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Pacton Gold Inc. (TSXV:PAC, OTC:PACXF, FSE:2NKN) (the “Company” or “Pacton”) is pleased to announce the first discovery of gold nuggets on the Golden Palms property (E 47/3810), (Figures 1 & 2).
Pacton Gold Inc. (TSXV:PAC, OTC:PACXF, FSE:2NKN) (the “Company” or “Pacton”) is pleased to announce the first discovery of gold nuggets on the Golden Palms property (E 47/3810), (Figures 1 & 2). The nuggets were discovered by a prospecting crew working in advance of a geological exploration and mapping team.
This gold nugget discovery, within a 300 meter by 300 meter area, is significant in that it represents the first gold discovery on the Golden Palms tenement and has greatly expanded the known nugget-bearing potential of the South Egina area. This new discovery is located approximately 2.5 km northwest of the recently announced Friendly Creek gold nugget discovery (Pacton News: Oct 15, 2018), and occurs across the regional structural and stratigraphic fabric of the underlying bedrock geology.
The gold nuggets, which show various morphological shapes and textures, and which appear to be eluvial remnants liberated from the underlying bedrock by weathering, were collected in an area that is underlain by mafic to ultramafic volcanoclastic rocks. The basaltic rocks are described as similar to the basalts underlying the recent nugget discovery at the adjacent Friendly Creek tenement, except that the Friendly Creek basalts are massive, thick units, while the basalts underlying the recent Golden Palms tenement nugget discovery are mapped as being stratigraphically thinner, and are sparsely interbedded within a massive chert and limestone sedimentary package. Within the sedimentary package, the basalts do outcrop, but are usually covered by a layer of weathered colluvium, as occurs at the sites where the Golden Palms nuggets were discovered.
The prospective geological gold nugget area covered by Pacton’s South Egina project is large, poorly explored, and consists of an 8 km thick volcano-sedimentary system which extends for approximately 10 km along strike, in a NE-SW orientation, across the adjacent Golden Palms, Friendly Creek and Hong Kong tenements, (Figure 2).
The nuggets and/or mineralization shown in Figure 2 are selected samples and are not necessarily representative of mineralization hosted on the Property.
About Pacton Gold
Pacton Gold (PAC: TSXV; PACXF: US, FSE: 2NKN) 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 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
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.
Source: www.prnewswire.com