Pacton Gold announced that it has entered into an acquisition agreement to purchase additional mineral claims in the Red Lake District, Ontario.
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.
Source: Company Press Release