Pacton Gold: (PAC:TSX-V) (OTCMKTS:PACXF) has revealed that it has signed a letter of intent (LOI) to buy out two granted mining leases from an Australian limited exploration firm called Gardner Mining Pty Ltd.
As per the Letter of Intent, Pacton Gold plans to acquire 100 percent of Boodalyerrie and Yandicoogina mining leases and exploration licenses from the Australian firm. The acquisition is part of the company’s plan to boost its property portfolio in the Pilbara mining region in Western Australia as through the acquisition of the two strategic properties. The purchase deal is also courtesy of a strong relationship between the two companies through the acquisition of Friendly Creek.
As per the deal, the three exploration licenses and two granted mining leases will cover an area of roughly f 146.80 square kilometers. The Yandicoogina Project has a prospective strike of around 4.7 km which is defined by quartz veins that are structurally controlled and were previously home to work related to gold.
“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,” stated Pacton Gold’s acting president and CEO, Alec Pismiris.
Pismiris also pointed out that the high-quality nature of gold mineralization which is structurally controlled throughout the extensive length of the strike between the two projects makes it a high-value acquisition. He also added that his firm is eager to join forces with the Gardner team as they kick off the launch of the exploration programs within the projects.
The projects are characterized by impressive output
Rock samples taken from the Yandicoogina Project have demonstrated a range as high as 199.7 g/t Au. Meanwhile, the Boodalyerrie Project is covered by roughly 25 square kilometers of silica altered granite and sericite with broad quartz veining. This makes the project a considerable target size.
As for the highlights of the deal, it will feature three granted exploration licenses and two granted mining leases which will cover a total of 146 square kilometers. The leases will pave the way for immediate bulk sampling of mineralization over the area covered and this will also be done on a large scale.
The new leases are the latest addition to Pacton’s portfolio which also consists of 5 other granted mining leases that the company secured from the Friendly Creek deal which was announced towards the end of May this year. The 2.3 km of strike in the Boodalyerrie Project is between the Mount Roe Basalt and the Hardey Formation.
Pacton Gold’s stock performance
Pacton’s acquisition of the two leases is great news for investors because it strengthens its portfolio and promises strong returns in the future. Following the announcement, Pacton’s stock dipped from $0.54 on the opening of Tuesday’s trading session and reached a low of 0.47 on Wednesday before recovering past the $0.50 mark. The price of the stock at the time of this press was $0.51. The company expects the lease acquisitions to contribute towards better performance in the future.
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