Canadian gold play Pacton Gold Inc’s footprint in Western Australia’s Pilbara conglomerate-hosted gold region has significantly grown with the purchase of Impact Minerals’ wholly-owned subsidiary Drummond East.
The TSX-V listed gold explorer has entered into a binding letter of intent to acquire all of the shares in Drummond East which holds seven granted tenement licences comprising a total 1126 square kilometres of strategic conglomerate hosting exploration properties.
The acquisition will see Pacton Gold’s total land portfolio in the Pilbara increase to around 2,227 square kilometres.
This makes them the third largest landholder for gold-bearing conglomerate ground in the Pilbara behind Novo Resources land holdings of approximately 12,000 square kilometres.
Previous exploration indicates at least 90km of prospective Fortescue Group conglomerates occurring at or near-surface on its granted licenses, in particular to the west and east of Marble Bar as well as close to the Beatons Creek gold deposit near Nullagine.
Properties are directly adjacent and in close proximity to key exploration properties controlled by Novo Resources and Kairos Minerals Ltd. (ASX: KAI).
Rock chip results of up to 11.2 g/t gold have been discovered at the Glen Herring prospect 10km west of Marble Bar in a gold-pyrite conglomerate that extends for 25 km with other gold-bearing conglomerates identified on or adjacent to the licences.
“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. Pacton continues to further consolidate the region through key property evaluations, and the addition of Drummond East increases our land holdings to 2,227 square kilometres,” said Pacton Interim President and CEO Alec Pismiris.
Mr Pismiris said the Impact Minerals team, led by Dr. Mike Jones, had successfully assembled a significant portfolio of advanced gold projects presenting excellent prospectivity for discovery upside for the shareholders of Pacton.
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.”
Today’s news comes after Pacton inked definitive agreements with Arrow Minerals to buy up to an 80% stake in Arrow’s wholly-owned subsidiary Arrow Pilbara which holds two exploration licences and two exploration licence applications over 609 square kilometres in the Pilbara region.
