Pacton Gold expands portfolio, announces two more acquisitions in WA

By @chelean on
Gold Construction Australia West
Young and aggressive, Pacton Gold recently announced its acquisition of three new exploration licenses and two new properties, adding to an already impressive portfolio. Creative Commons

As its latest move to strengthen its mining portfolio, junior gold exploration company Pacton Gold announced its acquisition of two new mining leases and licences.

Pacton Gold (OTC:PACXF , PAC:TSX-V, Frankfurt:2NKN.F) has announced that following its previous acquisitions, the company has recently gone into a sale agreement that lets the company acquire 100 percent of both the Yandicoogina and Boodalyerrie properties located in the region of Western Australia. According to the report, the acquisition of the property also comes with three fully granted exploration licences and two granted mining leases.

Together, these comprise a total of about 146.80 square kilometres in strategic land holdings.

Under the terms of the said agreement, Pacton will be purchasing 100 percent ownership of the mentioned properties by way of the issuance of 3,000,000 common shares, which will be done after the initial transaction is closed. Following this, the company has also already received approval from the FIRB concerning the transferring of the projects to its new licensed owner.

Moving forward, the company will be seeking the TSX Venture Exchange’s acceptance of this new transaction.

Young but not naïve

A well-financed Canadian junior firm headquartered in Vancouver, Pacton Gold Inc. is largely focused on the exploration, as well as the development, of conglomerate-hosted gold properties in key strategic mining locations all over the world. Currently, the company is focused on its strategic land holdings, which are all located in Western Australia, a state where, according to a recent statistical report, has experienced an increase in sales and production of gold during the past year.

Australia copper mine Thanks to its abundance of natural resources, Australia has been a prime region for junior companies like Pacton to start taking root in the industry.  Creative Commons

According to its most recent statistical report, Western Australia’s Department of Mines, Industry Regulation and Safety, the state’s mineral and petroleum industry finished the year with sales that reached $114.9 billion. Based on the same report, this number is up by $10 billion from the year before it.

Furthermore, the new report also revealed that out of all the commodities, gold finished on top, completing its third successful year in a row and reaching a record-high of 212 tons in 2017-18. Additionally, this recent increase in volume also delivered an extra five percent to the sector, raising its recent $10.8 billion $14.98 billion sales up to $11.4 billion. Despite this, however, an increased appreciation for the US dollar combined with its rising economy resulted in a recent price drop for the precious metal, pushing some investors to take cover under other investment assets.

The newer moves and acquisitions of Pacton tell a different story, however, as the young company is continuously making efforts to position itself in the middle of the industry. Due to its acquisitions, the company is already the third largest in the Pilbara Gold Region, a mining location which is seen by the mining community as one of the biggest properties staking rush throughout the more recent years. Currently, the Pilbara Gold Region is the biggest asset featured on the company’s portfolio.

The acquisitions started earlier this year in May when the company first added an asset to its portfolio by entering into a binding letter of intent and purchasing 100 percent ownership of Friendly Creek. Under the terms of the agreement, Pacton is to do this in exchange for the issuance of 2.5 million shares to its vendors. At the moment, the company currently owns strategic land holdings in Arrow, Friendly Creek, CTTR and Impact Minerals, which are all located in WA.

Last month, Pacton also entered into another binding letter of intent to acquire the “Golden Palms” property, a tenement measuring approximately 7 km by 5 km, and is located in Port Hedland, Australia. According to the terms, the company may acquire 100 percent of the property upon the payment of $100,000 and the issuance of 400,000 common shares. Recent explorations in the property resulted in the discovery of numerous gold nuggets, all scattered throughout 10 locations.

According to its portfolio, these acquisitions make up about 2,800 square kilometres of land holdings , and contains 20 exploration licences and five granted mining leases.

A prime mining location

With Pilbara being recognised as a hotspot for conglomerate-hosted gold, it won’t be long before other companies start taking notice, providing more opportunities for a company like Pacton that already owns a large portion of the land.

As its most recent move, the company entered into a joint venture with Minnow Clancy Exploration , further increasing the assets on its portfolio. Operating as an Australian junior, the company recently shook hands with the Canadian junior on a deal worth CA$ 1.7 million (AU$1.8 million). Through the deal, Pacton will effectively take over Clancy’s Hong Kong project (as well as earn a 70 percent stake on it), acting as operator and freeing Clancy to concentrate more on its “Moroccan cobalt strategy.”

Backed by a young yet experienced team, the company is currently one of the stronger junior mining companies in the industry and is steadily positioning itself for definitive success in the future. Gold, for all it’s worth, has always been a volatile asset, but Pacton is there to ensure that the company makes the best out the world’s most famous precious metal.

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