https://www.miningweekly.com
Exploration|Gold|Mining|PROJECT|Drilling
Exploration|Gold|Mining|PROJECT|Drilling
exploration|gold|mining|project|drilling

Pacton plans to ‘aggressively’ expand the mineral zones at Sidace once deal closes

2nd April 2020

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

TSX-V-listed TomaGold has entered into a definitive agreement with fellow-listed Pacton for the sale of its 39.5% interest in the Sidace Lake property, in Ontario.

The property is owned in joint venture (JV) with Evolution Mining and Newmont, which have approved the transaction.

In terms of the agreement, Pacton will pay $250 000 in cash and issue ten-million common shares in the company to TomaGold, which amounts to $800 000 in value.

Once Pacton files a technical report on the property, showing a gold resource estimate of 750 000 oz gold or more, Pacton will issue a further 4.1-million shares, or pay $500 000, to TomaGold.

TomaGold will pay a 5% finder’s fee to Bay Capital Markets.

The transaction is now subject to regulatory approval.

TomaGold retains its interests in several other gold properties in Canada.

Meanwhile, Pacton says the Sidace Lake property is contiguous to its current claim package in the Red Lake area, in Ontario, and is an advanced gold project with more than 81 600 m of historical drilling done. Pacton will enter the JV as project operator and plans to aggressively expand the mineralised zones at the project with exploration drilling.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.163 0.203s - 108pq - 2rq
Subscribe Now