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 Company’s previously announced 5,000 meter
drill program at the Anteruno target, the first drill target at
Kesar, has commenced.
Highlights
- Anteruno
represents the first of a number of targets contained on a 5km x
5km area in the south-east corner of the Kesar concession, near the
border with K92 Mining’s Kainantu mine concessions
- In total,
thirteen drill holes are planned to test the Anteruno target which
consists of a vein-set/stockwork zone approximately 1,000m x
200m
- Holes KDH-01 and
KDH-03 are the first holes to be drilled
- Hole KDH-01 is
designed to test the northern vein stockwork set identified with
geochemistry and mapping, while hole KDH-03 is designed to test the
eastern extension vein stockwork (Figure 2)
- A 1:2,000 scale
surface mapping exercise covering the entire 5km x 5km has been
initiated to define further drill targets for future campaigns
“The team has done a remarkable job of getting
the drill rigs up and running and establishing our camp and
operations base at Kesar in a very short period of time” stated
Greg McCunn, CEO of Great Pacific Gold. “We look forward to drill
testing the high-priority target at Anteruno, while also
concurrently advancing other targets at Kesar through ongoing
fieldwork.”
The planned initial phase of drilling at the
Anteruno target will be conducted with two diamond drill rigs
targeted to operate continuously, 24 hours per day (Figure 1).
Chris Muller, Director of Great Pacific Gold,
states, “Great Pacific Gold has assembled a large land position
within PNG, with multiple excellent projects. Kesar is a very
exciting project to start the next phase of GPAC exploration in
PNG, which is drilling. The sampling work done at Kesar, including
extensive soil work and at outcrop and artisanal workings, has
produced some superb drill targets.”
About Kesar
The Kesar Project is contiguous with K92
Mining’s mine tenements, with several high priority targets at
Kesar near the K92 property boundary. Multiple veins at Kesar are
on strike and have similar 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.
Two rounds of soil and rock sampling took place
in 2024, with a number of excellent results (see news releases
dated September 5th and 9th 2024), 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)
Following the last soil and rock sampling
campaign, a reconnaissance surface mapping program was undertaken
in September 2024 by the Company’s geologists at the Anteruno
prospect. During the visit, all areas with elevated rock chip
assays and interesting geological outcrops identified from previous
sampling programs were mapped for structural data.
Gold-bearing structures are observed to be
predominantly east-west to north-west striking and dipping steeply
to the north to northeast. Where observed, the veins form
subparallel/sheeted vein sets (“swarms”) and stockwork zones up to
5 m wide. These vein-sets repeat in a sub-parallel manner across
the Anteruno prospect, thus forming a series of vein zones hosted
within the cohesive geochemical gold and base metal anomaly.
The current drill program has been designed to
cut across the numerous sub-parallel vein sets and it is
anticipated that multiple mineralised intersections will occur. A
total of thirteen drill holes have been proposed to test the
Anteruno target for a total of approximately 5,000m. This initial
phase of drilling is expected to take approximately two months to
fully complete, with core being sent out for assay at various
intervals as holes are completed. Depending on drilling rates
obtained by the contractor, the drill program may extend into
2025.
On behalf of Great Pacific GoldGreg McCunnChief Executive
Officer and Director
For further information visit
gpacgold.com or contact:
Investor RelationsDirect: (604) 229-9445Toll
Free: 1(833) 923-3334Email: info@gpacgold.com
Figure 1 A photo of the first drill rig underway on hole
KDH-01
Figure 2 Proposed 2024 Drill Program at
the Anteruno target on the Kesar Project
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/be74e6ef-d10a-4777-8afe-266bd0682073https://www.globenewswire.com/NewsRoom/AttachmentNg/aa6ebbfd-7010-439e-8920-bcd864e95a7e
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