logo-loader
viewPacton Gold Inc.

Pacton Gold gets the go-ahead from Ontario to begin drilling in prolific Red Lake gold camp

The junior company is planning a 10,000 metre drilling program to commence in the fall of 2019

gold nuggets
Pacton will conduct diamond drilling and outcrop cleaning at its Red Lake assets

Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) is poised to begin drilling in Red Lake after the junior explorer received its permit from the Ontario regulators this week.

The Vancouver-based company announced Wednesday that the Ontario Ministry of Northern Development and Mines granted its exploration drilling permit, allowing Pacton to conduct diamond drilling and outcrop cleaning.

Pacton's shares gained 4.4% in Wednesday morning trading at C$0.24.

READ: Pacton Gold preparing for drill program at Red Lake properties with new survey data

The company told shareholders that it is planning a 10,000 metre drilling program to commence in the fall of 2019.

The junior explorer’s assets in the famous Red Lake gold camp are situated between Pure Gold Mining’s Madsen project and Great Bear Mining’s Dixie property, both high-grade deposits.

The new permit covers the Boyden and Carricona areas near the Madsen-Dixie fault, where Pacton recently revealed surface sample results of up to 126.5 grams per ton gold.

Sampling activities have uncovered multiple drill targets, Pacton said in a release. Surface mapping is also underway in Red Lake to advance existing high-grade targets.

Pacton’s chairman Dale Ginn told investors that the company was ahead of schedule thanks to the speed of the permitting application.

“Receipt of our first drill permit ahead of schedule is a positive step and we look forward to operating the first comprehensive drill program in many years over the Boyden and Carricona prospects,” Ginn said.

The company is also engaging with local First Nations groups and communities surrounding the Red Lake area as it advances its projects.

--Updated with share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Pacton Gold Inc.

Price: 0.135 CAD

TSX-V:PAC
Market: TSX-V
Market Cap: $24.35 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Pacton Gold Inc. named herein, including the promotion by the Company of Pacton Gold Inc. in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Pacton Gold reports new high grade gold from channel samples...

Pacton Gold (CVE:PAB-OTC: PACXF) Executive Chairman Dale Ginn joined Steve Darling from Proactive on Skype with news Pacton has encountered multiple new high-grade gold samples during their work program involving outcrop stripping, detailed mapping and channel sampling. Ginn telling Proactive...

on 10/24/2019

2 min read