Pacton enters option agreements to acquire mineral claims in Red Lake

By Akshay Kedari  Date: 2020-04-30

Pacton enters option agreements to acquire mineral claims in Red Lake

Pacton Gold Inc. has recently announced the signing of option agreements to secure additional mineral claims located in the Red Lake, Ontario.

Red Lake West, the 1st new property, is contiguous to the existing land package of Pacton, close to its ongoing drill program. Swain, the 2nd property, is located 80 km northeast of the Red Lake. It recorded up to 15.8 g/t Au of historical surface showings. The recent mineral claims increase the land position of Pacton by 4,772 hectares in the district, totaling to 28,072 hectares.

The Swain property covers 4,161 hectares, which is underlain by the Birch-Uchi greenstone belt’s mafic and felsic metavolcanic rocks. It is greater than the Swain Lake deformation zone by 11 km. Various historic mineral showings are recorded on this property, including grab samples of up to 15.8 g/t Au. On the other hand, the Red Lake West property covers an area of 611 hectares. It is in the vicinity of the ongoing drill program of Pacton, which is at the LP extension targets.

Under the recent option agreements, Pacton will obtain all the property of Swain at the total sum of $55,000. It will also issue an aggregate common share of 550,000 over a 2-year period. A 1.5% royalty on net smelter returns will be retained by the optionor on the Swain property. Half of the property is likely to be acquired by paying a sum of $500,000.

Additionally, the company will also gain the whole property of Red Lake West at the sum of $36,000. It will also issue an aggregate common share of 300,000 over a 2-year period. A net smelter royalty of 1.5% will be retained by the optionor on the Red Lake West property. Half of the property may be purchased for the sum of $400,000.

These transactions of the option contract are subject to the TSX Venture Exchange’s acceptance.

Source credit:

https://www.pactongold.com/news-and-media/news/pacton-gold-acquires-additional-properties-in-red-lake-ontario

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Mark Zuckerberg planning to rebrand Facebook to reflect metaverse focus

Mark Zuckerberg planning to rebrand Facebook to reflect metaverse focus

By Akshay Kedari

There have been many businesses that have rebranded themselves to alter their identity with time. Following the league, social networking giant Facebook is also reportedly planning to rebrand the firm with a new name. On October 28, Chief Executive ...

Formula One teams to test second-generation biofuel during 2022 season

Formula One teams to test second-generation biofuel during 2022 season

By Akshay Kedari

The leading motorsport intends to achieve net-zero carbon status by the end of this decade. F1 has ruled out switching to an all-electric powertrain such as in Formula E. With increasing significance towards green mobility, Formula One teams are...

Apple’s iPhone 13 production may take a hit due to global chip shortage

Apple’s iPhone 13 production may take a hit due to global chip shortage

By Akshay Kedari

Apple Inc. is likely to cut down production of its iPhone 13 model by approximately 10 million units on account of the global chip shortage. The American multinational technology company was previously expected to manufacture 90 million units of the ...

Israel's GoTo Global acquires German e-moped sharing platform emmy

Israel's GoTo Global acquires German e-moped sharing platform emmy

By Akshay Kedari

Israel-based multimodal vehicle sharing services provider GoTo Global Mobility Ltd. has reportedly acquired Germany’s shared e-scooter company emmy. The acquisition will allow GoTo Global to enter the German market as well as accelerate its Eur...

German airline Lufthansa adds four new planes to its A350 fleet

German airline Lufthansa adds four new planes to its A350 fleet

By Akshay Kedari

Deutsche Lufthansa AG recently revealed that it has agreed to take four new Airbus A350-900 long-haul passenger aircraft on lease, utilizing newer planes that are left grounded as airlines reorganize their balance sheets in the wake of the ...