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Pacific American Holdings moving into hot gold space with WA farm-in agreement

Pacific American Holdings Ltd (ASX:PAK) has signed an exclusive and binding agreement with Salazar Gold Pty Ltd that will allow it to acquire up to 60% of highly prospective, advanced gold exploration licences in the WA Goldfields.

The agreement will give the company access to Salazars gold projects which have a favourable geological setting along 25 kilometres of the Kilkenny Fault and extending north from the Porphyry North Gold Project mine.

Three high-level drill targets have been identified by licence holders at the Porphyry North Gold Project.

The agreement is part of efforts to add value to the companys portfolio of assets, which include the GP Hydro Joint Venture and Elko Coking Coal Project in British Columbia.

“Diversify into high-value assets”[hhmc]
Pacific Americans chairman Geoff Hill said: “This allows PAK shareholders to gain access to an exciting gold project that brings significant value potential to the company.

“Salazar has undertaken detailed preliminary explor..

Pacific American Holdings Ltd (ASX:PAK) has signed an exclusive and binding agreement with Salazar Gold Pty Ltd that will allow it to acquire up to 60% of highly prospective, advanced gold exploration licences in the WA Goldfields.

The agreement will give the company access to Salazars gold projects which have a favourable geological setting along 25 kilometres of the Kilkenny Fault and extending north from the Porphyry North Gold Project mine.

Three high-level drill targets have been identified by licence holders at the Porphyry North Gold Project.

The agreement is part of efforts to add value to the companys portfolio of assets, which include the GP Hydro Joint Venture and Elko Coking Coal Project in British Columbia.

“Diversify into high-value assets”


Pacific Americans chairman Geoff Hill said: “This allows PAK shareholders to gain access to an exciting gold project that brings significant value potential to the company.

“Salazar has undertaken detailed preliminary exploration with a number of targets that are drill-ready.

“This investment in gold, coupled with the companys most recent venture GP Hydro, supports PAKs strategy to diversify into high-value assets that have significant returns for shareholders.”

Exploration program


The company plans to start exploration on the Porphyry North Gold Project after completing due diligence and the signing of the farm-in agreements.

Initially, the company will focus on reverse circulation (RC) drilling of the Nugget Patch and One Tree Well targets to follow-up the historical gold mineralised drill intersections.

PAK will undertake geological mapping and sampling and geochemical surveys at the Rainbow Dam target to better define drill targets.

The company will also initiate a generative exploration program comprising of a drone magnetic surveys and a systematic, grid-based reconnaissance aircore drilling to penetrate through the alluvial cover and sample for bedrock-hosted mineralisation.

Hill said: “PAK is confident that comprehensive and targeted exploration on the largely unexplored 113 square kilometres Porphyry North Gold Project has the potential for the discovery of significant gold mineralisation.

“The farm-in mechanism allows PAK to take ownership based on specific milestones being met.”

Terms and conditions


The ownership interest will be acquired through a staged farm-in, with total expenditure of up to $2 million.

This deal is subject to final due diligence and the company has started this process utilising a specialist technical team in WA.

In consideration for $50,000, Salazar has granted a 60-day option to PAK to sign an agreement to earn an interest in several exploration licences including the Porphyry North Gold Project (E31/910, E31/942 and E39/1978) subject to certain conditional farm-in agreements.

The farm-in terms are:

  • Farm-in A – Expenditure of $750,000 before August 31, 2021, to earn 35% with a minimum expenditure of $250,000;
  • Farm-in B – Expenditure of $500,000 (for an aggregate of A$1.25 million) before August 31, 2022, to increase the equity to 50%; and
  • Farm-in C – Expenditure of $750,000 (for an aggregate of A$2 million) before August 31, 2023, to increase the Read More – Source
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Australia

Argonaut Resources directors show faith in company by participating in oversubscribed SPP

Argonaut Resources NL (ASX:ARE) directors have demonstrated their faith in the company’s copper-zinc strategy by participating in the recently closed share purchase plan (SPP).

Independent non-executive chairman Patrick Elliot purchased more than 4.465 million shares at 0.55 cents per share in an indirect interest.

He now holds 5,876,159 shares in that interest with another 20,324,574 held in a separate indirect interest.

Independent non-executive chairman Malcolm Richmond acquired more than 5.454 million shares in a direct interest, increasing the number held in this interest to almost 15 million with another 1 million held in an indirect interest.

Overwhelming response to SPP[hhmc]
The company was overwhelmed by the response to its SPP which closed early and more than twice oversubscribed with the target subsequently increased to $2.5 million from $1.2 million.

Subscriptions in excess of $3 million were received and as a result, the SPP was closed with immediate effect.

Money ..

Argonaut Resources NL (ASX:ARE) directors have demonstrated their faith in the company’s copper-zinc strategy by participating in the recently closed share purchase plan (SPP).

Independent non-executive chairman Patrick Elliot purchased more than 4.465 million shares at 0.55 cents per share in an indirect interest.

He now holds 5,876,159 shares in that interest with another 20,324,574 held in a separate indirect interest.

Independent non-executive chairman Malcolm Richmond acquired more than 5.454 million shares in a direct interest, increasing the number held in this interest to almost 15 million with another 1 million held in an indirect interest.

Overwhelming response to SPP


The company was overwhelmed by the response to its SPP which closed early and more than twice oversubscribed with the target subsequently increased to $2.5 million from $1.2 million.

Subscriptions in excess of $3 million were received and as a result, the SPP was closed with immediate effect.

Money raised under this SPP and from the recently completed $2.7 million share placeRead More – Source

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Australia

Strickland Metals shares jump 39% ahead of drilling base metal target near DeGrussa

Strickland Metals Ltd (ASX:STK) shares surged 39% today ahead of its maiden drilling program at the Doolgunna Project, which will include a diamond drilling program that is likely to begin by the end of this month.

As a part of the program, a minimum of four diamond holes will be drilled to a depth of 500 metres to test a VMS target similar to the nearby DeGrussa deposit of Sandfire Resources (ASX:SFR).

Heritage survey[hhmc]
Exploration activity has recommenced on the Doolgunna Project following completion of heritage surveys to allow land access to areas where the company wishes to complete exploration drilling.

The target for drilling is a compelling base metal prospect that exhibits geological characteristics that are interpreted to be similar to Sandfire Resources’ DeGrussa deposit about 30 kilometres to the east of the project.

The prospect has a 3-kilometre-long electromagnetic conductor that lies below an outcropping copper-zinc gossan that has been mapped over a 1.2-kilomet..

Strickland Metals Ltd (ASX:STK) shares surged 39% today ahead of its maiden drilling program at the Doolgunna Project, which will include a diamond drilling program that is likely to begin by the end of this month.

As a part of the program, a minimum of four diamond holes will be drilled to a depth of 500 metres to test a VMS target similar to the nearby DeGrussa deposit of Sandfire Resources (ASX:SFR).

Heritage survey


Exploration activity has recommenced on the Doolgunna Project following completion of heritage surveys to allow land access to areas where the company wishes to complete exploration drilling.

The target for drilling is a compelling base metal prospect that exhibits geological characteristics that are interpreted to be similar to Sandfire Resources’ DeGrussa deposit about 30 kilometres to the east of the project.

The prospect has a 3-kilometre-long electromagnetic conductor that lies below an outcropping copper-zinc gossan that has been mapped over a 1.2-kilometre strike.

Diamond core drilling


The company plans to start the diamond core drilling by the end of this month.

A multi-purpose drill rig has been contracted to enable the minimum planned program wRead More – Source

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Australia

Pan Asia Metals has positive discussions on plans for Thai lithium project

Pan Asia Metals Ltd (ASX:PAM) has had positive discussions with authorities in Phang Nga Province, Thailand, including the provincial government, for its Reung Kiet Lithium Project.

PAM has submitted a presentation covering all aspects of the project including methods of ongoing exploration, conceptual mining and concentrate production, and the potential for downstream value-adding industries in Phang Nga and Thailand.

The presentation and subsequent discussions were aimed at assisting Phang Nga Provincial Government in their considerations for the proposed mining and industrial development areas.

Provincial Government discussions[hhmc]
Pan Asia was recently invited by the chief executive officer of the Phang Nga Provincial Administrative Organisation (PAO), a Phang Nga Provincial Government coordinating body, to represent PAM and the Reung Kiet Lithium Project.

The meeting was also attended by the head of Phang Nga Provincial Industry along with the representatives of the Phang Ng..

Pan Asia Metals Ltd (ASX:PAM) has had positive discussions with authorities in Phang Nga Province, Thailand, including the provincial government, for its Reung Kiet Lithium Project.

PAM has submitted a presentation covering all aspects of the project including methods of ongoing exploration, conceptual mining and concentrate production, and the potential for downstream value-adding industries in Phang Nga and Thailand.

The presentation and subsequent discussions were aimed at assisting Phang Nga Provincial Government in their considerations for the proposed mining and industrial development areas.

Provincial Government discussions


Pan Asia was recently invited by the chief executive officer of the Phang Nga Provincial Administrative Organisation (PAO), a Phang Nga Provincial Government coordinating body, to represent PAM and the Reung Kiet Lithium Project.

The meeting was also attended by the head of Phang Nga Provincial Industry along with the representatives of the Phang Nga Provincial Public Works and Town Planning Office.

Phang Nga Provincial Industry head has been appointed by the Phang Nga governor as chairman of the Phang Nga New Town Planning Committee.

During the meeting, the chairman of the committee conveyed its support for the Reung Kiet Lithium Project.

PAO wants to ensure that the requirements of the Reung Kiet project are incorporated into the town planning committee’s zoning plans to ensure that the project can progress once exploration and feasibility results prove positive.

“Can bring opportunities”


PAM managing director Paul Lock said: “We have been working hard in Phang Nga province and we are very happy with the positive reception that the Reung Kiet Lithium Project is receiving from the Phang Nga Provincial Government and surrounding communities.

“Reung Kiet is strategically located and based on peer feasibility work the project is positioned to potentially be one of the lowest-cost suppliers of lithium chemicals in the global peer group.

“This is a project that can bring substantial opportunities and value to Phang Nga and Thailand.”

Pan Asia is planning its second Reung Kiet drilling program with expectations that this will begin in the coming months following the conclusion of the current Khao Soon drilling program.

Potential cost curve leader


Reung Kiet is a hard rock project with lepidolite rich pegmatites chiefly composed of quartz, albite and lepidolite with minor cassiterite and tantalite as well as other accessory minerals including some rare earth.

Lepidolite does not require roasting and has a suite of by-products which are recoverable at the concentrator and processing stages of the flow sheet.

Peer feasibility work has Read More – Source

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