VANCOUVER, BC / ACCESSWIRE / February 11, 2020 / Pacton Gold Inc. (TSXV:PAC)(OTC:PACXF)(FSE:2NKN) (the 'Company' or 'Pacton') is pleased to announce that it has commenced drilling targets along the LP extension at its Red Lake gold project in Ontario. To date, the Company has drilled approximately 3,000 m of its 10,000 m program. Pacton has been granted exploration permits for 38 holes within the area defined by the inset shown in Figure 1.
Figure 1 shows Pacton's extensive property presence in the Red Lake area, including the large joint venture interest TomaGold holds with Goldcorp (Evolution Mining and Newmont), which Pacton is in the process of acquiring. Pacton recently announced that it had entered into a letter of intent to acquire TomaGold's 39.5% interest in the joint venture (see Pacton news release dated January 31, 2020). The acquisition of the joint venture is subject to a number of conditions, including completion of a definitive agreement and acceptance of the TSX Venture Exchange. The joint venture exists to explore the large Sidace Lake property that is contiguous to Pacton's Golden Loon property (see Pacton news release dated July 29, 2019). The TomaGold Goldcorp JV is an advanced gold project with over 81,600 meters of historic drilling. Pacton will enter the joint venture as project Operator and plans to aggressively expand the mineralized zones at the project with exploration drilling.
Pacton's 2019 main Red Lake area property exploration consisted of geological mapping, prospecting, aero magnetic and Lidar surveys and an initial reconnaissance drill program. The results of the various 2019 exploration programs have been analyzed by Pacton geologists, assisted by the advanced analysis of Fathom Geophysics, and by utilizing preliminary targeting results generated by Goldspot Discoveries' application of machine learning techniques to the entire Pacton Red Lake database.
Using historic government data and 2019 geological mapping information, approximately 1,300 spatially constrained foliation measurements were used to identify predominant structural fabric clusters and then subjected to machine learning to interpolate between measurements and numerous gold occurrences in the Red Lake area. Flexures in the structural fabric were classified as areas of structural complexity and extension zones that may be favourable for hosting gold mineralization.
In late 2019, the data analysis generated numerous zones of high prospectivity. Most of the generated targets were associated with noticeable magnetic and Lidar structures and tend to occur in a geological unit described as an 'intermediate to felsic volcanic breccia', as illustrated in Figure 2. The onset of winter conditions prevented mapping or sampling of the prospective areas, and only one target area was visited. The area is intensively brecciated, and contains dense quartz stockworks in surface outcrops that also show pervasive silica-sericite alteration (Figures 3 & 4).
Figure 1. Red Lake gold mining area property map showing Pacton's strategic location on the Madsen-Dixie structural corridor between Pure Gold's Madsen and Starratt Olsen deposits and Great Bear's significant new gold discoveries to the southeast.
Figure 2. Area covered by the Figure 1 inset, showing the western portion of Pacton's main Red Lake property located in the productive Madsen - Dixie structural corridor that includes Pure Gold's Madsen and Starratt Olsen mines to the NW (indicated) and Great Bear's Rimini and Hinge gold discoveries to the SE. White dashed lines show some of the extensive deep faults that define the Madsen-Dixie structural corridor more fully outlined in Figure 1. Initial 2020 drilling will be undertaken inside red ellipse. The area highlighted by a transparent orange background is underlain by intermediate and felsic vein-stockwork breccias. Coincident machine learning targets, based on magnetic, Lidar and mapping datasets, are shown in red, yellow and orange polygons and are considered priority drill targets.
Figure 3. Intense quartz vein stockwork in highly brecciated volcanic unit.
Figure 4. Felsic volcanic rock with pervasive silica-sericite alteration.
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., the 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
For more information, please contact 1-(855)-584-0258 or firstname.lastname@example.org.
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
View source version on accesswire.com: