Newsfile
June 23, 2025 11:30AM GMT
Receives $1.5 Million Cash Payment
Vancouver, British Columbia--(Newsfile Corp. - June 23, 2025) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) ("Great Pacific", "GPAC" or the "Company") is pleased to provide an update on the previously announced spin out (the "Spin Out") whereby Great Pacific will distribute the shares of a new company named Walhalla Gold Corp. ("Walhalla") to the shareholders of Great Pacific. Walhalla will then own the Walhalla Gold Project in Victoria, Australia1 (See News Release May 2, 2025).
Transaction Highlights:
"The spin-out of Walhalla enables GPAC shareholders to retain full and direct exposure to a district-scale gold project in a proven jurisdiction, marking another step in delivering on GPACs objective to monetize non-core assets," said Greg McCunn, CEO of Great Pacific Gold. "The incoming funds continue to provide non-dilutive capital to advance our maiden drill program at Wild Dog in Papua New Guinea. Early results at Wild Dog (10.8 g/t AuEq over 7.0 metres from WDG-02 and 8.6 g/t AuEq over 6.0 meters from WDG-04), confirm high-grade, near-surface potential and we look forward to announcing further results from Wild Dog in the coming weeks."
Walhalla Gold Project
Located in the state of Victoria (Figure 1), the district-scale Walhalla project consists of over 1,400km2 of concessions. In addition to multiple areas with past historic production, Walhalla contains a high-priority greenfield target called Pinnacles. Extensive soil geochemistry at Pinnacles has highlighted a 400m x 1,100m gold mineralized aplitic dyke which contains disseminated sulphides and outcrops at surface (Figure 2). The Pinnacles target is fully permitted, accessible, and ready for immediate drilling.
Project Highlights:
Figure 1: Walhalla Within Regional Context, Victoria, Australia
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Figure 2: Walhalla Gold Project and Pinnacles Target Geochemistry Results, Victoria Australia
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Terms of Transaction
Great Pacific, Walhalla and Finco entered into an arrangement agreement dated June 23, 2025 (the "Arrangement Agreement") whereby:
A proposed management team and board of directors of Walhalla will be announced in due course. Finco currently has 25,000,000 common shares issued and outstanding.
After closing of the Spin Out and acquisition of Finco, the capital structure of Walhalla will equal the issued and outstanding shares of Great Pacific plus the then issued and outstanding shares of Finco.
The Spin Out and acquisition of Finco by Walhalla will be subject to the acceptance of the TSXV, listing of the common shares of Walhalla on the CSE, completion of the Financing, regulatory and shareholder approvals of Great Pacific and such other terms and conditions set forth in the arrangement agreement.
Further details of the capital structure, additional directors and terms of the Financing will be set forth in a subsequent news release and information circular to be mailed to the shareholders of Great Pacific.
On behalf of Great Pacific Gold:
Greg McCunn
Chief Executive Officer and Director
For further information, visit gpacgold.com or contact:
Investor Relations
Phone +1-778-262-2331
Email: info@gpacgold.com
Qualified Person
The technical content of this news release has been reviewed, verified and approved by Callum Spink, the Company's Vice President, Exploration, who is a member of the Australian Institute of Geoscientists, MAIG, and a Qualified Person as defined by National Instrument NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Spink is responsible for the technical content of this news release.
About Great Pacific Gold
Great Pacific Gold has a portfolio of exploration-stage projects in Papua New Guinea ("PNG"). The Company is focused on developing gold-copper resources from its highly prospective land packages. Its core projects include:
The Company also holds the Tinga Valley Project in PNG.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Great Pacific Gold cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Great Pacific Gold's limited operating history, its exploration and development activities on its mineral properties and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Great Pacific Gold does not undertake to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256415