Great Pacific Gold Provides Update on Non-Core Assets Sale Process Initiated for Reedy Creek
October 11 2024 - 8:30AM
Great Pacific Gold Corp. (“Great Pacific Gold,” “GPAC,” or the
“Company”) (TSXV: GPAC) (OTCQX: FSXLF) (Germany: V3H) is providing
an update on its 100% owned Reedy Creek Project in Victoria,
Australia, a non-core asset for the Company. In a previous news
release (September 5, 2024) the Company announced a focused
exploration strategy for its core assets including Kesar, located
in Papua New Guinea and contiguous with K92 Mining’s Kainantu Mine,
where a diamond drilling program is set to commence. As part of the
focused strategy, the Company announced that it was undertaking a
process of evaluating its non-core assets in Australia to maximize
value from these assets.
The Reedy Creek project comprises two
exploration tenements covering 445km2 of historic workings together
with limited modern exploration work conducted by Great Pacific
Gold.
Highlights of Reedy Creek
- Located
immediately north and contiguous to Southern Cross Gold’s Sunday
Creek Project where a 50,000 meter drilling campaign is underway
(Figure 1)
- Historic
production from the Reedy Creek Goldfields and Welcome
Reef/Providence mines
- Permits and key
land access agreements in place
- GPAC reverse
circulation drilling at Reedy Creek included highlight intercept of
8.0m at 42.4 g/t Au from 68 meters (Table 1)
- Recent shallow
RAB drilling by GPAC intercepted 4.0m at 30.4 g/t from 20 meters at
the Weineroider Ridge target in preliminary assays (Table 1)
GPAC CEO and Director, Greg McCunn, notes
“Earlier this month, Great Pacific Gold announced a focused and
targeted exploration plan for the coming year. With drilling to
commence soon at our Kesar Creek Project in PNG, adjacent to K92
Mining, we have started to execute on this mandate. We look forward
to capitalizing on GPAC’s success to-date on the ground at Reedy
Creek by monetizing the asset to assist in funding what will be a
significant ramp up of activity in PNG in the coming year. We
anticipate significant interest in Reedy Creek from Australian and
Canadian listed issuers.”
For enquiries regarding the Reedy Creek
divestiture process, please contact:
Mick Carew, VP
Corporate Developmentmcarew@gpacgold.com+1-604-803-7711
Figure 1 The Reedy Creek land package
showing the location of historic small scale mines and artisanal
surface workings.
The Company will continue to evaluate its
non-core asset portfolio for further value creating opportunities
which may include asset sales, spin-outs, joint ventures or other
transactions.
Table 1 – Reedy Creek & Providence
Drill Results (including previously released results)
Drillhole |
Property |
Gold (g/t) |
Length (m) |
From (m) |
RWR13 |
Reedy Creek |
42.4 |
8.0 |
68.0 |
RWD01 |
Reedy Creek |
239.6 |
0.7 |
68.7 |
TRC02 |
Reedy Creek |
174.4 |
2.0 |
23.0 |
PPO5 |
Providence |
7.01 |
8.0 |
34.0 |
PP16 |
Providence |
40.8 |
2.0 |
48.0 |
PP13 |
Providence |
0.85 |
20.0 |
4.0 |
RWB03* |
Weineroider |
5.53 |
1 |
41 |
RWB10* |
Weineroider |
30.4 |
4 |
20 |
RWB11* |
Weineroider |
21.38 |
2 |
41 |
* Preliminary composite assay results
from RAB drilling
True widths are not known. Additional drilling is required to
determine true widths.
On behalf of Great Pacific GoldGreg McCunnChief Executive
Officer and DirectorDirect: (604) 229-9445Toll Free: 1(833)
923-3334
For further information visit
gpacgold.com or contact:
Jonathan RichardsEmail:
info@greatpacificgoldcorp.com
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.
A photo accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/7ba063fa-9f6a-4b2c-b830-21a9d43bbf30
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