VANCOUVER, BC / ACCESSWIRE / April 28, 2020 / Pacton Gold Inc. (TSXV:PAC)(OTC PINK:PACXF) (the "Company" or "Pacton") is pleased to announce that it has entered into option agreements to acquire additional mineral claims in the Red Lake District, Ontario. The first new property, Red Lake West, is contiguous to Pacton's existing land package, close to the Company's ongoing drill program. The second property, Swain, is located 80 km north east of Red Lake and has recorded historical surface showings of up to 15.8 g/t Au. The new claims increase Pacton's land position by 4,772 ha in the Red Lake district for a total of 28,072 ha (Figure 1).
Figure 1. Regional map showing Pacton's Red Lake properties, bedrock geology and other active projects in the district.
Swain Property
The 4,161 ha Swain property is located 80 km north east of Red Lake. The property is underlain by mafic to felsic metavolcanic rocks of the Birch-Uchi greenstone belt and greater than 11 km of the Swain Lake deformation zone (Figure 2). Several historic mineral showings are recorded on the property including grab samples up to 15.8 g/t Au (1987 MDI, East Peanut Lake Zone).
Figure 2. Swain property bedrock geology and historic mineral occurrences.
Red Lake West
The Red Lake West property is 611 ha and contiguous to Pacton's existing Red Lake properties. The property is underlain by mafic to intermediate rocks of the Red Lake greenstone belt and is in the vicinity of Pacton's ongoing drill program at the LP extension targets.
Agreement Details
The Company will earn a 100% in the Swain property by paying a total of $55,000 and issuing an aggregate of 550,000 common shares over a two year period. The optionor will retain a 1.5% net smelter returns royalty on the Swain property, half of which may be purchased for a payment of $500,000.
The Company will earn a 100% in the Red Lake West property by paying a total of $36,000 and issuing an aggregate of 300,000 common shares over a two year period. The optionor will retain a 1.5% net smelter returns royalty on the Red Lake West property, half of which may be purchased for a payment of $400,000.
These transactions are 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 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.
R. Dale Ginn
Executive Chairman
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
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.
SOURCE: Pacton Gold Inc.
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