VANCOUVER, Feb. 14, 2019 /CNW/ - Pacton Gold Inc.
(TSXV: PAC, OTC: PACXF) (the "Company" or
"Pacton") is pleased to announce that it has entered into an
acquisition agreement to purchase additional mineral claims in the
Red Lake District, Ontario (the "Property"). The Property
is comprised of 17 mineral claims which will increase Pacton's land
position to approximately 15,300 Ha.
Pacton's Red Lake mineral
claims are strategically located between Pure Gold's Madsen property, including the Wedge Zone, and
Great Bear Resource's Dixie discovery. Pacton's Red Lake project has similar host-geology and
gold controlling D2 structures that also characterize the
high-grade discoveries at the Dixie Project. A detailed helicopter
magnetics survey is underway to identify D2 structures that are
proposed to have significant control on gold mineralization in the
Confederation Assemblage as observed in recent drilling results
from Great Bear Resources Dixie Project.
Pacton Gold is currently compiling historical data and
formulating plans for exploration work in 2019 to advance the
project.
Under the terms of the agreement, Pacton will purchase 100% of
the Property by paying $15,000 and
issuing 75,000 common shares. The Property is subject to a net
smelter return royalties of 2%, half of which the Company has the
option to buy back for $200,000.
The transaction is subject to the acceptance of the TSX Venture
Exchange.
About Pacton Gold
Pacton Gold is a Canadian exploration company with key strategic
partners focused on the exploration and development of high grade
conglomerate and orogenic gold properties located in the
district-scale Pilbara gold rush in Western Australia and the Red Lake District, Ontario.
The technical content of this news release has been reviewed and
approved by Peter Caldbick, P.Geo.,
a director of the Company and a Qualified Person pursuant to
National Instrument 43-101.
On Behalf of the Board of Pacton Gold Inc.
R. Dale Ginn
Executive Chairman
This news release may contain or refer to forward-looking
information based on current expectations, including, but not
limited to the Company achieving success in exploring its
properties and the impact on the Company of these events, including
the effect on its share price. Forward-looking information is
subject to significant risks and uncertainties, as actual results
may differ materially from forecasted results. Forward-looking
information is provided as of the date hereof and we assume no
responsibility to update or revise such information to reflect new
events or circumstances. References to other issuers with nearby
projects is for information purposes only and there are no
assurances the Company will achieve similar results.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor
their Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pacton-gold-strengthens-land-position-in-red-lake-ontario-300795766.html
SOURCE Pacton Gold Inc.