10:50 AM EDT, 10/11/2024 (MT Newswires) -- Great Pacific Gold ( FSXLF ) was at last look up 1.5% on Friday said it has begun the sale process for its Reedy Creek Project in Victoria, Australia, a non-core asset.

The company anticipates "significant interest" in Reedy Creek from Australian and Canadian listed issuers, according to CEO Greg McCunn.

A statement noted the Reedy Creek project comprises two exploration tenements covering 445km squared of historic workings together with limited modern exploration work conducted by the company.

Great Pacific had previously announced a focused exploration strategy for its core assets including Kesar, in Papua New Guinea and contiguous with K92 Mining's ( KNTNF ) Kainantu Mine, where a diamond drilling program is due to start.

"Earlier this month, Great Pacific Gold ( FSXLF ) announced a focused and targeted exploration plan for the coming year. With drilling to commence soon at our Kesar Creek Project in PNG, adjacent to K92 Mining ( KNTNF ), we have started to execute on this mandate. We look forward to capitalizing on GPAC's success to-date on the ground at Reedy Creek by monetizing the asset to assist in funding what will be a significant ramp up of activity in PNG in the coming year, said McCunn in the statement.

The stock was last seen up $0.01, to $0.67, on the TSX Venture Exchange.

Price: 0.67, Change: +0.01, Percent Change: +1.52