Pacton Gold Inc. (TSXV: PAC) (OTC: PACXF) (the “Company” or “Pacton”) is pleased to announce the appointment of Allan J. Folk and Alec Pismiris as directors of the Company.
Mr. Folk brings over 35 years of extensive leadership experience in the Canadian mining finance industry to the Company. During his career, he has financed and advised both junior and advanced Canadian companies at the senior board or executive level. Mr. Folk is a graduate of the University of Wisconsin, and currently is Vice President of Brant Securities Ltd. He is also a director of Monarca Minerals Inc., a director of Bonterra Resources Inc., and is the Chairman of Atlanta Gold Inc.
Mr. Pismiris is currently the Company’s Interim President and Chief Executive Officer. He has over 30 years of experience in the securities, finance and mining industries and is currently a director of several ASX listed companies. Since 1990, Mr. Pismiris has served as a director and in senior management positions for numerous ASX listed companies and notably, was a founding shareholder and director of Papillon Resources Limited, which in 2014 was acquired by B2 Gold for $615 million. Mr. Pismiris was also a founding shareholder and director of Cardinal Resources Limited, which discovered the Namdini Gold Project in Ghana and recently announced a Mineral Resource estimate of 7.4 Million ounces of gold. Mr. Pismiris completed a Bachelor of Commerce degree at the University of Western Australia, is a member of the Australian Institute of Company Directors and a fellow of The Governance Institute of Australia. He has participated numerous times in the processes by which boards have assessed the acquisition and financing of a diverse range of assets and has participated in and become familiar with the range of evaluation criteria used and the due diligence processes commonly adopted in the commercial assessment of corporate opportunities.
Dominic Verdejo, Chairman of the Board stated, “On behalf of the Board of Directors, I would like to welcome Mr. Folk and Mr. Pismiris to our Board. They both have extensive experience in the mining sector and capital markets and are ideal candidates for moving Pacton forward.”
About Pacton Gold
Pacton Gold (pac:TSXV)(pacxf:US) is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia. The Company recently raised approximately $5.5 million, currently controls the third largest conglomerate-hosted gold property portfolio totaling in excess of 2,500 km  and continues to aggressively review additional accretive acquisitions.
Pacton Gold Further Increases its Land Position in Western Australia Pilbara by Acquiring Rights to Gold-Bearing Conglomerate Portfolio
VANCOUVER, Aug. 27, 2018 /CNW/ – Pacton Gold Inc. (TSXV: PAC) (OTC: PACXF) (the “Company” or “Pacton“) is pleased to announce that it has entered into a binding letter of intent (“LOI“) to acquire the conglomerate gold rights from Calidus Resources Limited (ASX: CAI) (“Calidus“) over a portfolio of eight exploration licenses. The Gold Rights relate to material that overlies the basement rocks and that is formed of transported material. Specifically, this means the Fortescue Group conglomerates that overlie the Warrawoona Greenstone belt (“Conglomerate Gold“). The portfolio includes six granted exploration licenses and two exploration licenses under application for a total of 357.5 km2 (the “Property“).
Highlights of the Transaction:
Strategic portfolio of 6 granted exploration licenses and 2 exploration licenses under application (357.5 km2).
Rights to explore and mine for any Conglomerate Gold on the Property.
Directly adjacent to Haoma Mining’s Marble Bar tenements where numerous nuggets have been recovered from conglomerates at the Just in Time deposit (Haoma report for quarter ended September 30, 2017).
Calidus has recovered nuggets adjacent to a mapped conglomerate and has mapped various sulphidic conglomerates in the conglomerate gold rights area (Calidus 23 November 2017).
Conglomerate Gold rights are part of the tenement package that Calidus is exploring that currently hosts the expanding Warrawoona gold project (Figure 3 below). Warrawoona’s current global resource is estimated to be 10.5Mtonnes @ 2.11g/t Au for 712,000 ounces of gold. (See details below.) .
Calidus is embarking on a pre-feasibility study in the first half of 2019. If a standalone gold plant is built at Warrawoona, Pacton has a right to negotiate access on commercial terms following plant construction.
“Securing the conglomerate gold rights over this significant portfolio of tenements from Calidus further consolidates Pacton’s position in the Pilbara region of Western Australia.” commented Alec Pismiris, Interim President and CEO of Pacton.
The Conglomerate Gold rights encompass eight tenements that cover all known Mt Roe basalt occurrences on Calidus’ tenements. In total, the tenements have 40 km of outcropping Mt Roe basalt that have seen limited exploration. Access is very easy with all outcrops being within a few kilometres of major roads, thereby allowing rapid access for Pacton.
The Marble Bar application lies along strike from Haoma Mining’s Just in Time prospect, where the discovery of numerous gold nuggets was announced in Haoma’s September 30, 2017 quarterly report.
The Callidus Warrawoona project is an orogenic deposit which is currently being aggressively drilled. Warrawoona’s global resource is currently represented as 10.5M tonnes @ 2.11g/t Au for 712,000 ounces of gold. (Published by Calidus on December 17, 2017)
the Klondyke Prospect has a current 2012 JORC Code compliant Inferred Resource of 9.9M t at 2.06g/t Au for 654,000 ounces, and includes 532,000 ounces in the Indicated Category;
the Copenhagen Prospect has a current 2012 JORC Code compliant Inferred Resource of 180,000t @ 6.1g/t Au for 36,000 ounces;
the Fieldings Gully Prospect has a current 2012 JORC Code compliant Resource of 0.4Mt @ 1.65g/t Au for 22,000 ounces;
Under the terms of the LOI, which will be formalized by a definitive agreement among the parties, the Company will pay a non-refundable payment of CDN$10,000 and issue to Calidus or its nominees 7,000,000 common shares. The LOI includes a right to deferred compensation whereby Calidus may receive up to 3,000,000 additional common shares of Pacton on the first anniversary of completion of the transaction based on the 30-day VWAP of Pacton’s shares on the date of such issuance.
This transaction is subject to the acceptance of the TSX Venture Exchange.
The Company also announces that Alfred Stewart has resigned as a director.
About Pacton Gold
Pacton Gold (TSXV: PAC) (OTC: PACXF) is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia. The Company recently raised approximately $5.5 million, currently controls the third largest conglomerate-hosted gold property portfolio totaling in excess of 2,500 km2, and continues to aggressively review additional accretive acquisitions.
The technical content of this news release has been reviewed and approved by Peter Caldbick, P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.
On Behalf of the Board of Pacton Gold Inc.
Interim President & CEO
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company acquiring the Conglomerate Gold rights, the prospect of the Company achieving success in exploring the Property and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pacton Gold Inc.
This financial news and information portal (moneynewsnational.com), and/or our newsletters contain commercial advertisements, and are for general entertainment purposes only. Along with the aggregation of timely financial news, we are engaged in the business of analyzing, marketing and advertising companies for monetary compensation. Unless otherwise stated below, the paying Third Party for our services may own shares and may liquidate them during any and all advertising periods. This disclaimer is to be read and fully understood before using moneynewsnational.com, or joining one of our newsletter lists. We also encourage you to read the SEC INVESTOR ALERT before reading content found on moneynewsnational.com and/or our newsletters. You are reading content found on our financial news and informational portal because you have clicked on an advertisement found on one of many marketing channels we advertise on. moneynewsnational.com is for entertainment purposes only. We are NOT a source of unbiased information. Never invest in any stock featured on our site or newsletters unless you can afford to lose your entire investment. None of the materials or advertisements herein constitute offers or solicitations to purchase or sell securities of the companies profiled on the website/newsletter and any decision to invest in any such company or other financial decisions should not be made based upon the information provide herein. Instead, moneynewsnational.com strongly urges you to supplement the information obtained from this website/newsletter with a complete and independent investigation of the companies discussed and a consideration of all pertinent risks. Investing in securities, including the securities of the companies profiled or discussed on this website/newsletter, is highly speculative and carries a high degree of risk. It is possible that an investor’s investment may be lost or impaired due to the speculative nature of the companies discussed. The information found on moneynewsnational.com, and/or our newsletters are based on sources, which we believe to be reliable, but are not guaranteed by us as being accurate and do not purport to be a complete statement or summary of the available data. moneynewsnational.com encourages readers and investors to supplement the information found on our site or in our newsletters with independent research and other professional advice. All information on featured companies is provided by the companies profiled through their website, news releases, and corporate filings, or is available from public sources. moneynewsnational.com makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the featured companies None of the owners of moneynewsnational.com, or any of its directors, officers, employees, contractors, or affiliates is a licensed broker-dealer, account representative, market maker, investment banker, investment advisor, analyst or underwriter in any jurisdiction whatsoever. moneynewsnational.com does not offer such advice or analysis, and moneynewsnational.com further urges you to consult your own independent tax, business, financial and investment advisors before purchasing or selling any securities of the companies discussed on this website/newsletter. Compensation: moneynewsnational.com may be compensated for up to sixty thousand CAD via bank wire by Whoa Is Media, Inc. for continuous analyzing, marketing and advertising services. moneynewsnational.com does not own any shares of any featured company. Whoa Is Media, Inc. may own shares and may sell all, any or none of any shares held in any featured company during advertisement periods, which may negatively affect the featured company’s stock price. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the featured company. moneynewsnational.com and its employees, contractors, officers, directors, or affiliates may purchase shares on the open market of any mentioned featured company during advertisement periods and following the dissemination of any newsletters. This is an inherent conflict of interest. The services provided by this website/newsletter and its contents are provided “as is” and moneynewsnational.com makes no representations or warranties of any kind with respect to this website/newsletter, its contents or its services. This website/newsletter has been prepared solely for the purpose of providing information about moneynewsnational.com and the services it offers. This website/newsletter has been compiled in good faith by moneynewsnational.com. moneynewsnational.com assumes no liability or responsibility for any errors or omissions in the content of this website/newsletter, any failures, delays, or interruptions in its services or any content contained on this website/newsletter, any losses or damages arising from the use of the content provided on this website/newsletter, or any conduct by users of moneynewsnational.com’s services. moneynewsnational.com reserves the right to add, modify or delete any information at this website/newsletter at any time. This website/newsletter may contain “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that includes everything other than historical information, involve risks and uncertainties that may affect the companies’ actual results. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made in this report. Further specific financial information, filings, and disclosures as well as general investor information about the profiled companies, advice to investors and other investor resources are available at the Securities and Exchange Commission (“SEC”) website www.sec.gov and the Financial Industry Regulatory Authority (“FINRA”) website at www.finra.org. moneynewsnational.com undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise. In addition to information about the company discussed, from time to time, this website/newsletter may contain the symbols of companies and/or news feeds or links to websites about companies that are not being discussed by us but are merely illustrative of certain activity in the stock market that we are highlighting (so-called hyperlinks to third party websites or access to third party content). Readers are advised that all links and access to these sites and content solely for informational purposes. moneynewsnational.com, its owners, directors, officers, employees, affiliates, and contractors are not responsible for errors and omissions nor does moneynewsnational.com control, endorse, or guarantee any content found in such sites or content. Any opinions expressed are subject to change without notice. It is also possible that the companies discussed on those sites may not have approved certain or any statements within the report. By accessing or viewing this website/newsletter, you agree that moneynewsnational.com, its owners, directors, officers, employees, affiliates and contractors are not responsible for any content, associated links, resources, or services associated with a third-party website. moneynewsnational.com uses third parties to disseminate information to subscribers. Although we take precautions to prevent others from obtaining our subscriber list, there is a risk that our subscriber list, through no wrong doing on our part, could end up in the hands of an unauthorized party and that subscribers will receive communications from unauthorized third parties. In no event shall moneynewsnational.com, its owners, directors, officers, employees, affiliates and contractors be liable (jointly or severally) for any special, incidental, indirect or consequential damages of any kind, or any damages whatsoever resulting from loss of use, data or profits, whether or not advised of the possibility of damage, and on any theory of liability, arising out of or in connection with this website/newsletter. You agree to hold moneynewsnational.com, its owners, directors, officers, employees, affiliates and contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damage (monetary or otherwise), or injury (monetary or otherwise) that you may incur arising out of the use of the information contained on this website/newsletter (including any loss or damage of any sort associated with your use of third party content). You agree that use of this website/newsletter is at your sole risk. moneynewsnational.com disclaims all warranties of any kind, express or implied. If any applicable authority holds any portion of this section to be unenforceable, then liability will be limited to the fullest possible extent permitted by applicable law. moneynewsnational.com encourages readers to invest carefully, and read investor and issuer information available at the websites of the SEC. The SEC has launched an investor-focused website to help you invest wisely and avoid fraud at www.investor.gov and filings made by public companies can be viewed at www.sec.gov . In addition, FINRA has published information at its website on how to invest carefully at www.finra.org/investors/index.htm. Questions regarding any information contained on this website/newsletter may be sent to firstname.lastname@example.org. To review moneynewsnational.com’s website and its disclaimer, please visit www.moneynewsnational.com