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Pacton Gold Inc. (PACXF) has announced the commencement of drilling operations with a second rig at its Red Lake gold projects in Ontario. The first rig is engaged in an 11,500 m drill program at the Sidace gold project, with assay results pending from phase I. The second rig is undertaking a 10,000 m program at a greenfield exploration project. Key highlights include follow-up drilling on promising results from 2019, along with ongoing seismic surveys and collaborative efforts with Evolution Mining. The company aims to enhance exploration in the Red Lake area.
Pacton Gold Inc. (OTC PINK:PACXF) has entered into a binding agreement to sell 75% of its Arrow, Yandicoogina, and Boodalyerrie gold properties in Western Australia to Pilbara Gold Corp Ltd. The deal will provide Pacton with CDN$500,000 upfront and shares valued at approximately CDN$2.6 million, with an additional CDN$500,000 payment due after one year. The company retains a 25% carried interest in the properties and will pursue development opportunities through this joint venture, while focusing on its Red Lake projects.
Pacton Gold Inc. has initiated a 11,500-meter drilling program at its Sidace project in Red Lake, Ontario, focusing initially on the Main Discovery Zone. The program, spanning three phases, aims to explore the extensions of three mineralized zones. Phase I will concentrate on the Main Discovery, with subsequent phases targeting additional mineralization zones. The project is a joint venture with Evolution Mining, who holds a 60.5% interest. Dale Ginn, Executive Chairman, highlighted the potential for increasing shareholder value through this exploration effort.
Pacton Gold Inc. has received an exploration permit for an 11,500 meter drill program at its Sidace project in Red Lake, Ontario. This initiative aims to expand drilling at three mineralized zones: Main Discovery, Upper Duck, and Anderson. The Sidace project is a joint venture with Evolution Mining, where Pacton holds a 39.5% stake. With over 80,000 meters of historic drilling, the project showcases significant potential for gold exploration.
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