Pacton Gold (PAC.V) has entered in yet another agreement to purchase more land in Western Australia’s Pilbara region. The company has entered into a LOI to purchase the Friendly Creek exploration license. The 31.4 square kilometer land package is small, but appears to be ideally located (right next to Novo and Kairos properties), and has a rich history of detecting gold nuggets on the property.
What’s also important is the fact the tenements come with mining leases, and this would allow Pacton to immediately start a bulk sampling program (we explained in our report on Monday a large bulk sampling program will probably be the best way to get a decent idea of what’s underneath the surface). Pacton will issue 2.5 million shares and pay C$25,000 in cash to the vendors of the property; a decent price considering the location and history of the land package.