11:09 AM EDT, 04/29/2024 (MT Newswires) -- Great Pacific Gold ( FSXLF ) shares were last seen down 5.8% after the company on Monday said Papua New Guinea regulators granted the company an advanced stage and past producing Wild Dog Exploration License (EL 2516).

With the grant of EL 2516, all of the Exploration License Applications acquired when GPAC purchased Wild Dog Resources have now been converted into exploration licenses. Combined, these various licenses total 2,500 square kilometers. Of this total, the Wild Dog project accounts for 1,424 sq. km.

The company said the exploration program at the project will initially focus on drilling extensions to known gold mineralization within the Wild Dog - Kavursuki mineralized corridor.

"Our management and technical team have already been preparing a detailed work program to advance this significant advanced stage asset along strike and at depth. With this EL grant, GPAC now has a multiple high priority gold and copper drill ready targets across the Wild Dog, Arau, Kesar Creek and Tinga Valley Projects," chief executive Bryan Slusarchuk said in a release.

As a result of the grant of EL 2516, the company issued to certain property vendors and/or stakeholders, 982,000 shares for a deemed value of $1.1 million. Great Pacific will also make cash payments to certain vendors and stakeholders.

The company's shares were last seen down C$0.07 to C$1.13 on the TSX Venture Exchange,

Price: 1.13, Change: -0.07, Percent Change: -5.83