Pacton Gold Continues Expansion in Australia’s Pilbara Area
Pacton Gold Inc. (TSXV: PAC, OTC:PACXF) (the “Company” or “Pacton”) has entered into a binding letter of intent (“LOI”) to acquire 100% of both the Friendly Creek exploration license from Gardner Mining Pty Ltd (“Gardner Mining”), an Australian proprietary limited exploration company, and the Friendly Creek mining leases from Darren White, a private individual (together the transaction named “Friendly Creek”). 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, including 127 oz and 165 oz gold nuggets (Source).
Highlights of the Transaction:
- Strategic portfolio of 5 granted mining leases and 1 granted exploration license (31.36km2).
- Mining leases provide the potential for immediate large scale bulk sampling of mineralization, with existing on site infrastructure including operational camp facility.
- Transaction will place Pacton as a leader in the development and potential extraction of gold mineralization in the Pilbara Gold Rush.
- Historical explorers at Friendly Creek mined mostly alluvial fine gold, and attracted interest to the camp by recovering 127 oz and a 165 oz gold nuggets.
- 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. (TSXV: NOV) and Kairos Minerals Ltd. (ASX: KAI).
- 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 two of the largest gold nuggets in Western Australia, weighing in at 127 oz and 165 oz, 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.”