Pacton Accelerates Red Lake Drilling with 2nd Rig; Provides Exploration Update
Vancouver, British Columbia, December 3, 2020 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) is pleased to announce that a second drill rig has begun drilling at Pacton’s Red Lake gold projects in Ontario, Canada, where the Company is carrying out two, concurrent drill programs. The first drill rig is conducting an 11,500 m program at the advanced Sidace gold project in Red Lake (see Pacton news release dated September 23, 2020), and the Company is currently awaiting assay results for phase I. The second rig has commenced a 10,000 m drill program at Pacton’s greenfield exploration project in Red Lake, following up encouraging results from the 2019/20 reconnaissance drill program.
Red Lake Exploration Update: Key Points
Red Lake Project (10,000 m drill program)
- Exploration drilling is underway.
- Initial targets follow up on results from 2019/20 reconnaissance drilling, which include 17.2 g/t Au over 0.5 m (see Pacton news release dated June 24, 2020).
- The majority of geochemical assay results from the 2020 surface exploration program have been received.
- Preliminary data from the recent airborne VLF survey is now being analyzed. Final data from this geophysical survey is expected in early 2021.
- Additional drill targets are being refined pending completion of final geochemical and geophysical analysis.
Sidace JV Project (11,500 m drill program)
- Phase I drilling is ongoing.
- Drilling is targeting extension of the Main Discovery Zone along strike and at depth.
- Pacton is partnered with Evolution Mining on the Sidace project and is the current operator.
Pure Gold Seismic Survey
- Data processing is now underway for the seismic survey conducted at Pacton’s Red Lake project by Pure Gold Mining (PGM:TSX-V) during August, 2020. Final results are expected later this month.
- The survey was designed to define extensions of mineralized structures to support exploration and resource expansion at Pure Gold’s Madsen Mine (adjacent to Pacton’s property) and included 13 km of seismic line data over Pacton’s claims (see Pacton news release dated August 10, 2020).
Nav Dhaliwal, Interim President and CEO for Pacton, commented, “With two concurrent drill programs underway, Pacton’s exploration activities in the heart of Ontario’s Red Lake gold rush are gaining pace. We are currently awaiting drill results from the lab for our first round of drilling at the advanced Sidace gold exploration project. In addition, I’m pleased to confirm that the second drill rig has commenced work, following up on the gold mineralization and key structures that we encountered during our 2019/20 program. We look forward to sharing more information once received.”
Figure 1. Pacton’s Red Lake properties showing drill target areas, present and past producing mines and active projects in the district.
About Pacton Gold
Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high-grade gold properties located in the Red Lake gold rush in Ontario, Canada. The Company also owns a strategic portfolio of prospective projects in the district-scale Pilbara gold rush in Western Australia.
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.
Interim President and CEO
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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