Pacton in $5.8m Pilbara gold purchases

Canada-based Pacton Gold has announced the acquisition of two gold projects in the Pilbara during the past week worth about $5.8 million.

The company said today it had purchased conglomerate gold rights over a portfolio of eight exploration licences from Perth-based Calidus Resources in exchange for 7 million Pacton shares, valued at about $3.7 million.

Last week, Pacton announced it had moved to full ownership of its Pilbara gold project after acquiring the remaining 49 per cent stake from Arrow Minerals for $C1 million cash and 2 million shares.

The project consists of two exploration licences and two exploration licence applications totalling 609 square kilometres in the Pilbara.

Arrow sold a 51 per cent interest in the project to Pacton in May.