Novo’s recent deal with Sumitomo ($40 million CAD for 40% of the project) means after much DD Sumitomo has placed a present valuation on NVO’s Egina tenements (shown on the map below) at $100 million CAD.

PAC’s Egina tenements are at least 50 % the size of Novo’s depending on if you include the Arrow tenements in the NE corner of the map. Also PAC holds some of the historically richest claims…Friendly Creek , Golden Palms, Hong Kong (notice the gold occurrences marked on the map)…

https://www.pactongold.com/_resources/images/Egina_Claims.jpg

PAC proving up widespread economical gold in lag gravel should not be expensive or time consuming if it’s there. Follow Novo’s lead, GPR first, bulk sampling to follow.
However PAC’s plan is to use Artemis’s Radio Hill plant to run their bulk samples…

Friendly Creek, Golden Palms, Hong Kong and Arrow South tenements
Pacton’s Egina properties are contiguous with Novo Resources Corp.’s extensive Egina tenements which contain gold-bearing lag gravels that overlie Mesoarchean age orogenic gold occurrences, and locally, formations of the basal Fortescue Group. To the southeast of the Novo tenements, Pacton’s Friendly Creek, Hong Kong and Golden Palms tenements contain gold showings,  including gold nuggets, in areas of Mesoarchean basalts, and in lag gravels mapped as alluvial deposits. To the west and northwest of the Novo project, Pacton’s Arrow South and Arrow North projects contain Archean orogenic gold prospects that are partially covered with extensive layers of alluvial gravels and conglomerates.

Pacton’s initial 2019 Egina exploration will consist of spot sampling of gravels with subsequent follow-up samples based on initial results. Pacton is able to undertake bulk sampling operations as a result of its 2018 strategic alliance with Artemis Resources, which includes access to the Artemis Radio Hill processing plant, now nearing completion.
The initial 2019 Egina exploration program will also include more detailed mapping and sampling of the gold-bearing Mesoarchean basaltic rocks, and their associated erosional gravels.

From…
https://www.pactongold.com/projects/australia/egina/

 
So when will RH be up and running?...

From Artemis in March 2019 – 2019 Operational Plan…..
Maintain the Radio Hill plant in current state;    until at least 3 years of plant feed is defined and available to support plant start up;

https://artemisresources.com.au/investors-relations/presentations-speeches/7-mar-2019-investor-presentation/viewdocument
 
Not any time soon by the sounds of it.

There has been no PAC news from Egina so far this season. I don’t imagine we’ll get any exploration news at all until the final tranche of the recently announced PP is closed.

IMO proving up Egina is likely the fastest way to add shareholder value from PAC’s Pilbara project area (thanks to Sumitomo). I would love to see PAC focus on Egina just like big brother Novo, but PAC needs a plant and a camp.

Maybe PAC just buys a plant and builds its own camp…

https://www.iconcentrator.com/gold-recovery-products-icon/gold-recovery-plants-icon/gold-recovery-icon-igr-3000-plant

or maybe PAC can make a deal with NOVO to use their IGR3000 plant to run samples and use their camp and crew after they finish their Egina test program?

or maybe Artemis gets bought out and Radio Hill gets completed.

or?

Hopefully the PAC PP closes soon (this week would be great) and we get some clarification on plans at Egina and news from other Pilbara tenements as well.


BUT WAIT IT GETS EVEN BETTER......GoldSpot after much DD felt comfortable putting a valuation of $200 million USD on PAC’s Red Lake tenements.

.5 % NSR for $ 1 million USD = 100% NSR for $200 million USD ($260 million CAD)

By my math (and GoldSpot's and Sumitomo's) we currently have...
a $260 million valuation for Red Lake + a $50 million valuation for Egina
= at least  $310 million CAD for RL and Egina !

 plus these other highly prospective Pilbara tenements…

+ Tardarinna Pilbara 
+ Yandicoogina Pilbara 
+ Boodalyerrie Pilbara 
+ Nullagine -Beatons Creek Pilbara

That’s a current valuation of around $1.80 CAD a share, plus cash on hand, plus HUGE exploration upside.

I think this thing fuken rips after PP closes

Holding long and strong.
gc