Pacton plans to ‘aggressively’ expand the mineral zones at Sidace once deal closes
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.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation