Pacton Gold (TSX.V: PAC.V) (OTC: PACXF) stock has had a decent run over the past one-year or so. The stock is up over 70% in the last three months, over 90% year-to-date and almost 500% in past one-year. Despite such an impressive show, the stock doesn’t seem to be slowing down and has more to offer to the investors, i.e., it can still unlock more value for the investors. And, every now and then, the management proves that investors must continue their trust in the stock.
Pacton Gold, who has already acquired quite a few important properties on Western Australia’s Pilbara Mining Region, on Tuesday, announced entering into a deal to acquire the Yandicoogina and Boodalyerrie exploration licenses and mining leases from Gardner Mining Pty Ltd. The transaction gives Pacton two granted mining leases and three granted exploration licenses.
“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,” said Alec Pismiris – Interim President and CEO of Pacton Gold.
Presently, Pacton Gold controls the third largest land package in the Pilbara region. The well-funded company continues to grow its portfolio with accretive acquisition. Pacton’s land holdings have even attracted Eric Sprott, a Canadian billionaire businessman. Sprott owns 10.1% of the outstanding common shares in the company.
Involvement of Sprott is itself a big enough reason to go bullish on the company. And, Sprott has not only invested in Pacton, but also in other companies involved in Pilbara region. The billionaire investor is a major investor in Novo Resource as well.
“What has really attracted me to the Pilbara region is the involvement of Eric Sprott and Kirkland Lake, whose shareholders include heavies such as Van Eck, Fidelity and Oppenheimer. This is an early-stage discovery, but the involvement of a company like Kirkland Lake—which has been one of the top gold mining stories in recent years—speaks highly of its potential,” Jeb Handwerger – a long-time gold stock analyst and founder of Gold Stocks Trade, told INN.
Apart from Sprott, another reason to go bullish on Pacton is the encouraging outlook on the gold prices. Though the prices are struggling now, experts believe a bullish wave is around the corner. Over the last six months, the spot gold prices have dropped by 9% with the yellow metal trading around the $1200 level.
However, there are voices that the prices would soon inch towards the $1,370 mark. This prediction comes from Boris Mikanikrezai – precious metals analyst as Metal Bulletin, who cited excessively stretched gold’s spec positioning on the short side as an evidence.
“In the second half of the year, I expect a strong rally in gold prices and gold-mining equities as the macro backdrop for the precious metals complex should prove more positive,” said Mikanikrezai.
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