Pacton Gold to acquire additional mineral claims in Red Lake District

15 February 2019 (Last Updated February 15th, 2019 11:35)

Pacton Gold has signed an agreement to acquire additional mineral claims in the Red Lake District, Ontario, Canada.

Pacton Gold to acquire additional mineral claims in Red Lake District
High grade gold ore from Red Lake Mine. Credit: James St John.

Pacton Gold has signed an agreement to acquire additional mineral claims in the Red Lake District, Ontario, Canada.

Under the agreement terms, Pacton will acquire 100% of the property and issue 75,000 common shares.

Comprising 17 mineral claims, the property is subject to a net smelter return royalties of 2%. These claims are expected to increase the company’s land position to 15,300ha.

Pacton’s Red Lake mineral claims are located between Pure Gold’s Madsen property, including the Wedge Zone and Great Bear Resource’s Dixie discovery.

The host-geology and gold controlling D2 structures of Red Lake project also characterise the high-grade discoveries at the Dixie Project.

“The transaction is subject to the acceptance of the TSX Venture Exchange.”

Pacton is currently carrying out a detailed helicopter magnetic survey to identify D2 structures that are proposed to have control on gold mineralisation in the Confederation Assemblage.

The company plans to advance the project and is compiling historical data and formulating plans for exploration work this year.

The transaction is subject to the acceptance of the TSX Venture Exchange.

Last month, Pacton signed an agreement to purchase additional mineral claims in the Red Lake District from Frontline Gold Corporation.

The property consists of 88 mineral claims totalling 1,760ha and is subject to net smelter return royalties totalling 2.25%.

During the same month, Pacton also started a high-resolution heliborne magnetic survey over its claims in Red Lake.

Pacton is 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.