Proactiveinvestors USA & Canada Pacton Gold Inc. https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Pacton Gold Inc. RSS feed en Sat, 15 Jun 2019 23:05:55 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Pacton Gold strikes partnership to use artificial intelligence to find gold in Red Lake, Ontario ]]> https://ca.proactiveinvestors.com/companies/news/221754/pacton-gold-strikes-partnership-to-use-artificial-intelligence-to-find-gold-in-red-lake-ontario-221754.html Pacton Gold (CVE:PAC) (OTCMKTS:PACXF) announced Friday that it had raised C$2.7 million and struck a partnership with GoldSpot Discoveries Inc to push forward its Red Lake property in Ontario.

GoldSpot is a technology company that leverages artificial intelligence to reduce capital risk to increase efficiencies and success rates in resource exploration.

Vancouver-based Pacton's Red Lake claims lie between Pure Gold Mining's Madsen property, including the Wedge Zone, and Great Bear Resource's Dixie discovery, where recent drill results reported 190.8 g/t gold over 5.9 metres, including 1,600 g/t gold over a drill width of 0.7 metres.

READ: Pacton Gold shares soar as it prepares to kick off exploration in Red Lake

Under the terms of the deal with GoldSpot, the technology company will participate in Pacton’s non-flow-through offering for a total of $1 million in exchange for a 0.5% net smelter return royalty on Pacton’s Red Lake property. GoldSpot also has an option of purchasing an additional 0.5% royalty for $1 million, and a 0.5% royalty on Pacton’s Australian tenements, also for $1 million.

Pacton has engaged GoldSpot for an 18-month period to assist in evaluating and identifying possible areas of mineralization and drill targets on the property. A team of 25 geologists and data scientists will be deployed to stitch, level, and reinterpret geological data in the public domain and marry it with Pacton’s own data and use artificial intelligence to identify patterns and areas with a high chance mineralization.

"Exploration progress to date at Pacton's Red Lake gold project has been very positive and we are looking forward to ramping up activity in partnership with GoldSpot,” said Dale Ginn, Pacton’s executive chairman in a statement.

“The combination of our technical team's experience and GoldSpot's advanced, proprietary technology, significantly enhances the potential for a gold discovery at Red Lake."

New funds raised

The $2.7 million raised is through a combination of common and flow-through shares, Pacton said in a release Friday. Flow-through shares are a unique investment vehicle in Canada allowing investors to gain tax breaks for junior resource financing.

In the first tranche of the non-flow-through offering, the junior explorer issued 17.3 million shares at $0.10 per share for a total of just over $1.7 million. An additional 8.3 million flow-through shares were offered at $0.12 per share, for total proceeds of nearly $1 million.

The company plans to raise $5 million in total from a combination of common and flow-through shares.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

]]>
Fri, 07 Jun 2019 16:10:00 -0400 https://ca.proactiveinvestors.com/companies/news/221754/pacton-gold-strikes-partnership-to-use-artificial-intelligence-to-find-gold-in-red-lake-ontario-221754.html
<![CDATA[News - Pacton Gold shares soar as it prepares to kick off exploration in Red Lake ]]> https://ca.proactiveinvestors.com/companies/news/221235/pacton-gold-shares-soar-as-it-prepares-to-kick-off-exploration-in-red-lake-221235.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has mobilized field crews in readiness for a new exploration program at the company’s Red Lake gold project in Ontario.

The Vancouver-based company announced Thursday that initial activities will focus on the Carricona and Boyden areas of the project. Work will include prospect-scale mapping and sampling.

Shares of Pacton jumped 13.1% in Thursday morning trading to hit C$0.09 in Toronto and were trading at US$0.12 on OTC markets.

READ: Pacton Gold unveils encouraging results from Red Lake project

Previous exploration work at the two targets have returned high-grade gold results, which is not surprising considering the project’s location in Red Lake, Ontario, home to some of the most valuable gold mines in the world.

Gold grades from samples taken from Carricona and Boyden range from nearly 16 grams per ton to as high as 133 grams per ton.

Pacton’s field crews previously uncovered trenches at Carricona and confirmed the presence of mineralized volcanic rocks on the property.

The junior explorer is confident that the Red Lake project contains highly prospective geology based on results from a high-resolution magnetic survey showing the geology has the potential to host high-grade gold mineralization as proven by mineralized zones elsewhere on Pacton's land package, as well as major gold deposits in the Red Lake district.

An upcoming 10,000 metre drill program is expected to begin by late summer 2019.

Pacton's Red Lake claims lie between Pure Gold Mining's Madsen property, including the Wedge Zone, and Great Bear Resource's Dixie discovery.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

]]>
Thu, 30 May 2019 10:43:00 -0400 https://ca.proactiveinvestors.com/companies/news/221235/pacton-gold-shares-soar-as-it-prepares-to-kick-off-exploration-in-red-lake-221235.html
<![CDATA[Media files - Pacton Gold encouraged after positive magnetic survey at Red Lake property in Ontario ]]> https://ca.proactiveinvestors.com/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 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13120/pacton-gold-encouraged-after-positive-magnetic-survey-at-red-lake-property-in-ontario-13120.html <![CDATA[News - Pacton Gold unveils encouraging results from Red Lake project ]]> https://ca.proactiveinvestors.com/companies/news/219133/pacton-gold-unveils-encouraging-results-from-red-lake-project-219133.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has unveiled positive exploration results from its Red Lake property in Ontario, which have shown multiple areas of interest.

A high resolution airborne magnetic survey was  flown by Prospectair of Gatineau, Quebec, and initial results indicate multiple areas of interest, showing small-to-large scale folding and faulting.

Shares of Pacton were up 9% at C$0.19 on Thursday.

READ: Pacton Gold Inc looking for high grade gold at Tardarinna as it kicks off field work

This type of geology has the potential to host high-grade gold mineralization as proven by mineralized zones elsewhere on Pacton's land package, as well as major gold deposits in the Red Lake district, the company said.

Pacton is now set to begin an initial field exploration program, which will include following up on historical sampling, gold showings, trenching and diamond drilling, along with the geophysical survey and soil sampling.

"The recent, significant exploration success near Pacton's Red Lake project was achieved by focusing on specific geological structures that include high-iron mafic rocks and D2 related folding and faulting. Our recent survey has successfully established the presence of all these components at our project and identified their locations. We are now in a position to commence targeted field exploration activity that will culminate in a drill program," said Dale Ginn, executive chairman at Pacton.

Pacton also said it had struck an option deal to acquire 100% ownership of additional mineral claims in the Red Lake District, Ontario.

Pacton's Red Lake claims lie between Pure Gold Mining's Madsen property, including the Wedge Zone, and Great Bear Resource's Dixie discovery.

The claims lie south of Great Bear Resource's Dixie project along the Pakwash fault. The company can earn a 100% interest  by paying a total of $90,000 and issuing  250,000 shares over two years. The transaction is subject to the acceptance of the TSX Venture Exchange.

Contact Giles at giles@proactiveinvestors.com

]]>
Thu, 25 Apr 2019 12:51:00 -0400 https://ca.proactiveinvestors.com/companies/news/219133/pacton-gold-unveils-encouraging-results-from-red-lake-project-219133.html
<![CDATA[News - Pacton Gold Inc looking for high grade gold at Tardarinna as it kicks off field work ]]> https://ca.proactiveinvestors.com/companies/news/217230/pacton-gold-inc-looking-for-high-grade-gold-at-tardarinna-as-it-kicks-off-field-work-217230.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) revealed initial field work had started at a "compelling" target in Pilbara, Western Australia, where previous surface sampling has shown up to 328 g/t (grams per ton) gold.

Earlier this month, Vancouver-based Pacton said it had struck a binding letter of intent to buy a 100% interest in the Tardarinna gold project, which is around 25 km southwest of Port Hedland, 10 km southwest of Croydon Outcamp and 50 km southeast of Whim Creek.

READ: Pacton Gold rises on letter of intent to buy 100% of gold project in Australia’s Pilbara region

Fieldwork will be focused on high-grade gold mineralization within a known 10-50 m (meter) wide shear zone extending for over 1km.

"This initial sampling and geological mapping program will increase our understanding of the geology, as well as the number and size of additional targets at the project, and will assist our targeting process for drilling later this year," said Dale Ginn, Pacton's chairman, in a statement Monday.

"Our initial geological work will concentrate on the gold-bearing shear stockworks of the Tardarrina metagabbro, the fold axis of the anticline near the known gold occurrences, the unexplored north trending arm of the anticline, and the Mallina formation under the eluvium between the anticlinal metagabbro arms."

Previous work at the so-called "Tardarinna" metagabbro threw up sample grades up to 328 g/t of the yellow metal, which came from a trench dug to a depth of 10m and a width of 1m, estimated to contain 400 t (tons) grading 66.8 g/t gold.

Historical mining

Notably, historical eluvial gold mining has occurred downslope of the prominent Tardarinna metagabbro.

Pacton also told investors today that Johnathon Campbell, a highly-regarded Pilbara prospector, will carry out a prospecting program and logistics review across Tardarinna and the firm's other West Pilbara tenements to accelerate exploration progress.

The company is focused on the exploration and development of high-grade gold properties located in the district-scale Pilbara gold rush in Western Australia and the famous Red Lake district in Ontario, Canada.

Shares added 4.55% to $0.23.

Contact Giles at giles@proactiveinvestors.com

Follow him onb Twitter @Gile74

]]>
Tue, 26 Mar 2019 08:19:00 -0400 https://ca.proactiveinvestors.com/companies/news/217230/pacton-gold-inc-looking-for-high-grade-gold-at-tardarinna-as-it-kicks-off-field-work-217230.html
<![CDATA[News - Pacton Gold poised to start drilling at Red Lake in May as it buys more claims ]]> https://ca.proactiveinvestors.com/companies/news/216758/pacton-gold-poised-to-start-drilling-at-red-lake-in-may-as-it-buys-more-claims-216758.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) revealed it expects to start drilling at the famous Red Lake district on Ontario this May, as it told investors it is set to buy more claims there.

The Vancouver-based company has struck a deal with Larry Herbert to acquire 100% ownership of the additional claims, which are contiguous and to the northwest of Pacton's current landholdings in the prolific Balmer Assemblage.

READ: Pacton Gold set to identify drill targets at Red Lake; presents historical finds

It means Pacton now holds 16,630 hectares in the area.

"Pacton's Red Lake land package now spans a large, underexplored area of the prolific Balmer Assemblage and Confederation Assemblage, as well as much of the contact between the two," said Dale Ginn, executive chairman of Pacton. "We view this as a clear opportunity to capitalize on prospective ground that hosts geological structures of considerable interest. Our team has an aggressive exploration program planned for this spring, and we expect to commence drilling in May."

The Balmer Assemblage hosts significant high-grade mineralization at Pure Gold's Madsen mine and Goldcorp's Red Lake and Campbell mines, which combined, have produced more than 20 million oz (ounces) of gold. 

The new property contains geology consistent with known areas of high-grade gold mineralization, highlighted Pacton.

Helicopter survey

To earn a 100% interest in the new claims, Pacton must complete a heli-mag survey on the property and issue 325,000 shares. it must also pay $100,000 over two years.

The property is subject to net smelter return (NSR) royalties of 2.5%, half of which can be purchased by Pacton for $2 million.

The prolific Red Lake mining district has produced more than 30 million ounces of gold and benefits from major active mining operations, including the Red Lake Gold Mine of Goldcorp Inc (NYSE:GG), plus modern infrastructure and a skilled workforce.

Shares in Toronto were unchanged at $0.235.

Contact Giles at giles@proactiveinevestors.com

Follow him on Twitter @Gile74

]]>
Tue, 19 Mar 2019 08:31:00 -0400 https://ca.proactiveinvestors.com/companies/news/216758/pacton-gold-poised-to-start-drilling-at-red-lake-in-may-as-it-buys-more-claims-216758.html
<![CDATA[News - Pacton Gold begins initial field work in Australia’s Pilbara region ]]> https://ca.proactiveinvestors.com/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
 

]]>
Tue, 12 Mar 2019 08:48:00 -0400 https://ca.proactiveinvestors.com/companies/news/216295/pacton-gold-begins-initial-field-work-in-australias-pilbara-region-216295.html
<![CDATA[News - Pacton Gold rises on letter of intent to buy 100% of gold project in Australia’s Pilbara region ]]> https://ca.proactiveinvestors.com/companies/news/215639/pacton-gold-rises-on-letter-of-intent-to-buy-100-of-gold-project-in-australias-pilbara-region-215639.html Pacton Gold Inc (OTCMKTS:PACXF) (CVE:PAC) gained Friday after saying it has entered into a binding letter of intent to buy a 100% interest in the Tardarinna Gold Project in Western Australia’s Pilbara region.

The company said the acquisition of the prospective property, enhances Pacton’s exposure to high-grade, shear-hosted gold within the Pilbara. Exploration targeting is underway and will be followed by field-based exploration across the property, according to Pacton.

Shares of Pacton Gold rose 3.9%, to C$0.265 in Friday’s Canadian trading.

READ: Pacton Gold buys more ground in Red Lake district

Under the terms of the letter of intent, Pacton will acquire a 100% interest in Tardarinna through the issuance of 1.25 million common shares. The deal will be formalized by a definitive agreement and is subject to the acceptance of the TSX Venture Exchange, according to Pacton.

The company said as much as 328 grams of gold per tonne has been reported by historical surface samples. In addition, Pacton said shallow eluvial gold workings have been identified in the southeastern quadrant of the project.

Earlier this week, the company said it was increasing its foothold in the Red Lake district in Ontario by buying more claims from Frontline Gold Corp.

The stock slipped 0.88% to US$0.20 on the OTC Markets.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

–This story has been updated to give the latest share prices–

]]>
Fri, 01 Mar 2019 09:58:00 -0500 https://ca.proactiveinvestors.com/companies/news/215639/pacton-gold-rises-on-letter-of-intent-to-buy-100-of-gold-project-in-australias-pilbara-region-215639.html
<![CDATA[News - Pacton Gold set to identify drill targets at Red Lake; presents historical finds ]]> https://ca.proactiveinvestors.com/companies/news/215438/pacton-gold-set-to-identify-drill-targets-at-red-lake-presents-historical-finds-215438.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) released details of its exploration database of the Red Lake gold property, which contains high-grade historic finds.

It comes after the group yesterday revealed it continues to increase its foothold in the Red Lake district - famous for mining - by buying further claims there from Frontline Gold Corp.

READ: Pacton Gold buys more ground in famous Red Lake district

With that acquisition, Pacton now holds a contiguous land package of around 25 km in an east-west direction and an average of 7 km in a north-south direction.

This package lies immediately south of Goldcorp Inc's producing claims and south of the Madsen Mine and Wedge Zone currently being developed by Pure Gold, and to the north of the high-grade Dixie Zone currently being drilled by Great Bear Resources Ltd.

Pacton is now carrying out a helicopter magnetics survey.

Combined with historical sampling, trenching, and diamond drilling, the survey will assist to identify D2 structures and to prioritize drill targets at Red Lake.

Highlights from Pacton's compilation of historical exploration work by various companies between 1936 and 2006 include 24 g/t gold over 1 m at the Northern Property (drill hole), 121.4 g/t at the Central Property (trench), and 15.9 g/t  gold at the Northwestern property (trench). At the Southwestern property, there was 0.26 g/t gold over 10.32m in a drill hole.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

]]>
Wed, 27 Feb 2019 10:23:00 -0500 https://ca.proactiveinvestors.com/companies/news/215438/pacton-gold-set-to-identify-drill-targets-at-red-lake-presents-historical-finds-215438.html
<![CDATA[Media files - Pacton Gold increases foothold in the Red Lake district ]]> https://ca.proactiveinvestors.com/companies/stocktube/12362/pacton-gold-increases-foothold-in-the-red-lake-district-12362.html Tue, 26 Feb 2019 11:39:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/12362/pacton-gold-increases-foothold-in-the-red-lake-district-12362.html <![CDATA[News - Pacton Gold buys more ground in famous Red Lake district ]]> https://ca.proactiveinvestors.com/companies/news/215339/pacton-gold-buys-more-ground-in-famous-red-lake-district-215339.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) continues to increase its foothold in the Red Lake district in Ontario, revealing Tuesday it is set to buy further claims there from Frontline Gold Corp.

The latest ground is contiguous and to the north of Pacton's current landholdings and extend to within 3km of Goldcorp's newest production shaft.

READ: Pacton Gold further strengthens footprint in famous Red Lake district

Limited historical diamond drilling at the claims included an intersection of 24 g/t (grams per ton) of the yellow metal over 1m, found by SkyHarbour Resources in 2003.

The prolific Red Lake mining district has produced more than 30 million ounces of gold and benefits from major active mining operations, including the Red Lake Gold Mine of Goldcorp Inc (NYSE:GG), plus modern infrastructure and a skilled workforce.

Pacton's expanded land position now overlaps with the prolific Balmer Assemblage, known to host significant high-grade mineralization at Pure Gold's Madsen mine and Goldcorp's Red Lake and Campbell mines, which historically produced over 20 million ounces of gold combined.

Pacton's Red Lake claims lie between Pure Gold Mining's Madsen property, including the Wedge Zone, and Great Bear Resource's Dixie discovery.

The company can earn 100% interest in today's claims by completing a heli-mag survey and issuing a total of 350,000 shares and paying $100,000 over two years.

The site is subject to net smelter return (NSR) royalties totalling 2.25% and Pacton has the option to buy back a portion of the royalties for $250,000

Shares in Toornto added over 7% to $0.29 each.

Contact Giles at giles@proactiveinevestors.com

Follow him on Twitter @Gile74

]]>
Tue, 26 Feb 2019 09:04:00 -0500 https://ca.proactiveinvestors.com/companies/news/215339/pacton-gold-buys-more-ground-in-famous-red-lake-district-215339.html
<![CDATA[News - Pacton Gold makes TSX Venture's top-performers list ]]> https://ca.proactiveinvestors.com/companies/news/215077/pacton-gold-makes-tsx-venture-s-top-performers-list-215077.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) is looking golden after being named one of TSX Venture Exchange’s top-performing companies in 2019.

The Vancouver-based junior exploration company made the Venture Exchange's 2019 TSX Venture 50 list. 

The list of 50 companies comprises 10 from each of five sectors, selected based on market cap growth, share price appreciation and trading volume.

READ: Pacton Gold further strengthens footprint in famous Red Lake district

"During the past year we have aggressively established ourselves in two of the most promising gold exploration districts in the world, namely Western Australia and Red Lake, Ontario," said executive chairman Dale Ginn. 

"This year's focus will be on actively exploring our projects for high-grade gold and we anticipate that Pacton Gold will continue to be one of the most active gold explorers on the Venture Exchange during 2019 and beyond."

Shares of Pacton Gold were at C$0.26 on Thursday.

Contact Katie Lewis at katie@proactiveinvestors.com

Follow her on Twitter @kelewis

]]>
Thu, 21 Feb 2019 11:31:00 -0500 https://ca.proactiveinvestors.com/companies/news/215077/pacton-gold-makes-tsx-venture-s-top-performers-list-215077.html
<![CDATA[News - Pacton Gold further strengthens footprint in famous Red Lake district ]]> https://ca.proactiveinvestors.com/companies/news/214651/pacton-gold-further-strengthens-footprint-in-famous-red-lake-district-214651.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has further extended its footprint in the Red Lake District in Ontario, a name synonymous with Canadian gold mining.

In a statement, the Vancouver- based company revealed it had struck a deal to buy a property, consisting of 17 mineral claims, which will increase Pacton's land position to around 15,300 Ha (hectares).

READ: Pacton Gold kicks off magnetic survey at its claims in prolific Red Lake district in Ontario

Under the terms, Pacton will purchase 100% of the property by paying $15,000 and issuing 75,000 of its shares. The site is subject to a net smelter return (NSR) royalties of 2%, half of which Pacton has the option to buy back for $200,000.

Today's news comes after last month, the company revealed it was set to buy a further 1,760 hectares in the Red Lake District after it struck an acquisition deal with Frontline Gold Corporation (CVE:FGC) over a property.

Pacton's Red Lake claims lie between Pure Gold Mining's Madsen property, including the Wedge Zone, and Great Bear Resource's Dixie discovery.

A detailed helicopter magnetics survey is underway to identify structures that are proposed to have significant control on gold mineralization as observed in recent drilling results from the Dixie project.

Pacton is currently compiling historical data and formulating plans for exploration in 2019 to advance its project.

Pacton Gold Inc shares closed Wednesday at $0.24.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

]]>
Thu, 14 Feb 2019 09:06:00 -0500 https://ca.proactiveinvestors.com/companies/news/214651/pacton-gold-further-strengthens-footprint-in-famous-red-lake-district-214651.html
<![CDATA[News - Pacton Gold kicks off magnetic survey at its claims in prolific Red Lake district in Ontario ]]> https://ca.proactiveinvestors.com/companies/news/213737/pacton-gold-kicks-off-magnetic-survey-at-its-claims-in-prolific-red-lake-district-in-ontario-213737.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) told investors it had kicked off a helicopter magnetic survey over its claims in the Red Lake district of Ontario.  

The district is a prolific area for mining and has so far produced over 30 million ounces of gold.

READ: Pacton Gold expands footprint in prolific Red Lake district with Frontline Gold acquisition

Yesterday, Pacton said that it had expanded its footprint in the district after striking an acquisition deal with Frontline Gold Corporation (CVE: FGC) over a property, which will see it buy a further 1,760 hectares (Ha) in the district.

The Vancouver-based company said the airborne survey was the first step to prioritize upcoming drill targets as part of an "aggressive exploration strategy going forward in this prospective area".

Pacton's claims lie between Pure Gold's Madsen property, including the Wedge zone and Great Bear Resource's Dixie discovery.

Recent drill results from Great Bear have included 190.78 grams per tonne (g/t) gold over 5.90 metres including 1,600 g/t of the yellow metal over a drill width of 0.7 metres in the Hinge zone.

Significantly, Pacton's Red Lake geology is similar to that, which hosts the high-grade discoveries at the Dixie project and Pacton will be using the geophysical data to focus on D2 structures that are proposed to have significant control on gold deposits in the Confederation assemblage.

Pacton's aims at Red Lake are as follows:

• Completion of heliborne magnetic survey to identify high-priority D2 structures in the Red Lake district; • Surface programs to commence on both geological and geophysical targets in 2019; • Geologically and structurally similar to Great Bear's Dixie project.

Junior resource group Pacton is focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia and the Red Lake district of Ontario.

]]>
Thu, 31 Jan 2019 09:14:00 -0500 https://ca.proactiveinvestors.com/companies/news/213737/pacton-gold-kicks-off-magnetic-survey-at-its-claims-in-prolific-red-lake-district-in-ontario-213737.html
<![CDATA[News - Pacton Gold expands footprint in prolific Red Lake district with Frontline Gold acquisition ]]> https://ca.proactiveinvestors.com/companies/news/213646/pacton-gold-expands-footprint-in-prolific-red-lake-district-with-frontline-gold-acquisition-213646.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has expanded its footprint in the Red Lake District in Ontario, a name synonymous with Canadian gold mining.

The Vancouver-based firm is set to buy a further 1,760 hectares (Ha) in the area after it struck an acquisition deal with Frontline Gold Corporation (CVE: FGC) over a property.

READ: Pacton Gold finalizes exploration plans for Pilbara projects

The property consists of 88 mineral claims. 

Pacton will satisfy the transaction by issuing 192,310 of its shares, once it receives TSX Venture Exchange approval.

The property is subject to net smelter return (NSR) royalties totalling 2.25% and Pacton has the option to buy back a portion of the royalties for $250,000.

The prolific Red Lake mining district in Canada has produced more than 30 million ounces of the yellow metal.

It also benefits from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc (NYSE:GG), plus modern infrastructure and a skilled workforce.

Shares in Toronto slipped 1.9% to $0.27.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

]]>
Wed, 30 Jan 2019 14:57:00 -0500 https://ca.proactiveinvestors.com/companies/news/213646/pacton-gold-expands-footprint-in-prolific-red-lake-district-with-frontline-gold-acquisition-213646.html
<![CDATA[News - Pacton Gold finalizes exploration plans for Pilbara projects ]]> https://ca.proactiveinvestors.com/companies/news/213284/pacton-gold-finalizes-exploration-plans-for-pilbara-projects-213284.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has finalised plans for this year's exploration at three of its Pilbara gold projects in Western Australia, one of the most famous mining regions on the planet.

Numerous types of targets have been identified, most with surface gold occurrences, including shear hosted occurrences and intrusion related environments, the firm said.

BIG PICTURE: Pacton Gold joins gold rush in Australia’s Pilbara region

At Boodalyerrie, Pacton's most easterly Pilbara tenement, preliminary planning for a targeted drill program is underway for currently identified targets and will include expansion for additional targets identified by a sampling program.

At the company's Egina properties, initial 2019 exploration will consist of spot sampling of gravels with subsequent follow-up samples based on these results.

Bulk sampling

Pacton can carry out bulk sampling operations at these sites due to the strategic alliance last year with Artemis Resources, which includes access to the Artemis Radio Hill processing plant, now nearing completion.

At the Impact 5 tenement (the Beaton's Creek gold project), Pacton has established a stratigraphic equivalency between the exposed Impact 5 western plateau edge and the productive stratigraphy at Beatons Creek, the Vancouver-based resource company said.

The initial 2019 Impact 5 exploration program will consist of surface prospecting, and a specific 70-meter thick stratigraphic interval will be investigated.

Pacton currently controls the third-largest conglomerate-hosted gold property portfolio totaling more than 2,500 square kilometers and continues to aggressively review additional accretive acquisitions.

Shares slipped 3.6% to stand at $0.27 in midday trade.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

]]>
Thu, 24 Jan 2019 10:59:00 -0500 https://ca.proactiveinvestors.com/companies/news/213284/pacton-gold-finalizes-exploration-plans-for-pilbara-projects-213284.html
<![CDATA[News - Pacton Gold closes almost C$2.1M private placement led by firm founded by billionaire investor Eric Sprott ]]> https://ca.proactiveinvestors.com/companies/news/211332/pacton-gold-closes-almost-c21m-private-placement-led-by-firm-founded-by-billionaire-investor-eric-sprott-211332.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) said it has closed a private placement of almost 5.9 million flow-through common shares for total gross proceeds of almost C$2.1 million.

The Vancouver-based mining company with operations in Australia and Canada said Friday in a press release that the lead order is for almost C$2 million from Sprott Asset Management LP as subadviser to Ninepoint 2018-II FT LP.  Sprott Asset Management was founded by billionaire investors Eric Sprott, who acquired a 10% stake in Pacton earlier this year.

READ: Pacton Gold rallies on appointment of Johnathon Campbell as field logistics manager

The gross proceeds from the issuance will be used for Canadian exploration expenses and will qualify as flow-through mining expenditures, as defined by Canada’s Income Act. A flow-through vehicle passes income to investors to avoid double taxation.

All securities issued under the placement will be subject to a four-month hold period from the date of issue in compliance with applicable securities laws. The placement is subject to final acceptance of the TSX Venture Exchange.

Shares of Pacton Gold climbed C$0.02 to C$0.32 in Friday’s Canadian trading. They fetched US$0.23 on the OTC Markets.

Earlier this month, Pacton’s stock rallied after announcing the hiring of Johnathon Campbell as field logistics manager to help advance its exploration in the Pilbara gold area of northwestern Australia. Campbell is credited in the Australian mining community with the discovery of “watermelon-seed” gold nuggets that started the Pilbara gold rush.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

]]>
Mon, 17 Dec 2018 08:24:00 -0500 https://ca.proactiveinvestors.com/companies/news/211332/pacton-gold-closes-almost-c21m-private-placement-led-by-firm-founded-by-billionaire-investor-eric-sprott-211332.html
<![CDATA[News - Pacton Gold joins gold rush in Australia’s Pilbara region ]]> https://ca.proactiveinvestors.com/companies/news/211268/pacton-gold-joins-gold-rush-in-australias-pilbara-region-211268.html The Pilbara region of northwestern Australia is known for its red soil, 3-billion-year-old granite formations and a 40,000-year-old Aboriginal population. The hot, arid expanse is regarded as the nation’s “engine room,” with a massive mining industry in iron ore, crude oil, natural gas and salt.

Now gold is being added to the list, and that’s where Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) comes in. A series of acquisitions has made the Vancouver-based company the third-largest land holder in the Pilbara gold region, with more than 2,800 square kilometers, 20 exploration licenses and five mining leases. Pacton also has significant gold and uranium holdings in Canada.

Helping to pay for the Pilbara deals is a man with a golden touch: Canadian billionaire Eric Sprott. The company welcomed him in May as a significant investor after he bought a 10% stake for C$2 million as part of a C$5.5 million private placement deal originally valued at C$4 million.

READ: Pacton Gold rallies on appointment of Johnathon Campbell as field logistics manager

Adding star wattage is Johnathon Campbell, who joined the company in December as field logistics manager. In the local geologist community, Campbell is credited with the 2016 discovery in Karratha, Australia, of “watermelon-seed” gold nuggets that started the Pilbara gold rush. He has worked in the mining industry for more than 18 years, with roles at companies including BHP Billiton PLC (NYSE:BBL), Newmont Mining Corp (NYSE:NEM) and AngloGold Ashanti (CVE:AGZ). Pacton joins Pacton’s existing geological team in Western Australia.

“Securing the services of Johnathon will enhance Pacton’s ability to execute its future exploration programs in the Pilbara,” Interim President and CEO Alec Pismiris said in a statement. “Johnathon’s considerable experience in the mining industry and his understanding of native title issues in the Pilbara will benefit Pacton significantly.”

After the discoverer of gold in the Pilbara came the region's evangelist.

Dr Quinton Hennigh, CEO of mining company Novo Resources Corp (TSXV:NVO), has been tireless in promoting the Pilbara region’s potential as a gold bonanza, advancing the idea that the watermelon-seed-shaped nuggets indicate extensive gold mineralization.

South Africa inspiration

Hennigh piqued Pacton’s interest when he noted the Pilbara region’s similarities to South Africa’s Witwatersrand Basis, also known as the Wits, which holds the world’s largest known gold reserves. That is a potential factor that Pacton and Novo hope will make money for their shareholders.

Pacton has some fresh faces on its executive team. In October, the company named Dale Ginn as executive chairman of the board. Ginn is a mining executive and geologist with nearly 30 years of experience and numerous gold and base-metal discoveries to his credit. He replaced Dominic Verdejo, who himself was previously the company’s president and CEO. Pismiris recently succeeded Verdejo in that capacity on an interrim basis.

Pacton has been stepping up its presence in the Pilbara region through acquisitions. In November, Pacton signed a definitive deal with Clancy Exploration Ltd, an Australian company, to buy a 70% stake in the Hong Kong project. An Australian subsidiary of Pacton and Clancy plan to team up in a joint venture. The Hong Kong project is adjacent to Pacton’s Friendly Creek and Golden Palms projects in the Egina gold area of the Pilbara fields.

The Egina area consists of an 8-kilometer-thick volcano sedimentary system that extends for about 10 kilometers. The Friendly Creek area is historically one of the richest known areas for eluvial nuggets in the Pilbara region, according to Pacton. 

Friendly Creek nuggets

Pacton got a boost in October when it reported finding gold nuggets at six locations on Friendly Creek land.

With all those projects in mind, Pacton signed in October a strategic alliance partnership with Artemis Resources Ltd (OTCMKTS:ARTTF). Under the agreement, Pacton gains access to Artemis’ Radio Hill processing plant, which is 30 kilometers from Karratha.

Pacton, meanwhile, is not only about Pilbara. The company also has significant gold operations at the Tully and Red Lake areas of Ontario and the Carpenter Lake uranium property in Saskatchewan.

Once the Hong Kong deal closes, the next step is to look for more properties to acquire in the Pilbara region. The company says a project scale review is underway across the entire portfolio to identify opportunities for near-term exploration and bulk sampling.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

]]>
Fri, 14 Dec 2018 14:35:00 -0500 https://ca.proactiveinvestors.com/companies/news/211268/pacton-gold-joins-gold-rush-in-australias-pilbara-region-211268.html
<![CDATA[News - Pacton Gold rallies on appointment of Johnathon Campbell as field logistics manager ]]> https://ca.proactiveinvestors.com/companies/news/210611/pacton-gold-rallies-on-appointment-of-johnathon-campbell-as-field-logistics-manager-210611.html Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) rallied Wednesday after announcing the hiring of Johnathon Campbell as field logistics manager to help advance its exploration in the Pilbara gold area of northwestern Australia.

Campbell is credited with the discovery of “watermelon-seed” gold nuggets that started the Pilbara gold rush. He has worked in the mining industry for more than 18 years with roles at companies including BHP Billiton plc (NYSE:BBL), Newmont Mining Corp (NYSE:NEM) and AngloGold Ashanti (CVE:AGZ).

Shares of Pacton climbed 12.5% to C$0.27 in Wednesday’s midafternoon Canadian trading.

READ: Pacton Gold says TSX Venture Exchange accepts for filing its deal to buy Australia project

"Securing the services of Johnathon will enhance Pacton's ability to execute its future exploration programs in the Pilbara,” said Alec Pismiris, Pacton's interim president and CEO, in a press release. “He has been integral in putting the Pilbara gold story on the map.”

Geologists have noted the Pilbara area's similarities to South Africa’s Witwatersrand Basis, also known as the Wits, which holds the world’s largest known gold reserves and has yielded more than 1.5 billion ounces.

A series of acquisitions has made Pacton the third-largest landholder in the Pilbara gold region, with more than 2,800 square kilometers, 20 exploration licenses and five mining leases. Also Wednesday, the company said the TSX Venture Exchange has accepted for filing its agreement to purchase a 70% stake in the Hong Kong project in the Pilbara region.

Pacton welcomed Canadian billionaire Eric Sprott as a significant investor and company director in May after he bought a 10% stake in the company for C$2 million as part of C$5.5 million private placement deal originally valued at C$4 million.

--This story has been corrected to fix the name of Johnathon Campbell in the headline and the quote--

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

]]>
Wed, 05 Dec 2018 12:53:00 -0500 https://ca.proactiveinvestors.com/companies/news/210611/pacton-gold-rallies-on-appointment-of-johnathon-campbell-as-field-logistics-manager-210611.html
<![CDATA[News - Pacton Gold says TSX Venture Exchange accepts for filing its deal to buy Australia project ]]> https://ca.proactiveinvestors.com/companies/news/210590/pacton-gold-says-tsx-venture-exchange-accepts-for-filing-its-deal-to-buy-australia-project-210590.html Pacton Gold Inc. (CVE:PAC) (OTCMKTS:PACXF) said that the TSX Venture Exchange has accepted for filing its agreement to purchase a 70% stake in the Hong Kong project in Western Australia.

Under the definitive deal announced last month, the Vancouver-based company would pay Clancy Exploration Ltd C$175,000 cash and almost 3.8 million common shares, as well as A$520,000 in exploration fees over two years, Pacton said in a press release Tuesday.

READ: Pacton Gold signs definitive deal to buy 70% stake in Western Australia project

A finder's fee of 300,000 common shares would be payable to Genomics Australia Pty Ltd.

Pacton Pilbara Pty Ltd and Subiaco, Australia-based Clancy Exploration would form a joint venture, with the former operating the Hong Kong project.

The Hong Kong project is adjacent to Pacton’s Friendly Creek and Golden Palms projects at the Egina gold area of the Pilbara fields in Western Australia.

In October, Pacton reported finding gold nuggets at six locations on its Friendly Creek land.

Shares of Pacton slipped less than C$0.01 to C$0.24 in Tuesday’s Canadian trading. They edged up less than US$0.01 to US$0.18 on the OTC Markets.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

]]>
Wed, 05 Dec 2018 08:10:00 -0500 https://ca.proactiveinvestors.com/companies/news/210590/pacton-gold-says-tsx-venture-exchange-accepts-for-filing-its-deal-to-buy-australia-project-210590.html
<![CDATA[News - Pacton Gold signs definitive deal to buy 70% stake in Western Australia project ]]> https://ca.proactiveinvestors.com/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

]]>
Fri, 23 Nov 2018 11:06:00 -0500 https://ca.proactiveinvestors.com/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://ca.proactiveinvestors.com/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

]]>
Thu, 15 Nov 2018 11:30:00 -0500 https://ca.proactiveinvestors.com/companies/news/209324/pacton-gold-launches-sampling-and-mapping-work-at-boodalyerrie-ahead-of-drill-program-209324.html
<![CDATA[News - Pacton Gold seals Golden Palms property acquisition in Western Australia ]]> https://ca.proactiveinvestors.com/companies/news/208657/Pacton-Gold-seals-Golden-Palms-property-acquisition-in-Western-Australia-208657.html 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.
 

]]>
Tue, 06 Nov 2018 12:10:00 -0500 https://ca.proactiveinvestors.com/companies/news/208657/Pacton-Gold-seals-Golden-Palms-property-acquisition-in-Western-Australia-208657.html
<![CDATA[News - Pacton Gold appoints mining veteran Dale Ginn as executive chairman ]]> https://ca.proactiveinvestors.com/companies/news/207960/pacton-gold-appoints-mining-veteran-dale-ginn-as-executive-chairman-207960.html Pacton Gold Inc (CVE:PAC) said Dale Ginn has been appointed executive chairman of the board and a director of the company.

It also announced that Dominic Verdejo has resigned as chairman and director; he leaves with the company’s best wishes.

READ Pacton Gold announces latest gold nugget discovery - at Golden Palms property​

Ginn is an experienced mining executive and geologist of nearly 30 years. He is the founder of a number of exploration and mining companies and has led and participated in numerous gold and base metal discoveries, many of which are in production today including Gladiator, 007, Hinge, 777 and others.

While specializing in complex, structurally-controlled gold deposits, he also has extensive mine-operations, development and start-up experience, Pacton said.

Ginn is the current vice-president of exploration at BonTerra as well as the president and chief executive officer of the newly formed Gatling Exploration Inc.

"We welcome Dale to the Pacton team and are looking forward to further developments with his participation as a leader in an official capacity, said Alex Pismiris, the interim president and chief executive officer of Pacton.

“He has certainly contributed quietly to date as a founder and large shareholder who has already spent considerable time and effort with our team," he added.

]]>
Fri, 26 Oct 2018 09:41:00 -0400 https://ca.proactiveinvestors.com/companies/news/207960/pacton-gold-appoints-mining-veteran-dale-ginn-as-executive-chairman-207960.html
<![CDATA[News - Pacton Gold set to acquire gold rights of Calidus Resources in Pilbara ]]> https://ca.proactiveinvestors.com/companies/news/207701/pacton-gold-set-to-acquire-gold-rights-of-calidus-resources-in-pilbara-207701.html Resource junior, Pacton Gold Inc.(CVE:PAC, OTC:PACXF), has made a strategic decision to acquire the gold rights of Calidus Resources Ltd.

The rights, which are set to be transferred to Pacton within 50 days, lie in both the Marble Bar subbasin and the northeast Pilbara subbasin of the Pilbara craton in Australia. Three areas have already been targeted for exploration, two of which lie near the town of Marble Bar.

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

The deal is "consistent with Pacton's directed strategy of acquiring Fortescue Group exploration conglomerate gold assets in parallel with its equally growing portfolio of Mesoarchean and Paleoarchean orogenic "mother lode" exploration projects", it said in a regulatory release on Tuesday.

Pacton can now explore and exploit any conglomerate or transported gold deposits in the sedimentary rocks overlying the basement rocks in the Calidus holdings, which are scattered from the town of Marble Bar to the Nulllalgine-Beaton Creek area.

Pacton is currently carrying out field exploration in the Mallina Basin, on its Egina area properties, which lie around 200 km west of the Marble Bar sub-basin.

Pacton will acquire the gold rights by issuing Calidus or its nominees 7 million shares.

The agreement includes a right to deferred compensation whereby Calidus may receive up to 3 million additional shares of Pacton on the first anniversary of the completion of the transaction based on the 30-day VWAP of Pacton's shares on the date of such issuance.

]]>
Tue, 23 Oct 2018 13:51:00 -0400 https://ca.proactiveinvestors.com/companies/news/207701/pacton-gold-set-to-acquire-gold-rights-of-calidus-resources-in-pilbara-207701.html
<![CDATA[News - Pacton Gold announces latest gold nugget discovery - at Golden Palms property ]]> https://ca.proactiveinvestors.com/companies/news/207570/pacton-gold-announces-latest-gold-nugget-discovery-at-golden-palms-property-207570.html Pacton Gold Inc. (CVE:PAC, OTC:PACXF) Monday announced the first discovery of gold nuggets on the Golden Palms property in the Pilbara, greatly expanding the known nugget-bearing potential of the South Egina area.

As revealed last month, the group expanded its footprint in the area in Australia - as it revealed its acquisition of the Golden Palms property.

The tenement, measuring 7km by five km, extended Pacton's Friendly Creek project northward. It also lies adjacent to Novo Resources Corp.'s tenement block.

Also last week, the group told investors it had found gold nuggets at the Egina area of its Friendly creek tenements - locating nuggets at six locations on the tenements ahead of the firm carrying out organized geological mapping and exploration.

The latest discovery, the firm said today, lies 2.5 km northwest of the recently announced Friendly Creek gold nugget discovery and occurs across the regional structural and stratigraphic fabric of the underlying bedrock geology.

It lies within a 300 meter by 300 meter area, Pacton said.

"This gold nugget discovery, within a 300 meter by 300 meter area, is significant in that it represents the first gold discovery on the Golden Palms tenement and has greatly expanded the known nugget-bearing potential of the South Egina area," said the company.

Shares added 2.67% to $0.38 in Toronto.

]]>
Mon, 22 Oct 2018 08:34:00 -0400 https://ca.proactiveinvestors.com/companies/news/207570/pacton-gold-announces-latest-gold-nugget-discovery-at-golden-palms-property-207570.html
<![CDATA[News - Pacton Gold gives a potential boost to Pilabara projects with new processing tie-up ]]> https://ca.proactiveinvestors.com/companies/news/207296/pacton-gold-gives-a-potential-boost-to-pilabara-projects-with-new-processing-tie-up-207296.html Pacton Gold Inc.'s (CVE:PAC, OTC:PACXF) plans in the Pilbara have been boosted - as it inked a processing deal with Australia-listed Artemis Resources Ltd.

The MOU (memorandum of understanding) sees the two firms collaborating, whereby Pacton can use Artemis's 100% owned Radio Hill processing plant, which lies 30km from Karratha.

READ: Pacton Gold finds gold nuggets in the Egina area of Friendly creek tenements

The commercial terms of any arrangement remain subject to negotiation to be formalised.

"The strategic processing alliance with Artemis provides a far reduced upfront capital cost of evaluating near-term development opportunities within the Pilbara," said Alec Pismiris, interim president and chief executive at Pacton.

"Pacton's extensive landholding in the Pilbara contains a multitude of prospects requiring evaluation.

"Through Pacton's granted mining leases in conjunction with the processing solution provided by Artemis, the alliance partners are well positioned to expedite development opportunities.

"We look forward to working closely with Artemis, an established long-term operator in the Pilbara region and strive to capitalize on the operating synergies between both parties."

On Monday this week, Pacton told investors that it had found gold nuggets at the Egina area of its Friendly creek tenements in the Pilbara, Western Australia.

The nuggets were found at six locations on the tenements ahead of the firm carrying out organised geological mapping and exploration.

They were housed in weathered material overlying a package of unclassified Mesoarchean ultramafic rocks and komatiitic basalt that extends along the Friendly Creek tenements for around 10km.

Pacton shares are up 2.33% to $0.44 in Toronto.

]]>
Wed, 17 Oct 2018 09:23:00 -0400 https://ca.proactiveinvestors.com/companies/news/207296/pacton-gold-gives-a-potential-boost-to-pilabara-projects-with-new-processing-tie-up-207296.html
<![CDATA[News - Pacton Gold finds gold nuggets in the Egina area of Friendly creek tenements ]]> https://ca.proactiveinvestors.com/companies/news/207098/pacton-gold-finds-gold-nuggets-in-the-egina-area-of-friendly-creek-tenements-207098.html Pacton Gold Inc. (CVE:PAC, OTC:PACXF)  told investors it had found gold nuggets at the Egina area of its Friendly creek tenements.

The firm found the nuggets at six locations on the tenements ahead of the firm carrying out organized geological mapping and exploration.

The gold nuggets were in weathered material overlying a package of unclassified Mesoarchean ultramafic rocks and komatiitic basalt that extends along the Friendly Creek tenements for around 10km.

The origin of the gold nuggets, which show various morphological shapes, has not yet been determined.

Last month, Pacton expanded its footprint in the Pilbara region of Australia, with the acquisition of a 70% interest in what's called the Hong Kong project from Clancy Exploration Ltd.

The exploration licence adjoins the firm's Friendly Creek and Golden Palms projects and gives the company a bigger footprint in the Egina area - emerging to be the main focus of conglomerate gold exploration in the region, it said.

]]>
Mon, 15 Oct 2018 09:48:00 -0400 https://ca.proactiveinvestors.com/companies/news/207098/pacton-gold-finds-gold-nuggets-in-the-egina-area-of-friendly-creek-tenements-207098.html
<![CDATA[News - Pacton Gold poised to further expand its Pilbara position with Hong Kong project ]]> https://ca.proactiveinvestors.com/companies/news/206911/pacton-gold-poised-to-further-expand-its-pilbara-position-with-hong-kong-project-206911.html Pacton Gold Inc (CVE:PAC, OTC:PACXF) has expanded its footprint in the Pilbara, with the acquisition of a 70% interest in what's called the Hong Kong project from Clancy Exploration Ltd.

The exploration licence adjoins the firm's Friendly Creek and Golden Palms projects and gives the company a bigger footprint in the Egina area - emerging to be the main focus of conglomerate gold exploration in the region.

"Through the process of evaluating the extensive portfolio held by Pacton in the Pilbara region, we are further appreciating the significance of the association between the primary shear hosted and conglomerate styles of gold mineralization in the region," said Alec Pismiris, interim president and chief executive at Pacton.

"We look forward to working closely with Clancy to explore the Hong Kong project as part of our broader Egina area development strategy."

The Hong Kong project consists of a single exploration licence covering 40.15 square kilometres (sq km).

More than five km of strike have been mapped within the project and notable historical alluvial gold mines lie within these formations.

In addition, structurally controlled, greenstone-hosted gold mineralization has been historically mined across the property.

Under the terms of the binding letter of intent (LOI), which will be formalized by a definitive agreement,  Pacton can buy the 70%  stake by paying Clancy $175,000 and issuing them with over 3.7 million shares.

Upon completion, Pacton and Clancy will enter into a joint venture.

Pacton will act as operator of the Hong Kong project.

A minimum of $500,000 must be spent within two years. Clancy will be free carried with respect to expenditures until a decision to mine is made unanimously by both parties.

Reporting by Giles Gwinnett.

giles@proactiveinvestors.com

]]>
Thu, 11 Oct 2018 09:29:00 -0400 https://ca.proactiveinvestors.com/companies/news/206911/pacton-gold-poised-to-further-expand-its-pilbara-position-with-hong-kong-project-206911.html
<![CDATA[News - Pacton Gold signs definitive deal for two Australian licences ]]> https://ca.proactiveinvestors.com/companies/news/206424/pacton-gold-signs-definitive-deal-for-two-australian-licences-206424.html Pacton Gold Inc (CVE:PAC). has inked a definitive deal for its acquisition of 100% of two Australian licences.

They are the Yandicoogina and Boodalyerrie exploration licences and mining leases, acquired from Gardner Mining Pty via issuing 2 million shares on closing.

The two granted mining leases and three granted exploration licences comprise a total of 146.80 sq km.

Transfer of the projects was subject to foreign investment review board approval, which the company has now received.

]]>
Thu, 04 Oct 2018 14:48:00 -0400 https://ca.proactiveinvestors.com/companies/news/206424/pacton-gold-signs-definitive-deal-for-two-australian-licences-206424.html
<![CDATA[News - Pacton Gold expands footprint at Friendly Creek project in Pilbara with new acquisition ]]> https://ca.proactiveinvestors.com/companies/news/205895/pacton-gold-expands-footprint-at-friendly-creek-project-in-pilbara-with-new-acquisition-205895.html Pacton Gold Inc. (CVE:PAC, OTC:PACXF) has expanded its footprint in the Pilbara in Western Australia - as it revealed it was poised to buy the Golden Palms property.

The tenement measuring 7km by five km extends Pacton's Friendly Creek project northward. It also lies adjacent to Novo Resources Corp.'s tenement block.

READ: Pacton Gold Inc expands exploration to include Friendly Creek project

Recent prospecting at the site has led to the discovery of numerous gold nuggets in 10 locations dispersed throughout the tenement from various lithologies.

Together with Friendly Creek project, there are multiple types of gold targets, the firm said.

Historic gold mining near the property occurred in the late-1800s, producing gold from quartz veins and eluvial workings.

Gold reportedly occurs in veins in structures similar to Archean orogenic gold deposits, as well as in Fortescue group rocks.

Pacton noted that the Golden Palms multiple locality nugget collection represented a new, extensive discovery as the government gold dataset did not indicate any known gold on the Golden Palms property.

The new nugget discoveries also show a different range of targets compared to those that can be expected to occur on Pacton's nearby Arrow project. The Arrow project runs for 40 km from south to north along the nearby western boundary of Novo's large Egina area project.

Under the terms of the Golden Palms LOI (letter of intent), Pacton can buy 100% by paying $100,000 and issuing 400,000 shares on completion.

]]>
Thu, 27 Sep 2018 10:13:00 -0400 https://ca.proactiveinvestors.com/companies/news/205895/pacton-gold-expands-footprint-at-friendly-creek-project-in-pilbara-with-new-acquisition-205895.html
<![CDATA[News - Pacton Gold Inc expands exploration to include Friendly Creek project ]]> https://ca.proactiveinvestors.com/companies/news/205563/pacton-gold-inc-expands-exploration-to-include-friendly-creek-project-205563.html Pacton Gold Inc. (CVE:PAC, OTC:PACXF) told investors it was poised to carry out initial ground exploration on its Friendly Creek project in the Pilbara region of Australia.

Friendly Creek lies next to and south of Novo Resources' Egina block, and immediately northeast of Kairos’ recently discovered Croydon conglomerate gold play.

READ: Pacton Gold kicks off exploration in Pilbara

“Gold nuggets have been found in modern surface gravels over a vast area around Egina since the late 1800’s," said Pacton in today's statement.

"Upon researching the distribution and nature of gold nuggets earlier this year, Novo has concluded these are largely derived from weathering and erosion of basal Fortescue conglomerates similar to those at Comet Well and Purdy’s Reward.

"This makes Egina particularly intriguing. Not only is there potential for the discovery of gold-bearing conglomerates, but there is also very good potential for significant surface gold deposits occurring in modern lag gravels.

"Acquisition of the core tenements at Egina consolidates Novo’s position in this potentially very important gold district.”

Initial exploration at Friendly Creek will consist of a re-examination of historical occurrences, prospecting, mapping and methodical sampling over prospective gold targets.

Earlier this month, Pacton said it had kicked off the first exploration on its large gold property portfolio in the Pilbara.

First work will be on the 51%-owned Arrow project, which is 90km south-southwest of Port Hedland, Western Australia.

The initial stage will continue until December.

Pacton has identified stratigraphic units within the Arrow project that are continuous, along strike, into two of Novo’s Egina gold hotspots.

Pacton’s Friendly Creek project presents a  well-defined 11 km by 4 km target area that encompasses the historic Pilbara Well alluvial and eluvial gold discoveries that sparked gold rush activity in the Pilbara in 1888.

Despite this long history and known gold endowment, the remoteness of the area, before modern infrastructure, prevented systematic exploration.

The historic gold occurrences along the 11 km by 4 km wide Friendly Creek system are described as eluvial nugget concentrations.

Pacton Gold Inc.shares eased 3.26% to C$0.445

]]>
Mon, 24 Sep 2018 11:33:00 -0400 https://ca.proactiveinvestors.com/companies/news/205563/pacton-gold-inc-expands-exploration-to-include-friendly-creek-project-205563.html
<![CDATA[News - Pacton Gold kicks off exploration in Pilbara ]]> https://ca.proactiveinvestors.com/companies/news/204168/pacton-gold-kicks-off-exploration-in-pilbara-204168.html Junior resource group Pacton Gold Inc. (CVE:PAC, OTC:PACXF) has a started exploration on its large gold property portfolio in the Pilbara, it told investors.

First work will be on the 51%-owned Arrow project, which is 90km south-southwest of Port Hedland, Western Australia. The tenement is located on the shallow northern margin of the Pilbara conglomerate gold province, where Arrow Minerals discovered gold nuggets five to 10 millimetres in size.

READ: Pacton Gold bolsters board with two new directors

Exploration will consist of metal detection and gold nugget sampling of three identified pit locations and additional pits along their bedding extensions, the firm said.

Additionally, future pit and drill locations will be identified using geological mapping and radiometric methods.

Pacton also said it had appointed Jonathan King as chief geologist and general manager of exploration.

For more than 25 years, King has worked for a number public and private companies, specializing in exploration, logistics and discovery excellence.

"Following an aggressive and successful property acquisition program to become a major player in the Pilbara play, the most exciting gold play in the past 40 years, we have commenced our exploration campaign, starting with our Arrow tenements," said Alec Pismiris, interim president and chief executive of Pacton. 

"Our greater Pilbara focus is on gold, primarily in conglomerates, while keeping a watch for high-grade orogenic shear systems.

"In keeping with our management philosophy, we intend to explore aggressively and rapidly with Jonathan King, our new Chief Geologist, leading the charge."

Pacton recently raised around C$5.5mln and currently controls the third largest conglomerate-hosted gold property portfolio totalling in excess of 2,500  sq km, and continues to review additional accretive acquisitions.

]]>
Tue, 04 Sep 2018 14:19:00 -0400 https://ca.proactiveinvestors.com/companies/news/204168/pacton-gold-kicks-off-exploration-in-pilbara-204168.html
<![CDATA[News - Pacton Gold bolsters board with two new directors ]]> https://ca.proactiveinvestors.com/companies/news/203709/pacton-gold-bolsters-board-with-two-new-directors-203709.html Pacton Gold Inc (CVE:PAC) (OTC:PACXF) has bolstered its board, with the hiring of Allan J. Folk and Alec Pismiris as directors.

Folk brings over 35 years' leadership experience in the Canadian mining finance industry.  During his career, he has financed and advised both junior and advanced Canadian companies at the senior board or executive level.

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

Pismiris is currently the group's interim president and chief executive. He has more than 30 years' experience in the securities, finance and mining industries and is currently a director of several ASX-listed companies.Pismiris has served as a director and in senior management positions for numerous ASX-listed companies and notably, was a founding shareholder and director of Papillon Resources, which in 2014 was acquired by B2 Gold for C$615mln. Pismiris was also a founding shareholder and director of Cardinal Resources, which discovered the Namdini Gold project in Ghana and recently unveiled a resource estimate of 7.4mln ounces of gold.

“On behalf of the board, I would like to welcome Mr. Folk and Mr. Pismiris to our Board. They both have extensive experience in the mining sector and capital markets and are ideal candidates for moving Pacton forward.”

]]>
Tue, 28 Aug 2018 09:07:00 -0400 https://ca.proactiveinvestors.com/companies/news/203709/pacton-gold-bolsters-board-with-two-new-directors-203709.html
<![CDATA[News - Pacton Gold shares perk up on acquisition news; company expands reach in Australia's Pilbara region ]]> https://ca.proactiveinvestors.com/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. 

]]>
Mon, 27 Aug 2018 13:29:00 -0400 https://ca.proactiveinvestors.com/companies/news/203637/pacton-gold-shares-perk-up-on-acquisition-news-company-expands-reach-in-australia-s-pilbara-region-203637.html
<![CDATA[News - Pacton Gold speeds up Arrow Pilbara acquisition, strengthening hand in Western Australia ]]> https://ca.proactiveinvestors.com/companies/news/203425/pacton-gold-speeds-up-arrow-pilbara-acquisition-strengthening-hand-in-western-australia-203425.html Pacton Gold Inc (CVE:PAC) is to acquire the remaining 49% of Arrow Pilbara that it does not already own.

In May this year, the junior announced a share purchase and option agreement (SOPA) to acquire up to an 80% of the Australian company, which holds two granted tenement licences and two applications for licences (609 sq km) in the famous Pilbara region.

"We are pleased to be able to accelerate the acquisition of Arrow Pilbara and we will continue to work with the team at Arrow Minerals, who assembled this significant portfolio of advanced gold projects with excellent prospectivity," said Alec Pismiris, interim president and chief executive at Pacton Gold.

Further discovery upside

"The ownership structure will provide further 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."

Arrow's is an advanced gold project portfolio, which consists of conglomerate gold targets within the Witwatersrand basin age-equivalent Mallina basin.

It lies near to key exploration properties controlled by Novo Resources Corp, De Grey Mining Ltd., and Kairos Minerals Ltd and seven conglomerate gold targets have been identified with uranium radiometric anomalies.

Nuggets 5 to 10 mm in size have been discovered on the property.

Pacton will acquire the remaining 49% interest in Arrow Pilbara by paying Arrow C$1mln and issuing it with 2mln shares.

Pacton shares on Wednesday eased 1.05% to C$0.47.

]]>
Wed, 22 Aug 2018 14:49:00 -0400 https://ca.proactiveinvestors.com/companies/news/203425/pacton-gold-speeds-up-arrow-pilbara-acquisition-strengthening-hand-in-western-australia-203425.html
<![CDATA[News - Pacton Gold firms up Drummond East acquisition ]]> https://ca.proactiveinvestors.com/companies/news/203089/pacton-gold-firms-up-drummond-east-acquisition-203089.html Pacton Gold Inc (CVE:PAC) has firmed up its previously announced deal to buy Drummond East Pty Inc, an Australian explorer, owned by Impact Minerals Ltd.

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

Pacton has now entered a definitive agreement, it said.

READ: Pacton Gold terminates Bellary Dome agreement

Under the terms, Pacton will buy 100% of Drummond East by paying Impact C$325,000 and issuing 2.125mln Pacton shares.

Impact will be entitled to receive a discovery bonus of C$500,000 if Pacton publishes measured, indicated, or inferred gold resources of more than 250,000 ounces for the property.

In addition, Pacton and Impact will enter into a royalty deed, whereby Impact will receive a 2% net smelter royalty (NSR).

Pacton shall retain an exclusive and unlimited right to buy 50% of the net smelter royalty back from Impact for C$500,000.

Pacton shares added over 5% on the day to C$0.52.

]]>
Thu, 16 Aug 2018 11:43:00 -0400 https://ca.proactiveinvestors.com/companies/news/203089/pacton-gold-firms-up-drummond-east-acquisition-203089.html
<![CDATA[News - Pacton Gold strikes definitive deal for Pilbara portfolio ]]> https://ca.proactiveinvestors.com/companies/news/202786/pacton-gold-strikes-definitive-deal-for-pilbara-portfolio-202786.html Pacton Gold Inc (CVE:PAC) told investors Monday it had struck a definitive deal for its previously announced agreement to acquire 100% of the Friendly Creek portfolio in Western Australia’s famous Pilbara region.

In May this year, the firm entered a binding letter of intent over the exploration licence and mining leases from Gardner Mining,  an Australian exploration company, and Darren White.

Under the terms, Pacton will purchase a 100% ownership in Friendly Creek by issuing to the vendors 2.5 mln shares.

The project lies in the 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).

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

"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 Pacton in May.

“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."

]]>
Mon, 13 Aug 2018 13:41:00 -0400 https://ca.proactiveinvestors.com/companies/news/202786/pacton-gold-strikes-definitive-deal-for-pilbara-portfolio-202786.html
<![CDATA[News - Pacton Gold terminates Bellary Dome agreement ]]> https://ca.proactiveinvestors.com/companies/news/202782/pacton-gold-terminates-bellary-dome-agreement-202782.html Pacton Gold Inc (CVE:PAC) has announced that it has terminated its agreement to acquire the Bellary Dome project. 

The company said that further to the binding letter of intent with Marindi Metals Inc. signed earlier this year, the company completed its legal and technical due diligence investigations into the Bellary Dome exploration licence 47/2555.

Following discussions with Marindi regarding the outcome of its due diligence investigations, Pacton elected to terminate its agreement with Marindi.

Shares of Pacton Gold were down 3.3% at C$0.59 on Monday.

]]>
Sat, 11 Aug 2018 11:35:00 -0400 https://ca.proactiveinvestors.com/companies/news/202782/pacton-gold-terminates-bellary-dome-agreement-202782.html
<![CDATA[Media files - Pacton Gold acquires Bellary Dome gold project in northwestern Australia ]]> https://ca.proactiveinvestors.com/companies/stocktube/9637/pacton-gold-acquires-bellary-dome-gold-project-in-northwestern-australia-9637.html Wed, 20 Jun 2018 15:36:00 -0400 https://ca.proactiveinvestors.com/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://ca.proactiveinvestors.com/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.

]]>
Wed, 20 Jun 2018 11:54:00 -0400 https://ca.proactiveinvestors.com/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://ca.proactiveinvestors.com/companies/stocktube/9408/pacton-gold-still-on-acquisition-trail-in-australia-s-pilbara-gold-rush-9408.html Thu, 31 May 2018 16:31:00 -0400 https://ca.proactiveinvestors.com/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://ca.proactiveinvestors.com/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.

]]>
Tue, 29 May 2018 00:02:00 -0400 https://ca.proactiveinvestors.com/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://ca.proactiveinvestors.com/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.

]]>
Mon, 28 May 2018 15:51:00 -0400 https://ca.proactiveinvestors.com/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://ca.proactiveinvestors.com/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.

 

]]>
Tue, 22 May 2018 12:19:00 -0400 https://ca.proactiveinvestors.com/companies/news/197483/pacton-gold-expands-footprint-with-acquisition-of-drummond-east-shares-rise-sharply-197483.html