Proactiveinvestors Australia Pacton Gold Inc. https://www.proactiveinvestors.com.au Proactiveinvestors Australia Pacton Gold Inc. RSS feed en Thu, 20 Jun 2019 01:03:06 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Pacton Gold encouraged after positive magnetic survey at Red Lake property in Ontario ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13120/pacton-gold-encouraged-after-positive-magnetic-survey-at-red-lake-property-in-ontario-13120.html Fri, 26 Apr 2019 10:04:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13120/pacton-gold-encouraged-after-positive-magnetic-survey-at-red-lake-property-in-ontario-13120.html <![CDATA[News - Pacton Gold begins initial field work in Australia’s Pilbara region ]]> https://www.proactiveinvestors.com.au/companies/news/216295/pacton-gold-begins-initial-field-work-in-australias-pilbara-region-216295.html Pacton Gold Inc (CVE:PAC) said Tuesday that initial field work has begun at its Yandicoogina project in Australia’s Pilbara region.

The exploration company said the program is focusing on high-grade, shear-hosted gold within a number of mineralization settings and will use rock chip sampling and mapping to prioritize targets for drill testing.

DEEP DIVE: Pacton Gold joins gold rush in Australia’s Pilbara region

Historical results from surface sampling have reported up to 199.7 grams of gold per tonne, according to Pacton, citing Western Australia Geological Survey data.

Highlights of the project, according to Pacton, include a 4.7-kilometer cumulative strike length of mapped anomalous quartz vein structures hosting gold mineralization.

Shares of the company fetched C$0.24 in Monday’s Canadian trading. They traded at US$0.18 on the OTC Markets.

Earlier this month, Pacton Gold said it had entered into a binding letter of intent to buy a 100% interest in the Tardarinna gold project in the Pilbara region.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com
 

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Tue, 12 Mar 2019 08:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216295/pacton-gold-begins-initial-field-work-in-australias-pilbara-region-216295.html
<![CDATA[News - Pacton Gold signs definitive deal to buy 70% stake in Western Australia project ]]> https://www.proactiveinvestors.com.au/companies/news/209860/pacton-gold-signs-definitive-deal-to-buy-70-stake-in-western-australia-project-209860.html Pacton Gold Inc. (CVE:PAC, OTCMKTS:PACXF) said Friday that it has signed a definitive cash and stock agreement to buy a 70% stake in a Western Australia project from Clancy Exploration Ltd (ASX:CLY).

Under the agreement, Pacton will pay C$175,000 in cash and 3.8 million in shares for the Hong Kong project, which is adjacent to its Friendly Creek and Golden Palms projects at the Egina gold area of Western Australia.

READ: Pacton Gold announces latest gold nugget discovery, at Golden Palms property

The transaction is subject to approval by the TSX Venture Exchange. When the deal is completed, Pacton Pilbara Pty Ltd and Clancy Exploration will form a joint venture, with the former operating the Hong Kong project. A finder’s fee will be paid to Geonomics Australia Pty Ltd, a geological consulting firm.

Last month, Pacton reported finding gold nuggets at six locations on its Friendly Creek land.

Shares of Pacton were unchanged at C$0.28 in Friday’s Canadian trading. They slipped almost US$0.01 to US$0.20 on the OTC market.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Fri, 23 Nov 2018 11:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209860/pacton-gold-signs-definitive-deal-to-buy-70-stake-in-western-australia-project-209860.html
<![CDATA[News - Pacton Gold launches sampling and mapping work at Boodalyerrie ahead of drill program ]]> https://www.proactiveinvestors.com.au/companies/news/209324/pacton-gold-launches-sampling-and-mapping-work-at-boodalyerrie-ahead-of-drill-program-209324.html Shares of Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) perked up after it announced Thursday that it has started its work program at its high-grade vein system at Boodalyerrie, in Pilbara, Western Australia.

Pacton Gold shares were up 4.2% at C$0.25 on Thursday.

The company said it has scheduled a helicopter and ground-supported rock chip sampling and detailed geological mapping program on its 62 sq/km Boodalyerrie tenement.

Boodalyerrie is located 85 km northeast of the town of Nullagine, close to Novo Resources Corp's (CVE:NVO) Beatons Creek project.

READ: Pacton Gold seals Golden Palms property acquisition in Western Australia

To date, there have been a number of exploration highlights at Boodalyerrie, including multiple quartz vein reefs extending over a strike length of at least 23 km, high-grade rock chip samples of up to 200 grams per ton gold (g/t) and channel sampling results of up to 3 metres (m) at 88.6g/t gold. 

The company said that although half of the Boodalyerrie tenement is covered by sedimentary and volcanic rocks of the Fortescue Group, including surface exposures of the Mount Roe, Hardey and Kylena formations, the focus of the immediate exploration program will be to define the extents and controls of gold mineralization within steeply dipping quartz veins hosted in older Archean granitic basement rocks.

The gold-bearing, quartz veins have thicknesses ranging between 1 metre and 10 metres and extend along strike lengths of up to 2.5 km throughout a 25 sq/km area.

Previous exploration conducted in 2000

Exploration conducted in 2000 indicated that the Boodalyerrie veins are prominent, protruding surface features that dip steeply in a north and northwest criss-cross pattern and extend along strike for several kilometres.

The company said that while it has not independently verified the Boodalyerrie sampling results, image analysis suggests that a secondary target type of interest consists of dense swarms of smaller quartz veins.

The upcoming work program in November/December will focus on detailed geological mapping and rock chip sampling in order to define the controls and extents of mineralization.

Unexplored parts of the vein swarm will be mapped and surface-sampled.

The company said in addition to this, a preliminary reconnaissance sampling program will commence in the southwestern portion of the Boodalyerrie tenement, which is underlain by the Mount Roe and Hardey formations of the Fortescue Metals Group (ASX:FMG).

Contact Katie Lewis at katie@proactiveinvestors.com

Follow her on Twitter: @kelewis

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Thu, 15 Nov 2018 11:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209324/pacton-gold-launches-sampling-and-mapping-work-at-boodalyerrie-ahead-of-drill-program-209324.html
<![CDATA[News - Pacton Gold shares perk up on acquisition news; company expands reach in Australia's Pilbara region ]]> https://www.proactiveinvestors.com.au/companies/news/203637/pacton-gold-shares-perk-up-on-acquisition-news-company-expands-reach-in-australia-s-pilbara-region-203637.html Shares of Pacton Gold Inc (CVE:PAC) (OTC:PACXF) perked up on Monday after the company announced it intends to acquire the conglomerate gold rights from Calidus Resources Limited (ASX:CAI) over a portfolio of eight exploration licenses.

The gold rights relate to material that overlies the basement rocks and that is formed of transported material. This means the Fortescue Group conglomerates that over-lie the Warrawoona Greenstone belt. The portfolio includes six granted exploration licenses and two exploration licenses under application for a total of 357.5 sq/km.

"Securing the conglomerate gold rights over this significant portfolio of tenements from Calidus further consolidates Pacton's position in the Pilbara region of Western Australia," said Alec Pismiris, Interim President and CEO of Pacton.

Shares perked up 5.5% at C$0.48 in Toronto. 

READ: Pacton Gold speeds up Arrow Pilbara acquisition, strengthening hand in Western Australia

Under the terms of the letter of intent, which will be formalized by a definitive agreement among the parties, Pacton will pay a non-refundable payment of C$10,000 and issue 7,000,000 common shares.

The letter of intent includes a right to deferred compensation. Calidus may receive up to 3,000,000 additional common shares of Pacton on the first anniversary of completion of the transaction based on the 30-day volume weighted average price of Pacton's shares on the date of such issuance.

The gold rights encompass eight tenements that cover all known Mt Roe basalt occurrences on Calidus' tenements. In total, the tenements have 40 km of outcropping Mt Roe basalt that have seen limited exploration, according to Pacton. 

The Marble Bar application lies along strike from Haoma Mining's Just in Time prospect, where there has been a discovery of numerous gold nuggets. 

The Callidus Warrawoona project is an orogenic deposit which is currently being aggressively drilled. Warrawoona's global resource is currently represented as 10.5M tonnes @ 2.11g/t Au for 712,000 ounces of gold. 

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Mon, 27 Aug 2018 13:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203637/pacton-gold-shares-perk-up-on-acquisition-news-company-expands-reach-in-australia-s-pilbara-region-203637.html
<![CDATA[Media files - Pacton Gold acquires Bellary Dome gold project in northwestern Australia ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9637/pacton-gold-acquires-bellary-dome-gold-project-in-northwestern-australia-9637.html Wed, 20 Jun 2018 15:36:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9637/pacton-gold-acquires-bellary-dome-gold-project-in-northwestern-australia-9637.html <![CDATA[News - Pacton Gold poised to acquire prospective project in famous Pilbara region ]]> https://www.proactiveinvestors.com.au/companies/news/199257/pacton-gold-poised-to-acquire-prospective-project-in-famous-pilbara-region-199257.html Junior explorer Pacton Gold Inc (CVE:PAC) is poised to acquire the Bellary Dome project in the famous Pilbara mining region of Australia, sending shares higher.

It has struck a binding letter of intent (LOI) to acquire the project from Marindi Metals Inc, the group revealed on Wednesday.

A regional gold play?

Marindi's initial work at the property has only just begun to highlight the potential for this to be just one part of a much larger regional gold play across the Pilbara region of Western Australia.

The project has a number of attractive features, including that it lies on the southern margin of the Hamersley Basin and is surrounded by Novo Resources Ltd (CVE: NVO) - a big player in Pilbara.

Over six ounces of coarse gold nuggets have previously been recovered from one alluvial "trap site", directly downslope from mapped Bellary Formation conglomerate.

The nature of the nuggets recovered is very similar to those recovered by Novo around 250 km to the north, Pacton highlighted.

The Bellary Dome occurs on the southern edge of the Hamersley basin.

Tenements neighbouring the licence are held by companies also conducting exploration for gold-in-conglomerate, including Novo Resources, Southern Hemisphere Resources and Hardey.

Significant strike length..

"The acquisition of Bellary Dome provides access to a significant strike length of highly prospective Hardy Formation and Mount Roe Basalts, where multiple flattened nuggets have been recovered proximal to the Bellary Formation conglomerate," said Alec Pismiris, the interim president and chief executive at Pacton.

"The property is surrounded by Novo Resources and with over six ounces of gold nuggets recovered from one alluvial trap site, that were pitted, flattened, and in the elongated "watermelon seed" shape, provides additional key priority exploration targets for Pacton."

The mining group also noted that the prospectivity of the licence was further highlighted by the presence of numerous alluvial gold workings, prospecting pits with gold values ranging from anomalous to 38.2 g/t (grams per ton) gold, and recent modern gold prospecting activity.

Under the terms of the LOI, which is yet to be formalized, the firm must pay C$2mln and issue around 10mln shares on closing.

It must also pay C$1mln or issue shares equal to that amount both on 12 months and 18 months after the deal is completed.

Pacton Gold shares advanced  7.46% to C$0.72 in Toronto.

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Wed, 20 Jun 2018 11:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199257/pacton-gold-poised-to-acquire-prospective-project-in-famous-pilbara-region-199257.html
<![CDATA[Media files - Pacton Gold 'still on acquisition trail' in Australia's Pilbara Gold Rush ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9408/pacton-gold-still-on-acquisition-trail-in-australia-s-pilbara-gold-rush-9408.html Thu, 31 May 2018 16:31:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9408/pacton-gold-still-on-acquisition-trail-in-australia-s-pilbara-gold-rush-9408.html <![CDATA[News - Pacton Gold profiled in report: ‘Chasing nuggets in Australia next to Novo Resources’ ]]> https://www.proactiveinvestors.com.au/companies/news/197783/pacton-gold-profiled-in-report-chasing-nuggets-in-australia-next-to-novo-resources-197783.html Pacton Gold Inc (TSE:PAC) was recently profiled in a report titled ‘Chasing nuggets in Australia next to Novo Resources’.

The paper, completed by Caesars Report, highlighted that the company could benefit from its proximity to Novo Resources, as it continues to develop its projects in Western Australia’s mineral-rich Pilbara region.

READ: Pacton Gold extends reach with acquisition of mining leases; shares pop

The report covered a range of topics, including Pacton’s exploration and growth via acquisitions, feasibility, financing, team structure, future plans and more.

As quoted in the publication:

“Pacton Gold has been able to put a large land position together in just a few months. Of course, Pacton is and should be seen as an early stage exploration company but with proven gold (nugget) occurrences on several of the tenements it purchased/is earning in to. It is clear that there’s a lot of smoke in the Pilbara region and now it’s up to Pacton Gold to find the source of that smoke.

We think having Novo Resources as first mover could be beneficial to Pacton Gold, as Novo will do all the heavy lifting in terms of A) educating the market and B) designing the exploration programs as efficient as possible.”

Pacton shares were up 18.81% and closed at C$0.91 on Monday.

To read the report in its entirety, click here.

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Tue, 29 May 2018 00:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197783/pacton-gold-profiled-in-report-chasing-nuggets-in-australia-next-to-novo-resources-197783.html
<![CDATA[News - Pacton Gold extends reach with acquisition of mining leases; shares pop ]]> https://www.proactiveinvestors.com.au/companies/news/197769/pacton-gold-extends-reach-with-acquisition-of-mining-leases-shares-pop-197769.html Bright news for Pacton Gold Inc. (CVE:PAC) today after it released news that it has entered into a binding letter of intent to acquire 100% of the Friendly Creek exploration licence and mining leases from Gardner Mining Pty. Ltd., an Australian exploration company, and Darren White.

Markets responded positively to the news with shares of Pacton up 20.3% at C$0.77 on Monday afternoon.

Friendly Creek is located in in Western Australia’s Pilbara region, historically one of the richest-known areas for alluvial nuggets. Historically, a large amount of alluvial fine-grained gold to multiple considerable-sized nuggets have been recovered, including significant finds in 1888 (127oz) and 1892 (165oz).

READ: Pacton Gold expands footprint with acquisition of Drummond East; shares rise sharply

"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,” said Alec Pismiris, interim president and chief executive officer

“The historical discovery of large gold nuggets at Friendly Creek in Western Australia, and an identified mineralized strike length of 10 kilometres, is compelling to justify an upcoming intensive exploration program."

The acquisition would allow Pacton to bolster its portfolio, with five granted mining leases and one granted exploration licence, covering 31.4 sq/km. According to the company, the mining leases would provide potential for immediate large-scale bulk sampling, with existing infrastructure, including an operational camp.

Key neighbours

Friendly Creek is located next door to key exploration projects, controlled by Novo Resources Corp. and Kairos Minerals Ltd.

"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,” said Pismiris.

Under the terms, which will be formalized by a definitive agreement among the parties, Pacton will purchase a 100% ownership interest in Friendly Creek by paying the vendors a total of C$25,000 and issuing 2.5 million common shares.

The transaction is subject to acceptance of the TSX Venture Exchange.

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Mon, 28 May 2018 15:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197769/pacton-gold-extends-reach-with-acquisition-of-mining-leases-shares-pop-197769.html
<![CDATA[News - Pacton Gold expands footprint with acquisition of Drummond East; shares rise sharply ]]> https://www.proactiveinvestors.com.au/companies/news/197483/pacton-gold-expands-footprint-with-acquisition-of-drummond-east-shares-rise-sharply-197483.html Pacton Gold Inc (CVE:PAC) announced encouraging news today as it entered a binding letter of intent to acquire 100% of the shares in Drummond East Pty Inc, an Australian exploration company wholly owned by Impact Minerals Ltd. The market responded positively to the news, with shares up 30.6%, closing at C$0.64. 

Drummond East holds seven tenement licences, comprising 1,126 sq/km of prospective ground for gold in the Pilbara region of Western Australia.

"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,” said Pacton’s interim president a chief executive officer, Alec Pismiris. “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.”

Under the letter of intent, Pacton will purchase 100% of the shares in Drummond East, by issuing 2,125,000 common shares of Pacton and paying Impact Minerals C$350,000.

A bonus of C$500,000 will be paid to Impact Minerals if Pacton publishes measured, indicated, or inferred gold resources of over 250,000 ounces on the property. A 2% net smelter royalty will be agreed upon between the parties and Pacton Gold will retain exclusive rights to purchase 50% of the of the net smelter return back from Impact Minerals for C$500,0000.

Exploration in the area looks bright

There are a number of projects in the area, and exploration potential is encouraging, in particular to the west and east of Marble Bar, as well as close to to the Beatons Creek gold deposit near Nullagine. Previously recorded results of up to 11.2 g/t gold have been recorded at the Glen Herring project, 10km west of Marble Bar.

Neighbours include Novo Resources Corp and Kairos Minerals Ltd.

Pacton will also benefit from the expertise of Dr. Mike Jones, Impact Minerals’ managing director, whose PhD studies focused on conglomerate-hosted gold in the northern source areas for the Witwatersrand Basin.

"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,” said Pismiris.

“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.”

The company said a finders fee may be paid.

 

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Tue, 22 May 2018 12:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197483/pacton-gold-expands-footprint-with-acquisition-of-drummond-east-shares-rise-sharply-197483.html