PNG Explorer Rallies 18% as Drill Bit Hits High-Grade Gold Target

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, August 5, 2026

A booming gold tape creates ideal tailwinds for high-grade surface targets, but market valuation hinges on whether surface assays convert into drill intercepts down-dip. As gold surged nearly 5% and mining equities rallied, a high-grade epithermal target in Papua New Guinea saw the drill rig arrive to test a 137 g/t surface discovery properly.

Great Pacific Gold Corp. (TSX-Venture: GPAC) (OTCQX: GPGCF) jumped Wednesday after diamond drilling started at the Magiabe Vein target on its Wild Dog Project in East New Britain Province, Papua New Guinea, right after wrapping the current Kasie Ridge program.

The first Magiabe hole (MGH001) is underway. The opening program covers up to 11 diamond holes for about 2,240m across the main Magiabe and newly identified Magiabe West veins at planned depths of roughly 150m to 280m. Magiabe sits about 700m southwest of the historically mined Wild Dog (Sinivit) deposit and is framed as the southern continuation of that system. For reference, Magiabe West rock chips have returned up to 137 g/t Au, 76 g/t Ag and 3.97% Cu, with channel sampling of 8.0m at 18.24 g/t AuEq (including 3.0m at 48.3 g/t AuEq), while historical work on the main Magiabe Vein includes 4.4m at 9.23 g/t Au and 37.9 g/t Ag.

Importantly, Kasie Ridge hole KAS02 finished at 346.6m, closing the maiden two-hole program there. Company geologists describe near-continuous silicification from about 41m to the end of hole with intense alteration and sulphides; assays, multi-element geochemistry, and XRD for KAS01 and KAS02 are pending, with a fuller update expected in late August 2026. Magiabe is the fourth Wild Dog target drilled in 2026 and sits inside a second-half Main Zone plan of about 8,000m across Kavasuki, Magiabe, Mengmut, Morgan, and EK.

Next catalysts are Magiabe assays from the opening holes, the late-August Kasie Ridge lab package, and more Main Zone metres with two rigs on site.

Shares of GPAC / GPGCF rose 16.1% and 13.1% to C$0.36 and US$0.25, respectively.

Copyright © 2026 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.