Marindi will get C$2 million cash and shares equivalent to a 9.9% stake in the Canadian company as consideration for its Bellary Dome tenements, with subsequent milestone payments totalling $2 million in Pacton shares also part of the deal.
The sale comes after Marindi last week reported the finding of hundreds of nuggets totalling more than six ounces on its Bellary Dome ground.
Marindi joins Impact Minerals and Arrow Minerals in divesting interests in conglomerate gold ground in the Pilbara to Pacton in recent months.
Backed by well-known North American investor Eric Sprott, Pacton has been a big market success over the past 6-7 months, with the stock up from less than 10c back in November to levels this week around 75c.
Pacton's market success refle...