Pacton Gold (TSXV: PAC; US-OTC: PACXF) is engaged in high-grade gold exploration in Ontario’s Red Lake district, where such targets abound. It is drilling 10,000 metres this year as a follow up to its 2019 field program.Image by Pacton Gold. Two years ago, a reconnaissance hole assayed 17.5 grams gold per tonne over 0.5 metre. Surface samples yielded 126.5 grams gold per tonne and 23.3 grams gold per tonne. Historical sampling and trenching uncovered 133 grams gold per tonne. The company’s Red Lake gold project is located between the former Madsen mine (now re-opened as Pure Gold by Pure Gold Mining (TSXV: PGM; US-OTC: LRTNF), Evolution Mining’s (ASX: EVN) Red Lake mine and the Dixie discovery of Great Bear Resources (TSXV: GBR; OTC: GTBAF). Pacton completed a drill program last winter at the Red Lake project, but results have been delayed severely by the impact of Covid-19 on the assay labs. The company says the next round of drilling will begin by the end of the year if it hasn’t already.More advanced is the Sidace Lake property, 28 km north of Red Lake. This is a joint-venture between Pacton (39.5% owner and the operator) and Evolution Mining (60.5%). Pacton acquired its share of the project in April 2020 from TomaGold (TSXV: LOT). Pacton is testing multiple targets with an 11,500-metre drill campaign as all zones are open along strike and at depth. Results from the first phase of drilling this year included 2.3 metres grading 9 grams gold per tonne; 30.9 metres grading 1.3 grams gold per tonne; 75.2 metres grading 1.3 grams gold per tonne, including 5.2 metres at 4.5 grams gold; 61.2 metres grading 1.5 grams gold per tonne, including 3 metres at 4.7 grams gold; and 1 metre at 10 grams gold per tonne.
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1.6¢ Sentiment: Buy Disclosure: Held
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