A junior Canadian exploration company, with a focus on acquiring, exploring and advancing mineral assets in key mining geographies, looks set to significantly boost its portfolio in the Australian Pilbara Region.
Pacton Gold announced this week that it had entered into a letter of intent in which it can earn up to 80% ownership interest in Arrow, an Australian exploration company owned by Arrow Minerals Limited.
Through the deal, Pacton will gain access to two granted tenement licences and two applications for licences owned by Arrow in Western Australia’s Pilbara gold play.
Arrow’s Pilbara Gold Project consists of two exploration licences and exploration licence applications covering more than 600km2 of prospective ground.
A recent discovery of gold nuggets, as well as its close proximity to key exploration properties controlled by Novo Resources, De Grey Mining and Kairos Minerals makes the property makes the location hugely significant in the gold mining space.
Alec Pismiris, Interim President and CEO of Pacton Gold stated, “We are pleased to be able to partner with the Arrow Minerals team, who have been able to assemble a significant portfolio of advanced gold projects with excellent prospectivity that will provide key exploration and discovery upside for the shareholders of Pacton. Pacton’s Pilbara gold project is fast becoming one of the most significant in the Pilbara region.”
PActon Gold will also gain access to the “extensive regional knowledge and technical expertise” provided by the Arrow Technical team.