Great Pacific Gold (GPAC) has obtained an exploration licence for the Wild Dog project from the Papua New Guinea Mineral Resources Authority.
The Wild Dog project comprises two exploration licences (EL 2516 and EL 2761).
The project spans 1424km² on the island of New Britain, nearly 50km south-west of Rabaul and Kokopo in Papua New Guinea (PNG).
Pursuant to the grant of EL 2516, Great Pacific issued 982,143 common shares at $1.12 each, amounting to a deemed value of $1.1m (C$1.51m), to certain property vendors and stakeholders.
These shares are subject to a four-month resale restriction from the date of issue.
Additionally, the company agreed to make cash payments to certain vendors and stakeholders.
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By GlobalData
The company noted that all of the exploration licence applications (ELAs) obtained by way of the transaction through which GPAC bought Wild Dog Resources (WDR) have been converted into ELs, with the issuance of EL 2516.
It added that there are currently ELs on 100% of the PNG ground within GPAC, and no further WDR petitions are pending. These different ELs add up to around 2500km² in total.
GPAC said that the initial exploration programme at the Wild Dog Project will focus on drilling extensions to known gold mineralisation within the Wild Dog–Kavursuki mineralised corridor.
It will also target other areas within the Wild Dog Structure, such as the Mengmut prospect and the copper-gold Magiabe porphyry target, along with other regional geochemical targets identified by previous explorers.
Plans are in place to extend the induced polarisation coverage in the Magiabe area to better define the target. The exploration team will conduct orientation soil geochemistry and auger drilling through the shallow cover sequence in prospective areas.
GPAC CEO Bryan Slusarchuk said: “EL 2516 covers a well-known and highly coveted project, with a history of high-grade epithermal near surface drill intercepts reported within a limited strike length of 1km.
“There is significant potential along strike, with more than 90% of the projected strike of the main structure untested due to a thin layer of volcanic ash masking the prospective target area.
“Our management and technical team have already been preparing a detailed work programme to advance this significant advanced-stage asset along strike and at depth.
“With this EL grant, GPAC now has multiple high-priority gold and copper drill-ready targets across the Wild Dog, Arau, Kesar Creek and Tinga Valley projects.”
