Acra, page-6

Bits and pieces here. Acra, 80 km NE from the famous Kalgoorlie/Boulder core centre ,

PIO ownership 80% – Farm-out agreement with Northern Star (ASX: NST) –entered into a farm-in/JV on the Acra Gold Project October 21, 2016 (which comprises eight granted ELs for 400km2 ), located some 40km east of Northern Star’s operating Kanowna Belle treatment plant and 80km NE of Kalgoorlie 3years which term finalises October 21, 2019


$3m spend within 3 years will increase NST ownership to 75% – Pioneer free carried until the JV secures DMP approval of a mining proposal • Tenement area covers 400 km2 • Gold workings, nugget patches and soil geochemistry indicates a gold target zone at least 20km long • Drilling at targets at Acra South, Jubilee Gift and Jubilee East are the main focus for advanced stage exploration


So, on October 21, 2016, Pioneer announced that major Australian gold miner, Northern Star Resources (ASX:NST) entered into a farm-in/JV on the Acra Gold Project (which comprises eight granted ELs for ~400km2 ), located some 40km east of Northern Star’s operating Kanowna Belle treatment plant and ~80km NE of Kalgoorlie .


Pioneer can then elect to either contribute pro-rata else sell its 25% JV interest at fair market value for cash or NST shares at Pioneer’s election.


This agreement brings in a well funded, experienced gold company into the Project, and with the proximity to a plant, provides a route to processing; having this facility nearby will also mean that mineralisation that would not support a standalone plant could be potentially viable. This will also allow Pioneer to take advantage of any exploration and project value upside at no cost (prior to any Mining Approval). Acra is centred along a 20km long structural zone with activities, including small scale mining, dating back to the 1880s confirming the potential for gold mineralisation; however most of the more recent work has concentrated on nickel mineralisation.


Key terms of the agreement include: – Northern Star earned 20% through the payment of A$500,000 cash; – They can then earn another 55% (taking the total to 75%) by the sole funding A$3 million of exploration expenditure over three years; finalises October 2019


\PIO Quarterly Activities Report December 2018 : Circulation drilling at Matrix (816m) and Cousin Jack’s (360m); and aircore drilling conducted at Emu Lake (4,704m) continue to generate anomalous gold results. Further work is planned by JV partner Northern Star Resources Limited (ASX:NST) We need some more good results to see what our bargaining power is. NST have said more than once dthey want a fair price if they take it on after the reach Decision to mine. Hope it is a very fair price in 6 months time for our then 25% interest insteads of taking on on ourselves, Hope we get some decent reporting from now to then to see the light.


OK then, more information required. I've poured through NST reports and find it hard to find out what's really happening and we have some historical results, results ourselves and NST is planing and executing further work we are told. Fair enough, NST is a monster and 3rd largest gold producer in Australia. It has intricate plans. It's not afraid to invest in other gold mines and recently Whilst acquiring the world class Pogo Operation in 1H19 for A$351M1. , NST has also invested heavily into organic growth with an additional A$36M investment into its Australian Operations in 1H19 also.


Six months to go on another transaction to look forward to. These farm in J/Vs are also a wait as everything happens at rush in the end. Hope it's a good one. We are an undervalued share. Also have Egina as well.
DYOR