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 Becomes 3rd Largest Land Holder in Australia’s Pilbara Gold Rush and Significantly Expands its Gold-Bearing Conglomerate Portfolio
Momentum Public Relations
Press Release: May 22 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 shares in Drummond East Pty Ltd (“Drummond East“), an arm’s length Australian proprietary limited exploration company wholly owned by Impact Minerals Limited (ASX: IPT) (“Impact“). Drummond East holds seven granted tenement licenses, comprising of a total of 1,126 sq km (the “Property“).
Highlights of the Transaction:
- Acquisition of ~1,126 sq km of strategic conglomerate hosting exploration properties.
- Pilbara total land portfolio now increased to approximately 2,227 sq km, which equates to ~18.6% in holdings when compared to the size of Novo Resources Corp. (TSXV: NVO) land holdings, of approximately 12,000 sq km.
- Transaction will place Pacton as the 3rd largest land holder in the Pilbara.
- Previous exploration indicates at least 90 km of prospective Fortescue Group conglomerates occurring at or near-surface on its granted licenses, in particular to the west and east of Marble Bar as well as close to the Beatons Creek gold deposit near Nullagine. Conglomerates identified are approximately the same age as the Witwatersrand Basin Gold deposits of South Africa.
- Properties are directly adjacent and proximal to key exploration properties controlled by Novo Resources Corp. and Kairos Minerals Ltd. (ASX: KAI).
- Rock chip results of up to 11.2 g/t gold occur at the Glen Herring Prospect 10 km west of Marble Bar in a gold-pyrite conglomerate that extends for 25 km.
- Other gold-bearing conglomerates identified on or adjacent to the licences.
- Access to the extensive regional knowledge and technical expertise provided by the Impact Team, led by Managing Director Dr. Mike Jones, who brings specific expertise in conglomerate-hosted gold, and who conducted his PhD studies on this style of mineralization in the northern source areas for the Witwatersrand Basin.
“We are pleased to make accretive acquisitions that strategically place Pacton as the third largest land holder in Western Australia’s Pilbara conglomerate-hosted gold region. Pacton continues to further consolidate the region through key property evaluations, and the addition of Drummond East increases our land holdings to 2,227 sq km,” commented Alec Pismiris, Interim President and CEO of Pacton. “The Impact Minerals team, led by Dr. Mike Jones, have successfully assembled a significant portfolio of advanced gold projects that present excellent prospectivity for discovery upside for the shareholders of Pacton. The Impact transaction solidifies our presence in the region, and is directly in line with our mandate to become one of the leaders in the Pilbara Gold Rush. With a strong treasury and financial backers, we are aggressively reviewing other opportunities.”
Impact’s Pilbara Gold Project and its Prospectivity
The seven 100% owned and fully granted licences cover 1,126 sq km of ground prospective for conglomerate-hosted gold in the Pilbara region of Western Australia (Figure 1). They were staked after an extensive review by Impact, following the discovery of gold in conglomerates at the base of the Fortescue Group by Artemis Resources Limited (ASX: ARV) and the subsequent joint venture with Novo Resources Corp.
The discovery by Artemis Resources indicated a significant breakthrough had been made in the search for conglomerate hosted gold deposits of a similar age to the Witwatersrand Basin of South Africa in the Pilbara. Impact aggresively applied for available prospective ground in the early stages of the Pilbara staking rush.
A preliminary review and synthesis of previous exploration data and mapping by the Geological Survey of Western Australia (GSWA) indicates the two most prospective conglomerate horizons within the Fortescue Group occur within or immediately adjacent to the licences (Figure 2):
- Conglomerates of the Hardey Formation. These rocks host the Beatons Creek resource (Tetra Tech 08/31/15 Measured and Indicated 3.39 Mt at 2.7 g/t gold for 299Koz Au, Inferred 3.04 Mt at 2.7 g/t gold for 259Koz Au) held by Novo Resources Corp. near Nullagine (Figure 2).
- Conglomerates at the base of the Mt Roe Basalt. The recent gold discovery at Purdeys Reward-Comet Well by Novo Resources Corp. and Artemis Resources Limited occurs within this unit (Figure 2).
Previous exploration indicates that the prospective conglomerates occur over at least 90 km of trend at or close to surface within the licences, in particular to the west and east of Marble Bar, as well as close to the Beatons Creek deposit near Nullagine.
West of Marble Bar, previous exploration in the district highlighted several gold occurrences associated with the conglomerate horizons on and along trend from Impact’s licence applications EL45/4972 and EL45/4971 (Figure 3).
Four main gold-bearing conglomerate occurrences have been discovered that demonstrate similar characteristics to those that occur within the Witwatersrand Basin including:
- Glen Herring Prospect: previous rock chip samples in 1989 returned assays of up to 11.2 g/t gold from a gold-pyrite bearing conglomerate within the Hardey Formation, which extends for 10 km of strike on licence EL44/4972 (Figure 3).
- Shady Camp WellProspect: one diamond drillhole was completed by Western Mining Corporation in 1976 to test a surface gold and radiometric anomaly in conglomerate-sandstone and returned 0.9 m at 0.6 g/t gold from 174 m downhole in quartz pebble conglomerate with rounded pyrite in the matrix. The conglomerate occurs close to a carbonaceous shale unit. Further, radiometric gold-bearing conglomerates in the Hardey Formation have been identified by previous explorers for at least 10 km along strike from Shady Camp Well.
The same conglomerates also extend for a further 15 km along strike to the southwest outside of Impact’s licence, where historic assays returned up to 2.1 g/t gold (see Figure 3).
- Gold-bearing pyritic quartz pebble conglomerates have been identified at the base of the Mt Roe Formation by several previous explorers at the Contact Creek Prospect which lies 6 km west of Impact’s licence E45/4971 with the the best rock sample result of 15.9 g/t gold by Novo Resources in 2013 (see Figure 3). This gold-bearing conglomerate extends to the east and occurs very close to surface over at least 4 km of strike on Impact’s licence EL45/4971.
- The Hardey Formation sandstones and conglomerates have been mapped by the GSWA over at least 25 km of strike on EL45/4971 and rock samples of conglomerate with very strong pyrite returned up to 0.26 g/t gold by CRA Exploration in 1987 (Figure 3).
The chemistry and characteristics of the conglomerates from the four propsect areas are similar to those observed in Witwatersrand-style conglomerate-hosted gold deposits.
These are significant observations and are very encouraging for further exploration on Pacton’s newly acquired licences.
These characteristics include:
- Widespread gold-bearing conglomerates in places.
- The identification of rounded detrital pyrite within the matrix between conglomerate clasts.
- The occurrence of black carbonaceous shale that occurs in close proximity to the conglomerates.
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 Drummond East by paying Impact a total of CAD$350,000 and issuing to Impact 2,125,000 common shares of Pacton.
In addition, Pacton will pay a bonus (the “Discovery Bonus“) to Impact of CAD$500,000 if Pacton publishes measured, indicated, or inferred gold resources of over 250,000 ounces on the Property. Pacton will grant Impact a 2% net smelter royalty in respect of the Property on standard industry terms to be agreed between the parties (the “NSR”). The parties agree that Pacton shall, at all times, retain an exclusive and unlimited right to purchase 50% of the NSR back from Impact for CAD$500,000.
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.
This transaction is subject to the acceptance of the TSX Venture Exchange.
About Pacton Gold
Pacton Gold Inc. 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. 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 & 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 controlled by Impact Minerals Limited 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.
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.
View original content with multimedia: http://www.newswire.ca/en/releases/archive/May2018/22/c3213.html
Contact:
1-(855)-584-0258 or info@pactongold.com.
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Pacton Gold Closes $5.5 Million Private Placement
Momentum Public Relations
Press Release: May 9 2018
Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton“) is pleased to announce that it has closed its previously announced brokered private placement for gross proceeds of $5,550,500 (the “Offering“). Sprott Capital Partners acted as lead agent, on behalf of a syndicate of agents including Red Cloud Klondike Strike Inc. (collectively, the “Agents“).
Under the Offering, the Company issued 24,132,609 units at $0.23 per unit, each unit consisting of one common share of the Company (a “Common Share“) and one transferable common share purchase warrant (a “Warrant“) (collectively, a “Unit“). Each Warrant will entitle the holder to acquire one Common Share for a period of three years from the date of issue at a price of $0.35.
In connection with the Offering, the Agents received a cash fee in an amount equal to 6.0% of the aggregate gross proceeds of the Offering and common share purchase warrants (the “Broker Warrants“) entitling the Agents to subscribe for that number of common shares equal to 6.0% of the aggregate number of Units placed in the Offering. Subject to regulatory approval, each Broker Warrant will be exercisable to acquire one Common share at a price equal to $0.35 for a period of three years after the closing date.
The net proceeds from the Offering will be used for exploration work to be conducted on the Company’s properties in Canada and Australia and for general working capital. All of the securities sold pursuant to the Offering will be subject to a four month hold period which will expire four months and one day from the date of issue in accordance with applicable securities laws. The Offering is subject to final acceptance of the TSX Venture Exchange.
Early Warning Dislcosure of Eric Sprott: Eric Sprott, through his holding company, 2176423 Ontario Ltd., acquired 8,695,700 Units under the Offering for total consideration of approximately $2 million. The 8,695,700 Units, represent approximately 10.1% of the outstanding Common Shares on a non-diluted basis and 18.4% on a partially diluted basis assuming the exercise of the Warrants. Prior to this purchase, Mr. Sprott did not directly or indirectly own any securities of the Company. The Units were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities either on the open market or through private acquisitions or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of 2176423 Ontario Ltd.’s early warning report will appear with the Company’s documents on SEDAR at www.sedar.com and may also be obtained by contacting Mr. Sprott at (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
ON BEHALF OF THE BOARD OF DIRECTORS,
Alec Pismiris
Interim President & CEO
Neither the TSX Venture Exchange nor its 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act“) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
SOURCE Pacton Gold Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2018/09/c5600.html
Contact:
please contact 1-(855)-584-0258 or dom@pactongold.com.
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Pacton Gold Announces $4 million Private Placement
Momentum Public Relations
Press Release: April 23 2018
Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton“) is pleased to announce that it has entered into an agreement with Sprott Capital Partners to act as lead agent (the “Lead Agent“), on its own behalf and, if applicable, on behalf of a syndicate of agents (collectively with the Lead Agent, the “Agents“), in connection with a marketed private placement of up to 17,400,000 Units (hereinafter defined) of the Company, at a price of $0.23 per Unit, for gross proceeds of up to $4,002,000 (the “Offering“).
Each Unit will consist of one common share of the Company (a “Common Share“) and one transferable common share purchase warrant (a “Warrant“)(collectively, a “Unit“). Each Warrant will entitle the holder to acquire one Common Share for a period of three years from the date of issue at a price of $0.35.
In connection with the Offering, the Agents will be entitled to a cash fee in an amount equal to 6.0% of the gross proceeds of the Offering. As additional consideration, the Company will grant to the Agents that number of Agent Units (hereinafter defined) that equals 6.0% of the aggregate number of Units placed by the Agents in the Offering. Each “Agent Unit” will consist of one Common Share and one non-transferrable common share purchase warrant (“Agent Warrants“). Each Agent Warrant will permit the purchase of one Common Share for three years from the Closing Date at C$0.35.
The net proceeds from the Offering will be used for exploration work to be conducted on the Company’s properties in Canada and Australia and for general working capital. All of the securities sold pursuant to the Offering will be subject to a four month hold period which will expire four months and one day from the date of issue in accordance with applicable securities laws. The Offering is subject to acceptance of the TSX Venture Exchange.
The Offering may close in one or more tranches, with a final closing no later than May 22, 2018 or such other date or dates as the Company and the Lead Agent may agree.
ON BEHALF OF THE BOARD OF DIRECTORS,
Alec Pismiris
Interim President & CEO
Neither the TSX Venture Exchange nor its 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act“) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the Flow-Through Shares, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
SOURCE Pacton Gold Inc.
View original content: http://www.newswire.ca/en/releases/archive/April2018/23/c8737.html
Contact:
please contact 1-(855)-584-0258 or dom@pactongold.com.
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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.