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VANCOUVER, British Columbia, Oct. 15, 2024 (GLOBE NEWSWIRE) — Great Pacific Gold Corp. (“Great Pacific Gold,” “GPAC,” or the “Company”) (TSXV: GPAC) (OTCQX: FSXLF) (Germany: V3H) is providing an update on its Kesar Project (“Kesar” or the “Project”) located in the Eastern Highlands province of Papua New Guinea. The Kesar Project is contiguous with K92 Mining’s mine tenements and has several high priority targets near the K92 Mining property boundary (Figure 1).

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Previous exploration work has demonstrated that multiple veins at Kesar are on strike and have the same orientation as key K92 deposits. Earlier this year the Company reported very high-grade geochemistry results at Kesar. Results included 47.6 g/t and 36.7 g/t gold in soils, 224 g/t gold in an artisanal working and 116 g/t gold in an outcrop(see news releases dated May 13, 2024 and September 9, 2024). A surface mapping exercise was also completed at the Anteruno prospect at Kesar. As a result, a previously announced Phase 1 diamond drill program to target high-grade epithermal vein style gold-copper mineralization has now been increased from 2,700 meters to up to 5,000 meters with a focus on the Anteruno prospect.

Highlights

• A main vein-set/stockwork zone has been identified, based on coincident soil geochemical anomalies (coincident with an aeromagnetic anomaly) approximately 1,000m x 200m
• High-grade gold bearing structures form subparallel/sheeted vein sets with observed stockwork zones up to 5m wide
• Vein set/stockwork zones repeat in sub-parallel manner across the geochemical anomaly
• Two diamond drill rigs mobilized to site with drilling expected to commence imminently
• Four drill pads prepared and ready for drilling with four more pads planned
• Four initial holes for a planned 1,900 meters will be drilled from two operating pads
• Additional nine holes planned, for a total program of up to 5,000 meters (Figure 2)

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“The results of the two phases of soil and rock sampling have led us to prioritize the Anteruno target at Kesar in our first round of drilling,” stated Greg McCunn, CEO of Great Pacific Gold. “The mapping exercise carried out over the Anteruno area has identified the location and orientation of high-grade vein and stockwork zones similar to the adjacent Kora deposit being mined by K92. The scale of the anomaly has led us to increase our proposed drilling program to a total of 5,000 metres.

The team has made excellent progress over the last month, with local contractors constructing a drillers camp, a new helipad and the initial drilling pads as well as establishing our core processing and logging facilities at the nearby Gusap airstrip. With the two diamond drill rigs mobilized by the contractor, we expect to begin this expanded drilling program imminently and look forward to providing additional updates as we progress.”

Surface Mapping

A reconnaissance surface mapping program was undertaken in September 2024 by the Company’s geologists at the Anteruno prospect. During the visit, all areas with elevated rock chip assays and interesting geological outcrops identified from previous sampling programs were mapped for structural data.

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Structure

Gold-bearing structures are observed to be predominantly east-west to north-west striking and dipping steeply to the north to northeast. Where observed, the veins form subparallel/sheeted vein sets (“swarms”) and stockwork zones up to 5 m wide. These vein-sets repeat in a sub-parallel manner across the Anteruno prospect, thus forming a series of vein zones hosted within the cohesive geochemical gold and base metal anomaly.

The drill program has been designed to cut across the numerous sub-parallel vein sets and it is anticipated that multiple mineralised intersections will occur.

Geology, Alteration & Mineralisation

The prospect is hosted within granodiorite, with no additional lithologies observed in the mapped area.

Phyllic alteration characterized by quartz-pyrite-sericite is confined to structures and vein walls. Granodiorite distal to structures and vein sets is typically unaltered.

Mineralised veins are composed of quartz and coarse pyrite, with lesser amounts of other sulphides such as molybdenite, arsenopyrite and sphalerite. The highest rock chip assay of 116.0 g/t Au is from a partly oxidised 0.4m quartz-pyrite-dark sulphide vein (Figure 3).

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Drilling Program

A total of thirteen drill holes have been proposed to test the Anteruno target. Initially four holes will be drilled targeting the heart of the structural model where a trapezoidal shaped dilation zone has developed between two parallel WNW-ESE striking mineralized and veined fault zones (Figure 4). These two fault zones are 350 meters apart and this forms an excellent structural setting for mineralization.

The Company has contracted Quest Exploration Drilling (“QED”) to execute the drilling program utilizing two CS1000 P4 diamond drill rigs. The rigs were mobilized to the Gusap airstrip and helicopter lifted onto the first two drill pads at Anteruno. Drilling crews are onsite assembling the rigs and drilling is expected to commence imminently.

The originally proposed drilling program has been expanded to approximately 5,000m from the initial plan of approximately 2,700m. This initial phase of drilling is expected to take approximately two months to fully complete, with core being sent out for assay at various intervals as holes are completed. Depending on drilling rates obtained by the contractor, the drill program may extend into 2025.

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Figure 1 Kesar Project location in relation to K92 Mining’s Kainantu Operation

Figure 2 Anteruno soil heat map (gold ppb) with proposed drilling sites and traces

Figure 3 Quartz, limonite and sulphide vein (116.0 g/t Au)

Figure 4
Structural model of dilation between the two mineralized veined faults, with a trapezoidal area between these two fault zones coincident with gold, molybdenum and silver geochemical anomalies

On behalf of Great Pacific Gold
Greg McCunn
Chief Executive Officer and Director

Direct: (604) 229-9445
Toll Free: 1(833) 923-3334

For further information visit gpacgold.com or contact:

Investor Relations
Email: [email protected]

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.

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Qualified Person

The technical content of this news release has been reviewed, verified and approved by Rex Motton, AusIMM (CP), COO of Great Pacific Gold, 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.

About Great Pacific Gold

Great Pacific Gold has a portfolio of exploration stage projects in Papua New Guinea (“PNG”) and Australia. The Company is focused on developing gold-copper resources from its highly prospective land packages. Its core projects include:

• 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.
• 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 completed a road refurbishment in August 2024 and access to the project has been established for baseline environmental and exploration work.
• Lauriston – located in the state of Victoria, Australia, the Lauriston project is located on the southern extension of the Fosterville Goldfield Belt and is adjacent to Agnico Eagle’s extensive Fosterville tenements and mine operations. Lauriston contains the Comet-Trojan target, a 4.5km long epizonal orogenic system. The discovery hole at Comet intersected 8m at 105 g/t gold and a follow-up drilling program was completed in Q3 2024. The Company is consolidating its information on the Lauriston project and expects to publish an NI 43-101 compliant technical report.
• 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. The Company is consolidating its information on the Walhalla project and expects to publish an NI 43-101 compliant technical report. 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.

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The Company also holds a number of other exploration projects including the recently acquired Tinga Valley Project.

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.

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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.

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