VANCOUVER, British Columbia, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Fosterville South Exploration Ltd. ("Fosterville South" or the “Company”) (TSXV:FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased to announce that it has changed its name from “Fosterville Exploration Ltd.” to “Great Pacific Gold Corp.” (the “Name Change”). The Company’s common shares will commence trading on the TSX Venture Exchange under its new name and new stock symbol GPAC effective September 21, 2023. The Company’s new website will be: www.greatpacificgoldcorp.com.
The CUSIP number assigned to the Company's shares following the name change will be 39115A107. No action will be required by existing shareholders with respect to the name change. Certificates representing common shares of under the old name will not be affected by the name change and will not need to be exchanged.
The Company anticipates that it will be closing its acquisition of Wild Dog Resources Inc. (“WDR”) shortly. WDR owns and/or has the right to earn an interest in three (3) separate high-grade gold-copper mineral properties located in Papua New Guinea (“PNG”): the Wild Dog Project, the Arau Project and the Kesar Creek Project (collectively, the “WDR Properties”) through Exploration Licenses ("EL") and Exploration License Applications ("ELA").
Under PNG mining law, an application for an EL (ELA) and a renewal of an EL follows a well established regulatory process. The process involves an application, a technical assessment by the MRA, a warden’s hearing (which is a hearing for stakeholders), a review by the mining advisory council and ministerial determination. Although the Company anticipates that the applications and any renewals have and will meet the criteria set forth under PNG mining law, there is a risk that an ELA or renewal of an EL will not be granted resulting in the loss of property rights by the applicant. In addition, WDR will be required to meet the terms of various earn in agreements on each of its projects to maintain its interest in the WDR Properties. Details of each of the WDR Properties and the earn-in obligations are set forth in the news release dated July 5, 2023.
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 Kirkland Lake Gold'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.
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 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, 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.
For further information: Adam Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1(833) 923-3334, Email: info@fostervillesouth.com
