Pacton Gold (PAC.V) is gearing up for its 2019 exploration season by outlining its exploration plans for the year. The main focus of the company will still be on Australia’s Pilbara region where Pacton will be chasing nugget-hosting conglomerates and Pacton plans to work on every tenement it owns in the area.
Rather than repeating everything Pacton Gold said, you should re-read the Australian exploration update on its website as it provides an excellent overview of the tenements and its exploration plans.
Although Pacton is best known for its conglomerate focus, the company has recently picked up more land in the Red Lake district in Ontario, where it purchased an additional 1,760 hectares of land from Frontline Gold (FGC.V). The new tenements are directly adjacent to the company’s existing land package right in between Pure Gold Mining’s (PGM.TO) Madsen project and Great Bear Resources’ (GBR.V) Dixie project where it recently found ultra high-grade gold mineralization.
Pacton Gold has issued 192,310 shares to purchase the additional claims which are subject to a 2.25% Net Smelter Royalty (of which a part could be repurchased for a C$250,000 cash payment). Pacton has immediately commenced a hi-res heliborne magnetic survey over its land claims to determine the first drill targets on the property. Pacton hopes the survey will identify the D2 fold structures that seem to control the gold mineralization in the Red Lake district. Pacton’s press release contains an image with its interpretation of the D2 structures, and it looks like the company expects to encounter several D2 structures on its land package. Time will tell, but we think it’s a good thing Pacton is trying to not just focus on Australian conglomerates.