Great Pacific Gold (GPAC) is set to acquire PNG-focused Tinga Valley Copper and Gold Corp. The crown jewel of the deal is the highly prospective Tinga Valley Property.
The Property boasts a similar geological setting to the Ok Tedi copper-gold mine, which lies 140kms to the north west along the same geological belt.
Historic surface exploration has revealed extensive copper and gold grades across a two-kilometre copper mineralised zone.
GPAC said Tinger Valley will complement the company’s extensive copper-gold portfolio with exploration planned to unlock the porphyry’s potential.
“The Tinga Valley Property is known to host significant size and grade potential for copper and gold and has been subject of a substantial amount of preliminary exploration work that has resulted in excellent drill targets,” GPAC chief executive officer Bryan Slusarchuk said.
“This acquisition adds to an already large and commanding land position within a country that hosts some of the world’s most important copper and gold deposits.
“With a strong treasury, in-country expertise, and an excellent technical team, we are well positioned to advance on multiple projects within PNG.”
Tinga chief executive officer Martin Pawlitschek welcomed the deal, citing Tinga Valley’s strong potential as a Tier 1 resource.
“Through our work, visits to the region and via the compilation of a substantial amount of historic data, we have demonstrated the Tinga Valley Property has the potential to host both large size and high-grade deposits,” Pawlitschek said.
“The targets identified are modelled after Tier 1 geological analogues such as the OK Tedi copper-gold mine.
“Today’s transaction will benefit local communities, Tinga shareholders and all stakeholders as we combine an excellent project with a well-financed entity consisting of team members having a track record of success advancing projects through large-scale exploration in PNG.”
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