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Pacton Gold continues to discover gold nuggets on its properties in the Egina region; specifically at the Golden Palms property (Figures 1 & 2). The news is another step in the right direction for the company as it ramps up its exploration efforts in Western Australia and transitions from land-acquirer to explorer. In our view, Pacton has multiple projects that could yield a significant conglomerate gold discovery, as demonstrated by its early stage success.Highlights:
Pacton Gold announced the discovery of gold nuggets within favorable stratigraphy. This news is the beginning of an important step for Pacton as it moves from land-acquirer to explorer.
Pacton’s gold nugget discovery at Friendly Creek bodes well for future exploration along the 10km of favourable conglomerate. The Pacton tenements
are in the Egina region of the Pilbara that has been identified as prospective for conglomerate gold by Novo Resources (TSXV:NVO).
Pacton Gold announced that it has entered into an LOI to acquire additional conglomerate ground in the Egina region. We believe this to be a positive development, as it is an area of the Pilbara that has now been identified as prospective for conglomerate gold by Novo Resources. This pending acquisition is in line with the company’s strategy to use the valuation difference between Canadian and Australian conglomerate gold players, to acquire prospective ground for exposure to conglomerate gold exploration. It is important to highlight that the company has started work on its 100% owned Arrow project; thus, transitioning Pacton from an acquisition strategy to one with some exploration.
Pacton Gold has announced a binding LOI for the acquisition of another project in the Engina region of the Pilbara, which we view positively. The Golden Palms property adjoins Pacton’s Friendly Creek project adding 35 km^2 to its growing land package in the Pilbara.
Pacton Gold has announced that it has entered into a binding letter of intent (LOI) to acquire the conglomerate gold rights from Calidus Resources Limited (ASX:CAI) over a portfolio of eight exploration licenses, which includes six granted exploration licenses and two exploration licenses under application for a total of 357.5 sq. km within the Pilbara region of Western Australia.
Pacton Gold has announced that with regards to the letter of intent (LOI) entered into on June 20, 2018 to acquire the Bellary Dome Project, it has elected
to terminate its agreement with Marindi Metals, following the completion of its legal and technical due diligence investigation into the exploration
Pacton announced the acquisition of the Friendly Creek exploration license (1) and mining leases (5) totalling 31.36km2, adjacent to land held by Novo Resources’ and Kairos Minerals (Figure 1).
Pacton has become the 3rd largest land holder in Australia’s Pilbara region after acquiring 100% of the shares in Drummond East Pty Ltd, a wholly owned subsidiary of Impact Minerals Ltd. (ASX:IPT), for the company’s seven granted tenement licenses covering 1,126 sq. km (Figure 1).
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