(TheNewswire)
Vancouver, British Columbia / TheNewswire / April 3, 2018 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton”) is pleased to announce that further to its news release of February 26, 2018, it has received TSX Venture Exchange acceptance for an option to acquire 100% of the issued and outstanding shares of CTTR Gold Pty Ltd (“CTTR”). CTTR holds applications to nine tenement licenses for a strategic mineral property group (the “Property”) in the Pilbara Region of Western Australia. The 492 km2 Property is an advanced gold project portfolio that will target conglomerate gold occurences within the eastern extension of the Pilbara conglomerate gold play. One priority will be to explore for a northern extension of DeGrey’s Mallina Basin occurences that include 5 to 80 m thick gold nugget conglomerate beds at Loudens Patch, Jarret Well and Steel Well.
See property map at http://pactongold.com/Pacton_Aus_Regional_Fig1.pdf.
Pacton has commenced compiling and reviewing historical reports and data on the Property and collating other available datasets prior to planning a first-pass field evaluation programme, which will likely comprise of detailed mapping to define key stratigraphic units, rock-chip, soil and stream sediment sampling and metal detecting.
Pacton intends to initiate negotiations with the relevant Native Title representative bodies, representing an intergral step towards the Company’s tenement license applications being granted by the Department of Mines, Industry Regulation and Safety. The Company will commence the heritage notice process to allow for tenure to be cleared for on-ground exploration activities.
Under the terms of the agreement with CTTR, the Company paid $75,000 and issued 916,666 common shares and 458,333 share purchase warrants. Each warrant is exercisable into one common share for a period of 18 months from the date of issue at a price of $0.45 per share.
Upon grant of six key exploration licenses, the Company must pay a further $50,000 and issue 416,666 common shares and 208,333 share purchase warrants. Each warrant will be exercisable into one common share for a period of 18 months from the date of issue with an exercise price equal to 150% of the 5-day trading volume weighted average price of the Company’s shares, subject to a floor price of not less than the $0.24.
All monetary amounts referred to herein are in Canadian currency.
The Company issued 156,250 common shares to COMVERJ Pty Ltd. as a finder’s fee with respect to the transaction.
The Company also announces that further to its news release of March 14, 2018, it has issued 1,833,333 common shares in payment of outstanding debt and confirms that debt of $550,000 has now been extinguished.
About Pacton Gold
Pacton Gold Inc. (TSXV: PAC) is a Canadian junior exploration company focused on acquiring, exploring and advancing mineral assets in key mining friendly locations globally.
On Behalf of the Board of Pacton Gold Inc.
Alec Pismiris
Interim President & CEO
For more information, please contact 1-(855)-584-0258 or dom@pactongold.com.
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited the prospect of the Company achieving success in exploring the Property and the impact on the Company of these event, including the effect on the share prices. References to other companies with proximal exploration properties in the Pilbara region is for information only and there are no assurances that the Company will achieve results similar to other companies in the region. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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