Pacton Gold has entered into a binding letter of intent (LOI) to acquire the Bellary Dome exploration license 47/2555 in Western Australia’s Pilbara mining region from Marindi Metals.
Highlights of the Bellary Dome Project:
Located on the southern margin of the Hamersley Basin and surrounded by Novo Resources Ltd. (NVO:TSXV).
Hosts approximately 25 km of strike extent of the basal contact between the Mt. Roe Basalt and the conformably underlying Bellary Formation with widespread fine visible gold panned across the project.
Over six (6) ounces of coarse nuggets recovered from one alluvial “trap site”, located directly downslope from mapped Bellary Formation conglomerate; nuggets are pitted, flattened, and elongate “watermelon seeds”.
Stratigraphic position of the conglomerates within the Bellary Dome Project is similar to the gold-bearing horizon at the Comet Well/Purdy’s Reward Projects.
Nature of nuggets recovered is very similar to those recovered by Novo Resources approximately 250 km to the north.
Contains several km of Hardey Formation and more recently, work by others, has confirmed the prospectivity of the Beatons Creek Member of the Hardey Formation.
Pacton Gold interim president and CEO Alec Pismiris said: “The acquisition of Bellary Dome provides access to a significant strike length of highly prospective Hardy Formation and Mount Roe Basalts, where multiple flattened nuggets have been recovered proximal to the Bellary Formation conglomerate.
“The property is surrounded by Novo Resources and with over six ounces of gold nuggets recovered from one alluvial trap site, that were pitted, flattened, and in the elongated “watermelon seed” shape, provides additional key priority exploration targets for Pacton.”
Marindi managing director Simon Lawson said: “Marindi’s initial work at Bellary Dome has only just begun to highlight the potential for this to be just one part of a much larger regional gold play across the Pilbara region of Western Australia.
“Conglomerate-gold-focused Pacton Gold has purposefully acquired an extensive land-holding of high-value projects across the region and the Bellary Dome project would be a natural fit to that portfolio. Marindi is pleased to have the opportunity to be invested in such a dynamic and focused conglomerate gold explorer, best placed in taking the Bellary Dome conglomerate gold project forward.”
Source: Company Press Release