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Pacton Gold starts drilling targets along the LP extension at Red Lake

The firm has exploration permits for 38 holes within this area. So far, it has drilled 3,000 m of its 10,000 m program

Pacton Gold Inc. -
Most of the generated targets have been associated with noticeable magnetic and Lidar structures and tend to occur in certain geology

Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) told investors it has kicked off drilling targets along the LP extension at its Red Lake gold project in Ontario. 

The firm has exploration permits for 38 holes within this area. Thus far, it has drilled 3,000 metres of its 10,000 m program. 

Last year, exploration at the firm's main Red Lake project comprised geological mapping, prospecting, aero magnetic and Lidar surveys and an initial reconnaissance drill program. 

READ: Pacton Gold continues to position itself for success at famous Red Lake gold district

Most of the generated targets have been associated with noticeable magnetic and Lidar structures and tend to occur in certain geology.

The onset of winter prevented mapping or sampling of prospective areas, and only one target area was visited.

Late last month, Pacton revealed it was set to become a joint venture partner in the Sidace Lake advanced gold property, which is contiguous to the firm's current claims in Red Lake and has seen over 81,00 metres of historic drilling.

The terms see it acquire all of TomaGold's 39.5% interest in the venture, which it holds with Evolution Mining Ltd (ASX:EVN) and Newmont Corporation.

Pacton will become the operator and plans to aggressively expand the mineralized zones at the project with exploration drilling.

Shares eased 4.76% to C$0.10 in Toronto.

Contact the author at [email protected]

Quick facts: Pacton Gold Inc.

Price: 0.085 CAD

TSX-V:PAC
Market: TSX-V
Market Cap: $19.42 m
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