Great Pacific Gold Announces Sale of Golden Mountain Project in Victoria, Australia

Rhea-AI Summary

Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) has announced the execution of a binding purchase agreement with Adelong Gold (ASX: ADG) for the sale of its Golden Mountain Project in Victoria, Australia. The transaction involves the sale of a 100% interest in Exploration Licence 6430 (EL6430).

The deal terms include:

• A cash payment of AUD$350,000 to be paid within five business days of meeting conditions precedent
• AUD$350,000 worth of Adelong Gold shares to be issued six months after completion, with pricing based on the five-day VWAP

The sale aligns with Great Pacific Gold's strategy to unlock value from its portfolio while focusing on advancing its core assets in Papua New Guinea. Adelong Gold plans to rename the project to Apollo Gold Project, which remains open at depth and along strike.

Positive

• Immediate cash injection of AUD$350,000
• Additional AUD$350,000 in Adelong Gold shares to be received
• Strategic alignment with focus on core Papua New Guinea assets

Negative

• Divestment of potentially valuable exploration asset

Vancouver, British Columbia--(Newsfile Corp. - February 12, 2025) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) ("Great Pacific Gold," "GPAC," or the "Company") is pleased to announce that it has executed a binding purchase agreement with Adelong Gold Limited (ASX: ADG) ("Adelong Gold") for the sale of a 100% interest in Exploration Licence 6430 (EL6430), the Golden Mountain Project ("Golden Mountain" or the "Project"), in Victoria, Australia.

The transaction aligns with Great Pacific Gold's strategy of unlocking value from its extensive portfolio of high-quality gold assets.

"The sale of Golden Mountain reflects our commitment to delivering value to shareholders while focusing our efforts on advancing our core assets in Papua New Guinea," said Greg McCunn, CEO of Great Pacific Gold. "This transaction allows us to strengthen our balance sheet while enabling further exploration and development at Golden Mountain under Adelong Gold's leadership."

Transaction Terms - Adelong Gold will acquire EL6430 for:

• A cash payment to GPAC of AUD$350,000, payable within five business days of meeting all conditions precedent.
• AUD $350,000 worth of fully paid ordinary shares in Adelong Gold, issued six months post-completion at a price based on the five-day volume-weighted average price (VWAP) at the time of issue.

Adelong intends to rename the Project the Apollo Gold Project which remains open at depth and along strike, offering significant upside potential. The Company looks forward to following Adelong Gold's progress as they advance exploration and development activities.

On behalf of Great Pacific Gold
Greg McCunn, Chief Executive Officer and Director

For further information visit gpacgold.com or contact:
Email: info@gpacgold.com

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:

• 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 expects to begin and extensive exploration program in Q1 2025 at Wild Dog.
• 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.
• 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.

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 Lae, Papua New Guinea, using fire assay techniques with a 30-gram 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 Callum Spink, the Company's Vice President, Exploration, who is a member of the Australian Institute of Geoscientists, MAIG, and a Qualified Person as defined by National Instrument NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Spink is responsible for the technical content of this news release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240634

FAQ

What are the terms of Great Pacific Gold's (FSXLF) sale of Golden Mountain Project?

The sale terms include an AUD$350,000 cash payment and AUD$350,000 in Adelong Gold shares to be issued six months post-completion.

How much cash will FSXLF receive from the Golden Mountain Project sale?

FSXLF will receive AUD$350,000 in cash within five business days of meeting all conditions precedent.

What is the stock compensation structure for FSXLF in the Golden Mountain sale?

FSXLF will receive AUD$350,000 worth of Adelong Gold shares, issued six months after completion, priced at the five-day VWAP.

What is the strategic reason for FSXLF selling the Golden Mountain Project?

The sale aligns with FSXLF's strategy to unlock portfolio value and focus on advancing their core assets in Papua New Guinea.

What will happen to the Golden Mountain Project after FSXLF's sale?

Adelong Gold will rename it to Apollo Gold Project and continue exploration and development activities, as the project remains open at depth and along strike.