Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) is buoyed by promising results from its current exploration program at the company’s Red Lake gold project.
Recent sampling at the project in Red Lake, Ontario returned high-grade gold results including 126.5 grams per ton (g/t) gold and 23.3 g/t gold from the Boyden prospect on the property.
Shares of Pacton were boosted 6.5% on Tuesday morning following the news, reaching C$0.17 in morning trading.
In a release, Pacton said that analysis of a high-resolution magnetics survey had improved the structure details of the property, highlighting known gold-bearing trends that have never been explored.
Previous sampling work carried out in May on historic trenches at Boyden produced rock samples assays at 15.9 g/t gold, 133 g/t gold and 121.4 g/t gold from mineralized volcanic rocks. Currently, Pacton’s sampling program has confirmed results ranging from between 4.5 g/t and 126.5 g/t gold.
The junior explorer told investors that aeromagnetic surveys have identified two prominent structural domains that corelate with mines and mineral occurrences near the massive Red Lake mine trend, which has produced over 25 million ounces of gold.
(Photo: a detailed magnetic map of Pacton's Red Lake claims)
Pacton is in the midst of a detailed mapping and prospecting program at the Red Lake gold project, with a 10,000 metre drill program planned for late summer 2019. Drilling is focused on the Riedel shear in the western part of the Red Lake project. 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.
Last week, the junior company reported that initial sampling has discovered gold at surface at the Egina gold project in Pilbara, Western Australia.
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