Great Pacific Gold Announces Grant of Exploration License for Kesar Creek Project

Rhea-AI Summary

Great Pacific Gold Corp. (GPAC) Receives Exploration License for Kesar Creek Project in Papua New Guinea. The project is contiguous with K92 Mining Inc. tenements, with high-grade gold identified in initial sampling. CEO Bryan Slusarchuk expresses gratitude and highlights the strong financial position of the company for upcoming exploration work.

VANCOUVER, British Columbia, Nov. 17, 2023 (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 2711, which wholly covers the Kesar Creek Project. The notice was received on November 14, 2023 with the Exploration License in effect from October 31, 2023 for a period of two years until October 30, 2025.

Highlights of Kesar Creek Project

• Kesar Creek Project is contiguous with the K92 Mining Inc. tenements and a short distance from multiple epithermal vein deposits and porphyry targets identified on the K92 Mining Inc. project (see Figure 1).
• Assays from an initial small scale sampling program at the Kesar Creek Project identified high-grade gold from veins in the same strike and orientation as those found on the K92 Mining Inc. tenements.
• Exploration program to commence including blanket soil geochemical work to further define target areas for an upcoming drill program.
  

Bryan Slusarchuk, CEO of GPAC, states, “First of all, we would like to thank our project partner, geologist Andy Thomas, who did a significant amount of work securing the grant of the Kesar Creek Exploration License, concurrent with the support of the local landowners and communities. With the grant of the Exploration License, we are now in a position to carry out the necessary exploration work to define our lead drill targets. We look forward to building on the good work done to date at Kesar Creek, supported by the strong financial position of the company and a team with a track record of exploration success and discovery in-country.”

The Kesar Creek Project

The Kesar Creek Project consists of one exploration license, EL 2711, and is contiguous with the K92 Mining Inc. tenements, approximately 10 km to the northwest and along strike from the Kora gold mine owned and operated by K92 Mining Inc.

Exploration at Kesar Creek has identified the presence of semi-massive copper rich sulphide mineralization associated with quartz veins on strike to the Kora gold deposit, as well as the potential for copper-gold porphyry prospects within the tenement. Although limited exploration has been carried out at Kesar Creek to date, initial rock sampling programs returned high-grade gold-copper-silver values including:

• Rock sample no 14128 at 11.5 g/t Au
• Rock sample no A1428 at 11.9 g/t Au
• Rock sample no 9231F at 10.6 g/t Au
• Rock sample no 14236 at 11.6 g/t Au, 29 g/t Ag
• Rock sample no. A14023 at 30.4 g/t Au, 240 g/t Ag, 0.13% Cu
  

Under the terms of the underlying agreement on the Kesar Creek Property (see news release dated July 5, 2023), the Company will issue a total of 640,295 common shares in the capital of the Company and make a cash payment of CAD $100,000 to the consulting company of Mr. Thomas. The shares will be subject to restrictions on resale for a period of four months from the date of issue.

Figure 1 – Kesar Creek

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 one granted exploration license, EL 2651, and one exploration license application, ELA 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 666 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 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. 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 the Exploration License 2711 received by Great Pacific Gold Corp.?

The license grants the company the right to explore the Kesar Creek Project in Papua New Guinea, allowing them to conduct necessary exploration work to define lead drill targets.

What are the key highlights of the Kesar Creek Project?

The project is contiguous with K92 Mining Inc. tenements and has identified high-grade gold from initial sampling, with plans for an upcoming exploration program including blanket soil geochemical work.

Who is the CEO of Great Pacific Gold Corp. and what are his comments regarding the grant of the Exploration License?

Bryan Slusarchuk is the CEO, and he expressed gratitude towards the project partner and local support, highlighting the strong financial position of the company for future exploration work.

What are the potential mineralization and prospects identified at the Kesar Creek Project?

The project has identified semi-massive copper-rich sulphide mineralization associated with quartz veins, as well as the potential for copper-gold porphyry prospects within the tenement.

What are the terms of the agreement on the Kesar Creek Property?

Under the agreement, the company will issue a total of 640,295 common shares and make a cash payment of CAD $100,000 to the consulting company of Mr. Thomas, subject to restrictions on resale for four months.