TSX-V-listed Pacton Gold has entered into an acquisition agreement to purchase additional mineral claims in the Red Lake district of Ontario.
The property, which comprises 17 mineral claims, will increase Pacton’s land position to about 15 300 ha.
Under the terms of the agreement, Pacton will purchase 100% of the property by paying $15 000 and issuing 75 000 common shares.
The property is subject to a net smelter return royalty of 2%, half of which the company has the option to buy back for $200 000.
Pacton's Red Lake mineral claims are located between Pure Gold's Madsen property, including the Wedge zone, and Great Bear Resource's Dixie discovery.