Pacton Gold Inc (CVE:PAC) is to acquire the remaining 49% of Arrow Pilbara that it does not already own.
In May this year, the junior announced a share purchase and option agreement (SOPA) to acquire up to an 80% of the Australian company, which holds two granted tenement licences and two applications for licences (609 sq km) in the famous Pilbara region.
"We are pleased to be able to accelerate the acquisition of Arrow Pilbara and we will continue to work with the team at Arrow Minerals, who assembled this significant portfolio of advanced gold projects with excellent prospectivity," said Alec Pismiris, interim president and chief executive at Pacton Gold.
Further discovery upside
"The ownership structure will provide further exploration and discovery upside for the shareholders of Pacton. Pacton's Pilbara gold project is fast becoming one of the most significant in the Pilbara region."
Arrow's is an advanced gold project portfolio, which consists of conglomerate gold targets within the Witwatersrand basin age-equivalent Mallina basin.
It lies near to key exploration properties controlled by Novo Resources Corp, De Grey Mining Ltd., and Kairos Minerals Ltd and seven conglomerate gold targets have been identified with uranium radiometric anomalies.
Nuggets 5 to 10 mm in size have been discovered on the property.
Pacton will acquire the remaining 49% interest in Arrow Pilbara by paying Arrow C$1mln and issuing it with 2mln shares.
Pacton shares on Wednesday eased 1.05% to C$0.47.