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.