Canadian-listed conglomerate gold explorer Pacton Gold (TSXV:PAC) has further cemented its tenement position in Western Australia’s Pilbara, moving to acquire a total interest in Arrow Minerals’ (ASX:AMD) subsidiary Arrow Pilbara, which owns the Pilbara Gold project.
Earlier in May, Pacton announced it would enter into a share purchase and option agreement, which saw the Canadian pick up a majority stake (51%) of the Arrow Pilbara, with the right to expand up to 80 percent.
Pacton has today hit the accelerator, announcing a new deal where it will move to acquire a complete ownership of Arrow Pilbara and the Pilbara Gold project.
Pacton will offer C$1 million in cash, and 2 million shares to Arrow Minerals for the remaining 49 percent of the subsidiary.
Arrow Pilbara holds two granted tenement licences and two applications for licences, comprising 609 km2 of highly-prospective land which is nestled adjacent to other notable conglomerate plays, such as Novo Resources and De Grey Mining.
The Pilbara Gold project has recently returned 5 to 10 mm gold nuggets from outcropping conglomerates.
Seven conglomerate gold targets have been identified with uranium radiometric anomalies.
Commenting on the acquisition, Alec Pismiris, Interim President and CEO of Pacton Gold said:
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.
“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,” he said.
The transaction is now subject to the approval of the TSX Venture Exchange, with Arrow retaining rights to mine lithium, caesium and tantalum at the project.