Great Pacific Gold Corp. ("Great Pacific Gold,” “GPAC,” or the
"Company") (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to
announce the completion of the Phase 2 soil and chip sampling
program at the Kesar Creek Project in Papua New Guinea (see Figure
1).
Highlights:
- 667 soil
samples and 8 rock chip samples collected during this phase of
work
- Kesar
Creek Project is short distance from multiple epithermal vein and
porphyry deposits and targets identified on the adjacent K92 Mining
Inc. project (see Figure 2).
- Previous assays from GPAC
sampling include multiple high-grade gold results obtained from
veins that align with the orientation and strike of K92 Mining
Inc.’s prolific Kora Deposit of 2.3 M Oz at 10.24 g/t Au equivalent
Measured and Indicated plus a further 3.9 million ounces Inferred
at 8.6 g/t Au equivalent (Sept 12, 2023).
The Kesar Creek Project consists of one
exploration license, EL 2711, and is contiguous with the K92 Mining
Inc. tenements, approximately 10 km to the northwest and along
strike from the Kainantu Gold Mine owned and operated by K92 Mining
Inc (Figure 2).
Figure 1- GPAC’s PNG projects
map.
During this Phase 2 program, 667 soil samples
along with 8 rock chip samples were obtained by technical team
members. This follows up on a Phase 1 sampling program that
consisted of 332 soil samples taken over a strike length of 5.5km
which included a high grade assay of 20.9 g/t Au
in soil and 32 rock chip samples from outcrop and artisanal
underground works and returned high-grade assays including
244 g/t Au (underground working), 116 g/t
Au (outcrop), 36.5 g/t Au (float)
and 33.4 g/t Au (underground working) (see GPAC
News Release dated May 13, 2024 for details).
Figure 2 – Kesar Creek Gold-Copper
Project
The extent of the current geochemical program is
presented as white dots (Figure 3) as infill and extensional
grid-based sampling. The East Vein Zone is where the itinerant
mining is currently being undertaken and is associated with the
granodiorite – sediment contact.
GPAC Chief Operating Officer and Director, Rex
Motton, states, “Geochemical sampling and mapping have progressed
very well with strong community support and involvement which has
expedited the entire exploration process. We look forward to
further excellent assay results from the highly prospective Kesar
Creek project, which are expected in approximately one month.
Additional work on site is planned, including trenching of key
areas, using local labour, that would supplement the drill
targeting.”
Figure 3 – Kesar Creek Geochemical
Sampling
Quality Assurance / Quality
Control
All assays were subject to quality control
measures appropriate for reconnaissance rock chip sampling with
duplicates, blanks and commercially available standards with the
expected results from the samples submitted. All assays were
conducted by Intertek Minerals Ltd (ISO: 9001), located in Perth,
Western Australia, using fire assay techniques with a 30g charge
and ICP-OES finish. The quality control results are consistent.
About GPAC
Great Pacific Gold has a portfolio of high-grade
gold projects in Papua New Guinea (“PNG”) and Australia.
In PNG, Great Pacific Gold recently assembled a
2500 sq. km mineral exploration land package in PNG. The land
package comprises of exploration licenses (EL). It includes both
early-stage and advanced-stage exploration targets with high-grade
epithermal vein and porphyry-style mineralization present.
The Arau Project consists of
two exploration licenses, located in the Kainantu region, and
includes the Mt. Victor Prospect, where previous drilling found a
multiple phase intrusion complex hosting copper and gold
mineralization.
The Wild Dog Project consists
of two granted exploration licenses, EL 2761 and 2516, located on
the island of New Britain and about 50 km southwest of Rabaul and
Kokopo, PNG.
The Kesar Creek Project
consists of one exploration license, EL 2711, and is contiguous
with the K92 Mining Inc. tenements.
The Tinga Valley Project
consists of one exploration license, EL 2720. The OK Tedi Copper
Gold Mine is 140km to the northwest along the same belt is a superb
geological comparison to the Tinga Valley Property.
In Australia, Great Pacific Gold began with two,
100% owned, high-grade gold projects called the Lauriston and
Golden Mountain Projects, and has since acquired a large area of
granted and application tenements containing further epizonal
(low-temperature) high-grade gold mineralization and associated
intrusion-related gold mineralization all in the state of Victoria,
Australia. The Great Pacific Gold land package, assembled over a
multi-year period, notably includes the Lauriston Project which is
a 535 sq. km property immediately to the south of and within the
same geological framework that hosts Agnico Eagle Mines Ltd’s
Fosterville Gold Mine and associated exploration tenements. The
Golden Mountain Project is an intrusion-related gold project on the
edge of the Strathbogie granite and occurs at the northern end of
the Walhalla Gold Belt. The acquired projects include the epizonal
gold Providence Project containing the Reedy Creek goldfield which
adjoins the Southern Cross Gold’s Sunday Creek exploration project
and a large group of recently consolidated granted tenements called
the Walhalla Gold Belt Project, which contain a variety of epizonal
and intrusion related style gold mineralization. Additionally,
Great Pacific Gold has another gold-focused project called the
Moormbool project which has epizonal style gold mineralization and
associated potential intrusion-related gold mineralization, as well
as the Beechworth Project occurs in the northeast of the state and
contains intrusion related and mesozonal gold mineralization.
All GPAC’s properties in Australia are 100%
owned and have had historical gold production from hard rock
sources despite limited modern exploration and drilling.
Qualified Person
The technical content of this news release has
been reviewed, verified and approved by Rex Motton, AusIMM (CP),
COO of GPAC, a Qualified Person under the meaning of National
Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Mr. Motton is responsible for the technical content of this news
release.
On behalf of GPACRex MottonChief Operating Officer and
Director
Forward-Looking Statements
Information set forth in this news release
contains forward-looking statements that are based on assumptions
as of the date of this news release. These statements reflect
management's current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance. Great
Pacific Gold cautions that all forward looking statements are
inherently uncertain and that actual performance may be affected by
many material factors, many of which are beyond their respective
control. Such factors include, among other things: risks and
uncertainties relating to Great Pacific Gold's limited operating
history, its exploration and development activities on its mineral
properties and the need to comply with environmental and
governmental regulations. Accordingly, actual and future events,
conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward looking information. Except as required under applicable
securities legislation, Great Pacific Gold does not undertake to
publicly update or revise forward-looking information.
Mineralization at adjacent properties is not necessarily indicative
of mineralization on Great Pacific Gold’s properties.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information: Adam
Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1(833)
923-3334, Email: info@greatpacificgoldcorp.com
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/0827ac14-0952-49bd-b13e-b8bcc01cdaca
https://www.globenewswire.com/NewsRoom/AttachmentNg/2ef68833-7be0-438e-adf6-ee205ffad2f3
https://www.globenewswire.com/NewsRoom/AttachmentNg/19933be2-941a-441f-bd9b-44432353432e
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