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Breaking News: Pacton Expands Exploration to Include its Friendly Creek Project in the Pilbara’s Egina Area

Sept. 24, 2018 — Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton”) announces that following the initiation of preliminary exploration on its Arrow tenements (News: Sept 4 and April 5, 2018), located adjacent to Novo Resources Corp’s (NVO: TSXV) Egina project, it is mobilizing a team to conduct an initial ground exploration plan on its Friendly Creek project (News: May 28, 2018), located adjacent to and south of Novo’s Egina block, and immediately northeast of Kairos’ recently discovered Croydon conglomerate gold play.  Pacton has five projects in this part of the Pilbara craton: three to the north along the Mallina trend; the Arrow block, a large 35 km long block adjacent to Novo’s western Egina boundary; and the Friendly Creek project, located adjacent to the southern boundary of the Novo block. Access to all Pacton tenements is good, being located between 40 to 100 km southwest of Port Hedland. The Egina is an active exploration gold area play within the Pilbara craton. (See Figure 1).

Figure 1

Exploration of Pacton’s Arrow project, located immediately west of the large Novo tenement block, has commenced and the initial stage will continue until December. Pacton has identified stratigraphic units within the Arrow project that are continuous, along strike, into two of Novo’s Egina gold hotspots. These will be investigated as soon as full access approvals are received. This is an exploration priority, validated by the most recent Novo Resources acquisition announcement (Novo: Sept 17, 2018) that notes: “Gold nuggets have been found in modern surface gravels over a vast area around Egina since the late 1800’s. Upon researching the distribution and nature of gold nuggets earlier this year, Novo has concluded these are largely derived from weathering and erosion of basal Fortescue conglomerates similar to those at Comet Well and Purdy’s Reward. This makes Egina particularly intriguing. Not only is there potential for the discovery of gold-bearing conglomerates, there is also very good potential for significant surface gold deposits occurring in modern lag gravels. Acquisition of the core tenements at Egina consolidates Novo’s position in this potentially very important gold district.”

Pacton’s Friendly Creek Project presents a crisply defined 11 km by 4 km target area that encompasses the historic Pilbara Well alluvial and elluvial gold discoveries that sparked gold rush activity in the Pilbara in 1888. Despite this long history and known gold endowment, the remoteness of the area, before modern infrastructure, prevented systematic exploration.

The historic goldfield sits in the Pilbara Well Greenstone Belt, consisting of basalts, ultramafics, and silicified sediments which have undergone deformation and metamorphism. This in turn, is overlain by cherts of the Cleaverville Formation. The greenstone belt has suffered late stage brittle deformation resulting in a series of north-east trending faults.

The historic gold occurrences along the 11 km by 4 km wide Friendly Creek system are described as elluvial nugget concentrations. Unlike alluvial concentrations (i.e. placer deposits concentrated in streams) elluvial deposits are concentrated in place by weathering of the host rocks, or soils. Elluvial concentrations can be effective pathfinders for underlying gold concentrations.

Modern exploration has focussed on two regional scale north-east trending shear zones in the area, the John Bull and Pilbara Well shear zones. John Bull strikes for 7 km, while the Pilbara Well Shear Zone is a length of 21 km, on the south-east margin of the Pilbara Well Greenstone Belt. Most of the historic workings are on these shears, except a third group, west of the John Bull Shear Zone, containing the Foochow, Hong Kong and Empress historic mines. Gold is found in quartz veins in north-east trending shear zones, or at the contact between the greenstone and Yule Granitoid Complex.

Initial exploration at Friendly Creek will consist of a re-examination of historic occurrences, prospecting, mapping of the gold bearing stratigraphy, and methodical sampling over prospective gold targets.

About Pacton Gold

Pacton Gold (TSXV: PAC, OTC: PACXF) is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia.  The Company recently raised approximately $5.5 million, currently controls the third largest conglomerate-hosted gold property portfolio totaling in excess of 2,500 km2, and continues to aggressively review additional accretive acquisitions.

The technical content of this news release has been reviewed and approved by Peter Caldbick, P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.

On Behalf of the Board of Pacton Gold Inc.

Alec Pismiris
Interim President and CEO

For more information, please contact 1-(855)-584-0258 or info@pactongold.com.

This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Pacton Gold receives Regulatory Approval to Purchase 100% of Arrow (Pilbara) Pty. Ltd.

 

Pacton Gold Inc. (PAC) PACXF, +9.65% (the “Company” or “Pacton”) is pleased to announce that the TSX Venture Exchange has accepted for filing a share purchase agreement dated August 20, 2018, between Pacton and Arrow Minerals Ltd. ()Arrow”), whereby Pacton will acquire the remaining 49% interest in Arrow (Pilbara) Pty Ltd. Consideration is $1 million cash and two million common shares.

Pacton’s news releases dated April 5 and August 22, 2018, describe the terms of the acquisition and provide a descriptive overview of the Arrow property assets. The August 22, 2018, news releases summarizes the highlights of the approved 100% acquisition of Arrow (Pilbara) Pty Ltd., including:

  • Securing 100% ownership of strategic land holdings totaling 609 km [2] ;
  • Located in central Pilbara Mallina Basin, containing large exposures of the Mount Roe Basalt formation;
  • Recent discovery of gold nuggets on property;
  • Seven conglomerate gold targets have been identified for exploration;
  • Gold anomalies identified along structures which host gold mineralization on adjacent properties;
  • Directly adjacent and proximal to key exploration properties controlled by Novo Resources Corp. (Egina project), De Grey Mining Ltd., and Kairos Minerals Ltd. (Croydon project).

About Pacton Gold

Pacton Gold (PAC) PACXF, +9.65% is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia. The Company recently raised approximately $5.5 million, currently controls the third largest conglomerate-hosted gold property portfolio totaling in excess of 2,500 km [2] , and continues to aggressively review additional accretive acquisitions.

On Behalf of the Board of Pacton Gold Inc.

Dominic Verdejo
Chairman

For more information, please contact 1-(855)-584-0258 or info@pactongold.com.

This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Pacton Gold Further Increases its Land Position in Western Australia Pilbara by Acquiring Rights to Gold-Bearing Conglomerate Portfolio

 

 

VANCOUVERAug. 27, 2018 /CNW/ – Pacton Gold Inc. (TSXV: PAC) (OTC: PACXF) (the “Company” or “Pacton“) is pleased to announce that it has entered into a binding letter of intent (“LOI“) to acquire the conglomerate gold rights from Calidus Resources Limited (ASX: CAI) (“Calidus“) over a portfolio of eight exploration licenses. The Gold Rights relate to material that overlies the basement rocks and that is formed of transported material. Specifically, this means the Fortescue Group conglomerates that overlie the Warrawoona Greenstone belt (“Conglomerate Gold“). The portfolio includes six granted exploration licenses and two exploration licenses under application for a total of 357.5 km2 (the “Property“).

Highlights of the Transaction:

  • Strategic portfolio of 6 granted exploration licenses and 2 exploration licenses under application (357.5 km2).
  • Rights to explore and mine for any Conglomerate Gold on the Property.
  • Directly adjacent to Haoma Mining’s Marble Bar tenements where numerous nuggets have been recovered from conglomerates at the Just in Time deposit (Haoma report for quarter ended September 30, 2017).
  • Calidus has recovered nuggets adjacent to a mapped conglomerate and has mapped various sulphidic conglomerates in the conglomerate gold rights area (Calidus 23 November 2017).
  • Conglomerate Gold rights are part of the tenement package that Calidus is exploring that currently hosts the expanding Warrawoona gold project (Figure 3 below). Warrawoona’s current global resource is estimated to be 10.5Mtonnes @ 2.11g/t Au for 712,000 ounces of gold. (See details below.) .
  • Calidus is embarking on a pre-feasibility study in the first half of 2019. If a standalone gold plant is built at Warrawoona, Pacton has a right to negotiate access on commercial terms following plant construction.

Securing the conglomerate gold rights over this significant portfolio of tenements from Calidus further consolidates Pacton’s position in the Pilbara region of Western Australia.” commented Alec Pismiris, Interim President and CEO of Pacton.

The Conglomerate Gold rights encompass eight tenements that cover all known Mt Roe basalt occurrences on Calidus’ tenements. In total, the tenements have 40 km of outcropping Mt Roe basalt that have seen limited exploration. Access is very easy with all outcrops being within a few kilometres of major roads, thereby allowing rapid access for Pacton.

The Marble Bar application lies along strike from Haoma Mining’s Just in Time prospect, where the discovery of numerous gold nuggets was announced in Haoma’s  September 30, 2017 quarterly report.

The Callidus Warrawoona project is an orogenic deposit which is currently being aggressively drilled. Warrawoona’s global resource is currently represented as 10.5M tonnes @ 2.11g/t Au for 712,000 ounces of gold. (Published by Calidus on December 17, 2017)

  • the Klondyke Prospect has a current 2012 JORC Code compliant Inferred Resource of 9.9M t at 2.06g/t Au for 654,000 ounces, and includes 532,000 ounces in the Indicated Category;
  • the Copenhagen Prospect has a current 2012 JORC Code compliant Inferred Resource of 180,000t @ 6.1g/t Au for 36,000 ounces;
  • the Fieldings Gully Prospect has a current 2012 JORC Code compliant Resource of 0.4Mt @ 1.65g/t Au for 22,000 ounces;

LOI Terms

Under the terms of the LOI, which will be formalized by a definitive agreement among the parties, the Company will pay a non-refundable payment of CDN$10,000 and issue to Calidus or its nominees 7,000,000 common shares. The LOI includes a right to deferred compensation whereby Calidus may receive up to 3,000,000 additional common shares of Pacton on the first anniversary of completion of the transaction based on the 30-day VWAP of Pacton’s shares on the date of such issuance.

This transaction is subject to the acceptance of the TSX Venture Exchange.

The Company also announces that Alfred Stewart has resigned as a director.

About Pacton Gold

Pacton Gold (TSXV: PAC) (OTC: PACXF) is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia.  The Company recently raised approximately $5.5 million, currently controls the third largest conglomerate-hosted gold property portfolio totaling in excess of 2,500 km2, and continues to aggressively review additional accretive acquisitions.

The technical content of this news release has been reviewed and approved by Peter Caldbick, P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.

On Behalf of the Board of Pacton Gold Inc.

Alec Pismiris
Interim President & CEO

 

This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company acquiring the Conglomerate Gold rights, the prospect of the Company achieving success in exploring the Property and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Pacton Gold Inc.

Figure 1: Pacton Regional Project Location Plan (CNW Group/Pacton Gold Inc.)

 

 

 

 

 


 

 

 

 

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