logo-loader
viewPacton Gold Inc.

Pacton Gold increases its ground in Red Lake by 2,700 hectares with new acquisition

The acquisition increases the firm's ground by 2,700 hectares in the Red Lake district to 23,110 hectares

Pacton Gold Inc. -
Pacton can earn a 100% of Gullrock by paying a total of C$125,000 and issuing 750,000 of its shares over four years

Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) continues to expand its footprint in the prolific Red Lake area of Ontario -- as it struck a deal to acquire 150 mineral claims known as the Gullrock Lake property.

The acquisition increases the firm's ground by 2,700 hectares in the Red Lake district to 23,110 hectares. The new claims adjoin its existing northern block and are an eastern extension of the producing Red Lake Mine trend.

READ: Pacton Gold starts new 10,000 metre drill program in Red Lake

The latter is a five-kilometre wide band, which hosts multiple gold mines that have produced over 25 million ounces of gold.

Pacton can earn a 100% interest of Gullrock by paying a total of C$125,000 and issuing 750,000 of its shares over four years.

The optionor will retain net smelter return (NSR) royalties ranging from 0.25% to 2.25%, half of which can be bought by Pacton for a total amount of C$1 million, Pacton said in a statement.

Earlier this week, Pacton revealed drilling had begun on its Red Lake Gold project in a 10,000-meter program focusing on high-priority targets at the Boyden and Carricona prospects and possible extensions of known mineralization from adjacent projects within the Madsen-Dixie fault corridor.

Recent surface channel sampling at Boyden returned values including 101.3 grams per ton (g/t) gold and 33.9 g/t of the yellow metal.

Contact the author at [email protected]

Quick facts: Pacton Gold Inc.

Price: 1.38 CAD

TSX-V:PAC
Market: TSX-V
Market Cap: $45.57 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Pacton Gold Inc. named herein, including the promotion by the Company of Pacton Gold Inc. in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Pacton Gold announces 11,000 metre drill program for Sidace JV Project

Pacton Gold (CVE: PAC- OTC: PACXF) CEO Dale Ginn joined Steve Darling from Proactive to discuss the news the company is about to begin a new drill program at their joint venture project Sidace in Red Lake. Ginn discusses how big the program will be and where they are planning to drill. Ginn...

1 week, 2 days ago

2 min read