Yahoo Finance Great Pacific Gold Advances on Multiple Projects Within PNG
VANCOUVER, British Columbia, June 24, 2024 (GLOBE NEWSWIRE) -- Great Pacific Gold Corp. ("Great Pacific Gold,” “GPAC,” or the "Company") (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to provide an update on its portfolio of gold-copper assets within Papua New Guinea (“PNG”) consisting of four projects totalling approximately 2500 sq km.
Arau Project
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.
Over the several weeks, GPAC field crews comprised of mainly local community members as employees and contractors, have been completing road access rehabilitation and drill pad construction. Seven drill pads are now completed, in support of an upcoming reverse circulation drill program. Drilling is expected to commence in the first week of July and will seek to confirm copper-gold porphyry mineralization underneath the skarn mineralization at the project. Previous drilling at Mt Victor was aimed at establishing the gold resource associated with the outcropping skarn mineralization. A program of around 2000 meters of drilling is expected.
As part of the Arau project, in the southern exploration licence, EL2715, an initial extensive soil sampling program has recently been completed, which followed up on previously generated copper-gold geochemical data of stream sediment anomalous drainages and ridge and spur soil sampling programs. The area is underlain by the highly prospective Elandora porphyry unit, which is known to host copper porphyry and epithermal gold mineralization. Assays for this program will be received in the coming weeks.
Kesar Creek Project
The Kesar Creek Project consists of one exploration license, EL 2711, and is north-west of and contiguous with the K92 Mining Inc. tenements.
Last month, GPAC reported excellent results from the company’s initial soil sampling and rock chip sampling program. Thirty-two rock chip samples were taken 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). Of the 32 samples, 19 samples were above one g/t Au.
Additional to the rock chip sampling, a soil sampling program principally targeted the West and Central vein zones at Kesar Creek. In total, the 332 soil samples returned numerous significant gold grades over a strike length of 5.5 km including a high-grade assay of 20.9 g/t Au.
The initial first-pass soil program used a 200-metre-by-100-metre or 50-metre grid and was very broadly based to cover most of the known prospective ground and to get an indication of the location of the most prospective larger structures.
Over the past week, GPAC has recommenced work at Kesar Creek, tightening the soil program around key target areas to prepare for an initial phase drilling program as well as extending the grid coverage to the northeast to include the artisanal mining area where the 244 g/t Au rock chip was taken.
Figure 1 – Kesar Creek Gold-Copper Project
Wild Dog
The Wild Dog Project consists of two granted exploration licenses, EL 2516 and EL 2761, located on the island of New Britain and about 50 km southwest of Rabaul and Kokopo, PNG. The most recent of the two licenses, EL 2516 was granted on April 22, 2024.
Recently, GPAC announced the engagement of Tetra Tech Coffey to carry out environmental assessment and monitoring work at the project and is now finalizing contracts for road rehabilitation work. The road rehabilitation work not only will be supportive of GPAC’s exploration program but is also very important to the local community as it opens up a crucial access route for the region.
Chief Operating Officer and Director, Rex Motton states, “While much of the recent news flow from GPAC has been related to drilling at our high-grade Comet Discovery in Victoria, Australia, we have been exceptionally busy on multiple fronts in PNG in preparation for upcoming drill programs. The PNG portfolio hosts multiple opportunities for significant high-grade epithermal vein and porphyry-style discoveries.”
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 GPAC
Rex Motton
Chief Operating Officer and Director
Reference
Sibson and Scott, 1998, Stress/fault controls on the containment and release of over-pressured fluids: Examples from gold-quartz vein systems in Juneau, Alaska; Victoria, Australia and Otago, New Zealand. Ore Geology reviews, Vol13, pp 293-306.
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.
For further information: Adam Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1(833) 923-3334, Email: info@greatpacificgoldcorp.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e24a5f8b-7ab9-4edc-b313-adcb0f5f4d68
