Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) offered an update Tuesday on its Red Lake gold project in Ontario and announced the addition of a new target area to its 10,000-metre drill program.
The program now includes four exploration hotspots — Boyden, Carricona, LP Fault Extension and Shim — which are all located within the Madsen-Dixie fault corridor.
The company selected the Boyden prospect as its first drill target area based on the results of initial exploration activity and historical data. Channel sampling at the prospect returned values including 101.3 grams per ton of gold (g/t Au) and 33.9 g/t Au.
Pacton geologists have previously collected surface grab samples returning values including 19 g/t Au, 23.3 g/t Au and 126.5 g/t Au, and historic sampling in the prospect area also includes 6 g/t of gold and 147.4 g/t Au.
The Carricona prospect, located east of Pure Gold Inc's (CVE:PGM) high-grade Madsen project, has seen historic sampling including 8.7 g/t Au, 15.9 g/t Au and 37.3 g/t Au, according to Pacton.
Elsewhere, magnetic and Lidar surveys undertaken by Pacton indicate that the LP Fault Extension expands across Pacton ground towards Madsen. The fault is near to or consists of mafic and felsic rock unit contacts and displays folding and dilation consistent with the geological model for the recent gold discoveries at Great Bear Resources's (CVE:GBR) Dixie project, the company said.
At the Shim prospect, Pacton plans to drill at locations near its northern property boundaries looking for Madsen-style mineralization.
Shares of Pacton climbed 5.2% to C$0.10 in Toronto on Tuesday and 4.9% to US$0.08 in New York.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel