The company said the net proceeds will be used primarily for drilling at its Wild Dog project in the East New Britain province. It will also fund general and administrative expenses, and further work at Great Pacific Gold’s other exploration in the Kesar and Arau projects, both in Eastern Highlands province.
Great Pacific Gold also owns the Tinga Valley project, which is a 345-square-kilometre holding in the PNG Mobile Belt alongside the Porgera and Ok Tedi mines.
Wild Dog is a brownfield exploration project in an area known for small-scale gold mining. It contains several epithermal and porphyry hydrothermal-magnetic targets, with Great Pacific Gold spending the last year preparing for a wide-reaching drilling program.
Camp and road infrastructure is now in place, baseline environmental work has been completed, and an airborne geophysics survey has confirmed a range of targets across the tenement. A first phase of diamond drilling has been started.
Great Pacific Gold chief executive officer Greg McCunn said the Canadian-headquartered explorer had ambitions to be the leading copper-development company in Papua New Guinea.
“With our successful equity financing, the company is now fully cashed up to continue advancing our drilling program at our large scale, high-grade Wild Dog Project in Papua New Guinea,” he said.
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