Pacton Gold Inc. said May 28 that it signed a letter of intent to acquire the Friendly Creek project, comprising a total of 31.36 square kilometers, in Western Australia's Pilbara region.
The project includes five granted mining leases and an exploration license. It is located directly adjacent to key exploration properties controlled by Novo Resources Corp. and Kairos Minerals Ltd.
Under the terms, Pacton is required to pay the vendors a total of C$25,000 and issue 2.5 million shares.
The company plans to undertake initial exploration activities on the property, including a comprehensive review of previous work, mapping, sampling and metal detecting and small-scale dry blowing to identify the presence of surficial gold nuggets.
