Nice little right up from Far East Capital.....
"PAK pegs prospective gold ground in Idaho
While Pacific American (PAK) has a substantial coking coal
resource of 303 Mt in British Columbia, it doesn’t seem to
be what the market wants right now. So, PAK is opening up
initiatives on the gold front in order generate more
speculative flavour. The first one was a drill-ready project
east of Kalgoorlie. However, that doesn’t seem to have
provided much joy to date with no exciting assays having
being reported.
PAK’s next foray into gold is in northern Idaho, USA, where
claims have been staked following several months of
assessing opportunities. You may recall the note on Revival
Gold last week, covering a company with a 3 Moz ounce
gold project in eastern Idaho. Revival emphasised how
Idaho was a very good jurisdiction with a State-wide
resource inventory of 26 Moz of gold.
The geology of PAK’s claims is known to host high grade
gold mineralisation at a project called Anderson Creek,
based on historical records. Very little, if any, modern
exploration has been undertaken. It is a grass roots
exploration project that needs work on it, but there is no
reason to feel anything but optimistic about what may be
there. We watch with interest to see what other projects
are added to the portfolio as a critical mass is being
accumulated.
PAK continues to be priced at “shell value”, with no credit
being given to the coal project that could be worth tens of
millions of dollar at the right stage of the cycle. The
acquisition of the gold ground adds some timely flavour."
Al
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