Vancouver’s Pacton Gold raised $6 million to continue drilling on its prospective high-grade gold Red Lake properties well into 2020.
The company arranged a private placement of flow-through shares to raise $3.5 million and a private placement of common shares to raise $2.5 million.
Pacton has one of the largest exploration property holdings in the Red Lake district at 23,000 hectares.
Their properties are wedged between Pure Gold’s Madsen Mine project, Great Bear Resources’ Dixie Project, and Newmont Goldcorp’s gold mine complex.
The company launched a 10,000-metre drill program in late October focusing initially on its Boyden prospect but has spread into three other “exploration hotspots” known as Carricona, LP Fault Extension and Shim. All four areas are located in the western third of the company’s properties.
Pacton also has multiple gold properties in the Pilbara region of northwestern Australia.