© Reuters.
VICTORIA, Australia – Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) has announced a significant high-grade gold find at its Lauriston Project in Victoria, Australia. The discovery was made through Reverse Circulation (RC) drilling, with one hole, CRC07, yielding an 8-meter intercept averaging 106 grams per tonne (g/t) of gold, including a 5-meter section at 166 g/t gold, and high-grade intervals of 2 meters at 413 g/t gold, including 1 meter at 468 g/t gold and 1 meter at 358 g/t gold.
The gold intercepts, initially reported on December 19, 2023, were extended following further assay of an alteration halo surrounding the mineralized zone. Results from this extended assay included an additional 1-meter interval grading 13 g/t gold. The drilling took place at the Comet Prospect within the Lauriston Project, an area geologically similar to the Fosterville Mine deposit.
The Comet fault zone, where the discovery was made, is situated in a structural setting comparable to the mineralization at Fosterville, featuring north-south striking concertina folds in Ordovician slates and sandstones. The high-grade discovery is proximal to the mapped Comet Anticline.
In response to the discovery, Great Pacific Gold is preparing to deploy a diamond drill rig to the site to continue exploration efforts, with drilling anticipated to resume at the Comet Prospect in late January or early February.
Additionally, the company has announced changes to its Board of Directors, appointing Dr. Chris Muller to replace John Lewins, who will remain in an advisory role. Dr. Muller brings over two decades of experience in various geological settings and has been involved in several significant mineral discoveries.
Concurrent with these developments, Great Pacific Gold has granted 6,690,000 restricted share units and 2,215,000 stock options to its personnel as part of the company’s remuneration program. These grants are subject to the rules of the TSX Venture Exchange and will vest per individual agreements.
Great Pacific Gold’s portfolio includes high-grade gold projects in Papua New Guinea and Australia, with a focus on epithermal vein and porphyry-style mineralization. The company’s properties have seen historical gold production, yet remain underexplored by modern standards.
The information in this article is based on statements from a press release by Great Pacific Gold Corp.
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