Highlights of Acquisition:
- 2166 sq. km land position assembled via the acquisition of interests in a variety of ELs and ELAs
- includes 614 sq. km project contiguous with and SE of K92 Mining Inc. exploration tenements
- includes 130 sq. km project contiguous with and NW of K92 Mining Inc. tenements, 10 km from mining operations
- PNG ELs and ELAs contain multiple high priority gold and copper targets
Terms of the Acquisition
Pursuant to the Amalgamation Agreement, in consideration of WDR:
- The shareholders of WDR (the “WDR Shareholders”) received an aggregate of approximately 16,161,441 common shares of GPAC (the “Common Shares”), and each WDR Shareholder received one (1) Common Share for every 7.028 WDR Shares held (the “Exchange Ratio”) (rounded down to the nearest whole number of Common Shares).
- The Common Shares issued to the WDR Shareholders are subject to voluntary restrictions on resale, of which 33.3% of the Common Shares will not be subject to restrictions on resale, 33.3% of the Common Shares will be subject to restrictions on resale for a period of three (3) months following closing of the Acquisition (“Closing”) and 33.4% of the Common Shares will be subject to restrictions on resale for a period of six (6) months following Closing.
- The warrantholders of WDR (the “WDR Warrantholders”) received an aggregate of approximately 526,892 Common Share purchase warrants (the “Warrants”), and each WDR Warrantholder received Warrants exercisable to acquire such number of Common Shares as is equal to the number of WDR Shares issuable under each such WDR Share purchase warrant (a “WDR Warrant”) previously held by such WDR Warrantholder multiplied by the Exchange Ratio (rounded down to the nearest whole number of Common Shares) at an exercise price per Common Share equal to the exercise price of such WDR Warrant per WDR Share divided by the Exchange Ratio until the expiry time of such WDR Warrant.
- The optionees of WDR (the “WDR Optionees”) were granted an aggregate of approximately 1,553,679 stock options of GPAC (the “Options”), and each WDR Optionee was granted Options exercisable to acquire such number of Common Shares as is equal to the number of WDR Shares issuable under each such stock option of WDR (a “WDR Option”) previously held by such WDR Optionee multiplied by the Exchange Ratio (rounded down to the nearest whole number of Common Shares) at an exercise price per Common Share equal to the exercise price of such WDR Option per WDR Share divided by the Exchange Ratio until the expiry time of such WDR Option.
Immediately prior to Closing, WDR had a working capital of
On Closing, GPAC appointed
Information Concerning the
Figure 1. Papua New Guinea Project Location Map
The Nengmutka Caldera, which hosts the Wild Dog deposit, is characterised by a suite of calc-alkaline andesite breccia and ash flow tuff known as the Nengmutka Volcanics (Lindley, 1988). This formation has been mapped over an area of 600 sq. km. Tonalite of the Arabam Diorite intrudes the volcanic sequence and appears to be partly coeval with the caldera related volcanism.
The precious metal prospects are associated with epithermal type veining that contain gold-silver-telluride (Au-Ag-Te) mineralisation. Gold and silver occur as native metals and as telluride minerals. Porphyry copper-gold type mineralization also occurs associated with these intrusion centres that usually underly the epithermal systems. The whole of the recognised belt is held within the Wild Dog tenements.
Within the central part of the Wild Dog project, a significant structural corridor called the “Wild Dog – Gunsap Corridor” occurs. The corridor is at least 15 km long and up to 4 km wide and hosts at least three porphyry copper-gold prospects and several epithermal gold deposits and prospects.
The original Wild Dog epithermal gold deposit occurs within the “Wild Dog – Gunsap Corridor” in the central part of the tenements. It was discovered in 1983, with exploration including extensive mapping, trenching, rock sampling and drilling between 1983 and 2005 by various explorers.
Figure 2. Wild Dog Project Location and Tenements Maps
Historical work completed by a previous operator returned significant gold assays. Channel sampling at the Kavursuki Prospect yields 4m at 9.41 g/t Au and at the Kargalio Vein 6m at 11.5 g/t Au.
Drilling of the Kavursuki Prospect by previous explorers, located within the
Table 1 – Kavursuki Prospect Significant Drill Intercepts
Hole ID | N | E | RL | Depth | Dip | From (m) | Length (m) | Au g/t | Cu ppm | |
90KVD005 | 9490500 | 395008 | 787 | 85.60 | 101.50 | -45.00 | 5.35 | 1.25 | 12.80 | 1200 |
90KVD009 | 9490834 | 395227 | 758 | 93.85 | 101.50 | -45.00 | 44.65 | 3.75 | 11.21 | 639 |
10KVD016 | 9490464 | 394971 | 798 | 51.00 | 101.50 | -50.00 | 35.44 | 8.06 | 6.49 | 194 |
10KVD017 | 9490464 | 394970 | 798 | 50.00 | 101.50 | -65.00 | 29.08 | 1.12 | 33.70 | 120 |
11KVD019 | 9490496 | 395039 | 807 | 45.10 | 101.50 | -60.00 | 11.10 | 5.25 | 9.45 | 167 |
11KVD020 | 9490537 | 395045 | 805 | 50.90 | 101.50 | -50.00 | 32.45 | 11.05 | 3.18 | 377 |
11KVD025 | 9490809 | 395241 | 752 | 45.20 | 101.50 | -50.00 | 14.75 | 8.15 | 18.77 | 2801 |
11KVD026 | 9490810 | 395272 | 776 | 51.70 | 281.50 | -60.00 | 33.80 | 5.10 | 14.70 | 101 |
11KVD027 | 9490870 | 395252 | 767 | 56.10 | 101.50 | -50.00 | 30.70 | 1.90 | 10.35 | 46 |
Apart from the drilling conducted at the former Wild Dog gold mine there remain several drill intercepts that require further exploration outside of the mine environment as tabulated below, apart from the various trenching and channel sampling targets.
Table 2 – Wild Dog Prospect Area Significant Drill Intercepts
Hole ID | N | E | RL | Depth | Dip | From | Length | Au g/t | Cu ppm | |
86WDD020 | 9489141 | 394278 | 983 | 259.35 | 103.50 | -60.00 | 129.35 | 7.70 | 5.28 | 902 |
87WDD024 | 9489117 | 394316 | 965 | 152.55 | 98.50 | -60.00 | 138.25 | 5.10 | 8.32 | 8556 |
87WDD027 | 9489115 | 394325 | 965 | 200.40 | 98.50 | -60.00 | 117.95 | 6.20 | 19.13 | 786 |
87WDD040A | 9489219 | 394320 | 994 | 280.99 | 103.50 | -60.00 | 148.60 | 4.20 | 12.50 | 4066 |
87WDD045 | 9489235 | 394287 | 988 | 300.20 | 103.50 | -60.00 | 201.30 | 2.85 | 16.94 | 32123 |
87WDD051 | 9489249 | 394257 | 985 | 309.10 | 103.50 | -60.00 | 253.95 | 6.05 | 7.29 | 2054 |
87WDD058 | 9489285 | 394359 | 977 | 285.90 | 101.50 | -60.00 | 147.00 | 12.45 | 4.96 | 6694 |
87WDD064 | 9489179 | 394289 | 1001 | 290.60 | 101.50 | -60.00 | 158.00 | 14.95 | 2.73 | 650 |
87WDD065 | 9489160 | 394330 | 996 | 250.10 | 101.50 | -60.00 | 142.70 | 4.65 | 5.49 | 3246 |
87WDD069 | 9489139 | 394375 | 991 | 123.50 | 101.50 | -60.00 | 88.55 | 7.75 | 7.12 | 7151 |
08WDD111 | 9489393 | 394513 | 906 | 100.00 | 281.50 | -60.00 | 48.40 | 7.10 | 5.47 | 931 |
85WDD014 | 9488708 | 394260 | 954 | 86.20 | 113.50 | -51.00 | 48.25 | 5.25 | 9.79 | 10863 |
86WDP010 | 9488839 | 394302 | 909 | 60.00 | 83.50 | -60.00 | 34.00 | 6.00 | 6.71 | 5047 |
87WDD040A | 9489219 | 394320 | 994 | 280.99 | 103.50 | -60.00 | 164.55 | 13.50 | 8.56 | 3056 |
90WDD086 | 9488948 | 394337 | 890 | 79.00 | 78.50 | -50.00 | 18.45 | 11.25 | 16.22 | 3473 |
97WD098 | 9489389 | 394487 | 905 | 39.00 | 98.50 | -45.00 | 12.00 | 8.00 | 9.73 | NA* |
NA* - not assayed or not available.
Table 3 – Mengmut Prospect Significant Drilling Intercepts
Hole ID | North | East | RL | Depth | Dip | From | Length | Au g/t | Cu ppm | |
MRC01 | 9487963 | 393871 | 968 | 20.00 | 0.00 | -90.00 | 2.00 | 18.00 | 3.05 | 3084 |
MRC02 | 9487978 | 393874 | 971 | 30.00 | 0.00 | -90.00 | 0.00 | 18.00 | 3.07 | 1053 |
90WDD087 | 9488091 | 394082 | 1021 | 61.95 | 101.50 | -50.00 | 7.30 | 1.35 | 5.02 | 1650 |
90WDD088 | 9488104 | 394070 | 1023 | 40.30 | 101.50 | -50.00 | 21.30 | 1.55 | 3.95 | 25 |
MMD003 | 9486870 | 393532 | 924 | 104.00 | 133.00 | -50.00 | 2.35 | 4.42 | NA* | |
MMD006 | 9486770 | 393479 | 945 | 122.05 | 133.00 | -50.00 | 2.55 | 4.16 | NA* |
Additionally, multiple samples collected from a historic stockpile near the
Figure 3 - Previous IP exploration survey at
The exploration program at the
The details of the underlying agreements on the Wild Dog Property are set forth in the news release dated
Initial exploration work by previous operators has identified two potential deposit types at the
- epithermal-high sulphidation gold (Sabudia Hill, Onga Hill and Erandora prospects) and
- copper-gold porphyry prospects (Mt.
Victor, Mt. Aiyonka, Ebitara and P1 prospects).
Within the licence area, the Mt. Victor Prospect (copper-gold porphyry target) covers an area of 800m by 400m, and previous drilling suggests that the prospect area is a multiple phase intrusion complex that is copper, and gold mineralized. It is a drill ready prospect in which previous channel sampling has identified the following strong gold grades:
- 38m @ 2.64 g/t Au
- 12m @ 5.5 g/t Au
- 18m @ 2.4 g/t Au
- 10m @ 3.7 g/t Au.
These channel samples are in the central part of the Mt Victor prospect southwest of the former Mt Victor gold mine (Figure 5). Previous drilling was carried out in the 1980s, and all drillholes presented were vertical, which is not appropriate for the subvertical fault zones present within the prospect.
Figure 4 Arau Project Geology and Prospect Location map
Figure 5 –
Table 4 – Mt Victor Prospect Significant Drill Intercepts
Hole ID | E* | N* | Depth | From (m) | Length (m) | Au g/t | Cu ppm | Notes |
CRD58 | 385177 | 9291680 | 64.5 | 0 | 64.5 | 0.18 | 106 | granodiorite intruded by diorite |
DDH89-1 | 384650 | 9291308 | 260 | 234 | 5 | 0.85 | NA | disseminated copper mineralization |
DDH89-2 | 384965 | 9291825 | 300 | 43 | 10 | 1.10 | NA | under review |
DDH89-3 | 384873 | 9291562 | 300 | 213 | 10 | 1.20 | NA | under review |
MVD07 | 384746 | 9291253 | 52.8 | 0 | 52.8 | 0.10 | 384 | altered pyritic diorite |
MVD08 | 384831 | 9291327 | 30 | 16 | 14 | 0.19 | 373 | argillic altered QFP |
MVD09 | 384853 | 9291333 | 36 | 34 | 2 | 0.29 | NA | epidote altered intrusive rock |
MVD20 | 384900 | 9291345 | 75 | 0 | 75 | 0.34 | 304 | argillic altered brecciated porphyry |
MVD21 | 384890 | 9291353 | 48 | 0 | 48 | 0.41 | 329 | diorite/QFP brecciated contact |
MVD36 | 385032 | 9291456 | 24 | 22 | 2 | 14.70 | 463 | altered pyritic porphyry |
MVD40 | 384994 | 9291435 | 38 | 0 | 38 | 3.10 | 1400 | silica epidote altered porphyry |
MVD46 | 384932 | 9291388 | 34.5 | 15 | 19.5 | 0.33 | 117 | epidote pyrite altered porphyry |
MVD50 | 385068 | 9291469 | 29 | 16 | 13 | 0.13 | 722 | clay altered granodiorite |
MVD52 | 384962 | 9291475 | 30 | 14 | 16 | 1.01 | 77 | sericite epidote altered porphyry |
MVD62 | 384704 | 9291152 | 75 | 40 | 35 | 0.12 | 287 | kspar epidote altered porphyry |
MVD63 | 384596 | 9291160 | 48 | 0 | 48 | 0.75 | 373 | diorite intruded by pyritic porphyry |
Initial drilling at the
The details of the underlying agreement on the Arau Property are set forth in the news release dated
Exploration at Kesar Creek has identified the presence of semi-massive copper rich sulphide mineralization associated with quartz veins on strike to the Kora gold deposit, as well as the potential for copper-gold porphyry prospects within the tenement. Although limited exploration has been carried out at Kesar Creek, initial rock sampling programs returned high-grade gold-copper-silver values including:
- Rock sample no 14128 at 11.5 g/t Au
- Rock sample no A1428 at 11.9 g/t Au
- Rock sample no 9231F at 10.6 g/t Au
- Rock sample no 14236 at 11.6 g/t Au, 29 g/t Ag
- Rock sample no. A14023 at 30.4 g/t Au, 240 g/t Ag, 0.13% Cu
The details of the underlying agreement on the Kesar Creek Property are set forth in the news release dated
Figure 6 - Kesar Creek project map with key geological features.
About GPAC
Great Pacific Gold has a portfolio of high-grade gold projects in
In PNG, Great Pacific Gold recently acquired a significant 2,166 sq. km mineral exploration land package in PNG. The land package comprises two ELs and multiple ELAs. It includes both early-stage and advanced-stage exploration targets with high-grade epithermal vein and porphyry-style mineralisation present.
In
All of GPAC’s properties 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
On behalf of GPAC
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.
Neither
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Figure 1.
Papua New Guinea Project Location Map
Figure 2.
Wild Dog Project Location and Tenements Maps
Figure 3.
Previous IP exploration survey at Wild Dog Project .
Figure 4.
Arau Project Geology and Prospect Location map
Figure 5.
Arau Project , Mt Victor Prospect detailed map.
Figure 6.
Kesar Creek project map with key geological features.
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