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
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.
SOURCE Pacton Gold Inc.
For further information: 1-(855)-584-0258 or [email protected]