Vancouver, British Columbia--(Newsfile Corp. - November 26, 2024) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) ("Great Pacific Gold," "GPAC," or the "Company") is providing a corporate update on its Wild Dog Project ("Wild Dog"), its ongoing diamond drilling program at the Kesar Project ("Kesar") and its recently held Annual General Meeting (the "AGM").
Highlights
- GPAC executive team recently visited Kesar and Wild Dog
- Kesar Anteruno diamond drilling program progressing well:
- ~1,000 meters of drilling completed to-date with two diamond rigs turning
- Holes KDH-01 and KDH-02 tested NW-SE Anteruno structures drilling from North to South
- Hole KDH-03 is testing a parallel structures drilling South to North
- 2,500 meters of drilling and five holes expected to be completed by year-end, with drilling planned to continue through Christmas and into January
- East Vein Target mapping and soil sampling underway with drilling expected in Q1 2025
- Wild Dog Site Visit reiterated that Wild Dog is a mid-stage exploration project with high-grade and bulk tonnage potential
- Previous small scale open pit mining has revealed a high-grade gold-copper system with intense alteration and brecciation
- Epithermal/oxide system open along strike and at depth
- Post the 2024 completion of various road access projects, Wild Dog 2025 program developed to include:
- infrastructure establishment and data consolidation, and
- diamond drilling focused on 3km portion of Wild Dog structure
- GPAC's AGM was held on November 26, 2024 and all proposed resolutions were approved including the re-election of the five Directors
"The executive team's inaugural visit to Wild Dog, alongside our in-country GPAC personnel, provided an invaluable opportunity to see the tremendous potential of this project firsthand," said Greg McCunn, CEO of Great Pacific Gold. "Joining me on this visit were our new Vice President of Exploration, Callum Spink, Vice President of Corporate Development, Mick Carew, and Director Chris Muller. After the visit we planned out an extensive exploration program for 2025 focused on a 3km portion of the Wild Dog corridor. This area had historical mining operations which exposed intense and extensive brecciation, alteration and veining, pointing to a substantial hydrothermal system as indicated by high-grade intervals from previous drilling."
Mr. McCunn continued, "Meanwhile, at our Kesar Project, diamond drilling is progressing well, with two drills active and approximately 1,000 meters completed to date. We are encouraged by the visual results and are planning to extend the program into 2025 to include testing the highly prospective East Vein Zone, located 2 kilometers north of current drilling at Anteruno. We look forward to updating the market with results as they become available."
Annual General Meeting
GPAC is also pleased to announce the results of the AGM held on November 26, 2024. At the AGM, shareholders approved all motions put forth including re-election of Greg McCunn, Chris Muller, Robert McMorran, Iain Martin and Charles Hethey. The shareholders also approved the appointment of BDO Canada LLP as the auditors of the Company, as well as the 10% rolling stock option plan and the securities-based compensation plan ("SBC Plan").
The SBC Plan permits the grant of Restricted Share Units (as defined in the Equity Plan) and Deferred Share Units (as defined in the SBC Plan) (Restricted Share Units and Deferred Share Units collectively referred to as "Awards"). The maximum number of shares issuable pursuant to the Awards that may be granted under the SBC Plan is fixed at 10,022,854. Further, the maximum number of shares for which Awards and other share compensation issuable to: (i) any participant shall not exceed 5% of the outstanding shares within any one-year period, (ii) a consultant shall not exceed 2% of the outstanding shares within any one year period; and (ii) insiders as a group shall not exceed 10% of the outstanding shares. No persons providing investor relations activities may be granted Awards under the SBC Plan. All Awards are subject to a mandatory one year vesting requirement. Additional details of the SBC Plan are set forth in the Company's information circular dated October 24, 2024.
In conjunction with the AGM, the GPAC Board approved the granting of 775,000 restricted share units to current and newly hired management and consultants.
On behalf of Great Pacific Gold
Greg McCunn
Chief Executive Officer and Director
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.
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