Great Pacific Gold Receives Wild Dog Project License in Papua New Guinea

Great Pacific Gold Corp. (GPAC) has announced the receipt of the Wild Dog Exploration License (EL 2516) from the Papua New Guinea Mineral Resources Authority. This advanced stage project spans 1424 sq. km and has a history of gold production. The project remains underexplored with multiple structures within a 15km x 4km corridor largely untested by drilling.

Recent samples collected from a historic stockpile near the Wild Dog Zone include Sample 30104 which assayed 242 g/t Au, 601 g/t Ag, 9.52% Cu and Sample 68001 which assayed 122.5 g/t Au, 350 g/t Ag and 11% Cu. A total of 1260 holes have been drilled on the property, most of which were focused near surface in support of past mining activities.

CEO of GPAC, Bryan Slusarchuk, states that EL 2516 covers a well-known project, with a history of high-grade epithermal near-surface drill intercepts reported within a limited strike length of 1km. There is significant potential along strike, with more than 90% of the projected strike of the main structure untested due to a thin layer of volcanic ash masking the prospective target area.

With the grant of EL 2516, all of the Exploration License Applications acquired via the transaction through which GPAC purchased Wild Dog Resources have now been converted into Exploration Licenses. Combined, these various EL total approximately 2500 sq. km.

The Wild Dog Project consists of two ELs (EL 2516 and 2761) totalling 1424 sq. km, which are located on the island of New Britain and are approximately 50 km southwest of Rabaul and Kokopo, PNG. The project occurs within a major NNE trending structure of at least 26 km in length which transect apparent volcanic caldera structures and intrusions.

The exploration program at the Wild Dog Project will initially focus on drilling extensions to known gold mineralization within the Wild Dog – Kavursuki mineralized corridor as well as other targets within the Wild Dog Structure such as Mengmut prospect. Other targets to be explored include the copper-gold Magiabe porphyry target as well as regional geochemical targets established by previous explorers.

As a result of the grant of EL 2516, the Company issued to certain property vendors and/or stakeholders a total of 982,143 common shares at a deemed price of $1.12 for a deemed value of $1,100,000. The Company will also be making cash payments to certain vendors and stakeholders. The shares issued are subject to restrictions on resale for a period of four months from the date of issue.

Great Pacific Gold has a portfolio of high-grade gold projects in Papua New Guinea 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. 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.

You may also like...