Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has wasted no time on the ground in Western Australia and revealed that initial sampling has discovered gold at surface at the Egina gold project in Pilbara.
In a statement Friday, the Vancouver-headquartered firm said that prospecting at the Friendly Creek mining lease had identified quartz vein hosted visible gold mineralization.
On Wednesday, the firm said it had started exploration at its Canada and Western Australia properties after closing an oversubscribed placing, which raised over C$5.5 million.
At Friendly Creek, gold specimens associated with quartz were liberated from veins within underlying bedrock, near the source, Pacton said.
"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," it added.
"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," said Dale Ginn, executive chairman at Pacton.
"A field reconnaissance program is now being planned and follow up exploration will include bulk sampling and drilling."
Elsewhere in Pilbara
Elsewhere in Pilbara, at Pacton's Boodalyerrie and Yandicoogina gold projects, airborne geophysical data is being processed and crews will shortly be arriving for mapping and sampling.
At its Red Lake gold project in Ontario, a 10,000 meter drill program is being prepared for late summer, while surface crews are on the ground, conducting a surface mapping and sampling program. The results will be used to help with drill targeting.
Pacton's Red Lake claims lie between Pure Gold Mining's Madsen property, including the Wedge Zone, and Great Bear Resource's Dixie discovery, where recent drill results reported 190.8 g/t gold over 5.9 metres, including 1,600 g/t gold over a drill width of 0.7 metres.
Shares were unchanged in Toronto at $0.16.
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