FSXLF - Great Pacific Gold Completes Acquisition of Tinga Valley Copper & Gold Corp. | Benzinga
Highlights:
- 347 sq km granted exploration license ("EL") located 140 km along strike of ‘World Class' Ok Tedi Copper-Gold Mine with very similar geological setting.
- Tinga Valley Property highly prospective for large and high-grade porphyry style copper-gold mineralization and associated massive sulphide-magnetite skarn mineralization with elevated copper and gold-silver grades with several large high priority drill targets already identified over a 2.5km x 1.5km footprint.
- Historic surface exploration work identified extensive Copper and Gold grades across a 2km copper mineralized zone including grades above 1.97% Cu, 12.7g/t Au.
- Tinga Valley Property will complement extensive copper-gold portfolio in PNG with exploration planned to unlock major Copper, Gold Porphyry potential in 2024.
VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) -- Great Pacific Gold Corp. ("Great Pacific Gold," "GPAC," or the "Company") (TSXV:GPAC) (OTCQX:FSXLF) (Germany: 4TU) is pleased to announce that it has completed the acquisition of Tinga Valley Copper & Gold Corp. ("Tinga") pursuant to the terms of an amalgamation agreement dated April 12, 2024 (the "Amalgamation Agreement") with Tinga and a wholly-owned subsidiary of GPAC (the "Acquisition"). Tinga, through a Papua New Guinea ("PNG") subsidiary, holds a highly prospective Papua New Guinea copper-gold project called the Tinga Valley Property.
Bryan Slusarchuk Chief Executive Officer of GPAC comments "As a result of closing of our acquisition of the Tinga Valley Property, GPAC adds a large and commanding land position within a country (Figure 1) 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."
The Tinga Valley Property is drill ready with well-defined high-grade copper-gold porphyry and associated skarn exploration targets. Historical work has indicated the existence of an epithermal overprint as well as an excellent potential for project size with multiple porphyry bodies along a large alteration halo across a 2.5km x 1.5km footprint. The Ok Tedi Copper Gold Mine, which lies 140kms to the north west along the same geological belt, is a superb geological comparison to the Tinga Valley Property.
Figure 1: Great Pacific Gold's Papua New Guinea Properties.
Terms of Transaction
Pursuant to the Amalgamation Agreement, in consideration of Tinga:
- The shareholders of Tinga (the "Tinga Shareholders") received 12,500,000 common shares of GPAC (the "Common Shares"), and each Tinga Shareholder received one (1) Common Share for every one (1) Tinga Share held.
- The Common Shares issued to the Tinga Shareholders are subject to voluntary restrictions on resale, of which 33.3% of the Common Shares will be subject to restrictions on resale for a period of four (4) months following closing of the acquisition of Tinga ("Closing"), 33.3% of the Common Shares will be subject to restrictions on resale for a period of eight (8) months following Closing and 33.4% of the Common Shares will be subject to restrictions on resale for a period of twelve (12) months following Closing.
Clarus Securities Inc. ("Clarus") was appointed as the Financial Advisor to GPAC in connection with the transaction. In consideration of Clarus' services, GPAC issued 600,000 common shares to Clarus.
The Acquisition is an arm's ...