Pacton Gold and Evolution Mining partner in Red Lake project
After raising $6.6 million this summer, Pacton Gold embarked on a promising joint venture project near Red Lake. Shortly after raising the money, Pacton and partner Evolution Mining began an expansion drill program at the Sidace JV Project, while Pacton continued field work at its separate Red Lake exploration project.
Pacton (39.5% interest) and JV partner, Evolution Mining (60.5% interest), approved the $2.44 million exploration program which included 11,500m of drilling, together with re-logging and re-sampling historic drill core and geophysics. (Drill results were not available by the time of publication).
Program Highlights
• 11,500m drill program will focus on expanding all three mineralized zones at the project, including: Main Discovery Zone (“MDZ”), Upper Duck Zone (“UDZ”) and the Anderson Zone
• Permitting for the approved program is already underway
• Re-logging, re-sampling and updated geological modelling already in progress
• Pacton plans to contribute $2.19 million to the proposed budget for the project. Evolution Mining plans to contribute $0.25 million for a total proposed budget of $2.44 million.
The Sidace property is located 28 km north east of Red Lake, at the northern extent of the Red Lake Greenstone belt. The project is an advanced gold project with three distinct zones of mineralization and more than 80,000 meters of drilling.
In addition to the Sidace program, Pacton also initiated a seismic survey at its Red Lake Gold project. The 2D seismic test survey has been designed and will be conducted by Pure Gold Mining Inc. in order to define extensions of mineralized structures to support exploration and resource expansion at its Madsen Mine, scheduled to commence production this year.
Madsen is adjacent to Pacton’s property, and the survey will include 13 km of seismic line data over Pacton’s claims. The resulting data will further define structural controls on the Red Lake Property, which are proximal to the Madsen project. Of note, the seismic lines on Pacton’s project closely overlap several high priority exploration areas identified using AI technology, and the data will enhance the targeting in those regions.
Survey Highlights
• 13 km of seismic line data over Pacton’s Red Lake property, targeting the extension of mineralized structures to support exploration at Pure Gold’s adjacent Madsen mine project.
• Greater definition of high priority, AI generated exploration targets.
• Line cutting associated with the survey will increase property access.
Dale Ginn, Executive Chairman for Pacton Gold, commented, “We are pleased to be working with our neighbours at Pure Gold as they near production at their Madsen gold mine. The timing of the Pure Gold survey is particularly useful for Pacton. We are entering the final stages of drill targeting at our adjacent Red Lake exploration project, and the survey data will be of significant value in prioritizing our targets.”
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