Vancouver's Pacton Gold has signed an option agreement to significantly boost its footprint at Red Lake.
The company is increasing its land position in the gold district by 2,700 hectares – bringing its total package in the camp to 23,110 hectares – by picking up 150 claims on what's known as the Gullrock Lake Property.
It's the latest in a series of acquisItions by Pacton this year in the northwestern Ontario mining and exploration camp.
According to the agreement, Pacton gets full possession of the property by paying $125,000 and issuing 750,000 common shares over the next four years to the optioner.
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Gullrock is next to a northern block of Pacton property that's located within the Red Lake Gold Trend, a five-kilometre-wide band that hosts multiple gold mines and produced more than 25 million ounces of gold.
Pacton is in the midst of a 10,000-metre drill program on the southwestern corner of its main Red Lake land package.
The company has identified drill targets on its Boyden and Carricona prospects and will test possible extensions of mineralization from neighbouring exploration properties within the Madsen-Dixie fault corridor.
In October, Pacton recovered high-grade gold samples cut by a rock saw at Boyden, including one sample of 101.3 grams per tonne (g/t) and 33.9 g/t, which is guiding its drilling strategy this fall.
