Great Pacific Gold Announces Grant of Exploration License for Arau Project
23 February 2024 - 12:30AM
Great Pacific Gold Corp. ("Great Pacific Gold,” “GPAC,” or the
"Company") (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to
announce that it has received notification from the Papua New
Guinea Mineral Resources Authority (the “MRA”) of the grant of
Exploration License (“EL”) 2715.
The grant of EL 2715 means GPAC’s Arau Project
is now wholly covered with granted exploration licenses (the other
license at Arau being EL 2651, which was previously renewed).
With this latest EL granted, almost all the
Exploration License Applications (ELA) acquired by GPAC have now
been converted into licenses. Kesar Creek is now fully covered by
licenses, Arau is now fully covered by licenses and Wild Dog is
partly covered by licenses (with one remaining ELA awaiting
conversion to an EL).
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 acquired a
significant 2,166 sq. km mineral exploration land package in PNG.
The land package comprises of exploration licenses (EL) and
exploration license applications (ELA). It includes both
early-stage and advanced-stage exploration targets with high-grade
epithermal vein and porphyry-style mineralisation present.
The Arau Project consists of two granted
exploration licenses, EL 2651 and EL 2715, located in the Kainantu
region, and includes the Mt. Victor Prospect, where previous
drilling found a multiple phase intrusion complex hosting copper
and gold mineralisation.
The Wild Dog Project consists of one granted
exploration license, EL 2761, and one exploration license
application, ELA 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.
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 mineralisation 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 571 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 (ASX:SXG) 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
mineralisation, including the famous high grade Cohen’s Reef at
Walhalla. Additionally, Great Pacific Gold has another gold-focused
project called the Moormbool project which has epizonal style gold
mineralisation and associated potential intrusion-related gold
mineralisation, 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 GPACRex MottonChief Operating Officer and
Director
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
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