Great Pacific Gold Corp. ("Great Pacific Gold,” “GPAC,” or the
"Company") (TSXV: GPAC) (OTCQX: FSXLF) (Germany: V3H) is providing
an update on one of its core projects, the Kesar Project (“Kesar”
or the “Project”) located in the Eastern Highlands province of
Papua New Guinea. The Kesar Project is contiguous with K92 Mining’s
mine tenements, with several high priority targets at Kesar near
the K92 property boundary (Figure 1). Multiple veins at Kesar are
on strike and have the same orientation of key K92 deposits, such
as Kora, and exploration work to date at Kesar has shown that these
veins have high grades of gold present in outcrop, very elevated
gold in soil grades and are coincident with aeromagnetic highs.
Highlights
- GPAC intends to
focus its PNG exploration efforts over the near term on Kesar
- A second round
of soil sampling on the East, Central and West vein targets was
recently completed
- The phase two
sampling program has returned excellent results (Figure 2),
including samples assaying:
- 47.6 g/t Au
(soil)
- 35.7 g/t Au
(soil)
- 94.3 g/t Au
(rock)
- 56.5 g/t Au
(rock)
- A Phase 1
diamond drill program has been designed to target high-grade
epithermal vein style gold-copper mineralization with 2,000 to
3,000 meters of planned drilling
- Drilling is
expected to commence in October, utilizing two diamond drill rigs
for two months.
“The results of the two phases of geochemistry
highlight the tremendous potential of Kesar” stated Greg McCunn,
CEO of Great Pacific Gold. “With our recently announced plan to
focus on our core projects, we intend to direct our financial and
technical efforts on Kesar over the remainder of 2024. The
high-grade nature of the nearby Kora deposit highlights the
potential of Kesar and our Phase 1 drill program is designed to
test our highest priority targets.
While focusing on Kesar, we will continue to
evaluate and advance the other core assets in our high-quality
portfolio, including recent drilling at the Arau project, from
which initial results are pending, environmental baseline work at
Wild Dog and consolidation of our knowledge on the Lauriston and
Walhalla projects in Australia. Longer-term, the recently acquired
Tinga project also has the potential to create significant
shareholder value.”
Figure 1 Kesar Project location in
relation to K92 Mining’s Kainantu Mining Operation
Figure 2 Soil geochemistry results at Kesar, Phase 1 and
Phase 2
About the Kesar Project
The Company received notification from the Papua
New Guinea Mineral Resources Authority (the “MRA”) of the grant of
Exploration License 2711, which wholly covers the Kesar Project.
The notice was received on November 14, 2023 with the Exploration
License in effect from October 31, 2023 for a period of two years
until October 30, 2025.
Exploration by previous operators at Kesar
identified the presence of semi-massive copper rich sulphide
mineralization associated with quartz veins on strike to the Kora
gold deposit, as well as the potential for copper-gold porphyry
prospects within the tenement. Previous operator’s initial rock
sampling programs returned high-grade gold-copper-silver values
(see news release date November 17, 2023).
Initial Rock Chip Sampling
Thirty-two (32) rock chip samples were taken in
Q2 2024 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 1 g/t Au and ten
samples averaged 52.8 g/t Au (see news release dated May 13, 2024).
Recently, a further 17 rock chip samples have been obtained and
assayed with a peak result of 94.3 g/t Au and 11 samples of greater
than 1 g/t Au averaged 25.1 g/t Au. Generally, these samples were
collected from the Eastern Vein Zone where itinerant miners are
operating small scale mines though larger scale potential occurs as
indicated by the soil sampling results.
Soil Geochemistry
In addition to the rock chip sampling in Q2
2024, a soil sampling program was completed principally targeting
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
(see news release dated May 13, 2024).
The initial first-pass soil program used a 200
meter by 100 meter or 50-meter 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. Gold
mineralization was found in samples covering the entire 5.5 km of
sampled strike. Multiple parallel vein sets occur in close
proximity within each of the three main vein zones.
Following the success of the initial soil
sampling program principally targeting the West and Central Vein
Zones at Kesar, a second follow up soil sampling program was
carried out in July 2024. The follow up soil program consisted of a
further 667 soil samples covering the West, Central and East Vein
Zones, which all strike northwest. This follow up program has
further defined gold prospects in West and Central Vein zones while
also discovering gold mineralization in the Eastern Vein zone,
which is in part associated with the itinerant miners’ small-scale
operations. The mineralization in the Eastern Vein Zone is open to
the northwest where several parallel vein sets occur. More sampling
will be carried out as the opportunities arise.
Upcoming Drilling Program
The Company has contracted Quest Exploration
Drilling (“QED”) to provide two CS1000 P4 diamond drill rigs which
are expected to be delivered to the Project drill site in October
2024 via a helicopter located near the project. Drilling is
expected to occur from five drill pads spaced generally at 100m
intervals along the Anteruno vein structure in the Western Vein
Zone. Sectional drilling from the pads will provide coverage along
strike of approximately 400m. The proposed drilling plan consists
of 9 initial holes averaging 300 meters in length for a total
diamond drilling program of ~2,700 meters.
Results from the drilling program are expected
approximately 4 weeks after the completion of each drillhole and
drilling is planned to take place for two months.
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
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.
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. Its core
projects include:
- 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.
- 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, with results pending. 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 also holds a number of other
exploration projects including the recently acquired Tinga Valley
Project.
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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ff7832a6-6c33-4805-8d92-1c06be6ca00c
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