Pac­ton buys Pil­bara Gold

The Australian Mining Review - - NEWS - WA

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.

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