logo-loader
viewPacton Gold Inc.

Pacton Gold rises on letter of intent to buy 100% of gold project in Australia’s Pilbara region

Under the terms, the company will acquire a 100% interest in Tardarinna through the issuance of 1.25 million common shares

Map of Pilbara gold site
As much as 328 grams of gold per tonne has been reported at Tardarinna, shown on map

Pacton Gold Inc (OTCMKTS:PACXF) (CVE:PAC) gained Friday after saying it has entered into a binding letter of intent to buy a 100% interest in the Tardarinna Gold Project in Western Australia’s Pilbara region.

The company said the acquisition of the prospective property, enhances Pacton’s exposure to high-grade, shear-hosted gold within the Pilbara. Exploration targeting is underway and will be followed by field-based exploration across the property, according to Pacton.

Shares of Pacton Gold rose 3.9%, to C$0.265 in Friday’s Canadian trading.

READ: Pacton Gold buys more ground in Red Lake district

Under the terms of the letter of intent, Pacton will acquire a 100% interest in Tardarinna through the issuance of 1.25 million common shares. The deal will be formalized by a definitive agreement and is subject to the acceptance of the TSX Venture Exchange, according to Pacton.

The company said as much as 328 grams of gold per tonne has been reported by historical surface samples. In addition, Pacton said shallow eluvial gold workings have been identified in the southeastern quadrant of the project.

Earlier this week, the company said it was increasing its foothold in the Red Lake district in Ontario by buying more claims from Frontline Gold Corp.

The stock slipped 0.88% to US$0.20 on the OTC Markets.

Contact Dennis Fitzgerald at [email protected]com

–This story has been updated to give the latest share prices

Quick facts: Pacton Gold Inc.

Price: 0.13 CAD

TSX-V:PAC
Market: TSX-V
Market Cap: $22.31 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Pacton Gold Inc. named herein, including the promotion by the Company of Pacton Gold Inc. in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Pacton Gold encouraged after positive magnetic survey at Red Lake property...

Pacton Gold (CVE:PAC-OTC: PACXF) Executive Chairman Dale Ginn joined Steve Darling from Proactive Investors Vancouver to discuss the latest airborne results from their Red Lake, Ontario Project.  Ginn also providing gave Proactive an update on the company's projects in Western...

on 04/26/2019

2 min read