Great Pacific Gold Announces Focused Exploration Strategy
05 September 2024 - 1:30PM
Great Pacific Gold Corp. ("Great Pacific Gold,” “GPAC,” or the
"Company") (TSXV: GPAC) (OTCQX: FSXLF) (Germany: V3H) is providing
an update on its short-term exploration strategy. After a thorough
review of its dominant land position in both Papua New Guinea
(“PNG”) and Victoria, Australia, the Company has developed a
short-term plan which is focused on developing gold-copper
resources on its core projects.
Core Projects:
- Kesar – located in
the Eastern Highlands province of PNG and contiguous with K92
Mining’s mine tenements, Kesar is a greenfield exploration project
with several high priority targets in close proximity to the
property boundary with K92. Multiple epithermal veins at Kesar are
on strike and have the same orientation of key K92 deposits such as
Kora. Exploration work to date by GPAC at Kesar has shown that
these veins have high grades of gold present in outcrop and very
elevated gold in soil grades, coincident with aeromagnetic highs. A
phase two sampling program in support of initial drilling has
recently been completed, with results pending.
- Arau – located in
Eastern Highlands province of PNG, the Arau Project contains the
highly prospective Mt. Victor exploration target with potential for
a high sulphidation epithermal gold-base metal deposit. A Phase 1
Reverse Circulation drilling program was completed at Mt. Victor in
August 2024. The Arau project includes the Elandora licence which
also contains various epithermal and copper-gold porphyry
targets.
- Wild Dog – located
in the East New Britain province of PNG, Wild Dog is a brownfield
exploration project with a history of small-scale gold mining. The
project contains numerous epithermal and porphyry
hydrothermal-magmatic targets evidenced by previous exploration and
operations. The Company completed a road refurbishment in August
2024 and access to the project has been established for baseline
environmental and exploration work.
- Lauriston –
located in the state of Victoria, Australia, the Lauriston project
is located on the southern extension of the Fosterville Goldfield
Belt and is adjacent to Agnico Eagle’s extensive Fosterville
tenements and mine operations. Lauriston contains the Comet-Trojan
target, a 4.5km long epizonal orogenic system. The discovery hole
at Comet intersected 8m at 105 g/t gold and a follow-up drilling
program was completed in Q3 2024. The Company is consolidating its
information on the Lauriston project and expects to publish an NI
43-101 compliant technical report.
- Walhalla – located
in the state of Victoria, Australia, the Walhalla project consists
of over 1,400km2 of concessions including the numerous historical
mining operations and the recently acquired Woods Point land
package. The Company is consolidating its information on the
Walhalla project and expects to publish an NI 43-101 compliant
technical report. Walhalla contains a high-priority greenfield
target called Pinnacles. Extensive soil geochemistry has
highlighted a 400m x 1,100m gold mineralized aplitic dyke which
contains disseminated sulphides and outcrops at surface. The
Pinnacles target is fully permitted and ready for drilling.
“The Company has spent the last four years
compiling an extensive portfolio of high-quality exploration
assets” stated Greg McCunn, CEO of Great Pacific Gold. “After this
period of acquisition, it is now time for the Company to focus on
developing one or more of its core projects into a mineral
resource. While focus will be on these five assets in
the short-term, the recently acquired Tinga project also has the
potential to create significant shareholder value longer term and
is an important part of the Great Pacific Gold’s future.”
The Company is undertaking a process of
evaluating its non-core assets in Australia and will be looking to
maximize value from these assets. As part of the process, the
Company may consider asset sales, project spin outs and/or other
such transactions.
On behalf of Great Pacific GoldGreg McCunnChief
Executive Officer and Director
For further information visit
greatpacificgoldcorp.com or contact:
Adam Ross, Investor Relations, Direct: (604)
229-9445Toll Free: 1(833) 923-3334Email:
info@greatpacificgoldcorp.com
Qualified Person
The technical content of this news release has
been reviewed, verified and approved by Rex Motton, AusIMM (CP),
COO of Great Pacific Gold, 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.
About Great Pacific Gold
Great Pacific Gold has a portfolio of
exploration stage projects in Papua New Guinea (“PNG”) and
Australia. The Company is focused on developing gold-copper
resources from its highly prospective land packages.
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.
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.
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