Great Pacific Gold (GPAC) is set to acquire the Tinga Valley Property, a copper-gold project in Papua New Guinea, through an amalgamation agreement with Tinga Valley Copper & Gold (Tinga).
Under the definitive agreement signed, Tinga shareholders will receive 12.5 million common shares of GPAC.
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Each shareholder will be granted one GPAC common share for every Tinga share held.
The common shares issued to the Tinga Shareholders will be subject to voluntary restrictions on resale, of which 33.3% of the common shares will be subject to restrictions on resale for a period of four months following closing.
In addition, 33.3% of the common shares will be subject to restrictions on resale for a period of eight months following closing and 33.4% of the common shares will be subject to restrictions on resale for a period of 12 months following closing.
Clarus Securities, acting as the financial advisor for GPAC, will be compensated with 600,000 common shares (advisor shares) for their advisory services.
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By GlobalDataThe completion of the acquisition and the issuance of advisor shares are contingent upon the approval of the TSX Venture Exchange and the fulfilment of other standard conditions.
This move is expected to enhance GPAC’s portfolio in the region, with exploration activities due to commence in 2024 to realise the property’s significant copper and gold porphyry potential.
Spanning 347km², the Tinga Valley Property has drill-ready, high-grade copper-gold porphyry and associated skarn exploration targets.
Historical data suggests the presence of an epithermal overprint and the potential for a substantial project scale, with multiple porphyry bodies identified within a large alteration halo measuring 2.5km by 1.5km.
This property is situated in the Papua Mobile Belt, a copper and gold district that is home to several world-class mines, including the Porgera mine operated by Barrick Gold, and the high-grade Ok Tedi mine.
Tinga CEO Martin Pawlitschek noted: “Through our work, visits to the region and via the compilation of a substantial amount of historic data, we have demonstrated the Tinga Valley Property has the potential to host both large size and high-grade deposits.
“The targets identified are modelled after Tier 1 geological analogues such as the OK Tedi Copper Gold Mine.”
