Pacton Gold Expands Its Gold-bearing Conglomerate Portfolio

Pacton Gold Inc. (TSXV:PAC) announced that it has entered into a binding letter of intent to acquire 100 percent of the shares in Drummond East Pty Ltd, an arm’s length Australian proprietary limited exploration company wholly owned by Impact Minerals Limited (ASX:IPT). Drummond East holds seven granted tenement licenses, comprising of a total of 1,126 square kilometers.

Highlights are as follows:

• Acquisition of ~1,126 square kilometers of strategic conglomerate hosting exploration properties.
• Pilbara total land portfolio now increased to approximately 2,227 square kilometers, which equates to ~18.6 percent in holdings when compared to the size of Novo Resources Corp. (TSXV: NVO) land holdings, of approximately 12,000 square kilometers.
• Transaction will place Pacton as the third largest land holder in the Pilbara.
• Previous exploration indicates at least 90 kilometers of prospective Fortescue Group conglomerates occurring at or near-surface on its granted licenses, in particular to the west and east of Marble Bar as well as close to the Beatons Creek gold deposit near Nullagine. Conglomerates identified are approximately the same age as the Witwatersrand Basin Gold deposits of South Africa.
• Properties are directly adjacent and proximal to key exploration properties controlled by Novo Resources Corp. and Kairos Minerals Ltd. (ASX:KAI).
• Rock chip results of up to 11.2 grams per tonne gold occur at the Glen Herring Prospect 10 kilometers west of Marble Bar in a gold-pyrite conglomerate that extends for 25 kilometers.
• Other gold-bearing conglomerates identified on or adjacent to the licences.
• Access to the extensive regional knowledge and technical expertise provided by the Impact Team, led by Managing Director Dr. Mike Jones, who brings specific expertise in conglomerate-hosted gold, and who conducted his PhD studies on this style of mineralization in the northern source areas for the Witwatersrand Basin.

Alec Pismiris, interim president and CEO, commented:

We are pleased to make accretive acquisitions that strategically place Pacton as the third largest land holder in Western Australia’s Pilbara conglomerate-hosted gold region. Pacton continues to further consolidate the region through key property evaluations, and the addition of Drummond East increases our land holdings to 2,227 square kilometers.

The Impact Minerals team, led by Dr. Mike Jones, have successfully assembled a significant portfolio of advanced gold projects that present excellent prospectively for discovery upside for the shareholders of Pacton. The Impact transaction solidifies our presence in the region, and is directly in line with our mandate to become one of the leaders in the Pilbara Gold Rush. With a strong treasury and financial backers, we are aggressively reviewing other opportunities.

Click here to read the full Pacton Gold Inc. (TSXV:PAC) press release.