Great Pacific Gold's Strategic Update on Reedy Creek
Great Pacific Gold Corp. (“Great Pacific Gold,” “GPAC,” or the “Company”) (TSXV: GPAC) (OTCQX: FSXLF) (Germany: V3H) is taking significant steps to optimize its asset portfolio by divesting its non-core Reedy Creek Project in Victoria, Australia. This initiative aims to maximize value and support the Company’s focused exploration strategy towards its core assets.
Understanding the Reedy Creek Project
The Reedy Creek project involves two exploration tenements spanning 445 square kilometers encompassing historical mining operations. While previous work at Reedy Creek has been limited, the area has significant untapped potential due to its rich past and ongoing geological evaluations.
Key Highlights
- Situated adjacent to the Southern Cross Gold’s expansive Sunday Creek Project, which is currently undergoing a 50,000-meter drilling campaign.
- Historically, the Reedy Creek Goldfields and Welcome Reef mines have shown productive yields.
- All necessary permits and key land access agreements are established, facilitating ongoing exploration.
- Recent analysis from GPAC’s reverse circulation drilling resulted in an impressive 8.0 meters at 42.4 g/t Au from 68 meters.
- Initial assays from shallow RAB drilling revealed high potential with 4.0 meters at 30.4 g/t at the Weineroider Ridge target.
Leadership Insight on Future Directions
According to Greg McCunn, CEO and Director of GPAC, the company is actively executing a well-structured exploration plan. "With imminent drilling at our Kesar Creek Project adjacent to K92 Mining, we are set to leverage the successful groundwork established at Reedy Creek. This divestiture aims to fuel increased activities in PNG as we seek substantial interest from various potential buyers, particularly from Australian and Canadian markets," he remarked.
Next Steps for Reedy Creek
Great Pacific Gold is dedicated to reassessing its entire non-core asset portfolio to uncover value-creation opportunities. This may involve asset sales, spin-offs, joint ventures, or other transactions, allowing the Company to channel more resources into its core exploration projects.
Drill Results Summary
Further details from the drilling initiative at Reedy Creek showcase promising results recorded in Table 1. However, actual widths and additional assessments will be required to clarify these outcomes due to the preliminary nature of the findings.
Drilling Performance and Results
- Drillhole RWR13: 42.4 g/t Au over 8.0 meters at 68.0 meters depth.
- Drillhole RWD01: 239.6 g/t Au over 0.7 meters at 68.7 meters depth.
- Drillhole TRC02: 174.4 g/t Au over 2.0 meters at 23.0 meters depth.
About Great Pacific Gold
Great Pacific Gold holds an array of exploration-stage projects in Papua New Guinea (PNG) and Australia, focusing on gold-copper resources development. Some of their prominent projects include:
- Kesar: This project is strategically located in the Eastern Highlands province of PNG near key mining operations, revealing numerous high-priority exploration targets.
- Arau: This project contains promising exploration targets like Mt. Victor, where recent reverse circulation drilling was completed.
- Wild Dog: A brownfield project in East New Britain known for its historically successful gold production.
- Lauriston: Located near the Fosterville Goldfield Belt, Lauriston features the gold-rich Comet-Trojan target.
- Walhalla: The Walhalla project expands over 1,400 square kilometers of historically rich mining lands.
In addition to its ongoing projects, the Company recently acquired the Tinga Valley Project, adding to its diverse and strategic exploration portfolio.
Frequently Asked Questions
1. What is the Reedy Creek Project?
The Reedy Creek Project is a non-core asset owned by Great Pacific Gold, encompassing historical mining areas and significant potential for gold exploration.
2. Why is Great Pacific Gold divesting Reedy Creek?
The divestiture is part of a strategy to optimize non-core assets, channeling resources towards core projects that promise higher returns.
3. What exploration activities are ongoing at GPAC's core projects?
Great Pacific Gold is focusing on the Kesar project, where drilling activities are set to begin, building on previous successes.
4. How can interested buyers inquire about Reedy Creek?
Potential buyers are encouraged to contact Mick Carew, VP of Corporate Development, via the provided details in the press release.
5. What other projects does Great Pacific Gold have?
Besides Reedy Creek, GPAC has several projects in PNG and Australia, including Kesar, Arau, Wild Dog, Lauriston, and Walhalla, each with significant exploration activities planned.
