Great Pacific Gold Commences Drilling to Follow Up on Recent High-Grade Comet Discovery

Rhea-AI Summary

Great Pacific Gold Corp. announces drilling to follow up on high grade Comet gold discovery at the Lauriston Gold Project in Australia. The discovery hole assayed 8m at 106 g/t Gold, with follow-up holes designed to test mineralization extension. The high-grade discovery has similarities to the Fosterville Mine deposit.

VANCOUVER, British Columbia, Feb. 26, 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 drilling has commenced to follow up on the Company’s recent high grade Comet gold discovery at the Lauriston Gold Project in Victoria, Australia.

The discovery hole at Comet was drilled with a reverse circulation (RC) drill rig with the intercept assaying 8m at 106 g/t Gold including 5m at 166 g/t Gold including 2m at 413 g/t Gold including 1m at 468 g/t Gold and 1m at 358 g/t Gold (from 95 metres) (see GPAC news release dated January 11, 2024 for further details).

These follow-up holes to the discovery will be drilled using a multi-purpose rig for RC percussion and diamond drilling, and have been designed to test the down-dip extension of the west dipping mineralized structure and for mineralization further north of the discovery.

Comet, where the high-grade zone discovery hole was drilled, has epizonal characteristics of Au-As-Sb with geology similar to the Fosterville Mine deposit (see Figure 1). The west dipping Comet fault zone is hosted by Ordovician slates and sandstones, which are folded in a series of north-south striking concertina folds. This high-grade discovery is near the Comet Anticline that has been mapped in the area, which is a similar structural setting of the mineralization present at Fosterville.

Figure 1 – Comet prospect location plan and drillhole plan

Figure 2 – Updated Comet Cross Section 5850100mN

Drill Results and Intercepts:

HoleID	East	North	Azimuth (deg.)	Dip (deg.)	From (m)	To (m)	Downhole Interval (m)	Au g/t
CRC007	263517	5850093	92	-66	95	103	8	106
includes					95	100	5	166
includes					96	98	2	413

The 8m intercept uses a 0.6 g/t Au cut-off grade and no internal waste. The 5m intercept uses a 1.0 g/t Au cut-off grade and no internal waste, while the higher-grade included intercept of 2m uses assays of greater than 350 g/t Au and no internal waste parameter. True widths are not known. Additional drilling is required to determine true widths. The assays are not capped.

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for percussion drilling with duplicates, blanks and commercially available standards with the expected results from the samples submitted. All assays were conducted by Onsite Laboratory Services Ltd (ISO: 9001), located in Bendigo, Victoria, using fire assay techniques with a 25g or 50g charge and ICP or AAS finish. The quality control results are consistent.

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 exploration licenses, 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 535 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

Photos accompanying this announcement are available at: 
https://www.globenewswire.com/NewsRoom/AttachmentNg/7889b8e6-958a-4051-b842-0698d1b392c3
https://www.globenewswire.com/NewsRoom/AttachmentNg/1be49a78-f2f7-4dc0-aaf7-a5f0819bb844

FAQ

What is Great Pacific Gold Corp. announcing regarding the Lauriston Gold Project?

Great Pacific Gold Corp. is announcing drilling to follow up on the recent high grade Comet gold discovery at the Lauriston Gold Project in Victoria, Australia.

What were the assay results of the discovery hole at Comet?

The discovery hole at Comet assayed 8m at 106 g/t Gold, including 5m at 166 g/t Gold, and 2m at 413 g/t Gold.

What type of rig will be used for drilling follow-up holes?

A multi-purpose rig for RC percussion and diamond drilling will be used for drilling follow-up holes.

What are the characteristics of the high-grade discovery at Comet?

Comet has epizonal characteristics of Au-As-Sb with geology similar to the Fosterville Mine deposit.

Where is the high-grade discovery located in relation to the Comet Anticline?

The high-grade discovery is near the Comet Anticline, which has been mapped in the area and has a similar structural setting to the mineralization at Fosterville.