Edgenation
5 years ago
NEWS!!!!!! First Numbers from samples!
Pacton Surface Sampling Returns up to 126.5 g/t Au From Selected Grab Samples at Red Lake Gold Project
V.PAC | 46 minutes ago
(via TheNewswire)
image: https://tnw-c.thenewswire.com/data/tnw/clients/logos/LPRFqYnA.png
Vancouver, British Columbia - TheNewswire - July 16, 2019 - Pacton Gold Inc. (TSXV:PAC) (OTC:PACXF) (the "Company" or "Pacton") is pleased to announce that initial surface sampling at the Red Lake Gold Project has returned high-grade values including 126.5 g/t Au and 23.3 g/t Au from the Boyden prospect. Sampling is still in progress and additional surface results will be reported as they are received.
Highlights
- High-grade surface targets. Initial sampling at the Boyden area has confirmed historic results with five samples returning values between 4.5 g/t and 126.5 g/t Au (Table 1).
- Enhanced Structural Data. Subsequent analysis of the high-resolution magnetics survey has improved the complex structure details of the property and highlights known gold-bearing trends that are present on Pacton's Red Lake property that have never been explored.
Initial Sampling Program, Boyden area
Initial access development and surface mapping at Red Lake is being carried out in the Carricona and Boyden sections of Pacton's main property (Figures 1 & 2). At Boyden, historic trenches in the area produced rock samples assays at 15.9 g/t Au, 133 g/t Au and 121.4 g/t Au from mineralized mafic and felsic volcanic rocks with faulted contacts (Pacton News May 30, 2019). Pacton's initial sampling program at the Boyden area has now confirmed the historic results with five samples returning values between 4.5 g/t and 126.5 g/t gold (Table 1).
Sample
Type
Prospect
Au (g/t)
Description
253011
Grab
Boyden
126.5
Smoky quartz vein with visible gold, chalcopyrite, molybdenite and galena
253012
Grab
Boyden
19.0
Smoky quartz vein with visible gold, molybdenite throughout vein with granitic inclusion
253013
Grab
Boyden
6.1
Mafic volcanic with biotite alteration, smoky quartz veining, specs of visible gold with pyrite, chalcopyrite, molybdenite and galena
253014
Grab
Boyden
4.5
Smoky quartz vein with spec of visible gold, chalcopyrite and pyrite in mafic volcanic
253015
Grab
Boyden
23.3
Dark grey smoky quarts with pyrite and molybdenite, epidote and biotite alteration
Table 1. Initial surface grab sampling results from the Red Lake Gold Project
The samples reported in Table 1 are surface grab samples collected from Pacton's Red Lake property. Grab samples are selective samples and may not be representative of mineralization on the property.
Helicopter Magnetic Survey Analysis and Drill Target Program
Gold deposits in the Red Lake area are classified as orogenic gold deposits and characterized by a strong association with very deep, crustal-scale fault structures, and their associated fracture zones. The gold deposits are also largely restricted to brittle-ductile transition zones in the host rocks.
Pacton's high-resolution helicopter magnetic data was stitched to lower resolution regional government magnetic data covering a 50 by 50 km area. This large area includes Pacton's claim groups, the prolific Red Lake mine trend located immediately north of Pacton's main claim group, and the Dixie Lake area; adjacent to and southeast of Pacton's claims, where Great Bear Resources (GBR: TSXV) recently discovered multiple high-grade gold zones (Figure 1).
image: https://www.thenewswire.com/data/tnw/clients/img/de63552e3afbc101c8604ec6288b13e3_.png
Click Image To View Full Size
Figure 1. Pacton Red Lake claims superimposed on derivative, regional magnetic maps; and high-resolution heli-mag first derivative data. Lithoprobe transect WS-2b (white & black line) is shown with two reference waypoints. Selected mines and selected gold occurrences (black teardrops) are indicated. The Carricona and Boyden areas indicate Pacton's current field activities. At lower right, the location of Great Bear Resources' recent discoveries are indicated, overlain on a magnetic derivative map published by Great Bear. A significant, 50 km multi-fault structural corridor is delimited by two white dashed lines. Riedel shear swarms, within and near the structural corridor, in the Carricona and Boyden areas, are clearly expressed by the magnetic fabric.
The combined high-resolution and regional aeromagnetic surveys outline distinct patterns of structural characteristics common to known gold occurrences, recent discoveries, and to past and current producing mines in the Red Lake area. This information, when combined with mapped and interpreted brittle-ductile contacts between mafic and felsic volcanic rocks, provides compelling drill targets on Pacton's Red Lake claims.
Analysis of the Pacton's helicopter magnetics data has so far identified two prominent structural domains. One, in the eastern and northern part of the Pacton claims, shows obvious structural correlations with mines and mineral occurrences in the adjacent Red Lake Mine trend that has produced over 25 million ounces of gold. The second domain is a large, crustal, multi-fault corridor that includes the Madsen mine area, the western portion of Pacton's claims and the recent Dixie Lake discoveries. The first domain is still being analyzed, the second is described below.
Structural Observations: The Madsen - Dixie Structural Corridor
The new Dixie Lake discoveries are described as being associated with brittle-ductile geological contacts located on a large NW-SE trending fault. The fault is one of several, deep, parallel fault structures, 1 to 2 km apart, for a total width of about 7 km, that extend from southeast of the Dixie Lake discoveries, and run in a generally northwest direction for at least 50 km; transecting the western part of Pacton's main Red Lake claim group, and beyond, to include several past producing mines, including the Madsen mine, a 2.4 million ounce gold producer (Figures 1 & 2).
image: https://www.thenewswire.com/data/tnw/clients/img/c547c0debadfb4180fe58a89cc290c0c_.png
Click Image To View Full Size
Figure 2. Expanded view of Boyden and Carricona areas of Pacton's main Red Lake claim group showing the prominence of the regional NW-SE structural corridor, the parallel faults, and the stress generated inter-fault Riedel swarm fractures, potential gold accommodation zones.
The faults are magnetically prominent, and easily identified with minimal image processing as they cross the western portion of Pacton's main claim group; underlain by east-west oriented units of brecciated, carbonatized and silicified volcaniclastic rocks.
image: https://www.thenewswire.com/data/tnw/clients/img/9e7477571c5e99bd8d008b93cd19ed3a_.png
Click Image To View Full Size
Figure 3. Lithoprobe deep seismic section showing Riedel flower structures on Pacton's Red Lake project. Illustration only, not to scale.
Differences in relative movement between the major NW trending faults have generated classic, inter-fault Riedel shear zones throughout the entire system, fracturing the general east-west fabric of the geology. As a result, significant areas of Pacton's main claim group contain numerous, dense Riedel shear swarms, which, in turn, have generated their own smaller scale Riedel systems. A deep-seismic Lithoprobe line transects the Pacton claims and confirms that Riedel "flower structures" persist to a depth of at least 6 km (Figures 1, 2 & 3).
Current Exploration Activities
A detailed mapping and prospecting program is underway at Pacton's Red Lake Gold Project, with a 10,000 meter drill program planned to commence in the late-summer. The initial program will concentrate on the exploration of Riedel shear associated and identified gold targets in the western part of the Red Lake project. Subsequently, drill targets will be developed along structures that are considered analogous to those that host gold deposits within the historic Red Lake Mine trend immediately north of Pacton's main claim group.
1.About Pacton Gold
3.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., Executive Chairman and a director of the Company and a Qualified Person pursuant to National Instrument 43-101.
6.On Behalf of the Board of Pacton Gold Inc.
8.R. Dale Ginn
9.Executive Chairman
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
12.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.
Copyright (c) 2019 TheNewswire - All rights reserved.
Read more at https://stockhouse.com/news/press-releases/2019/07/16/pacton-surface-sampling-returns-up-to-126-5-g-t-au-from-selected-grab-samples#dO3LEGYUtgFOMJvW.99
Edgenation
5 years ago
News! Found 1st Vein!
Pacton Identifies Vein Hosted Gold at Friendly Creek in Western Australia
V.PAC | 3 hours ago
(via TheNewswire)
image: https://tnw-c.thenewswire.com/data/tnw/clients/logos/LPRFqYnA.png
Vancouver, British Columbia - TheNewswire - July 12, 2019 - Pacton Gold Inc. (TSXV:PAC) (OTC:PACXF) (the "Company" or "Pacton") is pleased to announce that prospecting work at the Friendly Creek mining lease - one of Pacton's Egina area gold properties in Western Australia's Pilbara Craton, has identified primary quartz vein hosted visible gold mineralization. Numerous samples have been discovered and analysis suggests it is source gold from the underlying bedrock.
Highlights:
- Numerous samples of quartz hosted gold. Initial prospecting work has discovered gold at surface associated with quartz veining on granted Mining Lease M47/373, within Pacton's Friendly Creek tenement package.
- Source Gold at Surface. Gold specimens associated with quartz were liberated from veins within underlying bedrock, proximal to the source. The trend of gold mineralization at Friendly Creek is located along a parallel trend, defined by historic workings, which extend for greater than 4 km.
- Ongoing Exploration at Egina. Follow up work will include additional mapping and prospecting to identify underlying structures with potential to host shear-hosted gold mineralization. This will be followed by drill testing. Pacton also plans to conduct targeted, small scale surface sampling of marine terrace gravels on its Friendly Creek mining lease.
image: https://www.thenewswire.com/data/tnw/clients/img/2008cd25b2e62e2442b03702366cdc39_.png
Click Image To View Full Size
Figure 1. Numerous gold nuggets associated with quartz were discovered at surface at Friendly Creek indicating these were sourced from underlying bedrock.
image: https://www.thenewswire.com/data/tnw/clients/img/ee3d388198f24a639339e29a0ae79e49_.png
Click Image To View Full Size
Figure 2. Pacton Gold's Egina area properties showing the location of recent prospecting work at Friendly Creek and the location of Novo Resources recent bulk sampling of lag gravels.
Dale Ginn, Executive Chairman commented "The discovery of such visually impressive quartz vein hosted gold at surface represents a significant advancement at Pacton's Friendly Creek mining lease and speaks to the prolific potential of our Egina gold projects. A field reconnaissance program is now being planned and follow up exploration will include bulk sampling and drilling."
image: https://www.thenewswire.com/data/tnw/clients/img/1e1ef25ba56ab3c1376a81c8e42031b2_.png
Click Image To View Full Size
Figure 3. Pacton tenements in the Friendly Creek area showing the location of the discovery of gold nuggets associated with quartz from Mining Lease M47/373 and a gold trend with a strike length greater than 4 km.
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., 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
Executive Chairman
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
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.
Read more at https://stockhouse.com/news/press-releases/2019/07/12/pacton-identifies-vein-hosted-gold-at-friendly-creek-in-western-australia#mLwMyEKFWF4RWHh4.99
Edgenation
5 years ago
NEWS!!!!!
Vancouver, British Columbia, July 3, 2019 - Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the "Company" or "Pacton") is pleased to announce that, further to its news release of June 7, 2019, it has closed the final tranche of its financing. In total, the Company sold 35,400,000 common shares at a price of $0.10 per share and 166,667 common shares at a price of $0.12 per share for total gross proceeds of $3,560,000 and 16,590,847 flow-through common shares (the "FT Shares") at a price of $0.12 per FT Share for total gross proceeds of $1,990,901.
The gross proceeds from the issuance of the FT Shares will be used for Canadian Exploration Expenses and will qualify as "flow-through mining expenditures", as defined in subsection 127(9) of the Income Tax Act (Canada). The proceeds from the issuance of NFT Shares will be used for general working capital.
Dale Ginn, Executive Chairman of Pacton, commented, "We are pleased to have completed this final tranche of the financing. Pacton has a very strong portfolio of gold projects in Canada and Western Australia and has a comprehensive exploration program underway. We are particularly excited about the prospects for our Red Lake gold project and Pilbara gold projects and we look forward to sharing results as they come in."
For its efforts in finding certain placees, the Company paid a total of $111,048 in finders' fees and issued share purchase warrants to the finders authorizing the purchase of 205,500 common shares at a price of $0.15 per common share for a period of two years from the date of issue and share purchase warrants authorizing the purchase of 472,500 common shares at a price of $0.20 per common share for a period of one year from the date of issue.
All securities issued under the placements are subject to a four month hold period from the date of issue in accordance with applicable securities laws.
Certain directors and officers of the Company are participating in the private placement. Participation of insiders of the Company in the private placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101. Because the Company's shares trade only on the TSXV, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(b) of MI 61-101.
2.On Behalf of the Board of Pacton Gold Inc.
3.R. Dale Ginn
4.Executive Chairman
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Copyright (c) 2019 TheNewswire - All rights reserved.
TheNewsWire
July 3, 2019 - 12:50 PM PDT
Read more at https://stockhouse.com/news/press-releases/2019/07/03/pacton-gold-closes-additional-2-8-million-of-oversubscribed-private-placement#OlJ69IBCITiO2lQp.99
Edgenation
6 years ago
NEWS!!! Vancouver, British Columbia / TheNewswire / April 25, 2019 - Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the "Company" or "Pacton") is pleased to announce the completion of a high resolution airborne magnetic survey at Pacton's Red Lake property in Ontario. A total of 2,957 line kilometers at a 50 meter line spacing was flown by Prospectair of Gatineau, Quebec. Initial survey results indicate multiple areas of interest in the form of prominent linear structures containing small-to-large scale folding and faulting (Figure 1 and Figure 2). This type of geological structure has the potential to host high-grade gold mineralization as proven by mineralized zones elsewhere on Pacton's land package, as well as major gold deposits in the Red Lake district.
Next phase of exploration work: With the survey complete, the Company is set to begin an initial field exploration program. This will include following up on historical sampling, gold showings, trenching and diamond drilling, along with the geophysical survey and soil sampling. The follow-up ground program will assist with the identification of D2 structures, mafic contacts and folds as identified by the magnetic survey. The combination of mafic to felsic contacts on Pacton's main Red Lake property and on the adjoining Dixie Lake project to the southeast are obvious exploration priorities. (Figure 2). Drilling of multiple priority targets is anticipated to begin late summer.
Dale Ginn, Executive Chairman commented, "The recent, significant exploration success near Pacton's Red Lake project was achieved by focusing on specific geological structures that include high-iron mafic rocks and D2 related folding and faulting. Our recent survey has successfully established the presence of all these components at our project and identified their locations. We are now in a position to commence targeted field exploration activity that will culminate in a drill program."
Further survey details: The central-west area of the property, mapped as basalt, demonstrates numerous east-west D2 fault structures that appear to be axial planar to repetitive folding (see inset Figure 1and Figure 2). Historical trench and surface sample results from the Boyden Lake showings appear to lie along an east-west D2 fault that bisects folding to the west, within or near mapped basalt units. Limited geochemical data is available, however MNDM lake sediment sampling in the area plot as basalts, as well, geochemistry plots of the Confederation Assemblage units do exhibit the presence of high iron tholeiite basalt (see Figure 2). Within the Confederation units, Pacton will prioritize targets that exhibit the confluence of high iron basalts, D2 faulting through folding, and historical sampling and workings. Exploration within the Balmer units of Pacton's landholdings primarily concentrated on the northeastern quadrant bordering Newmont, will focus on similar settings having already been established by the nearby extensive gold production.
image: https://www.thenewswire.com/data/tnw/clients/img/59ab3e099e7ef6ef69b40dfb0ec5ef66_.png
Click Image To View Full Size
Figure 1. Pacton Gold's Red Lake Property with new magnetic survey. Inset over western half of property with intensely folded basalt units cut by D2 structures.
image: https://www.thenewswire.com/data/tnw/clients/img/e742f9fb7736fa30a2973340a831a8fb_.png
Click Image To View Full Size
Figure 2. Pacton Gold's Red Lake project with the high-resolution airborne magnetics survey and Great Bear Resources Dixie project magnetics survey.
The Company also announces that it has entered into an option agreement (the "Agreement") to acquire 100% ownership of additional mineral claims in the Red Lake District, Ontario (the "Property"). The claims are located south of Great Bear Resource's Dixie Project along the Pakwash Fault. The Company can earn a 100% interest in the Property by paying a total of $90,000 and issuing an aggregate of 250,000 common shares over a two year period. The transaction is subject to the acceptance of the TSX Venture Exchange.
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., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.
On Behalf of the Board of Pacton Gold Inc.
R. Dale Ginn
Executive Chairman
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
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.
Read more at https://stockhouse.com/news/press-releases/2019/04/25/pacton-gold-high-resolution-survey-identifies-multiple-areas-of-interest-in-red#achYSp18ECrlZFdf.99
Edgenation
6 years ago
Vancouver, British Columbia / TheNewswire / March 26, 2019 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton”) is pleased to announce that the initial field work program at the Tardarinna Gold Project in Pilbara, Western Australia, has commenced.
Exploration is focused on high-grade, at surface, visible gold mineralization in the unusual “Tardarinna” metagabbro that contains a mineralized shear zone along 1 km of known strike. Prior work generated sample grades up to 328 g/t Au, obtained from a trench dug to a depth of 10m and a width of 1m, estimated to contain 400 t grading 66.8 g/t Au. (Source: Government of Western Australia, Minedex Site Code: S0024887.) Prior work also reports eluvial gold showings downslope from the prominent, resistive gold-bearing, stockworked Tardarinna metagabbro.
Highlights:
- Large, high-grade identified gold target: Field work is focused on high-grade, shear hosted gold mineralization within a known 10-50 m wide shear zone extending for over 1 km.
- Surface gold mineralization: Previous sampling has reported grades of up to 328 g/t Au from surface with visible gold.
- Historical workings: Historical eluvial gold mining has occurred downslope of the prominent Tardarinna metagabbro.
- Increased target size potential: The entire Tardarinna tenement contains the structurally intense “nose” of a distinct southeast plunging syncline that is dramatically outlined by folded Tardarinna metagabbro, most of which has not been explored.
- Upcoming drill program: Mapping and rock chip sampling will be used to help define the extent of gold mineralization and to plan the initial drill program.
- Prospecting & Logistics Assessment: Johnathon Campbell is leading a prospecting campaign across Pacton’s West Pilbara tenements to assess the near surface nuggety gold potential and also conducting a logistics assessment across Boodalyerrie, Yandicoogina and Tardarinna.
Dale Ginn, Chairman for Pacton Gold, stated “The high-grade gold mineralization at Tardarinna represents a particularly compelling target, with previous surface sampling yielding results of up to 328 g/t. This initial sampling and geological mapping program will increase our understanding of the geology, as well as the number and size of additional targets at the project, and will assist our targeting process for drilling later this year. Our initial geological work will concentrate on the gold-bearing shear stockworks of the Tardarrina metagabbro, the fold axis of the anticline near the known gold occurrences, the unexplored north trending arm of the anticline, and the Mallina formation under the eluvium between the anticlinal metagabbro arms. The Mallina formation is reported to contain gold in a similar anticlinal setting at Croydon, 45km to the north
In addition, Johnathon Campbell, a highly-regarded Pilbara prospector, will carry out a prospecting program and logistics review across Tardarinna and our other West Pilbara tenements to accelerate exploration progress.”
Pacton has entered into a definitive agreement to acquire the Tardarinna Gold Project in Pilbara, Western Australia (see news release dated March 1, 2019). The Company will acquire a 100% interest in the Project by issuing 1,250,000 common shares on closing of the transaction, subject to the acceptance of the TSX Venture Exchange.
Tardarinna Project
The Tardarinna Project is located approximately 125 km southwest of Port Hedland, 10 km southwest of Croydon Outcamp and 50 km southeast of Whim Creek, Western Australia (Figure 1).
Pacton’s Tardarinna project is located in an area that once hosted an old Archean terrane that was completely obliterated by granodiorite and granite intrusions. This old basement was covered with sedimentary rocks of the Mallina formation of the De Grey Group, mapped as varying from 2.5 km to 10 km thick. Subsequently, a gabbro sheet-like intrusion up to 700 m thick was intruded along the bedding plane of the Mallina formation near its base. The entire area was then subjected to two significant structural events, resulting in the development of synclines made obvious by the distinctive dark metamorphosed Tardarrina gabbro, which remains over 500 m thick in most places. (Figures 2 & 3). The Tardarrina area was then completely covered by Mount Roe volcaniclastic rocks, subjected to two more minor folding events, and the emplacement of the regional Powereena dolerite dyke. Erosion subsequently exposed the Tardarrina metagabbro, leaving relatively flat-lying Mount Roe formation cover in the south and west portions of Figure 2.
The known gold mineralization in the area, apart from eluvial showings, occurs in the spectacularly folded Tardarinna metagabbro. (Figures 2 & 3). The Tardarinna metagabbro is resistant, and its strike controlled ridges dominate the local topography. The nose of a southeast plunging anticline occurs within the tenement boundary and presents an outstanding exploration target. The Tardarinna metagabbro contains a complicated, dense stockwork of sheared quartz and calcite veins, with many orientations showing obvious gold transportation into the system. The metagabbro is rich in textures, ranging from fine-grained to large grained pegmatitic texture. Gold mineralization consists of free gold, and gold associated with minor amounts of iron, copper, lead and nickel mineralization.
image: https://www.thenewswire.com/data/tnw/clients/img/3374d8dbe6d10a7d5ddbd681e9226213_.png
Click Image To View Full Size
Figure 1. Pacton Gold’s Australia property map showing the location of Tardarinna Project
image: https://www.thenewswire.com/data/tnw/clients/img/dd2ddd90e853cf407b745d03f4c7296a_.png
Click Image To View Full Size
Figure 2. Pacton’s Tardarinna Project (E 47/3745). Local geology showing multi-phase folding of metagabbro gold host rocks with spectacular large scale folding represented by alternating synclines and anticlines. The rocks between the fold arms, elluvial in nature at surface, are mapped as Mallina formation of the De Grey Group, and contain the injected Tardarinna metagabbro. The south and west portions of the area are overlain by the Mount Roe formation of basalt and volcaniclastic rocks. The Powereena dolerite dyke cuts all rocks and, except for erosion, represents the last geological event in the area.
image: https://www.thenewswire.com/data/tnw/clients/img/c396898f84f844567ea4e8092414a22d_.png
Click Image To View Full Size
Figure 3. Tardarrina Project. Sampling locations, geology and structure.
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., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.
On Behalf of the Board of Pacton Gold Inc.
R. Dale Ginn
Executive Chairman
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
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.
Copyright (c) 2019 TheNewswire - All rights reserved.
Read more at https://stockhouse.com/news/press-releases/2019/03/26/tardarinna-program-commences-targeting-high-grade-shear-hosted-gold-in-pilbara#sD37qhpzL1gmbZgz.99
Edgenation
6 years ago
Vancouver, British Columbia / TheNewswire / March 19, 2019 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton”) is pleased to announce that it has entered into an agreement with Larry Herbert to acquire 100% ownership of additional mineral claims in the Red Lake District, Ontario (the “Property”). The claims are located contiguous and to the northwest of Pacton’s current landholdings in the prolific Balmer Assemblage and increase the Company’s land package to 16,630 hectares (Figure 1). Pacton is in the process of planning a spring, 2019 exploration program in Red Lake, including drilling.
The Balmer Assemblage has been proven to host significant high-grade mineralization at Pure Gold’s Madsen mine and Goldcorp’s Red Lake and Campbell mines, historically producing over 20M oz. of gold combined. The new Property contains geology consistent with known areas of high-grade gold mineralization in the region, specifically the contact between Confederation and Balmer Assemblage rock units as well as folded mafic and ultramafic volcanics with mafic and felsic intrusives.
image: https://www.thenewswire.com/data/tnw/clients/img/a6e01fae740e911c20ddf71f54747dd9_.png
Click Image To View Full Size
Figure 1. Location map of showing Pacton’s Red Lake property and surrounding companies.
Dale Ginn, Executive Chairman of Pacton Gold explains “Pacton’s Red Lake land package now spans a large, underexplored area of the prolific Balmer Assemblage and Confederation Assemblage, as well as much of the contact between the two. We view this as a clear opportunity to capitalize on prospective ground that hosts geological structures of considerable interest. Our team has an aggressive exploration program planned for this spring, and we expect to commence drilling in May.”
The high-resolution helicopter magnetics survey has been flown and Pacton is awaiting a finalized report to begin preliminary targeting to aid the mapping and prospecting in spring 2019, with drilling to follow.
image: https://www.thenewswire.com/data/tnw/clients/img/2a3366a2d90b41ca3632e3dc645798d2_.png
Click Image To View Full Size
Figure 2. Location map of showing Pacton’s Red Lake property and regional geology.
Agreement Details
The Company can earn a 100% interest in the Property by completing a heli-mag survey on the Property and by issuing an aggregate of 325,000 common shares and paying a total of $100,000 over a period of two years. The Property is subject to net smelter return royalties of 2.5%, half of which can be purchased by the Company for $2,000,000.
The transaction is subject to the acceptance of the TSX Venture Exchange.
The Company also announces that Allan Folk has resigned as a director of the Company. The Company thanks Mr. Folk for his service and wishes him well in his future endeavours.
About Pacton Gold
Pacton Gold owns a portfolio of projects prospective for high-grade, shallow gold mineralization, in the district-scale Pilbara gold rush in Western Australia and the Red Lake District, Ontario. The Company has aligned with strategic partners and is focused on the exploration and development of its full portfolio.
The technical content of this news release has been reviewed and approved by Dale Ginn, P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.
On Behalf of the Board of Pacton Gold Inc.
R. Dale Ginn
Executive Chairman
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
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.
Read more at https://stockhouse.com/news/press-releases/2019/03/19/pacton-gold-expands-land-position-in-red-lake-ontario-plans-drill-program#6c2IsbVFwJRDCwLd.99
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Ask ADVFN Intelligence (AI)
steez
5 years ago
Hot Features
Premium
