Back in November Pacton Gold (V.PAC) announced the appointment of Australian mining executive Alec Pismiris as its interim President. At the time Dominic Verdejo, Chairman of Pacton’s Board said, “I would like to welcome Mr. Pismiris as Pacton’s new interim Chief Executive Officer. Mr. Pismiris’ extensive experience in the mining sector and capital markets, including new key accretive project acquisitions, makes him the ideal candidate to lead Pacton forward into 2018.”
It did not take long for Mr. Pismiris’ experience to pay off for Pacton. February 26, 2018 Pacton announced that it had acquired nine tenenment licenses for a strategic mineral property group in the Pilbara Region of Western Australia.
NOVO country.
The Great West Australia Gold Rush is proceeding and while NOVO and other, mainly Australian, companies in the Pilbara have seen their share prices come down from their pre-Christmas highs, the exploration of the region is really just getting under way.
In this release, Alec Pismiris, Interim President & CEO of Pacton stated ”It is exciting to be able to secure applications for such a strategic and quality land package in a sought after mineralized region in the Pilbara Mining Region in Western Australia. In 2017, the Pilbara region generated intense global interest and staking following the newly identified gold potential of the unusual, extensive, and spectacular gold bearing conglomerates announced by Novo Resources.We are pleased to be able to assemble a significant portfolio of advanced gold projects with excellent prospectivity that are expected to provide key exploration and discovery upside for the shareholders of Pacton.”
For those of you who have been following Pilbara will understand that the presence of gold bearing conglomerates is the first step towards determining the feasibility of mining in the District. In its press release Pacton states, “Coarse pyritic conglomerates appear to represent a new gold model for 2.8 billion year old sedimentary and volclanic rocks of approximately the same age as the Witwatersrand gold reefs in South Africa. Novo and other explorers report gold occurences as extremely large to fine primary gold nuggets, surrounded by fine gold haloes resulting from a secondary redisdribution of gold from the nuggets.”
At this very early stage it is impossible to say if the pyritic conglomerates are present on all or some of the the nine tenements Pacton has secured. However, as several of those land packages are adjacent to Novo, De Grey Mining and Kairos Minerals properties where the conglomerates have either been found or where there are solid geological reasons to believe they may be found, Pacton has been fortunate to acquire its land position.
The prior landholder had already initiated a program of prospecting, rock chipping and sampling, stream sediment and soil sampling over all nine (9) tenements which will be continued by Pacton. Going forward, Pacton, guided by the experience of companies like NOVO as it seeks to define the gold deposits of the Pilbara, will be able to adapt the sampling, trenching, drilling and bulk sampling and processing best practices of the many other companies in the area.
For Pacton shareholders, the opportunity to participate in what may very well prove to be the world’s most important new gold region is an unexpected value add. We’re looking forward to a steady, and potentially spectacular, news flow.