Tinga Valley Property to boost copper-gold Portfolio in 2024
Canadian gold mining company Great Pacific Gold Corp’s plan to acquire Tinga Valley Copper & Gold Corp, will see GPAC take over the highly prospective Tinga Valley Property in Papua New Guinea.
Great Pacific Gold Corp in a market announcement confirmed that it has entered into an amalgamation agreement dated April 12, 2024, with privately held Tinga Valley Copper & Gold Corp to acquire the Tinga Valley Property, a highly prospective Papua New Guinea copper-gold project.
The Tinga Valley Property, spanning 347 sq km, is located 140 km along strike of the world-class Ok Tedi Copper-Gold Mine. The property is highly prospective for large and high-grade porphyry style copper-gold mineralization and associated massive sulphide-magnetite skarn mineralization. Several large high priority drill targets have already been identified over a 2.5km x 1.5km footprint.
This property is expected to complement an extensive copper-gold portfolio in PNG, with
exploration planned to unlock major Copper, Gold Porphyry potential in 2024.
According to Great Pacific Gold, historic surface exploration work has identified extensive Copper and Gold grades across a 2km copper mineralized zone, including grades above 1.97 per cent Cu and 12.7g/t Au.
Great Pacific Gold CEO Bryan Slusarchuk stated, “The Tinga Valley Property is known to host significant size and grade potential for copper and gold and has been subject of a substantial amount of preliminary exploration work that has resulted in excellent drill targets. This acquisition adds to an already large and commanding land position within a country 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.”
Tinga CEO Martin Pawlitschek echoed these sentiments, noting that the Tinga Valley Property has the potential to host both large size and high-grade deposits.
He added, “Today’s transaction will benefit local communities, Tinga shareholders and all stakeholders as we combine an excellent project with a well-financed entity consisting of team members having a track record of success advancing projects through large-scale exploration in PNG.”
The acquisition is subject to the approval of the Toronto Stock Exchange (TSX) Venture Exchange acceptance and the satisfaction of other customary conditions.
The shareholders of Tinga will receive 12,500,000 common shares of GPAC, and each Tinga Shareholder will receive one Common Share for every one Tinga Share held. The Common Shares issued to the Tinga Shareholders will be subject to voluntary restrictions on resale.
This acquisition marks a significant milestone for Great Pacific Gold, which already boasts a portfolio of high-grade gold projects in Papua New Guinea and Australia.