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Pacton peaks on backing for Pilbara play

Shares in conglomerate gold hopeful Pacton Gold (TSXV: PAC) hit a 52-week high on Friday in the wake of high profile backing for its Pilbara gold project.
Pacton peaks on backing for Pilbara play Pacton peaks on backing for Pilbara play Pacton peaks on backing for Pilbara play Pacton peaks on backing for Pilbara play Pacton peaks on backing for Pilbara play

Conglomerate gold hopeful hits 52-week high

Staff reporter

Eric Sprott last week invested C$2 million as part of the company's $5.5 million raising for exploration at its Australian and Canadian projects.

Pacton had struck a deal to acquire nine tenements in the Pilbara in February from CTTR Gold, and added to its holdings in the region through an earn-in in April with Arrow Minerals.  

Its shares had trebled in mid-November to reach the C36c mark after appointing Australian-based Alec Pismiris as interim CEO.

Its shares then shot up 27.91% on Friday to close at 55c, a 52-week high representing a gain of almost 90% year-to-date and capitalising it at $47.3 million.

The conglomerate gold story and frontrunner Novo Resources garnered fervent attention in 2017.

The gold price meanwhile rose slightly over the course of last week and was earlier trading around US$1,321 an ounce on the spot market.