Canadian conglomerate gold explorer Pacton Resources continues to add to its sizable Pilbara tenement holdings, entering into a binding letter of intent with Calidus Resources to acquire a portfolio of eight exploration licenses.
The portfolio includes six granted exploration licenses and two exploration licenses under application.
Combined, the tenement package will add another 357.5 km2 of land to Pacton’s holdings.
The announcement comes just days after the company announced it would also be accelerating its acquisition of Pilbara gold tenements held by Arrow Resources.
Pacton currently controls the third largest conglomerate-hosted gold property portfolio, with its land-rights estimated to be above 2,500 km2.
The Calidus Resources tenements earmarked by Pacton are adjacent to Haoma Mining’s Marble Bar tenements, where gold nuggets have previously been recovered.
Calidus has recovered nuggets adjacent to a mapped conglomerate on site, further adding to the Canadian explorer’s excitement.
Under the terms of the letter of intent, Pacton will seek to pay CDN$10,000 and issue to Calidus 7,000,000 shares in the company.
The deal also includes a right to deferred compensation, with Calidus able to receive up to 3,000,000 additional shares in Pacton at the first anniversary of completion
“Securing the conglomerate gold rights over this significant portfolio of tenements from Calidus further consolidates Pacton’s position in the Pilbara region of Western Australia,” Alec Pismiris, Interim President and CEO of Pacton Gold, said.