Pacton buys Pilbara Gold

PACTON Gold has bought the remaining 49 per cent stake in Arrow Minerals’ Pilbara gold project for $C2 million in cash and shares.

In May, Arrow sold a 51 per cent interest in the project to Pacton and entered into a joint venture whereby Pacton could increase its interest to 80 per cent.

Arrow Minerals managing director Steven Michael said the agreement was a great outcome for both companies.

“The cash payment of C$1 million will be used to fund Arrow’s exploration activities at the Strickland gold project, where the recent drilling program has intersected considerable bedrock gold mineralisation and confirmed the gold bearing potential of this project,” Mr Michael said.