12:34:37 EDT Sat 01 Apr 2023
Enter Symbol
or Name

Pacton Gold Inc (2)
Symbol PAC
Shares Issued 54,497,310
Close 2023-01-26 C$ 0.23
Recent Sedar Documents

Pacton Gold cancels Adeline project acquisition

2023-01-27 09:12 ET - News Release

Mr. Nav Dhaliwal reports


Further to Pacton Gold Inc.'s news releases dated Oct. 19, 2022, Nov. 16, 2022, and Dec. 6, 2022, in connection with the acquisition of the Adeline high-grade copper project in Labrador, Canada, the parties have elected not to proceed with the acquisition and have mutually agreed to terminate the property purchase agreement.

Nav Dhaliwal, interim president and chief executive officer of the company, commented: "Pacton's decision to withdraw from the Adeline project agreement follows five months of detailed analysis of excellent prior geological work. The Adeline copper belt is one of the world's most prospective copper exploration projects, in terms of its large area and extraordinary number of surface copper showings. Regrettably, our geological team concluded that the immense scale of the project exceeds Pacton's capacity to take the project to the development level."

Pacton will not be proceeding with the non-brokered private placement financing it announced on Nov. 25, 2022, and intends to continue to focus on its existing projects in Red Lake, Ont.

About Pacton Gold Inc.

Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high-grade mineral resource properties in Ontario, Canada. The company also owns a strategic portfolio of prospective projects in Western Australia.

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