VANCOUVER, BC, June 29, 2023 /CNW/ – Fosterville South Exploration Ltd. (“Fosterville South” or the “Company”) (TSXV: FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased to announce that the board of directors of the Company has approved a change of the Company’s name to “Great Pacific Gold Corp.” (the “Name Change”). The Name Change better reflects the Company’s portfolio of gold projects in Australia and its acquisition plans in the Pacific region, including Papua New Guinea.
Shareholders of the Company will not be required to exchange their existing share certificates for new certificates bearing the Company’s new name. The name change does not affect the Company’s share structure or the rights of the Company’s shareholders, and no further action is required by existing shareholders of the Company. The Name Change remains subject to the acceptance by the TSX Venture Exchange.
The Company anticipates its new stock symbol will be “GPAC” and its website, once the name change is complete, will be located at www.greatpacificgoldcorp.com.
About Fosterville South
Fosterville South began with two, 100% owned, high-grade gold projects called the Lauriston and Golden Mountain Projects, and has since acquired a large area of granted and application tenements containing further epizonal (low-temperature) high-grade gold mineralisation called the Providence Project and a large group of recently consolidated license tenement applications called the Walhalla Belt Project, which contain a variety of epizonal and intrusion related style gold mineralisation, all in the state of Victoria, Australia. The Fosterville South land package, assembled over a multi-year period, notably includes a 600 sq. km property immediately to the south of and within the same geological framework that hosts Agnico Eagle’s Fosterville epizonal gold tenements. Additionally, Fosterville South has gold-focused projects called the Moormbool and Tallangallook, which are also located in the state of Victoria, Australia. Moormbool project has epizonal style gold mineralisation and Tallangallook has mesozonal and intrusion relation gold mineralisation.
All of FSX’s properties, with the possible exception of Moormbool, have had historical gold production from hard rock sources despite limited modern exploration and drilling.
Recently, Fosterville South entered into an agreement with Wild Dog Resources Inc. (“WDR”) to acquire a significant 2,166km² mineral exploration land package in Papua New Guinea (as described in FSX News Release dated April 19, 2023).
The land package included in the acquisition comprises multiple Exploration Licenses (EL) and Exploration License Applications (ELA).It includes both early-stage and advanced-stage exploration targets with high-grade epithermal vein and porphyry-style mineralisation present.
The Arau Project consist of one EL and one ELA located in the Kainantu region, and includes the Mt. Victor Prospect, where previous drilling found multiple phase intrusive complexes of copper and gold mineralisation.
The Wild Dog project contains two ELAs, EL2516 and EL2761, located on the island of New Britain and about 50km southwest of Rabaul and Kokopo, PNG.
The Kesar Creek Project has one ELA2711 and is located 10km west of the Kainantu Gold Mine owned and operated by K92 Mining.
WDR has done significant work on various projects in the past two years, generating multiple high priority drill targets.
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. Fosterville South 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 Fosterville South’s limited operating history, its exploration and development activities on the Lauriston, Golden Mountain, Providence and Tallangallook 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, Fosterville South 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 Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Fosterville South Exploration Ltd.
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