VANCOUVER, Jan. 24, 2019 /PRNewswire/ - Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the "Company" or "Pacton") is pleased to announce that it has finalized initial 2019 exploration plans for three of its Pilbara orogenic and conglomerate gold projects in Western Australia.
- Boodalyerrie multiple km of high grade vein and stockwork systems.
- Egina high grade bedrock gold + sampling extensive overlying alluvial gravels.
- Nullagine (Beaton's Creek) area Hardey formation conglomerate and fracture sampling.
Geological data and target inventories are being compiled for Pacton's projects in Western Australia's Pilbara craton. (Figure 1). Numerous targets types have been identified, most with surface gold occurrences, including Paleoarchean and Mesoarchean orogenic shear hosted occurrences and intrusion related environments. Most of tenements also contain the unconformably overlying, horizontal Fortescue Group gold-bearing Mount Roe and Hardey conglomerates. Pacton is currently planning the remainder of its 2019 exploration program, which shall include field work on all of its Pilbara tenements.
Boodalyerrie, Pacton's most easterly Pilbara tenement, (Figure 1), hosts a prominent swarm of up to 10 m thick gold-bearing veins and stockworks hosted in a granitic tonalite host rock. Superficial reconnaissance prospecting and surface sampling conducted in 2013 returned encouraging grades. Pacton has prioritized exploration of the Boodalyerrie based on image analysis, including satellite hyperspectral data, which indicates large areas of alteration between the most massive quartz veins. This is interpreted as representing a stockwork of smaller, nested vein systems that present excellent, large, pervasive gold-bearing targets.
The Boodalyerrie tenement also contains over 20 km of strike length along the contact of Fortescue Group rocks that unconformably overlie the tonalite pluton. The Fortescue Group Mount Roe formation and the directly overlying Kylena basalt are present. Geological relationships indicate that the emplacement of the quartz veins precedes the deposition of the Mount Roe formation. Consequently, the vein system is interpreted to extend under the Mount Roe formation.
The initial 2019 Boodalyerrie exploration program will include detailed sampling over the entire tonalite pluton, with emphasis on the large alteration patches. Preliminary planning for a targeted drill program is underway for currently identified targets and will include expansion for additional targets identified by the sampling program.
Egina Projects (Friendly Creek, Golden Palms, Hong Kong and Arrow South tenements)
Pacton's Egina properties, (Figure 3), are contiguous with Novo Resources Corp.'s extensive Egina tenements which contain gold-bearing lag gravels that overlie Mesoarchean age orogenic gold occurrences, and locally, formations of the basal Fortescue Group. To the southeast of the Novo tenements, Pacton's Friendly Creek, Hong Kong and Golden Palms tenements contain gold showings, including gold nuggets, in areas of Mesoarchean basalts, and in lag gravels mapped as alluvial deposits. To the west and northwest of the Novo project, Pacton's Arrow South and Arrow North projects contain Archean orogenic gold prospects that are partially covered with extensive layers of alluvial gravels and conglomerates.
Pacton's initial 2019 Egina exploration will consist of spot sampling of gravels with subsequent follow-up samples based on initial results. Pacton is able to undertake bulk sampling operations as a result of its 2018 strategic alliance with Artemis Resources, which includes access to the Artemis Radio Hill processing plant, now nearing completion.
The initial 2019 Egina exploration program will also include more detailed mapping and sampling of the gold-bearing Mesoarchean basaltic rocks, and their associated erosional gravels.
Nullagine -Beatons Creek (Impact 5 tenement)
The Beatons Creek gold project, (Figure 4), consists of extensive gold-bearing Hardey formation conglomerates that outcrop on the eastern edge of a Fortescue Group plateau that accumulated in the Nullagine sub-basin. Novo Resources Corp's gold project is located immediately west of the town of Nullagine. Immediately east of Nullagine lies the historic Mosquito Creek gold district represented by orogenic gold deposits in older Archean rocks.
Novo has been prospecting, sampling and drilling its Beaton's Creek project for several years, including a 1,000 m deep reconnaissance hole collared in the Kylena basalt which overlies the Hardey formation and the basal Fortescue Mount Roe basalt. Novo's sampling and drilling programs have established that gold-bearing units show a substantial increase in gold grade in proximity to faults that cut the Hardey formation.
Pacton's Impact 5 tenement is located approximately 17 km northwest of Novo's Beatons Creek project and lies on the western edge of the Hardey formation plateau. Pacton has established a stratigraphic equivalency between the exposed Impact 5 western plateau edge and the productive stratigraphy at Beatons Creek. (Figure 5). Moreover, the Hardey formation within the Impact 5 tenement is intensely fractured with steep dipping faults and multiple networks of low displacement shears that collectively form a pervasive fracture network.
The initial 2019 Impact 5 exploration program will consist of surface prospecting along the Hardey plateau's western edge and along dissected drainages. A specific 70 m thick stratigraphic interval will be investigated on the basis that it is interpreted to correlate with the Beatons Creek gold-bearing stratigraphy. Additionally, the intense fracture network will be sampled on surface, in drainages and along the western Hardey plateau edge.
About Pacton Gold
Pacton Gold (PAC: TSXV; PACXF: US) 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 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.
Interim President and CEO
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.
SOURCE Pacton Gold Inc.