Pacton Gold is set to acquire 100% of the Yandicoogina and Boodalyerrie exploration licenses and mining leases in Western Australia's Pilbara Mining Region from Gardner Mining.
Image: Regional project location Plan of Pacton Gold. Photo: courtesy of Pacton Gold Inc.
The parties in this regard have entered into a binding letter of intent (LOI).
The acquisitions comprise two granted mining leases and three granted exploration licenses, spanning a total of 146.80km2. Pacton Gold claims that the mining leases involved in the transaction offer the scope for immediate large scale bulk sampling of mineralization.
The Yandicoogina Project features an approximately 4.7km of prospective strike defined by structurally controlled quartz veins that are host to extensive historical gold workings.
Pacton Gold revealed that significant rock chip samples in the Yandicoogina Project range up to 199.7g/t Au.
On the other hand, the Boodalyerrie Project is underlain by nearly 25km2 of sericite and silica altered granite with extensive quartz veining, said the Canadian miner.
Pacton Gold’s acquisition of the two projects follows the binding LOI it had entered into with Gardner Mining and Darren White in late May for buying 100% of the Friendly Creek exploration license and mining leases.
According to Pacton Gold CEO and interim president Alec Pismiris, the acquisition of the Yandicoogina and Boodalyerrie Gold Projects offers a considerable increase for the company in the scale of exposure to the Pilbara region in relation to conglomerate and structurally controlled gold systems.
Pismiris added: “The high grade nature of structurally controlled gold mineralisation across an extensive strike length between the two Projects provides a compelling value proposition.
“We look forward to working closely with the Gardner team, as we commence the implementation of exploration programs across these particularly exciting projects.”
From the deal made in May with Gardner Mining and Darren White, Pacton Gold will be adding five granted mining leases along with a granted exploration license.
It was followed by another deal made by the Canadian miner in late June, when it agreed to acquire 100% of the Bellary Dome exploration license 47/2555 in the Pilbara Mining Region from Marindi Metals.