Pacton Completes Drill Programs at Red Lake Gold Projects; Outlines Upcoming Exploration Activity
Vancouver, British Columbia, April 14, 2021 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) is pleased to announce it has completed its winter drill programs at its Sidace and Red Lake gold projects in the Red Lake gold district in Ontario, Canada. Drill core samples from both programs have been submitted to the lab for analysis and assays are pending. The Company is now planning a comprehensive follow up exploration program for Q2/Q3, 2021.
- Sidace Gold Project (Pacton (39.5%)/Evolution (60.5%) Joint Venture)
- Drilling complete. All three winter drill program phases have been completed for a total of 11,575 m in 18 holes.
- Strong results from Phase 1. Assays from Phase 1 included high-grade and widespread mineralization with significant results presented in Table 1 (see Pacton news release dated January 19, 2021).
- More assays pending. Phase 2 and 3 drilling targeted the extension of Upper Duck and Anderson zones and encountered geology indicative of known mineralized zones. Assays are pending.
- Next steps and upcoming drilling. Following receipt of assays, Pacton will prioritize the next round of drill targets to be tested during the next phase of exploration. Pacton is partnered with Evolution Mining on the Sidace project and is the operator for the recently completed campaign.
- Red Lake Gold Project (100% Pacton-owned)
- Drilling complete. The winter drill campaign has been completed for a total of 8,919 m drilled in 24 holes.
- Assays pending. Final assays from the campaign are pending.
- Summer surface program. Pacton will begin an extensive summer surface exploration campaign, including approximately 8,000 soil samples, prospecting, till sampling, mapping and outcrop stripping. These initiatives will advance the project by enhancing targeting for existing prospects and generating additional drill targets for the next winter drill campaign. Surface crews will mobilize to the project in May 2021.
- Next steps. Following receipt of assays, Pacton will complete the evaluation of drill hole geology, together with results from upcoming summer surface program to refine drill targets for follow up drilling campaign anticipated to begin in Fall 2021.
Nav Dhaliwal, Interim President and CEO for Pacton, commented, “This continues to be a very active period for Pacton. We have just completed drilling and are awaiting assays from multiple holes in two programs at our projects in the Red Lake gold rush. We are also in the final stages of planning a robust surface exploration campaign to develop additional targets, and anticipate crews mobilizing next month. Once results from all programs have been received and analyzed, we expect to resume drilling in the Fall of this year.”
Dale Ginn, Executive Chairman for Pacton, commented, “We are very encouraged by the positive drill results at the Sidace project thus far, which confirm the presence of a large, mineralized gold system at the project. We are now conferring with joint venture partner, Evolution, to confirm final details for the next round of exploration at Sidace. At Pacton’s Red Lake property, we are continuing to vector in on priority targets at LP Extension, Madsen boundary and Gullrock targets and look forward to sharing details on progress and next steps as we advance.”
Table 1. Drill results from Main Zone Phase I drilling at the Sidace Project
|Hole ID||From (m)||To (m)||Length (m)||Au (g/t)||Metal Factor (g/t * m)|
Note: Reported intervals in this news release are downhole widths as true widths have not been determined.
Figure 1. Pacton Gold properties showing other major projects in Red Lake, ON.
Figure 2. Sidace joint venture project between Pacton Gold and Evolution Mining showing the locations of the Main Discovery, Upper Duck, and Anderson zones and drill hole locations from the recently completed program.
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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