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Pacton Gold seals Golden Palms property acquisition in Western Australia

The Vancouver mining company has also moved to buy 12 mineral claims in Ontario’s Red Lake Mining Division.
Gold bars and the Canadian flag
Pacton is using deals to advance its mining operations in Western Australia

Pacton Gold Inc (CVE:PAC, OTC:PACXF) said Tuesday it has signed a definitive agreement to buy the Golden Palms property in Western Australia.

The deal links Pacton’s adjacent Friendly Creek and Hong Kong tenements northward and westward to meet Novo Resources Corp's Egina project.

Under the terms of the Golden Palms agreement, Pacton is paying a total of $100,000 and issuing 400,000 common shares.

READ: Pacton Gold kicks off exploration in Pilbara

Shares of Pacton edged up $0.03 to $0.28 on the TSX Venture Exchange on Tuesday.

Last month, Pacton announced the first discovery of gold nuggets on the Golden Palms property in the Pilbara region, greatly expanding the known nugget-bearing potential of the South Egina area.

Pacton also announced that it has entered into an option agreement to purchase 12 mineral claims in Ontario’s Red Lake Mining Division. The price is $110,000 and 250,000 common shares to be paid and issued over two years.

The claims are subject to net smelter returns royalties ranging from 0.25% to 2.25%, half of which can be purchased by the company for $250,000.

The 12 mineral claims lie between Pure Gold's Madsen and Wedge zone ground and Great Bear Resource's Dixie discovery.

In September, Great Bear Resources reported a drill intersection of 18.23 g/t Au (gold) over a drill width of 10.35 meters in what was described as crack-seal-style veining typical of the Red Lake district.

Both the Golden Palms and Red Lake Property agreements are subject to the approval by the TSX Venture Exchange.

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