Great Pacific Gold Continues to Monetize Australian Projects
Rhea-AI Summary
Great Pacific Gold continues to monetize its Australian assets, receiving $1.45 million in recent proceeds. The company obtained $1 million from selling its Reedy Creek and Providence Projects to Golden Cross Resources, plus $450,000 from selling 2 million Golden Cross shares.
GPAC retains 4 million Golden Cross shares valued at $1.48 million and could receive up to $3 million in milestone-based payments. The company is advancing the sale of its Lauriston Project through Agentis Capital Mining Partners, with a definitive agreement expected soon.
The company's remaining Australian asset, the Walhalla Gold Project, spans 1,400km² and features historic production of 1.51 million ounces at 33.59 g/t gold. The project includes the promising Pinnacles target, a fully permitted site ready for drilling, featuring a 400m x 1,100m gold mineralized zone.
Positive
- Received $1 million in cash from Reedy Creek and Providence Project sale
- Generated additional $450,000 from sale of Golden Cross shares
- Still holds 4 million Golden Cross shares valued at $1.48 million
- Potential to receive additional $3 million in contingent payments
- Lauriston Project sale process in advanced stages with agreement expected soon
- Walhalla Gold Project has significant historical production of 1.51M ounces at high grade of 33.59 g/t gold
- Walhalla Project includes permitted, drill-ready Pinnacles target
Negative
- Continued divestment of Australian assets indicates strategic shift away from established mining jurisdiction
- Remaining Golden Cross shares subject to market price fluctuations
- Contingent payments of $3 million dependent on Golden Cross achieving milestones - not guaranteed
News Market Reaction
On the day this news was published, FSXLF declined 0.62%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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 million 1 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
GPAC still holds 4,000,000 common shares of Golden Cross with a current value of
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
For further information visit gpacgold.com or contact:
Email: info@gpacgold.com
Phone: +1-778-262-2331
Figure 1: Walhalla Gold Project and Pinnacles Target Geochemistry Results, Victoria, Australia
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11018/250068_955fa83d24534b33_002full.jpg
About Great Pacific Gold
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250068
FAQ
How much cash did Great Pacific Gold (FSXLF) receive from its Australian asset sales in April 2025?
What is the value of Great Pacific Gold's (FSXLF) remaining Golden Cross shares in 2025?
What are Great Pacific Gold's (FSXLF) plans for the Walhalla Gold Project in Australia?
What is the status of Great Pacific Gold's (FSXLF) Lauriston Project sale in 2025?
What assets does Great Pacific Gold (FSXLF) still own in Australia as of April 2025?
