Pacton Gold has grown its holdings in the Red Lake gold district to more than 20,000 hectares.
The Vancouver exploration outfit acquired some additional claims, known as the Golden Loon and Pakwash properties, a combined 4,384 hectares. They were staked by a numbered company belonging to renowned area prospector Perry English.
The Golden Loon Property is next to Newmont Goldcorp’s Sidace Lake joint-venture project with Toma Gold. The Pakwash and Pakwash West properties touch Great Bear Resource’s claim package.
According to the terms of the deal, Pacton will pay $100,000 for each property and issue 200,000 common shares, if the transactions are approved by the TSX Venture Exchange.
Pacton’s Red Lake Gold Project claims are located in the middle of the district's hotbed of exploration activity, south of the community, between Pure Gold’s Madsen property, Wedge Zone, Great Bear Resource’s Dixie discovery, and Newmont Goldcorp’s Red Lake mines.
A helicopter magnetic survey conducted earlier this year identified some promising structural features in the eastern, northern and western portions of Pacton’s claims that could potentially host high-grade gold mineralization.
Pacton has a detailed mapping and prospecting program underway with a 10,000-metre drill program planned for later this summer.
“The Red Lake gold district in Ontario hosts some of the richest gold deposits in the world and, as evidenced by recent high-grade discoveries, the region remains a major exploration hotspot,” said Pacton chair Dale Ginn in a July 29 statement.
“We are encouraged by our recent early exploration activities on our main claim group at Red Lake, and we are very pleased at the opportunity to expand our land position in this key district.”
The company said initial ground reconnaissance on Packwash and Packwash West will be undertaken before winter. The Golden Loon property will be mapped and prospected in 2020.
Pacton also has a gold and uranium property near Timmins, a uranium prospect in Saskatchewan, with three other gold exploration projects on the go in the Pilbara area of Western Australia.