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Red Lake's newest land baron gains more ground

Pacton Gold expands foothold with another acquisition in prolific camp
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Red Lake mine trend
Red Lake mine trend

Vancouver's Pacton Gold keeps adding ground in the Red Lake gold camp.

In a Feb. 26 news release, the company announced it's picked up more property through an agreement with Frontline Gold to acquire additional mineral claims to the north of Pacton's current landholdings, located south of the community of Red Lake.

These claims butt up against Goldcorp property and comes within three kilometres of its new No. 3 production shaft.

The company has been on a property acquisition binge in recent months in growing out its holdings to more than 15,700 hectares.

This newest property has been drilled off before with SkyHarbour Resources recording a gold intersection of 24 grams per tonne over a 1.0 metre length in 2003.

Pacton's claims are located between two up-and-coming prospects in the Red Lake district with Pure Gold's relaunch of the Madsen Mine to the west and Great Bear Resources'  Dixie discovery to the south.

The company's enlarged holdings overlap the gold-rich Balmer Assemblage, which has historically produced more than 20 million ounces of gold, including at Goldcorp's Red Lake and Campbell Mines.

The company is conducting an airborne magnetics survey over the property to identify drill targets while its geologists are compiling historical exploration data to formulate plans to go into the field this year.

The deal from Frontline involves an issuance of 350,000 common shares and paying $100,000 over the next two years.

Pacton also has three gold projects in the Pilbara area in Western Australia.




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