Great Pacific Gold Reports Multiple High-Grade Gold Assays from Kesar Creek Project in Papua New Guinea

Rhea-AI Summary

Great Pacific Gold Corp. has reported multiple high-grade gold assays from the Kesar Creek Project in Papua New Guinea. The project is near other significant deposits and targets, showing promising results in rock chip and soil samples. The CEO praised the team's efforts in the successful execution of the program.

Positive

• Multiple high-grade gold assays reported from the Kesar Creek Project.

• Proximity to other important deposits and targets in Papua New Guinea.

• High gold grades found in rock chip and soil samples.

Negative

• Potential risks associated with exploration projects in remote areas.

• Dependency on future drilling results for further evaluation of the project.

VANCOUVER, British Columbia, May 13, 2024 (GLOBE NEWSWIRE) -- Great Pacific Gold Corp. (“Great Pacific Gold,” “GPAC,” or the “Company”) (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to announce multiple high-grade gold assays from recent sampling of underground workings, outcrop and soils at the Kesar Creek Project in Papua New Guinea (Figure 1). Assays include a sample grading 244 g/t gold.

Highlights:

• Multiple high-grade gold assays from various veined zones at Kesar Creek to 244 g/t gold.
• Kesar Creek Project is short distance from multiple epithermal vein and porphyry deposits and targets identified on the adjacent K92 Mining Inc. project (see Figure 1).
• High-grade gold results were obtained from veins that align with the orientation and strike of K92 Mining Inc.’s prolific Kora Deposit.
  

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 Kainantu Gold Mine owned and operated by K92 Mining Inc. (Figure 2).

Figure 1 – GPAC’s PNG projects map.

Thirty-two (32) rock chip samples were taken from outcrop and artisanal underground works and returned high-grade assays including 244 g/t Au (underground working), 116 g/t Au (outcrop), 36.5 g/t Au (float) and 33.4 g/t Au (underground working). Of the 32 samples, 19 samples were above 1 g/t Au.

Additional to the rock chip sampling, a soil sampling program principally targeted the West and Central Vein Zones at Kesar Creek. In total, the 332 soil samples returned numerous significant gold grades over a strike length of 5.5 km including a high-grade assay of 20.9 g/t Au (Figure 3).

The initial first-pass soil program used a 200 meter by 100 meter or 50-meter grid and was very broadly based to cover most of the known prospective ground and to get an indication of the location of the most prospective larger structures. Gold mineralization was found in samples covering the entire 5.5 km of sampled strike. Multiple parallel vein sets occur in close proximity within each of the three main vein zones. Infill and extension soil sampling will further enhance the results to date. A second phase soil sampling program is being done to define the target areas for an upcoming drill program at Kesar Creek (Figure 4).

Great Pacific CEO, Bryan Slusarchuk, states, “The high gold grades encountered in this program are significant, especially when taking into consideration where the sampling was done. The Western Vein Zone on the Kesar Creek Project aligns with the Kora Vein system on the adjacent K92 Mining Inc. property. Kora, as many investors will know, is exceptionally robust, high grade and sizeable gold-copper deposit. This is an excellent start at Kesar which was made possible via the hard work and effective execution by the ground team, comprised mainly of employees and contractors from the local communities.”

Figure 2 – Kesar Creek Gold-Copper Project

Figure 3 . Kesar Creek Geochemistry Results Map

Figure 4 – Kesar Creek Geochemistry Map with Proposed Sampling

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 Perth, Western Australia, using fire assay techniques with a 30g charge and ICP-OES 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 assembled a 2500 sq. km mineral exploration land package. The land package comprises of exploration licenses (EL). It includes both early-stage and advanced-stage exploration targets with high-grade epithermal vein and porphyry-style mineralization 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 mineralization.

The Wild Dog Project consists of two granted exploration licenses, EL 2761 and 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.

The Tinga Valley Project consists of one exploration license, EL 2720. The OK Tedi Copper Gold Mine is 140km to the northwest along the same belt is a superb geological comparison to the Tinga Valley Property.

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 mineralization 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 mineralization. Additionally, Great Pacific Gold has another gold-focused project called the Moormbool project which has epizonal style gold mineralization and associated potential intrusion-related gold mineralization, 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
Bryan Slusarchuk
Chief Executive 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. Mineralization at adjacent properties is not necessarily indicative of mineralization on Great Pacific Gold’s properties.

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/9340bac8-0cfc-4003-ad66-e0771637c594
https://www.globenewswire.com/NewsRoom/AttachmentNg/58b985ad-faf6-4ae3-ae77-803f91051ec3
https://www.globenewswire.com/NewsRoom/AttachmentNg/2b27de9a-7c00-4a9f-b4b0-64b65d93a101
https://www.globenewswire.com/NewsRoom/AttachmentNg/cb1fe7d1-b708-4a46-a9ca-cb2d142c830f

FAQ

What are the highlights of the PR?

Great Pacific Gold reported multiple high-grade gold assays from the Kesar Creek Project in Papua New Guinea.

Where is the Kesar Creek Project located?

The Kesar Creek Project is in Papua New Guinea.

What are the significant results from the sampling?

The rock chip and soil samples returned high-grade gold assays, including a sample grading 244 g/t gold.

Who conducted the assays?

All assays were conducted by Intertek Minerals in Perth, Western Australia, using fire assay techniques with a 30g charge and ICP-OES finish.