Pacton Receives Permit; Prepares for 11,500 m Drill Program at Sidace Project in Red Lake, Ontario

Rhea-AI Summary

Pacton Gold Inc. has received an exploration permit for an 11,500 meter drill program at its Sidace project in Red Lake, Ontario. This initiative aims to expand drilling at three mineralized zones: Main Discovery, Upper Duck, and Anderson. The Sidace project is a joint venture with Evolution Mining, where Pacton holds a 39.5% stake. With over 80,000 meters of historic drilling, the project showcases significant potential for gold exploration.

Positive

• Received exploration permit for 11,500 meter drill program at Sidace project.
• Focus on three mineralized zones: Main Discovery, Upper Duck, and Anderson.
• Joint venture with Evolution Mining, enhancing resource capabilities.
• Sidace project has over 80,000 meters of historic drilling data.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 17, 2020 / Pacton Gold Inc. (TSXV:PAC)(OTC PINK:PACXF)(FSE:2NKN) (the "Company" or "Pacton") is pleased to announce it has received its exploration permit for the 11,500 meter drill program at the Sidace project, located in Red Lake, Ontario. Pacton is the operator of the joint venture project and is preparing crews and equipment to mobilize to the project in the coming weeks. The drill program will focus on expansion drilling at all three mineralized zones at the Sidace project, including the Main Discovery, Upper Duck and Anderson zones.

Figure 1. Bedrock geology at the Sidace JV project showing the locations of the Main Discovery, Upper Duck, and Anderson zones, where drilling will be focused in the upcoming drill campaign by Pacton Gold.

About the Sidace Project

The Sidace is a joint venture project between Pacton Gold (39.5%) and Evolution Mining (60.5%). Sidace is located 28 km north east of the town of Red Lake, at the northern extent of the Red Lake Greenstone belt (Figure 1). The project is an advanced gold project with three distinct zones of mineralization and more than 80,000 meters of historic drilling.

About Pacton Gold

Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high-grade conglomerate and orogenic gold properties located in the district-scale Pilbara gold rush in Western Australia and the Red Lake District, Ontario.

About Evolution Mining

Evolution Mining is a leading, growth-focused global mid-tier gold miner. Evolution operates four wholly-owned mines in Australia - Cowal in New South Wales, Mungari in Western Australia and Mt Carlton and Mt Rawdon in Queensland. The Company also holds an economic interest in the Ernest Henry copper-gold mine in Queensland, Australia. In April 2020 Evolution acquired a 100% interest in the Red Lake gold mine in Ontario, Canada. In the 2021 Financial Year Evolution is guiding gold production of 670,000 - 730,000 ounces at an All-In Sustaining Cost of US$900 - US$940 per ounce.

The technical content of this news release has been reviewed and approved by Dale Ginn, P.Geo., Executive Chairman and a director of the Company and a Qualified Person pursuant to National Instrument 43-101.

On Behalf of the Board of Pacton Gold Inc.

R. Dale Ginn
Executive Chairman

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

This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. 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. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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

View source version on accesswire.com:
https://www.accesswire.com/606461/Pacton-Receives-Permit-Prepares-for-11500-m-Drill-Program-at-Sidace-Project-in-Red-Lake-Ontario

FAQ

What is the significance of the exploration permit received by Pacton Gold?

The exploration permit allows Pacton Gold to conduct an 11,500 meter drill program at the Sidace project, aiming to expand resource exploration.

What are the main areas of focus for the drilling program at the Sidace project?

The drilling program will focus on three mineralized zones: Main Discovery, Upper Duck, and Anderson.

What is Pacton Gold's stake in the Sidace project?

Pacton Gold holds a 39.5% stake in the Sidace project, which is a joint venture with Evolution Mining.

How much historic drilling data exists at the Sidace project?

The Sidace project has over 80,000 meters of historic drilling data, indicating significant exploration potential.

When is Pacton Gold planning to mobilize its crews and equipment for the drill program?

Pacton Gold is preparing to mobilize crews and equipment to the Sidace project in the coming weeks.