Great Pacific Gold (GPAC) is gearing up to sell its gold assets in Victoria, Australia, as it turns its focus to PNG.
The gold explorer has entered into an agreement with Zincore Metals for the purchase of its Reedy Creek and Providence tenements, with GPAC set to receive approximately $4 million from the sale.
“The divestiture of Reedy Creek is In line with our strategy to focus our financial and technical efforts on our core projects including the Kesar and Wild Dog Projects in Papua New Guinea,” GPAC chief executive officer Greg McCunn said.
“The near-term cash infusion of $1 million provides non-dilutive financing for our 2025 exploration programs and we are pleased to transition Reedy Creek to a team of experienced company builders with a strong exploration crew in Victoria.”
GPAC announced back in September that it would focus more on its PNG assets. The company’s Wild Dog project in East New Britain Province is a particular highlight with potential to host multiple high-grade epithermal gold-copper deposits.
“Our 10 per cent share holding in Zincore ensures we retain exposure to this prospective land package immediately north of Southern Cross’s Sunday Creek Project,” McCunn said.
“As we finalise the Reedy Creek divestment, we will continue to evaluate opportunities to monetise our other non-core assets in Australia.”
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