Great Pacific Gold Corp. ("Great Pacific Gold,” “GPAC,” or the
"Company") (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to
announce that the company has commenced drilling at its Arau
Project in Papua New Guinea (PNG).
Since acquiring Arau, the GPAC team has
completed the rehabilitation of road access to the project and
constructed nine drill pads. With access to exploration target
areas complete, a reverse circulation (RC) drill rig was mobilized
to site last week and, after a welcoming ceremony in the community
to mark the start of exploration, drilling has commenced.
This is the first drilling by the Company on its
PNG projects. While the drill is turning at the Arau Project, the
Company is concurrently readying the Kesar Creek Project
(contiguous with and northwest of the highly prolific K92 Mining
Inc. tenements) for a drilling program. An ongoing phase 2 soil
program at the Kesar Creek Project is slated to complete this week
and will further define targets for the upcoming drill program.
Additional to the drilling now underway at the Arau Project and the
Phase 2 soil program at the Kesar Creek Project, the Company has
started road rehabilitation work at the formerly producing Wild Dog
Project, located in East New Britain Province, in preparation for
exploration activity there.
Arau Project
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.
Drilling will seek to confirm copper-gold
porphyry mineralization underneath the skarn mineralization at the
project. Previous drilling at Mt. Victor was aimed at establishing
the gold resource associated with the outcropping skarn
mineralization. A program of around 2000 meters of drilling is
expected.
As part of the Arau project, in the southern
exploration licence, EL2715, an initial extensive soil sampling
program of 377 samples has recently been completed, which followed
up on previously generated copper-gold geochemical data of stream
sediment anomalous drainages and ridge and spur soil sampling
programs. The area is underlain by the highly prospective Elandora
porphyry unit, which is known to host copper porphyry and
epithermal gold mineralization. Assays for this program will be
received in the coming weeks.
In addition to the two exploration licenses that
currently make up the Arau Project, the Company has also recently
applied for further prospective ground contiguous with the existing
land package and to the north, via Exploration License Application
2834.
Figure 1. Map of Arau
Project
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 in PNG. 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. Initial work by Great Pacific
Gold at Kesar has returned multiple high-grade samples from outcrop
and underground workings coincident with high grade soils and
aeromagnetic geophysical highs.
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 GPACRex MottonChief Operating Officer and
Director
ReferenceSibson and Scott,
1998, Stress/fault controls on the containment and release of
over-pressured fluids: Examples from gold-quartz vein systems in
Juneau, Alaska; Victoria, Australia and Otago, New Zealand. Ore
Geology reviews, Vol13, pp 293-306.
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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4e69c508-84df-48b8-bbb7-86eb3fc49813
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