Pacton Commences 11,500 m Drill Program at Sidace Gold Project in Red Lake, Ontario
Vancouver, British Columbia, September 23, 2020 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) is pleased to announce that drilling has commenced at the Sidace project, located in Red Lake, Ontario. Phase I of the 11,500 meter drill program will continue through the winter and complete in the spring of 2021. Drilling will test extensions of the Main Discovery, Upper Duck and Anderson zones (Figures 1 and 2), with initial focus on the Main Discovery Zone. Sidace is an advanced gold project with three distinct zones of mineralization and more than 80,000 meters of historic drilling. Pacton is partnered with Evolution Mining on the Sidace project and is the current operator.
- Phase I Drilling. The initial phase of drilling will be focused on the Main Discovery Zone (MDZ), which has a tested strike length of 300 meters and depth of 400 meters. Drilling will target extension of the modelled mineralization along strike and at depth.
- Phase II Drilling. Phase II of drilling will focus on lateral western extension of the Upper Duck Zone (UDZ) and the MDZ. Mineralization in the UDZ is associated with silicified iron formation.
- Phase III Drilling. The final stage of drilling will target a northeast plunging mineralized trend at the Anderson Zone, which is characterized by mineralization in skarn and sheared ultramafics. It will also target mineralization to the east of the MDZ.
Dale Ginn, Executive Chairman for Pacton, commented, “Pacton is privileged to be one of the junior explorers to have an active joint venture drill program in the Red Lake district with Evolution, the region’s senior producer. Sidace is an advanced gold exploration project that has been idle since 2009 and represents a superb opportunity to increase shareholder value. The goal for phase I will be to expand the existing zones, in order to increase volume and grade of mineralization. We look forward to sharing results as they come in.”
Figure 1. Bedrock geology at the Sidace JV project showing the locations of the Main Discovery, Upper Duck, and Anderson zones, and proposed collar locations.
Figure 2. Bedrock geology at the Sidace JV project showing the locations of the Main Discovery, Upper Duck, and Anderson zones, where drilling will be focused in the upcoming drill campaign by Pacton.
Figure 3. Pacton’s Red Lake properties showing active mines and projects in the district.
About the Sidace Project
Sidace is a joint venture project between Pacton Gold (39.5%) and Evolution Mining (60.5%). The project is located 28 km north east of the town of Red Lake, at the northern extent of the Red Lake Greenstone belt (Figure 1). Sidace is an advanced gold project with three distinct zones of mineralization and more than 80,000 meters of historic drilling.
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.
About Evolution Mining
Evolution Mining is a leading, growth-focused global mid-tier gold miner. Evolution operates four wholly-owned mines in Australia - Cowal in New South Wales, Mungari in Western Australia and Mt Carlton and Mt Rawdon in Queensland. The Company also holds an economic interest in the Ernest Henry copper-gold mine in Queensland, Australia. In April 2020 Evolution acquired a 100% interest in the Red Lake gold mine in Ontario, Canada. In the 2021 Financial Year Evolution is guiding gold production of 670,000 – 730,000 ounces at an All-In Sustaining Cost of US$900 – US$940 per ounce.
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
For more information, please contact 1-(855)-584-0258 or [email protected].
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.
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