Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) rallied Wednesday after announcing the hiring of Johnathon Campbell as field logistics manager to help advance its exploration in the Pilbara gold area of northwestern Australia.
Campbell is credited with the discovery of “watermelon-seed” gold nuggets that started the Pilbara gold rush. He has worked in the mining industry for more than 18 years with roles at companies including BHP Billiton plc (NYSE:BBL), Newmont Mining Corp (NYSE:NEM) and AngloGold Ashanti (CVE:AGZ).
Shares of Pacton climbed 12.5% to C$0.27 in Wednesday’s midafternoon Canadian trading.
READ: Pacton Gold says TSX Venture Exchange accepts for filing its deal to buy Australia project
"Securing the services of Johnathon will enhance Pacton's ability to execute its future exploration programs in the Pilbara,” said Alec Pismiris, Pacton's interim president and CEO, in a press release. “He has been integral in putting the Pilbara gold story on the map.”
Geologists have noted the Pilbara area's similarities to South Africa’s Witwatersrand Basis, also known as the Wits, which holds the world’s largest known gold reserves and has yielded more than 1.5 billion ounces.
A series of acquisitions has made Pacton the third-largest landholder in the Pilbara gold region, with more than 2,800 square kilometers, 20 exploration licenses and five mining leases. Also Wednesday, the company said the TSX Venture Exchange has accepted for filing its agreement to purchase a 70% stake in the Hong Kong project in the Pilbara region.
Pacton welcomed Canadian billionaire Eric Sprott as a significant investor and company director in May after he bought a 10% stake in the company for C$2 million as part of C$5.5 million private placement deal originally valued at C$4 million.
--This story has been corrected to fix the name of Johnathon Campbell in the headline and the quote--
Contact Dennis Fitzgerald at [email protected]