Vancouver, British Columbia--(Newsfile Corp. - April 29, 2025) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) ("Great Pacific Gold," "GPAC," or the "Company") is providing an update on its Australia asset divestiture process.
Highlights:
In addition to the $1 million1 in cash payments recently received from its Reedy Creek and Providence Project sale as announced on April 16th, a further $450,000 has now been received resulting from a sale of Golden Cross common shares
Monetization options for the highly prospective and past producing Walhalla Project in Australia are currently being assessed
Lauriston Project2 sale process well underway, managed by Agentis Capital Mining Partners
On April 16, 2025, GPAC announced it had recently received $1 million in cash payments related to the sale of it's Reedy Creek and Providence Gold Projects to Golden Cross Resources Inc. (TSXV: AUX) ("Golden Cross"). GPAC announces today that it has sold 2,000,000 common shares of Gold Cross for proceeds of $450,000.
GPAC still holds 4,000,000 common shares of Golden Cross with a current value of $1.48 million3 and may receive an additional $3 million in cash payments contingent on Golden Cross reaching certain milestones as detailed in the April 16, 2025, GPAC news release.
Lauriston Project Sale
GPAC has been working with its financial advisor, Agentis Capital Mining Partners, to complete a sale process on its Lauriston Project. The sale process is well advanced and GPAC expects to announce a definitive agreement in the coming weeks, following regulatory approvals of the sale.
Greg McCunn, CEO of Great Pacific Gold, states, "In September 2024, the Company announced a plan to focus its exploration efforts on Papua New Guinea and divest of assets in Australia. Over the last six months, the Company has sold various Australian assets in transactions which are now resulting in cash inflows to GPAC's treasury. Consideration targeted for these transactions includes cash, shares in publicly traded issuers, royalty exposure, and future contingent payments."
Walhalla Gold Project
GPAC's remaining project in Australia is the Walhalla Gold Project, which has a history of gold production, with total historic production reported of 1,510,309 ounces at a grade of 33.59 g/t gold (GeoVic, 2020).4
Located in the state of Victoria, the large district-scale Walhalla project consists of over 1,400km2 of concessions (Figure 1). In addition to multiple areas with past historic production, 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, accessible, and ready for immediate drilling.
Callum Spink, VP Exploration at Great Pacific Gold, further notes, "Walhalla is an extremely well-regarded asset. Our technical team believes it has exceptional size and grade potential. While sizeable and very high-grade historic gold production has been reported, this large project is still largely unexplored by modern and systematic exploration. We are working towards a transaction on this asset that provides the most benefit possible to GPAC shareholders as we continue to increase our exploration activity in PNG."
Notes:
All figures Canadian dollars unless otherwise noted.
The Lauriston Project consists of the following Exploration Licenses (EL's): 5479, 6656, 7044, 7045, 7048 and 8054.
Based on the closing share price of Golden Cross on Friday April 28, 2025.
GeoVic is a State Government of Victoria source (GeoVic 2020 is the publication).
On behalf of Great Pacific Gold Greg McCunn, Chief Executive Officer and Director
Great Pacific Gold has a portfolio of exploration stage projects in Papua New Guinea ("PNG"). 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.
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. 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 the Tinga Valley Project in Papua New Guinea.
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.
