Great Pacific Gold (GPAC) has closed the previously announced acquisition of Tinga Valley Copper & Gold (Tinga).
Last month, GPAC entered into an amalgamation agreement with Tinga to acquire the Tinga Valley Property, a 347km² copper-gold project in Papua New Guinea.
The move is expected to enhance GPAC’s portfolio in the region, with exploration activities due to commence in 2024 to realise the property’s significant copper and gold porphyry potential.
Under the terms of the amalgamation agreement, Tinga shareholders were issued 12,500,000 common shares of GPAC.
Each Tinga shareholder received one GPAC common share for every Tinga share held.
These shares are subject to a staggered voluntary resale restriction, with one-third restricted for four months, another third for eight months and the final portion for 12 months post-acquisition.
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By GlobalData
Clarus Securities acted as the financial advisor to GPAC for this transaction. For its advisory services, GPAC issued 600,000 common shares to Clarus.
The Tinga Valley Property is considered drill-ready, with high-grade copper-gold porphyry and associated skarn exploration targets already identified.
Historical exploration has revealed the potential for significant project size, with multiple porphyry bodies and a large alteration halo spanning 2.5km by 1.5km.
The geological setting of the Tinga Valley tenement, which includes the Darai Limestone and Iero Formation sediments, is intruded by diorite and andesite porphyry bodies, similar to the Ok Tedi Copper Gold Mine.
The Ok Tedi mine, located 140km north-west of Tinga Valley along the same geological belt, is a notable comparison point.
Between 1984 and 2022, Ok Tedi produced more than 5.17 million tonnes of copper and 15.9 million ounces of gold, highlighting the potential of the Tinga Valley Property within GPAC’s asset base.
