Impact packs up in the Pilbara as Canadian company Pacton moves on in

ANDREW Forrest-backed Impact Minerals is making a swift exit from the Pilbara conglomerate gold play that energised the junior gold sector in Australia last year, with the junior divesting ground to Toronto-listed, Eric Sprott-backed firm Pacton Gold.

Impact packs up in the Pilbara as Canadian company Pacton moves on in Impact packs up in the Pilbara as Canadian company Pacton moves on in Impact packs up in the Pilbara as Canadian company Pacton moves on in Impact packs up in the Pilbara as Canadian company Pacton moves on in Impact packs up in the Pilbara as Canadian company Pacton moves on in

Pacton is aiming to make a big impact in Pilbara.

Paction will acquire 1126 sq.km of ground held by Impact for C$350,000 cash and 2.12 million shares, with a resource milestone and royalty also potentially coming into play if subsequent exploration is successful.

Impact, which as of February was held 14.8% by the iron ore baron's Squadron Resources, reported last September that it had applied for the ground the previous month.

Impact's MD Dr Mike Jones subsequently spoke positively about the emerging gold prospectivity of the Pilbara region at the company's AGM at the end of November.

Still, the cash and shares look a tidy quick fire return given the latter are currently valued at over $1 million.

Pacton shares have doubled to over 60c this month, and are up 10-fold from November last year.

Ov...