VANCOUVER, British Columbia, Sept. 09, 2024 (GLOBE NEWSWIRE) — Great Pacific Gold Corp. (“Great Pacific Gold,” “GPAC,” or the “Company”) (TSXV: GPAC) (OTCQX: FSXLF) (Germany: V3H) is providing an update on one of its core projects, the Kesar Project (“Kesar” or the “Project”) located in the Eastern Highlands province of Papua New Guinea. The Kesar Project is contiguous with K92 Mining’s mine tenements, with several high priority targets at Kesar near the K92 property boundary (Figure 1). Multiple veins at Kesar are on strike and have the same orientation of key K92 deposits, such as Kora, and exploration work to date at Kesar has shown that these veins have high grades of gold present in outcrop, very elevated gold in soil grades and are coincident with aeromagnetic highs.
Highlights
- GPAC intends to focus its PNG exploration efforts over the near term on Kesar
- A second round of soil sampling on the East, Central and West vein targets was recently completed
- The phase two sampling program has returned excellent results (Figure 2), including samples assaying:
- 47.6 g/t Au (soil)
- 35.7 g/t Au (soil)
- 94.3 g/t Au (rock)
- 56.5 g/t Au (rock)
- A Phase 1 diamond drill program has been designed to target high-grade epithermal vein style gold-copper mineralization with 2,000 to 3,000 meters of planned drilling
- Drilling is expected to commence in October, utilizing two diamond drill rigs for two months.
“The results of the two phases of geochemistry highlight the tremendous potential of Kesar” stated Greg McCunn, CEO of Great Pacific Gold. “With our recently announced plan to focus on our core projects, we intend to direct our financial and technical efforts on Kesar over the remainder of 2024. The high-grade nature of the nearby Kora deposit highlights the potential of Kesar and our Phase 1 drill program is designed to test our highest priority targets.
While focusing on Kesar, we will continue to evaluate and advance the other core assets in our high-quality portfolio, including recent drilling at the Arau project, from which initial results are pending, environmental baseline work at Wild Dog and consolidation of our knowledge on the Lauriston and Walhalla projects in Australia. Longer-term, the recently acquired Tinga project also has the potential to create significant shareholder value.”
Figure 1 Kesar Project location in relation to K92 Mining’s Kainantu Mining Operation
Figure 2 Soil geochemistry results at Kesar, Phase 1 and Phase 2
About the Kesar Project
The Company received notification from the Papua New Guinea Mineral Resources Authority (the “MRA”) of the grant of Exploration License 2711, which wholly covers the Kesar 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.
Exploration by previous operators at Kesar 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. Previous operator’s initial rock sampling programs returned high-grade gold-copper-silver values (see news release date November 17, 2023).
Initial Rock Chip Sampling
Thirty-two (32) rock chip samples were taken in Q2 2024 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 and ten samples averaged 52.8 g/t Au (see news release dated May 13, 2024). Recently, a further 17 rock chip samples have been obtained and assayed with a peak result of 94.3 g/t Au and 11 samples of greater than 1 g/t Au averaged 25.1 g/t Au. Generally, these samples were collected from the Eastern Vein Zone where itinerant miners are operating small scale mines though larger scale potential occurs as indicated by the soil sampling results.
Soil Geochemistry
In addition to the rock chip sampling in Q2 2024, a soil sampling program was completed principally targeting 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 (see news release dated May 13, 2024).
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.
Following the success of the initial soil sampling program principally targeting the West and Central Vein Zones at Kesar, a second follow up soil sampling program was carried out in July 2024. The follow up soil program consisted of a further 667 soil samples covering the West, Central and East Vein Zones, which all strike northwest. This follow up program has further defined gold prospects in West and Central Vein zones while also discovering gold mineralization in the Eastern Vein zone, which is in part associated with the itinerant miners’ small-scale operations. The mineralization in the Eastern Vein Zone is open to the northwest where several parallel vein sets occur. More sampling will be carried out as the opportunities arise.
Upcoming Drilling Program
The Company has contracted Quest Exploration Drilling (“QED”) to provide two CS1000 P4 diamond drill rigs which are expected to be delivered to the Project drill site in October 2024 via a helicopter located near the project. Drilling is expected to occur from five drill pads spaced generally at 100m intervals along the Anteruno vein structure in the Western Vein Zone. Sectional drilling from the pads will provide coverage along strike of approximately 400m. The proposed drilling plan consists of 9 initial holes averaging 300 meters in length for a total diamond drilling program of ~2,700 meters.
Results from the drilling program are expected approximately 4 weeks after the completion of each drillhole and drilling is planned to take place for two months.
On behalf of Great Pacific Gold
Greg McCunn
Chief Executive Officer and Director
For further information visit greatpacificgoldcorp.com or contact:
Adam Ross, Investor Relations,
Direct: (604) 229-9445
Toll Free: 1(833) 923-3334
Email: [email protected]
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.
Qualified Person
The technical content of this news release has been reviewed, verified and approved by Rex Motton, AusIMM (CP), COO of Great Pacific Gold, 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.
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:
- 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.
- 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 completed a road refurbishment in August 2024 and access to the project has been established for baseline environmental and exploration work.
- 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.
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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ff7832a6-6c33-4805-8d92-1c06be6ca00c
https://www.globenewswire.com/NewsRoom/AttachmentNg/32366828-f1ae-44fe-8681-aadd4abcbe42
Bay Street News
