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 GPACBryan SlusarchukChief 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-e0771637c594https://www.globenewswire.com/NewsRoom/AttachmentNg/58b985ad-faf6-4ae3-ae77-803f91051ec3https://www.globenewswire.com/NewsRoom/AttachmentNg/2b27de9a-7c00-4a9f-b4b0-64b65d93a101https://www.globenewswire.com/NewsRoom/AttachmentNg/cb1fe7d1-b708-4a46-a9ca-cb2d142c830f
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