Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has further extended its footprint in the Red Lake District in Ontario, a name synonymous with Canadian gold mining.
In a statement, the Vancouver- based company revealed it had struck a deal to buy a property, consisting of 17 mineral claims, which will increase Pacton's land position to around 15,300 Ha (hectares).
Under the terms, Pacton will purchase 100% of the property by paying $15,000 and issuing 75,000 of its shares. The site is subject to a net smelter return (NSR) royalties of 2%, half of which Pacton has the option to buy back for $200,000.
Today's news comes after last month, the company revealed it was set to buy a further 1,760 hectares in the Red Lake District after it struck an acquisition deal with Frontline Gold Corporation (CVE:FGC) over a property.
Pacton's Red Lake claims lie between Pure Gold Mining's Madsen property, including the Wedge Zone, and Great Bear Resource's Dixie discovery.
A detailed helicopter magnetics survey is underway to identify structures that are proposed to have significant control on gold mineralization as observed in recent drilling results from the Dixie project.
Pacton is currently compiling historical data and formulating plans for exploration in 2019 to advance its project.
Pacton Gold Inc shares closed Wednesday at $0.24.
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