Pacton announces full acquisition of Arrow Minerals following initial operations on WA
Pacton Gold, Inc., a well-financed mining company focused on the exploration and development of conglomerate-hosted gold properties in the district-scale Pilbara gold rush, has recently announced that its request for filing a share purchase agreement with Arrow Minerals Ltd. has been approved by the TSX Venture Exchange. Under this new agreement, Pacton will effectively acquire Arrow’s remaining 49 percent interest, with the consideration of US$1 million (AU$1.39 million) cash and two million in common shares.
In news release published in April, Pacton Gold, Inc. (OTC:PACXF, PAC:TSX-V, Frankfurt:2NKN.F) provided a detailed overview of the assets in the Arrow property, which is located 90 km SSW of Port Hedland, Western Australia.
Describing the terms and conditions of the acquisition, the Aug. 22 news release also highlighted that Arrow Minerals’ secured 100 percent ownership of the 609 km2 strategic land holdings. In addition, the company also recently discovered of gold nuggets in the property, and conglomerate gold targets numbering up to seven, all identified for future exploration. The announcement also mentioned gold anomalies found in structures that host the mineralisation of gold directly adjacent to key exploration properties that are owned by De Grey Mining Ltd., Kairos Minerals Ltd., and Novo Resources Corp.
Aggressive explorers
A young junior company that managed to recently raise approximately US$5.5 million (AU$7.64 million) with its ventures, Pacton is currently the holder of the third largest conglomerate-hosted gold property portfolio, which has a size of around 2,500 km2.
Earlier this year, Pacton announced the acquisition of conglomerate gold rights from Calidus Resources Limited, which comes with a portfolio that consists of six granted exploration licences and two that are still under application.
Operations on this property then commenced at the beginning of September, starting on the Pilbara craton. Located on the shallow northern margin of the Pilbara conglomerate province, Pacton started operations in the area, beginning with three identified pit locations and a team of geologists and prospectors. Furthermore, the team will also be using geological mapping and radiometric methods to identify future pit and drill locations as the operation moves along.
Prior to Pacton gaining full ownership of the company, Arrow was able to recover gold nuggets 5 to 10 mm in size, which it recovered from the outcropping conglomerate. Before this, however, Pacton was already working on its compilation of a comprehensive geological database of the Pilbara Craton, way before it initially acquired its game-changing portfolio. Surveying all of its tenements with a multispectral satellite-derived dataset, the company was able to create a database that included geological, geochemical and geochronological data, government land tenure and cadastral datasets, and imagery derived from multiple satellite platforms.
“Following an aggressive and successful property acquisition program to become a major player in the Pilbara bay, the most exciting gold play in the past 40 years, we have commenced our exploration campaign, starting with our Arrow tenements,” Pacton CEO Alec Pismiris said.
