Pacton Files Technical Report for High-Grade, District-Scale Copper Project in Labrador, Canada

Rhea-AI Summary

Pacton Gold Inc. has filed a technical report for the Adeline Copper Project in Newfoundland and Labrador. The report, prepared by independent qualified geologists, supports the company's acquisition of the project, contingent on TSX Venture Exchange approval and a pending $2.5 million financing.

This acquisition aims to enhance Pacton's strategic position in high-grade mineral resource exploration, aligning with its focus on developing significant projects in Canada and Australia.

Positive

• Filing of an independent technical report supports the acquisition of the high-grade Adeline copper project.
• Acquisition aligns with Pacton's strategy to explore and develop high-grade mineral resource properties.
• Technical report prepared by qualified independent geologists adds credibility.

Negative

• Completion of the acquisition is subject to TSX Venture Exchange acceptance and regulatory approval.
• Potential risks and uncertainties associated with forward-looking information regarding the acquisition.

VANCOUVER, BC / ACCESSWIRE / December 6, 2022 / Pacton Gold Inc. (TSXV:PAC)(OTC PINK:PACXF)(FSE:2NKN) ("Pacton" or the "Company") is pleased to announce that it has filed an independent technical report titled "NI 43-101 Technical Report on the Adeline Copper Project, Newfoundland and Labrador, Canada" dated November 10, 2022 and with an effective date of October 21, 2022 (the "Technical Report") in accordance with the policies of the TSX Venture Exchange in respect of the acquisition of the district-sale Adeline copper project in Labrador, Canada (see the Company's news releases dated October 19, 2022 and November 16, 2022) (the "Acquisition").

The Technical Report was prepared by Paul Ténière, M.Sc., P. Geo. and Michael Cullen, M.Sc., P. Geo. of Mercator Geological Services Limited, each of whom is an independent qualified person as defined under National Instrument 43-101. A copy of the Technical Report may be obtained under the Company's profile at www.sedar.com.

Completion of the Acquisition is subject to a number of conditions, including but not limited to TSX Venture Exchange acceptance and completion of the Company's previously announced $2.5 million financing (see the Company's news release dated November 25, 2022).

About Pacton Gold

Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high-grade mineral resource properties in Ontario, Canada. The Company also owns a strategic portfolio of prospective projects in Western Australia.

The technical content of this news release has been reviewed and approved by Dale Ginn, P.Geo., Executive Chairman and a director, and Karly Oliver, P.Geo., Vice President Exploration and a director of the Company, who are both Qualified Persons pursuant to National Instrument 43-101.

On Behalf of the Board of Pacton Gold Inc.

Nav Dhaliwal
Interim President and CEO

For more information, please contact 1-(855)-584-0258 or info@pactongold.com.

Pacton has entered into a purchase agreement date October 18, 2022 with Chesterfield Resources PLC and its wholly owned subsidiary Chesterfield (Canada) Inc. pursuant to which Pacton has agreed to acquire a 100% interest in the high grade Adeline copper project in Labrador, Canada (the "Acquisition"), and is in the process of seeking regulatory approval of such Acquisition. This news release contains forward-looking information based on current expectations, including, but not limited to the status of the Acquisition and the anticipated benefits thereof. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. There is a risk that the transaction will not be accepted or that the terms of the transaction may change substantially prior to acceptance and a trading halt may be imposed should this occur. 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 nor its 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.

View source version on accesswire.com:
https://www.accesswire.com/730430/Pacton-Files-Technical-Report-for-High-Grade-District-Scale-Copper-Project-in-Labrador-Canada

FAQ

What is the significance of Pacton Gold's technical report filed on December 6, 2022?

The report supports the acquisition of the Adeline Copper Project, ensuring compliance with regulatory standards.

What are the conditions for completing Pacton Gold's acquisition of the Adeline Project?

Completion is subject to TSX Venture Exchange approval and the completion of a $2.5 million financing.

Who prepared the technical report for the Adeline Copper Project?

The report was prepared by independent geologists Paul Ténier and Michael Cullen.

How does the Adeline Copper Project fit into Pacton Gold's strategy?

It enhances Pacton's exploration and development of high-grade mineral resources in Canada.

What risks are associated with the acquisition of the Adeline Copper Project?

There are risks related to TSX Venture Exchange acceptance and uncertainties linked to forward-looking information.