Pacton Gold Inc (CVE:PAC) (OTCPINK:PACXF) has announced plans Thursday to begin a new expansion drill program at the Sidace joint venture (JV) gold project in Red Lake, Ontario.
Pacton and its JV partner, Evolution Mining, have approved a C$2.44 million exploration program that includes 11,500 meters of drilling, along with re-logging and re-sampling historic drill core and geophysics.
Pacton plans to contribute $2.19 million, and Evolution Mining is expected to put in the remaining $250,000, the company said. Pacton will run the program in October, which will focus on expanding all three mineralized zones: the Main Discovery Zone, Upper Duck Zone and the Anderson Zone.
Sidace is considered an advanced gold project with more than 80,000 meters of drilling. Re-logging, re-sampling and updated geological modelling already in progress, the company said.
Pacton also said it plans to continue work at its own separate Red Lake exploration project. Overall, Pacton owns a 39.5% interest in the Red Lake JV, and Evolution Mining owns a 60.5% interest.
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