Great Pacific Gold Announces Grant of Exploration License for Arau Project

Rhea-AI Summary

Great Pacific Gold Corp. receives Exploration License 2715 from Papua New Guinea MRA, fully covering Arau Project. Majority of Exploration License Applications converted into licenses. Positive development for GPAC shareholders.

VANCOUVER, British Columbia, Feb. 22, 2024 (GLOBE NEWSWIRE) -- 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 GPAC
Rex Motton
Chief 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

 

FAQ

What is the significance of Great Pacific Gold Corp. receiving Exploration License 2715?

The grant of Exploration License 2715 fully covers GPAC's Arau Project, a positive development for the company.

How many Exploration License Applications have been converted into licenses for GPAC?

Majority of Exploration License Applications acquired by GPAC have now been converted into licenses.

Which areas are now fully covered by licenses for GPAC?

Kesar Creek and Arau projects are now fully covered by licenses, with Wild Dog project partly covered by licenses.