conglomerates that outcrop
on the eastern edge of a Fortescue Group plateau that accumulated
in the Nullagine sub-basin. Novo Resources Corp's gold project is
located immediately west of the town of Nullagine. Immediately east
of Nullagine lies the historic Mosquito Creek gold district
represented by orogenic gold deposits in older Archean rocks.
Novo has been prospecting, sampling and drilling its Beaton's
Creek project for several years, including a 1,000 m deep reconnaissance hole collared in the
Kylena basalt which overlies the Hardey formation and the basal
Fortescue Mount Roe basalt. Novo's
sampling and drilling programs have established that gold-bearing
units show a substantial increase in gold grade in proximity to
faults that cut the Hardey formation.
Pacton's Impact 5 tenement is located approximately 17 km
northwest of Novo's Beatons Creek project and lies on the western
edge of the Hardey formation plateau. Pacton has established a
stratigraphic equivalency between the exposed Impact 5 western
plateau edge and the productive stratigraphy at Beatons Creek.
(Figure 5). Moreover, the Hardey formation within the Impact 5
tenement is intensely fractured with steep dipping faults and
multiple networks of low displacement shears that collectively form
a pervasive fracture network.
The initial 2019 Impact 5 exploration program will consist of
surface prospecting along the Hardey plateau's western edge and
along dissected drainages. A specific 70
m thick stratigraphic interval will be investigated on the
basis that it is interpreted to correlate with the Beatons Creek
gold-bearing stratigraphy. Additionally, the intense fracture
network will be sampled on surface, in drainages and along the
western Hardey plateau edge.
About Pacton Gold
Pacton Gold (PAC: TSXV; PACXF: US) is a well-financed
Canadian junior with key strategic partners focused on the
exploration and development of conglomerate-hosted gold properties
located in the district-scale Pilbara gold rush in Western
Australia. The Company currently controls the third largest
conglomerate-hosted gold property portfolio totaling in excess of
2,500 km2 and continues to aggressively review
additional accretive acquisitions.
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.
Alec Pismiris
Interim President and CEO
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.
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SOURCE Pacton Gold Inc.