TSX-V-listed explorer Pacton Gold on Friday announced that it had entered into a letter of intent to buy fellow-listed TomaGold’s 39.5% interest in the Sidace Lake property, in the Red Lake district, Ontario.
Sidace Lake is currently a joint venture (JV) between TomaGold, Australia’s Evolution Mining and US miner Newmont (formerly a GoldCorp asset).
Vancouver-based Pacton said it would enter the JV as project operator and that it planned to aggressively expand the mineralised zones at the project with exploration drilling.