VANCOUVER, Oct. 19, 2018 /CNW/ - 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.
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SOURCE Pacton Gold Inc.