Great Pacific Gold Completes Phase 2 Sampling Program at Kesar Creek Project in Papua New Guinea

Rhea-AI Summary

Great Pacific Gold Corp. (GPAC) has completed Phase 2 sampling at the Kesar Creek Project in Papua New Guinea. The program collected 667 soil samples and 8 rock chip samples. Kesar Creek is located near multiple epithermal vein and porphyry deposits, adjacent to K92 Mining Inc.'s project. Previous GPAC sampling revealed high-grade gold results aligning with K92's Kora Deposit, which has 2.3M oz at 10.24 g/t Au equivalent (M&I) and 3.9M oz at 8.6 g/t Au equivalent (Inferred).

The Phase 1 program yielded high-grade assays, including 244 g/t Au from underground workings and 116 g/t Au from outcrop. GPAC's COO, Rex Motton, expressed optimism about future results and plans for additional work, including trenching of key areas.

Positive

• Completion of Phase 2 sampling program with 667 soil samples and 8 rock chip samples collected
• Previous high-grade gold assays from Phase 1, including 244 g/t Au and 116 g/t Au
• Project's proximity to K92 Mining's prolific Kora Deposit (2.3M oz M&I, 3.9M oz Inferred)
• Strong community support expediting the exploration process

Negative

• None.

VANCOUVER, British Columbia, July 26, 2024 (GLOBE NEWSWIRE) -- Great Pacific Gold Corp. ("Great Pacific Gold,” “GPAC,” or the "Company") (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to announce the completion of the Phase 2 soil and chip sampling program at the Kesar Creek Project in Papua New Guinea (see Figure 1).

   Highlights:

• 667 soil samples and 8 rock chip samples collected during this phase of work
• 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 2).
• Previous assays from GPAC sampling include multiple high-grade gold results obtained from veins that align with the orientation and strike of K92 Mining Inc.’s prolific Kora Deposit of 2.3 M Oz at 10.24 g/t Au equivalent Measured and Indicated plus a further 3.9 million ounces Inferred at 8.6 g/t Au equivalent (Sept 12, 2023).
  

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.

During this Phase 2 program, 667 soil samples along with 8 rock chip samples were obtained by technical team members. This follows up on a Phase 1 sampling program that consisted of 332 soil samples taken over a strike length of 5.5km which included a high grade assay of 20.9 g/t Au in soil and 32 rock chip samples 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) (see GPAC News Release dated May 13, 2024 for details).

Figure 2 – Kesar Creek Gold-Copper Project

The extent of the current geochemical program is presented as white dots (Figure 3) as infill and extensional grid-based sampling. The East Vein Zone is where the itinerant mining is currently being undertaken and is associated with the granodiorite – sediment contact.

GPAC Chief Operating Officer and Director, Rex Motton, states, “Geochemical sampling and mapping have progressed very well with strong community support and involvement which has expedited the entire exploration process. We look forward to further excellent assay results from the highly prospective Kesar Creek project, which are expected in approximately one month. Additional work on site is planned, including trenching of key areas, using local labour, that would supplement the drill targeting.”

Figure 3 – Kesar Creek Geochemical 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 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.

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 GPAC
Rex Motton
Chief Operating 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/0827ac14-0952-49bd-b13e-b8bcc01cdaca

https://www.globenewswire.com/NewsRoom/AttachmentNg/2ef68833-7be0-438e-adf6-ee205ffad2f3

https://www.globenewswire.com/NewsRoom/AttachmentNg/19933be2-941a-441f-bd9b-44432353432e

FAQ

What were the results of GPAC's Phase 2 sampling program at Kesar Creek?

GPAC collected 667 soil samples and 8 rock chip samples during the Phase 2 program at Kesar Creek. Assay results are expected in approximately one month.

How does the Kesar Creek Project (FSXLF) compare to nearby deposits?

Kesar Creek is located near multiple epithermal vein and porphyry deposits, adjacent to K92 Mining's project. K92's Kora Deposit has 2.3M oz at 10.24 g/t Au equivalent (M&I) and 3.9M oz at 8.6 g/t Au equivalent (Inferred).

What were the highest gold assays from GPAC's Phase 1 sampling at Kesar Creek?

The Phase 1 sampling at Kesar Creek yielded high-grade assays including 244 g/t Au from underground workings, 116 g/t Au from outcrop, and 36.5 g/t Au from float samples.

What are GPAC's (FSXLF) future plans for the Kesar Creek Project?

GPAC plans additional work at Kesar Creek, including trenching of key areas using local labor, to supplement drill targeting. They expect assay results from Phase 2 sampling in approximately one month.