Great Pacific Gold has concluded the deal to acquire Wild Dog Resources (WDR), which owns gold-copper mineral properties in Papua New Guinea (PNG).
In April this year, a term sheet was signed to acquire WDR. Great Pacific Gold now holds an area of land totalling 2,166km².
In addition, WDR owns and/or has the right to acquire a stake in three gold-copper mineral properties including the Wild Dog, Arau and Kesar Creek projects through exploration licences (EL) and exploration licence applications (ELA).
WDR’s shareholders will receive a total of 16.16 million shares of Great Pacific Gold. They received one share for every 7.028 WDR shares held.
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The shares issued to WDR shareholders are subject to voluntary restrictions on resale of which 33.3% are not subject to restrictions, 33.3% are subject to restrictions on resale for three months and the remaining 33.4% are restricted from resale for six months from the date of closing.
Great Pacific Gold CEO Bryan Slusarchuk said: “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 potential 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.”
Wild Dog includes one EL and one ELA totalling 1,424km² on the island of New Britain. It has gold-silver-telluride (Au-Ag-Te) mineralisation where gold and silver occur as native metals and telluride minerals.
The Arau project has one EL and one ELA in the Kainantu region, Eastern Highlands Province. A drill-ready prospect, the samples from this project have shown gold (Au) at 38m at 2.64 grams per tonne (g/t), 12m at 5.5g/t Au, 18m at 2.4 g/t Au and 10m at 3.7g/t Au.
The Kesar Creek project has one ELA and is located 10km from the Kora gold deposit owned by K92 Mining. This project has a presence of semi-massive copper-rich sulphide mineralisation on strike to the Kora gold deposit along with a potential for copper-gold porphyry prospects in the tenement.