VANCOUVER, Feb. 26, 2019 /CNW/ - Pacton Gold Inc. (TSXV:
PAC, OTC: PACXF) (the "Company" or "Pacton") is
pleased to announce that it has entered into an acquisition
agreement with Frontline Gold Corporation (TSXV: FGC) to acquire
additional mineral claims in the Red
Lake District, Ontario (the
"Property"). These additional mineral claims are located
contiguous and to the north of Pacton's current landholdings and
extend to within 3 km of Goldcorp's newest #3 production
shaft. The Property includes limited historical diamond drilling,
including an intersection of 24 g/t Au over 1.0 m completed by SkyHarbour Resources in
2003. With this strategic acquisition, Pacton's expanded land
position overlaps with the prolific Balmer Assemblage, known to
host significant high-grade mineralization at Pure Gold's
Madsen mine and GoldCorp's
Red Lake and Campbell mines,
historically producing over 20M oz.
of gold combined. The Property geology 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.
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 host 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.
Pacton Gold is currently compiling historical data and
formulating plans for exploration work in 2019 to advance the
project.
The Company can earn a 100% interest in the Property by:
- completing a heli-mag survey on the Property; and
- issuing an aggregate of 350,000 common shares and paying a
total of $100,000 over a period of
two years.
The Property is subject to net smelter return royalties of
2.25%. The Company has the option to purchase a portion of the
royalties for $250,000 for each
0.25%.
The transaction is subject to the acceptance of the TSX Venture
Exchange.
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.
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.
On Behalf of the Board of Pacton Gold Inc.
R. Dale Ginn
Executive Chairman
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.