Pacton gains greater ground in Pilbara
PERTH (miningweekly.com) – Junior gold explorer Calidus Resources has inked a letter of intent (LoI) with TSX-listed Pacton Gold to dispose of its noncore conglomerate gold rights for C$3.5-million in shares.
Under the terms of the LoI, Calidus will receive a nonrefundable payment of C$10 000 and will be issued seven-million common shares in Pacton as consideration for the grant of the gold rights, upon completion.
All of the shares will be subject to a four-month escrow period, with 25% of the shares subject to further voluntary escrow pending grant of the exploration licence applications.
Calidus may be entitled to a further three-million common shares in Pacton 12 months after the date of the execution of a definitive agreement, dependent on the performance of the Pacton share price.
The gold rights will run over a portfolio of six granted exploration licences and two exploration licence applications, covering 357.7 km2, with mapped conglomerates. Pacton will be liable for the rehabilitation and environmental obligations and to spend a minimum of C$50 000 in aggregate on all tenements during each 12 month period from the start of the gold rights agreements.
“This is a pleasing outcome as sale of the conglomerate gold rights provides Calidus with an opportunity to realise value over noncore areas of the company’s portfolio,” said Calidus MD Dave Reeves.
“This value chain can in time be applied to assisting in funding our core focus, which is developing the Warrawoona gold project.”
Pacton in August inked a C$2-million deal with ASX-listed junior Arrow Minerals for its 49% remaining interest in the Pilbara gold project, for C$1-million in cash and two-million Pacton shares.
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