Great Pacific Gold Completes Acquisition of Wild Dog Resources Inc.
Great Pacific Gold Completes Acquisition of Wild Dog Resources Inc.
September 21, 2023. Great Pacific Gold Corp. ("Great Pacific Go ld,” “GPAC,” or the "Company") (TSXV:
GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to announce that it has completed its acquisition of Wild
Dog Resources Inc. (“WDR”) pursuant to the terms of an amalgamation agreem ent (the “Amalgamation
Agreement”) with 15103452 Canada Inc., a wholly-owned subsidiary of GPAC (“GPAC Sub”), and WDR.
WDR owns and/or has the right to earn an interest in three (3) separate high-grade gold-copper mineral
properties located in Papua New Guinea (“PNG”): th e Wild Dog Project, the Arau Project and the Kesar
Creek Project (collectively, the “WDR Properties”) through Exploration Licenses ("EL") and Exploration
License Applications ("ELA").
Highlights of Acquisition:
2166 sq. km land position assembled via the acquisition of interests in a variety of ELs and ELAs
includes 614 sq. km project contiguous with and SE of K92 Mining Inc. exploration tenements
includes 130 sq. km project contiguous with and NW of K92 Mining Inc. tenements, 10 km from
mining operations
PNG ELs and ELAs contain multiple high priority gold and copper targets
Bryan Slusarchuk, CEO of GPAC, states, “We are pleased to diversify our portfolio with these high-quality
gold and copper assets in PNG. With the financial and technical experience of various team members in
PNG, we are in an excellent position to unlock the po tential upside of these high-grade assets. We look
forward to building on the excellent work that WDR has completed on multiple high priority gold and
copper drill targets across the land package.”
Terms of the Acquisition
Pursuant to the Amalgamation Agreement, in consideration of WDR:
The shareholders of WDR (the “WDR Shareholde rs”) received an aggregate of approximately
16,161,441 common shares of GPAC (the “Commo n Shares”), and each WDR Shareholder
received one (1) Common Share for every 7.028 WDR Shares held (the “Exchange Ratio”)
(rounded down to the nearest whole number of Common Shares).
The Common Shares issued to the WDR Shareholde rs are subject to voluntary restrictions on
resale, of which 33.3% of the Common Shares will not be subject to restrictions on resale, 33.3%
of the Common Shares will be subject to restrict ions on resale for a period of three (3) months
following closing of the Acquisition (“Closing”) and 33.4% of the Common Shares will be subject
to restrictions on resale for a period of six (6) months following Closing.
The warrantholders of WDR (the “WDR Warrantholders”) received an aggregate of approximately
526,892 Common Share purchase warrants (the “Warrants”), and each WDR Warrantholder
received Warrants exercisable to acquire such n u m b e r o f C o m m o n S h a r e s a s i s e q u a l t o t h e
number of WDR Shares issuable under each such WDR Share purchase warrant (a “WDR
Warrant”) previously held by such WDR Warrantholder multiplied by the Exchange Ratio (rounded
down to the nearest whole number of Common Sh ares) at an exercise price per Common Share
equal to the exercise price of such WDR Warrant per WDR Share divided by the Exchange Ratio
until the expiry time of such WDR Warrant.
The optionees of WDR (the “WDR Optionees”) were granted an aggregate of approximately
1,553,679 stock options of GPAC (the “Options”) , and each WDR Optionee was granted Options
exercisable to acquire such number of Common Shares as is equal to the number of WDR Shares
issuable under each such stock option of WDR (a “WDR Opti on”) previously held by such WDR
Optionee multiplied by the Exchange Ratio (rounded down to the nearest whole number of
Common Shares) at an exercise price per Common Share equal to the exercise price of such WDR
Option per WDR Share divided by the Exchange Ratio until the expiry time of such WDR Option.
Immediately prior to Closing, WDR had a working ca pital of C$1,000,000, excluding payments due prior
to Closing under the agreements relating to the WDR Properties, payments made to satisfy all accrued
fees and termination benefits under the executive compensation agreements and payments of corporate
and legal costs in the ordinary course of business.
On Closing, GPAC appointed Iain Martin, a director of WDR, as a director of GPAC.
Information Concerning the WDR Properties
The WDR Properties comprise of a 2,166 sq. km mineral exploration land package in PNG consisting of
two ELs and multiple ELAs.
Figure 1. Papua New Guinea Project Location Map
The Wild Dog Project
The Wild Dog Project consists of one EL and one ELAs (ELA 2516 and EL 2761) totalling 1424 sq. km, which
are located on the island of New Britain and are a pproximately 50 km southwest of Rabaul and Kokopo,
PNG.
The Wild Dog Project occurs within a major NNE trending structure of at least 26 km in length which
transect apparent volcanic caldera structures and intrusions. During the Mio-Pliocene at least three
volcanic centres, known as the Nengmutka, Keravat and Sikut calderas, were localised along this horst and
graben zone. This structural corridor constitutes an epithermal and porphyry hydrothermal-magmatic
mineralized field.
The Nengmutka Caldera, which hosts the Wild Dog depo sit, is characterised by a suite of calc-alkaline
andesite breccia and ash flow tuff known as the Nengmutka Volcanics (Lindley, 1988). This formation has
been mapped over an area of 600 sq. km. Tonalite of the Arabam Diorite intrudes the volcanic sequence
and appears to be partly coeval with the caldera related volcanism.
The precious metal prospects are associated with epithermal type veining that contain gold-silver-
telluride (Au-Ag-Te) mineralisation. Gold and silver occur as native metals and as telluride minerals.
Porphyry copper-gold type mineralization also occurs associated with these intrusion centres that usually
underly the epithermal systems. The whole of the recognised belt is held within the Wild Dog tenements.
Within the central part of the Wild Dog project, a significant structural corridor called the “Wild Dog –
Gunsap Corridor” occurs. The corridor is at least 15 km long and up to 4 km wide and hosts at least three
porphyry copper-gold prospects and several epithermal gold deposits and prospects.
The original Wild Dog epithermal gold deposit occu rs within the “Wild Dog – Gunsap Corridor” in the
central part of the tenements. It was discovered in 1983, with exploration including extensive mapping,
trenching, rock sampling and drilling between 1983 an d 2005 by various explorers. New Guinea Gold
Limited operated a small open pit mining operation from 2007 and 2011. No exploration has occurred
since the closure of the mine.
Figure 2. Wild Dog Project Location and Tenements Maps
Historical work completed by a previous operator re turned significant gold assays. Channel sampling at
the Kavursuki Prospect yields 4m at 9.41 g/t Au and at the Kargalio Vein 6m at 11.5 g/t Au.
Drilling of the Kavursuki Prospect by previous explorer s, located within the Wild Dog Zone and north of
the former Wild Dog mine, also yielded positive high-grade results.
Table 1 – Kavursuki Prospect Significant Drill Intercepts
Hole ID N E RL Depth Azim Dip From (m) Length (m) Au g/t Cu ppm
90KVD005 9490500 395008 787 85.60 101.50 -45.00 5.35 1.25 12.80 1200
90KVD009 9490834 395227 758 93.85 101.50 -45.00 44.65 3.75 11.21 639
10KVD016 9490464 394971 798 51.00 101.50 -50.00 35.44 8.06 6.49 194
10KVD017 9490464 394970 798 50.00 101.50 -65.00 29.08 1.12 33.70 120
11KVD019 9490496 395039 807 45.10 101.50 -60.00 11.10 5.25 9.45 167
11KVD020 9490537 395045 805 50.90 101.50 -50.00 32.45 11.05 3.18 377
11KVD025 9490809 395241 752 45.20 101.50 -50.00 14.75 8.15 18.77 2801
11KVD026 9490810 395272 776 51.70 281.50 -60.00 33.80 5.10 14.70 101
11KVD027 9490870 395252 767 56.10 101.50 -50.00 30.70 1.90 10.35 46
Apart from the drilling conducted at the former Wild Do g gold mine there remain several drill intercepts
that require further exploration outside of the mine environment as tabulated below, apart from the
various trenching and channel sampling targets.
Table 2 – Wild Dog Prospect Area Significant Drill Intercepts
Hole ID N E RL Depth Azim Dip From Length Au g/t Cu ppm
86WDD020 9489141 394278 983 259.35 103.50 -60.00 129.35 7.70 5.28 902
87WDD024 9489117 394316 965 152.55 98.50 -60.00 138.25 5.10 8.32 8556
87WDD027 9489115 394325 965 200.40 98.50 -60.00 117.95 6.20 19.13 786
87WDD040A 9489219 394320 994 280.99 103.50 -60.00 148.60 4.20 12.50 4066
87WDD045 9489235 394287 988 300.20 103.50 -60.00 201.30 2.85 16.94 32123
87WDD051 9489249 394257 985 309.10 103.50 -60.00 253.95 6.05 7.29 2054
87WDD058 9489285 394359 977 285.90 101.50 -60.00 147.00 12.45 4.96 6694
87WDD064 9489179 394289 1001 290.60 101.50 -60.00 158.00 14.95 2.73 650
87WDD065 9489160 394330 996 250.10 101.50 -60.00 142.70 4.65 5.49 3246
87WDD069 9489139 394375 991 123.50 101.50 -60.00 88.55 7.75 7.12 7151
08WDD111 9489393 394513 906 100.00 281.50 -60.00 48.40 7.10 5.47 931
85WDD014 9488708 394260 954 86.20 113.50 -51.00 48.25 5.25 9.79 10863
86WDP010 9488839 394302 909 60.00 83.50 -60.00 34.00 6.00 6.71 5047
87WDD040A 9489219 394320 994 280.99 103.50 -60.00 164.55 13.50 8.56 3056
90WDD086 9488948 394337 890 79.00 78.50 -50.00 18.45 11.25 16.22 3473
97WD098 9489389 394487 905 39.00 98.50 -45.00 12.00 8.00 9.73 NA*
NA* - not assayed or not available.
Table 3 – Mengmut Prospect Significant Drilling Intercepts
Hole ID North East RL Depth Azim Dip From Length Au g/t Cu ppm
MRC01 9487963 393871 968 20.00 0.00 -90.00 2.00 18.00 3.05 3084
MRC02 9487978 393874 971 30.00 0.00 -90.00 0.00 18.00 3.07 1053
90WDD087 9488091 394082 1021 61.95 101.50 -50.00 7.30 1.35 5.02 1650
90WDD088 9488104 394070 1023 40.30 101.50 -50.00 21.30 1.55 3.95 25
MMD003 9486870 393532 924 104.00 133.00 -50.00 2.35 4.42 NA*
MMD006 9486770 393479 945 122.05 133.00 -50.00 2.55 4.16 NA*
Additionally, multiple samples collected from a historic stockpile near the Wild Dog Zone returned
bonanza grades of gold and copper including Sample 30104 which assayed 242 g/t Au, 601 g/t Ag, 9.52%
Cu and Sample 68001 which assayed 122.5 g/t Au, 350 g/t Ag and 11% Cu.
Figure 3 - Previous IP exploration survey at Wild Dog Project.
The exploration program at the Wild Dog Project will initially focus on drilling extensions to known gold
mineralization within the Wild Dog – Kavursuki mineralized corridor (Tables 1 & 2) as well as other targets
within the Wild Dog Structure such as Mengmut prospe ct (Table 3). Other targets to be explored include
the copper-gold Magiabe porphyry target as well as regional geochemical targets established by previous
explorers. Extension of the IP coverage in the Magi abe area could better define the target. Orientation
soil geochemistry and auger drilling through the shallow cover sequence in prospective areas will be
undertaken (Error! Reference source not found.3).
The details of the underlying agreements on the Wild Dog Property are set forth in the news release dated
July 5, 2023.
The Arau Project
The Arau Project consists of one EL (EL 2651) and one ELA (ELA 2715), located in the Kainantu region,
Eastern Highlands Province, PNG, which are immediately east of and adjoining the Kainantu gold mine
owned by K92 Mining Inc.
Initial exploration work by previous operators has identified two potential deposit types at the Arau
Project:
epithermal-high sulphidation gold (Sabudia Hill, Onga Hill and Erandora prospects) and
copper-gold porphyry prospects (Mt. Victor, Mt. Aiyonka, Ebitara and P1 prospects).
Within the licence area, the Mt. Victor Prospect (copper-gold porphyry target) covers an area of 800m by
400m, and previous drilling suggests that the prospect area is a multiple phase intrusion complex that is
copper, and gold mineralized. It is a drill ready prospect in which previous channel sampling has identified
the following strong gold grades:
38m @ 2.64 g/t Au
12m @ 5.5 g/t Au
18m @ 2.4 g/t Au
10m @ 3.7 g/t Au.
These channel samples are in the central part of the Mt Victor prospect southwest of the former Mt Victor
gold mine (Figure 5). Previous drilling was carried out in the 1980s, and all drillholes presented were
vertical, which is not appropriate for the subvertical fault zones present within the prospect.