Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has unveiled positive exploration results from its Red Lake property in Ontario, which have shown multiple areas of interest.
A high resolution airborne magnetic survey was flown by Prospectair of Gatineau, Quebec, and initial results indicate multiple areas of interest, showing small-to-large scale folding and faulting.
Shares of Pacton were up 9% at C$0.19 on Thursday.
This type of geology has the potential to host high-grade gold mineralization as proven by mineralized zones elsewhere on Pacton's land package, as well as major gold deposits in the Red Lake district, the company said.
Pacton is now set to begin an initial field exploration program, which will include following up on historical sampling, gold showings, trenching and diamond drilling, along with the geophysical survey and soil sampling.
"The recent, significant exploration success near Pacton's Red Lake project was achieved by focusing on specific geological structures that include high-iron mafic rocks and D2 related folding and faulting. Our recent survey has successfully established the presence of all these components at our project and identified their locations. We are now in a position to commence targeted field exploration activity that will culminate in a drill program," said Dale Ginn, executive chairman at Pacton.
Pacton also said it had struck an option deal to acquire 100% ownership of additional mineral claims in the Red Lake District, Ontario.
Pacton's Red Lake claims lie between Pure Gold Mining's Madsen property, including the Wedge Zone, and Great Bear Resource's Dixie discovery.
The claims lie south of Great Bear Resource's Dixie project along the Pakwash fault. The company can earn a 100% interest by paying a total of $90,000 and issuing 250,000 shares over two years. The transaction is subject to the acceptance of the TSX Venture Exchange.
Contact Giles at [email protected]