VANCOUVER, March 1, 2019 /CNW/ - Pacton Gold Inc.
(TSXV: PAC, OTC: PACXF) (the "Company" or
"Pacton") is pleased to announce that it has entered into a
binding letter of intent ("LOI") to acquire a 100% interest
in the Tardarinna Gold Project. The acquisition of this strategic
and prospective property, significantly enhances Pacton's exposure
to high-grade, shear-hosted gold within the Pilbara in Western Australia. Exploration targeting is
underway and will be followed by field-based exploration across the
property.
Tardarinna Gold Project Acquisition Highlights:
- Up to 328 g/t Au has been reported by historical
surface samples
- Shallow eluvial gold workings identified in the south
eastern quadrant of Project
- Large target locations: Pegmatoidal-quartz veins have
been delineated within a shear zone with >1 km strike and
ranging between 10 to 50 m
wide
- Underexplored: property has never been drill tested
- Tier one jurisdiction: Located in the Pilbarra region of
Western Australia
Alec Pismiris, Interim President and CEO, of Pacton Gold,
commented, "Acquiring the Tardarinna gold project will greatly
enhance our exposure to high-grade, shear-hosted gold
mineralization. This is a property with considerable advantages: it
has historical samples of impressively high-grade gold, it is
underexplored and has never been drill-tested and it is located in
a stable jurisdiction with superb access to infrastructure. We look
forward to defining the potential scale of Tardarinna."
LOI Terms
Under the terms of the LOI, which will be formalized by a
definitive agreement, the Company will acquire a 100% interest in
Tardarinna by the issuance of 1,250,000 common shares.
This 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 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
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.