Pacton Gold to Acquire Granted Mining Leases and Further Increases its Strategic Property Portfolio in Western Australia’s Pilbara Mining Region
Momentum Public Relations
Press Release: May 28 2018
Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton“) is pleased to announce that it has entered into a binding letter of intent (“LOI“) to acquire 100% of the Friendly Creek exploration license and mining leases (“Friendly Creek“) from Gardner Mining Pty Ltd(“Gardner Mining“), an Australian proprietary limited exploration company and from Darren White(together, the “Vendors“). Five granted mining leases and one granted exploration license comprise a total of 31.36 km2 (the “Property“). Friendly Creek is historically one of the richest known areas for alluvial nuggets within the Pilbara region, where a large amount of alluvial fine grained gold to multiple considerable sized nuggets have been recovered, 127 oz (in 1888) and 165 oz (in 1892) gold nuggets(source: www.mindat.org/loc-272951.html). Note: These samples are not indicative of the mineralization hosted on the property.
Highlights of the Transaction:
- Strategic portfolio of 5 granted mining leases and 1 granted exploration license (31.36 km2).
- Mining leases provide the potential for immediate large scale bulk sampling of mineralization, with existing on site infrastructure including operational camp facility.
- Alluvial, eluvial and bedrock mining historical gold workings extend over a 10 km strike.
- Directly adjacent to key exploration properties controlled by Novo Resources Corp. and Kairos Minerals Ltd.
- Access to the extensive regional knowledge and technical expertise provided by the Gardner Mining Team. Gardner is comprised of corporate finance executives, geologists, prospectors, and mining executives with strategic relationships to the local communities in which it operates.
“The acquisition of the Friendly Creek Project, with granted mining leases, clearly places Pacton with a strategic advantage ahead of our peers in creating the opportunity to rapidly conduct large scale bulk sampling programs. The historical discovery of large gold nuggets at Friendly Creek in Western Australia, and an identified mineralised strike length of 10 km, is compelling to justify an upcoming intensive exploration program,” commented Alec Pismiris, Interim President and CEO of Pacton Gold. “We look forward to working closely with the Gardner team, as we continue to focus on understanding the true potential of our strategic portfolio holdings and as we look to complete additional accretive acquisitions.”
About Gardner Mining Team
The director, management and associated consultants of Gardner Mining have extensive local operating history within the Pilbara region of Western Australia. The team is comprised of corporate finance executives, geologists, prospectors and mining executives, and has extensive ties to the local communities where it operates. Gardner Mining will work closely with Pacton as required to maximize the ongoing development of their existing project portfolio and to identify further value accretionary opportunities.
For location map of the Property, please see: http://www.pactongold.com/Pacton-Location-Map.jpg.
Initial exploration activities planned to be undertaken include:
- Comprehensive review of historical mining and exploration activities conducted on the Property.
- Acquisition and interpretation of high resolution airborne imagery to refine the palao drainage interpretation.
- Mapping of regolith, project geology and structural controls relating to mineralization.
- Infill and extensional geochemical sampling targeting gold.
- Metal detecting and small scale dry blowing to identify the presence of surficial gold nuggets.
LOI Terms
Under the terms of the LOI, which will be formalized by a definitive agreement among the parties, the Company will purchase a 100% ownership interest in Friendly Creek by paying the Vendors a total of CDN$25,000 and issuing to the Vendors 2,500,000 common shares of Pacton.
This transaction is subject to the acceptance of the TSX Venture Exchange.
About Pacton Gold
Pacton Gold (PAC: TSXV; PACXF: US) 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 Company recently raised approximately $5.5 million, currently controls the third largest conglomerate-hosted gold property portfolio totaling 2,227 km2, and continues to aggressively review additional accretive acquisitions.
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 visited the Friendly Creek site and therefore has not 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 & CEO
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company acquiring an interest in properties/licenses controlled by Gardner Mining and Darren White completion of the proposed transaction described herein, the prospect of the Company achieving success in exploring the Property 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 (Novo Resources Corp. and Kairos Minerals Ltd.) 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.
- Published in Pacton Gold Inc.
Pacton Gold to Acquire Significant Strategic Portfolio of Gold Properties in Western Australia’s Pilbara Mining Region
Momentum Public Relations
Press Release: April 5 2018
Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the ” Company ” or ” Pacton “) is pleased to announce that it has entered into a letter of intent (” LOI “), whereby it can earn up to an 80% ownership interest in Arrow (Pilbara) Pty Ltd (” Arrow Pilbara “), an Australian proprietary limited exploration company wholly owned by Arrow Minerals Limited (ASX:AMD) (” Arrow “). Arrow Pilbara holds two granted tenement licences and two applications for licences, comprising of a total of 609 km 2 (the ” Property “). The large Property is situated in the eastern portion of the currently defined part of Western Australia’s Pilbara gold play that is characterized by thick gold nugget-bearing conglomerate beds of the Archean age Mallina Basin.
1. Highlights of the Transaction:
- – Strategic land holdings totaling 609 km 2 , with recent discovery of gold nuggets from outcropping conglomerates. Nuggets 5 to 10 mm in size have been discovered on the Property.
- – Seven conglomerate gold targets have been identified with characteristic radiometric anomalies ;
– Directly adjacent and proximal to key exploration properties controlled by Novo Resources Corp., De Grey Mining Ltd., and Kairos Minerals Ltd.;
– Gold anomalies identified along structures which host gold mineralization on adjacent properties.
Arrow Minerals Team: Access to the extensive regional knowledge and technical expertise provided by the Arrow Technical team.
Alec Pismiris, Interim President and CEO of Pacton Gold stated, ” We are pleased to be able to partner with the Arrow Minerals team, who have been able to assemble a significant portfolio of advanced gold projects with excellent prospectivity that will provide key exploration and discovery upside for the shareholders of Pacton. Pacton’s Pilbara gold project is fast becoming one of the most significant in the Pilbara region. ”
For location map of the Property, please see: http://www.pactongold.com/Pacton-Location-Map.jpg .
2. Pilbara Gold Project and its Prospectivity
The Property comprises two exploration licences and two exploration licence applications covering 609 km 2 of ground prospective for conglomerate-hosted gold in the Pilbara region of Western Australia (refer to location map). The licences cover various parts of the prospective contact between the older Pilbara granite-greenstone terrain and the overlying Fortescue Group rocks in the East Pilbara region, including areas close to and adjoining licences held by Novo Resources Corp. (refer to location map).
Arrow confirms that prospectors have recently uncovered several gold nuggets in conglomerate units in the Mallina Basin on exploration license E47/3476. Geological and prospecting information on the Property has been provided by Arrow, which the Company has reviewed and believes to be reliable.
In addition to the gold nuggets found during the short prospecting trip, there is considerable evidence of previous prospector activity throughout the tenement. The short prospecting programme was completed on exploration licence E47/3476. Arrow completed targeting exercise over E47/3476 (north) and E47/3478 (south), highlighting nine (9) conglomerate or basement gold targets.
Arrow has reprocessed available radiometric surveys, highlighting seven (7) conglomerate gold targets with radiometric anomalies over mapped conglomerates and meta-sediments of the Mallina Basin. (see Figure 3 below and the Company website www.pactongold.com ).
Historical surface geochemistry data was also reviewed as part of the initial targeting exercise with three (3) of the radiometric anomalies having coincident elevated gold in streams, and gold in soil samples, confirming the prospectivity of the tenements. The remaining four (4) conglomerate gold targets have not had any previous exploration, and are prioritized for exploration.
The two basement gold targets are located along significant shear structures splaying off the Mallina Shear, which hosts De Grey Mining Limited’s (De Grey) (ASX: DEG) Indee Gold Project, and the Blue Moon Prospect and associated nuggets, which was recently acquired by De Grey (see Figure 4 below and the Company website). Target 1 is a gold anomaly situated along splay faults off the Mallina and Wohler Shears. Target 2 is located along the same structure as the Blue Moon Prospect and is also a coincident radiometric anomaly within conglomeratic sediments. Arrow completed a review of its recently acquired tenements (E45/5042 and E45/5043), which cover the prospective Mallina Basin, and the Tabba Tabba Shear adjacent to the Cooke’s Hill gold mine.
Pacton’s initial exploration program for the Property is expected to include rock chipping, stream sediment and soil sampling over all nine (9) gold targets.
LOI Terms
Under the terms of the LOI, which will be formalized by a definitive agreement among the parties, the Company can earn a 51% ownership interest in Arrow Pilbara by paying Arrow a total of $500,000 and issuing to Arrow common shares valued at $250,000. The Company has the option to earn a further 29% ownership interest in Arrow Pilbara by issuing to Arrow common shares valued at $250,000 and incurring $500,000 in exploration expenditures on the Property within one year of all exploration licences being granted.
(b.a) From the date Pacton earns a 51% interest in Arrow Pilbara, the parties intend to operate Arrow Pilbara as an incorporated joint venture company to hold the Property and to carry on mineral exploration and development activities on the Property (and any other tenement interests that Arrow Pilbara may acquire) with a focus on gold exploration. Pacton and Arrow will enter into a shareholders’ agreement to govern their joint ownership of Arrow Pilbara, and their respective rights and obligations as shareholders of Arrow Pilbara.
Once Pacton has earned an 80% in Arrow Pilbara, Arrow will be free-carried until $5,000,000 of exploration expenditures have been incurred on the Property.
Arrow will retain all rights to explore for, mine and extract lithium, caesium and tantalum from the Property.
A finder’s fee will be paid to COMVERJ Pty Ltd in respect of the transaction pursuant to the policies of the TSX Venture Exchange.
All monetary figures herein are in Canadian currency.
3. This transaction is subject to the approval of the TSX Venture Exchange.
4. About Pacton Gold
Pacton Gold Inc. (TSXV: PAC) is a Canadian junior exploration company focused on acquiring, exploring and advancing mineral assets in key mining friendly locations globally.
The technical content of this news release has been reviewed and approved Peter Caldbick, P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101 .
5. On Behalf of the Board of Pacton Gold Inc.
Alec Pismiris
Interim President & CEO
6. For more information, please contact 1-(855)-584-0258 or dom@pactongold.com .
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company acquiring an interest in Arrow Pilbara and completion of the proposed transaction described herein, the prospect of the Company achieving success in exploring the Property and the impact on the Company of these events, including the effect on the share prices. 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 .
- Published in Pacton Gold Inc.
Pacton Gold Receives TSX Venture Exchange Acceptance to CTTR Gold Pty Ltd. Acquisition
Momentum Public Relations
Press Release: April 3 2018
Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the ” Company ” or ” Pacton “) is pleased to announce that further to its news release of February 26, 2018, it has received TSX Venture Exchange acceptance for an option to acquire 100% of the issued and outstanding shares of CTTR Gold Pty Ltd (” CTTR “). CTTR holds applications to nine tenement licenses for a strategic mineral property group (the ” Property “) in the Pilbara Region of Western Australia. The 492 km 2 Property is an advanced gold project portfolio that will target conglomerate gold occurences within the eastern extension of the Pilbara conglomerate gold play. One priority will be to explore for a northern extension of DeGrey’s Mallina Basin occurences that include 5 to 80 m thick gold nugget conglomerate beds at Loudens Patch, Jarret Well and Steel Well.
See property map at http://pactongold.com/Pacton_Aus_Regional_Fig1.pdf .
Pacton has commenced compiling and reviewing historical reports and data on the Property and collating other available datasets prior to planning a first-pass field evaluation programme, which will likely comprise of detailed mapping to define key stratigraphic units, rock-chip, soil and stream sediment sampling and metal detecting.
Pacton intends to initiate negotiations with the relevant Native Title representative bodies, representing an intergral step towards the Company’s tenement license applications being granted by the Department of Mines, Industry Regulation and Safety. The Company will commence the heritage notice process to allow for tenure to be cleared for on-ground exploration activities.
Under the terms of the agreement with CTTR, the Company paid $75,000 and issued 916,666 common shares and 458,333 share purchase warrants. Each warrant is exercisable into one common share for a period of 18 months from the date of issue at a price of $0.45 per share.
Upon grant of six key exploration licenses, the Company must pay a further $50,000 and issue 416,666 common shares and 208,333 share purchase warrants. Each warrant will be exercisable into one common share for a period of 18 months from the date of issue with an exercise price equal to 150% of the 5-day trading volume weighted average price of the Company’s shares, subject to a floor price of not less than the $0.24.
All monetary amounts referred to herein are in Canadian currency.
The Company issued 156,250 common shares to COMVERJ Pty Ltd. as a finder’s fee with respect to the transaction.
The Company also announces that further to its news release of March 14, 2018, it has issued 1,833,333 common shares in payment of outstanding debt and confirms that debt of $550,000 has now been extinguished.
About Pacton Gold
Pacton Gold Inc. (TSXV: PAC) is a Canadian junior exploration company focused on acquiring, exploring and advancing mineral assets in key mining friendly locations globally.
On Behalf of the Board of Pacton Gold Inc.
Alec Pismiris
Interim President & CEO
For more information, please contact 1-(855)-584-0258 or dom@pactongold.com .
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited the prospect of the Company achieving success in exploring the Property and the impact on the Company of these event, including the effect on the share prices. References to other companies with proximal exploration properties in the Pilbara region is for information only and there are no assurances that the Company will achieve results similar to other companies in the region. 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 .
- Published in Pacton Gold Inc.