VANCOUVER, Nov. 6, 2018 /CNW/ - Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the "Company" or "Pacton") is pleased to announce closing of the Golden Palms property (E 47/3810) acquisition agreement. (Pacton News: Oct 19, 2018).
The Golden Palms project is strategically significant in that it extends Pacton's adjacent Friendly Creek and Hong Kong tenements northward and westward to join Novo Resources Corp.'s Egina project. (Pacton News: Sept 21, 2018). (Figure 1).
Under the terms of the Golden Palms agreement, Pacton will purchase 100% of the property by paying a total of $100,000 and issuing 400,000 common shares on completion of the transaction.
The Company also announces that it has entered into an option agreement to purchase 12 mineral claims located in the Red Lake Mining Division, Ontario (the "Red Lake Property"), for aggregate consideration of $110,000 and 250,000 common shares to be paid and issued over two years. The claims are subject to net smelter returns royalties ranging from 0.25% to 2.25%, half of which can be purchased by the Company for $250,000. The 12 newly acquired mineral claims are strategically located between Pure Gold's Madsen and Wedge zone ground and Great Bear Resource's Dixie discovery. In late September 2018, Great Bear Resources reported a drill intersection of 18.23 g/t Au over a drill width of 10.35 meters in what was described as "crack-seal" style veining typical of the Red Lake district (see Great Bear Resources press release dated September 27, 2018). Pacton has now consolidated this strategic land position with the acquisition of these claims within a fertile gold bearing district (Figure 2).
Both the Golden Palms agreement and Red Lake Property agreement are subject to the acceptance of the TSX Venture Exchange. The Company will be seeking such acceptance forthwith.
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.
About Pacton Gold
Pacton Gold is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia.
On Behalf of the Board of Pacton Gold Inc.
Interim President & CEO
This news release contains or refers to forward-looking information based on current expectations, including, but not limited to the Company completion of the proposed transaction described herein, the prospect of 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.
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.
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