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Pacton Gold gives a potential boost to Pilabara projects with new processing tie-up

Last updated: 09:23 17 Oct 2018 EDT, First published: 04:23 17 Oct 2018 EDT

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The two companies have struck a memorandum of understanding

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.

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