Great Pacific Gold Provides Update on Non-Core Assets Sale Process Initiated for Reedy Creek

VANCOUVER, British Columbia, Oct. 11, 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 100% owned Reedy Creek Project in Victoria, Australia, a non-core asset for the Company. In a previous news release (September 5, 2024) the Company announced a focused exploration strategy for its core assets including Kesar, located in Papua New Guinea and contiguous with K92 Mining’s Kainantu Mine, where a diamond drilling program is set to commence. As part of the focused strategy, the Company announced that it was undertaking a process of evaluating its non-core assets in Australia to maximize value from these assets.

The Reedy Creek project comprises two exploration tenements covering 445km² of historic workings together with limited modern exploration work conducted by Great Pacific Gold.

Highlights of Reedy Creek

• Located immediately north and contiguous to Southern Cross Gold’s Sunday Creek Project where a 50,000 meter drilling campaign is underway (Figure 1)
• Historic production from the Reedy Creek Goldfields and Welcome Reef/Providence mines
• Permits and key land access agreements in place
• GPAC reverse circulation drilling at Reedy Creek included highlight intercept of 8.0m at 42.4 g/t Au from 68 meters (Table 1)
• Recent shallow RAB drilling by GPAC intercepted 4.0m at 30.4 g/t from 20 meters at the Weineroider Ridge target in preliminary assays (Table 1)
  

GPAC CEO and Director, Greg McCunn, notes “Earlier this month, Great Pacific Gold announced a focused and targeted exploration plan for the coming year. With drilling to commence soon at our Kesar Creek Project in PNG, adjacent to K92 Mining, we have started to execute on this mandate. We look forward to capitalizing on GPAC’s success to-date on the ground at Reedy Creek by monetizing the asset to assist in funding what will be a significant ramp up of activity in PNG in the coming year. We anticipate significant interest in Reedy Creek from Australian and Canadian listed issuers.”

For enquiries regarding the Reedy Creek divestiture process, please contact:

Mick Carew, VP Corporate Development
[e-mail]
[phone]

Figure 1 The Reedy Creek land package showing the location of historic small scale mines and artisanal surface workings.

The Company will continue to evaluate its non-core asset portfolio for further value creating opportunities which may include asset sales, spin-outs, joint ventures or other transactions.