Great Pacific Gold Corp. (TSX-V: GPAC) (OTCQX: FSXLF), a company formerly known as Fosterville South Exploration before changing its name this week, has completed its acquisition of Wild Dog Resources (WDR) — a company with a series of copper-gold properties in Papua New Guinea (PNG).
The deal was finalized on Thursday, pursuant to which Wild Dog’s private shareholders have received an aggregate payment of approximately 16.2 million common shares of Great Pacific — valued at around $8.2 million. Fosterville South inked the acquisition agreement with the company in April.
The Wild Dog, Arau and Kesar Creek projects are now in the hands of Great Pacific and it will focus on developing them in addition to its Australian projects.
“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,” said Golden Pacific’s CEO Bryan Slusarchuk.
The company now holds a 2,166 square-kilometre land package in PNG with a variety of exploration licenses and pending exploration license applications. Prior to the closing of the acquisition, WDR had working capital funds totalling $1 million minus certain unspecified payments due on the properties upon closing of the transaction.
The Arua project is located next to the Kainantu gold mine owned and operated by K92 Mining Inc. (TSX: KNT) (OTCQX: KNTNF) and the Kesar Creek project is situated 10 kilometres from the mine’s Kora deposit, which is a near-mine infrastructure discovery made by K92 in 2017.
The Wild Dog project, the largest of the three spanning 1,424 square kilometres, sits on the country’s island of New Britain. It holds a significant gold and copper-bearing structure called the “Wild Dog – Gunsap Corridor,” which is 15 kilometres long and 4 kilometres wide.
The junior explorer’s Director is John Lewins, also the current CEO of K92. At the end of 2022, Great Pacific had 68.2 million common shares, $16.3 million in cash and no debt.
Great Pacific shares rose by 8.5 per cent Thursday to $0.51 on the TSX Venture Exchange and have risen by over 59 per cent in the past year. The company has 100 per cent ownership in all of its projects throughout Australia and PNG.