Pacton Gold launches exploration in Red Lake

Pacton Gold Inc. [PAC-TSXV; PACXF-OTC; 2Nk-FSE] said Thursday May 30 that field crews have mobilized for the 2019 exploration in Red Lake, northwestern Ontario, an area that has attracted renewed investor interest thanks to recent high grade gold discoveries by Great Bear Resources Ltd. [GBR-TSXV].

Pacton shares were active on the news, easing 4.17% or $0.005 to 11.5 cents on volume of 1.93 million. The shares trade in a 52-week range of 11.5 cents and 90 cents.

Back in February 2019, Pacton said it has struck a deal to purchase additional mineral claims in the Red Lake District. The property consisted of 17 mineral claims, and increased the company’s land position to approximately 15,000 hectares.

Pacton said its Red Lake claims are strategically located between Pure Gold Mining Inc.’s [PGM-TSXV] Madsen property, including the Wedge Zone, and the newly announced Bear Rimini Zone at Great Bear Resources’ Dixie Lake gold discovery.

The Red Lake area is an established mining district with more than 29 million ounces of high-grade gold production reported to date.

On Thursday, Pacton said initial activities, including prospect-scale mapping and sampling, will focus on two key areas: Carricona and Boyden. It said previous work on these high priority targets includes trenches, pits and surface sampling, and results as high as 15.9 g/t gold, 133 g/t gold and 121.4 g/t gold.

Pacton said field crews uncovered trenches at the Carricona prospect and have confirmed the presence of mineralized mafic and felsic volcanic rocks with faulted contacts.

Pacton said its Red Lake Project has similar host geology and gold controlling D2 structures that also characterize the high-grade discoveries at the Dixie Lake Project. A detailed helicopter magnetics survey recently got underway to identify D2 structures that are thought to have significant control on gold mineralization in the Confederation Assemblage as observed in recent drilling results from Great Bear’s Dixie Lake Project.

Pacton has also been compiling historical data and formulating plans for exploration work in 2019 to advance the project. It said initial work at Red Lake will form and important part of targeting for an upcoming 10,000-metre drill program.

Pacton said it has already commenced the permitting process and drilling is scheduled to begin in the late summer of 2019.

Aside from its Red Lake interests, Pacton recently became the third largest land holder in Australia’s Pilbara Gold Rush. The company also said it has significantly expanded its Gold-bearing Conglomerate portfolio.

As the third largest landholder in the Pilbara Craton, Pacton’s strategy is to aggressively explore the Pilbara for eluvial and orogenic gold deposits. The company has a strategic processing alliance with Artemis Resources Ltd.‘s [ARV-ASX] Radio Hill processing plant.