Vancouver, British Columbia--(Newsfile Corp. - January 15, 2025) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) ("Great Pacific Gold," "GPAC," or the "Company") is pleased to provide an update on its Kesar Project ("Kesar" or the "Project").
In Q4 2024, while drilling the Anteruno drill target at Kesar, the Company identified a previously unknown high-priority target in the East Vein Zone (see news release dated December 12, 2024). Located approximately 2km north-east of Anteruno the East Vein Zone has since been delineated into two drill ready targets: Hampore and Fufunambi. Hampore lies along strike approximately 6km from K92 Mining's Kainantu operations (Figure 1). Recent chip and rock sampling from both Hampore and Fufunambi has returned exceptionally high-grade gold results (Tables 1 and 2), further underscoring their potential as significant exploration targets.
Highlights
Anteruno diamond drilling program complete
~2,000 meters of diamond drilling completed in five drill holes (assays pending)
1,000 meters of structural corridor tested
Drill being relocated to high-priority target at Hampore
East Vein Zone - Hampore hosts multiple artisanal mining sites (Figure 2)
28 rock and chip samples taken in Q4 2024, average grade 24.5 g/t gold
Sample 24120 (outcrop) = 110.0 g/t gold
Sample 24119 (outcrop) = 93.3 g/t gold
Sample 24139 (outcrop) = 74.2 g/t gold
Drill hole KDH-06 expected to commence this week
East Vein Zone- Fufunambi represents an anomaly 2km west of Hampore
14 samples taken in Q4 2024, average grade 16.2 g/t gold
Sample 24135 (outcrop) = 58.8 g/t gold
Sample 24136 (outcrop) = 43.8 g/t gold
Sample 24107 (outcrop) = 42.3 g/t gold
1,800 meter diamond drill program underway and expected to be complete in Q1 2025
Dr. Joseph O. Espi, published expert on the Kainantu Mineral District, recently highlighted the similarity between the East Vein Zone samples and the metasediments in K92's nearby Kora deposit
"The exploration work at Kesar has revealed a highly promising geological setting indicative of a large-scale mineralized system extending from Anteruno in the south to the North-East target," said Callum Spink, Vice President of Exploration for Great Pacific Gold. "Hampore and Fufunambi have emerged as top-priority targets, with the broader footprint now covering an impressive 25 km². The area hosts multiple high-grade artisanal workings, hydrothermal breccias, and veins, all pointing to a well-established and mineral-rich corridor. The exceptional grades, extensive sulphide mineralization, and complex structural geology strongly suggest that Hampore and Fufunambi could represent the core feeder zone of this extensive system. These exciting results reinforce our confidence in Kesar's potential to host a world-class deposit."
In April 2024, a soil sampling program was initiated at the Kesar project at the Anteruno and Central Vein Zone targets. During the April campaign, a field supervisor became aware of several local artisanal mining sites to the north of the Central Vein Zone and collected a sample from one of the adits which returned 244 g/t gold.
In general, the April 2024 field campaign was focused on the Anteruno area and a follow up campaign was carried out in June 2024. As part of the June program, a small grid of samples was taken over the East Vein Zone. While the results from the East Vein Zone were very encouraging, including a sample of an outcrop returning 38.6 g/t gold and an adit sampling returning 94.3 g/t gold, there was insufficient work done to initiate drilling. As such, Anteruno, with advanced mapping and sampling, was chosen as the starting point for the maiden drilling program at Kesar.
With a camp established and drilling underway at Anteruno in November 2024, a field team was dispatched to the East Vein Zone to undertake further soil, rock and chip sampling as well as carry out mapping in the area.
Multiple active artisanal workings were observed (Figure 2). A further forty-two rock and chip samples were taken with gold grades averaging 21.77 g/t (Tables 1 and 2). The results of all three phases of soil, rock and chip sampling are shown in Figure 3.
Associate Professor Dr. Joseph O. Espi-head of the Earth Sciences Division at the University of Papua New Guinea in Port Moresby and a published expert on the Kainantu Mineral District-recently examined the East Zone's hand specimens and delivered an encouraging assessment very supportive of the Project, concuring with GPAC's in-house technical team. Drawing on his extensive background, Dr. Espi believes the East Vein Zone has exceptional potential for a high-bonanza grade gold mineralization system, extending along strike from K92 Mining's renowned Kora deposit. He points to the striking similarity between the East Zone's high-grade gold found in the metasediments and the nearby K92 Mining property's own sediment-hosted high-grade gold, fueling excitement that this could be the region's next major discovery.
Planned Q1 Drill Program
The diamond drill rig is in the process of being moved from Anteruno to Hampore. The Company expects to complete about 1,800 meters of diamond drilling in Q1 to test these target areas.
Long Term Incentive Plan Grants
In accordance with the Company's long term incentive plans, the Company announces that it has granted a total of 2,401,000 restricted share units and 1,618,000 stock options to its officers, directors, employees and consultants. The restricted share units will vest as follows: 50% will vest one year from the date of grant and the remaining 50% will vest two years from the date of grant. In addition, the options will be exercisable at $0.52 per share for a period of five years from the date of grant.
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.
Mineralization at K92s Kora deposit is not necessarily indicative of mineralization at the Kesar Creek Property.
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.
