Pacton Gold Inc.
Pacton Gold to acquire 2 more granted mining leases
Tuesday, Aug 07, 2018
Pacton Gold Inc. is pleased to announce that it has entered into a binding letter of intent ("LOI") to acquire 100% of both the Yandicoogina and Boodalyerrie exploration licenses and mining leases from Gardner Mining Pty Ltd ("Gardner Mining"), an Australian proprietary limited exploration company. The acquisition of these two highly strategic projects was based on the strong relationship developed with Gardner via the Friendly Creek acquisition (see news release dated May 28, 2018). Two granted mining leases and three granted exploration licenses comprise a total of 146.80 km2 (the "Projects"). The Yandicoogina Project includes ~4.7 km of prospective strike defined by structurally controlled quartz veins host to extensive historical gold workings. Significant rock chip samples within the Yandicoogina Project range up to 199.7 g/t Au. The Boodalyerrie Project is underlain by approximately 25 km2 of sericite and silica altered granite with extensive quartz veining.

Highlights of the Transaction:

  • Strategic portfolio of 2 granted mining leases and 3 granted exploration licenses (146.80 km2).
  • Mining leases provide the potential for immediate large scale bulk sampling of mineralization. The 2 granted mining leases add to the 5 granted mining leases from the Friendly Creek transaction announced May 28, 2018.
  • 2.3 km of strike of the contact between Hardey Formation and Mount Roe Basalt occurs within the Boodalyerrie Project.
  • Considerable target size of Boodalyerrie Project due to being underlain by 25 km2 of sericite and silica altered granite with extensive quartz veining. Historical high grade channel sampling including 3 m at 88.6g/t Au and rock chips of up to 200g/t Au.
  • Yandicoogina has multiple defined prospects with rock chip results of up to 199.7 g/t Au, high grade historical workings and cumulative prospective strike of 4.7 km.

"The acquisition of the Yandicoogina and Boodalyerrie Gold Projects provides a significant increase in the scale of exposure to the Pilbara region both in relation to conglomerate and structurally controlled gold systems. The high grade nature of structurally controlled gold mineralisation across an extensive strike length between the two Projects provides a compelling value proposition," commented Alec Pismiris, Interim President and CEO of Pacton Gold. "We look forward to working closely with the Gardner team, as we commence the implementation of exploration programs across these particularly exciting projects."

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