Pacton Gold has grown its holdings in the Red Lake gold district to more than 20,000 hectares.
The Vancouver exploration outfit acquired some additional claims, known as the Golden Loon and Pakwash properties, a combined 4,384 hectares. They were staked by a numbered company belonging to renowned area prospector Perry English.
The Golden Loon Property is next to Newmont Goldcorp's Sidace Lake joint-venture project with Toma Gold. The Pakwash and Pakwash West properties touch Great Bear Resource's claim package.
According to the terms of the deal, Pacton will pay $100,000 for each property and issue 200,000 common shares, if the transactions are approved by the TSX Venture Exchange.
Pacton's Red Lake Gold Project claims are located in the middle of the district's hotbed of exploration activity, south of the community, between Pure Gold's Madsen property, Wedge Zone, Great Bear Resources' Dixie discovery, and Newmont Goldcorp's Red Lake mines.
A helicopter magnetic survey conducted earlier this year identified some promising structural features in the eastern, northern and western portions of Pacton's claims that could potentially host high-grade gold mineralization.
Pacton has a detailed mapping and prospecting program...