Satellite gold deposits boost GPR’s Woodlark to 1.67Moz

Woodlark Mineral Resource boosted by 103,000oz to 1.67Moz gold, with 87.6% in the higher-confidence measured and indicated categories
Increase thanks to compilation and interpretation of historic drilling at two satellite gold deposits: Great Northern and Wayai Creek
Drill planning underway to test for further extensions at both satellite deposits and Little MacKenzie, which all have significant potential for further resource growth

Special Report: Geopacific Resources has injected even more confidence into its Woodlark Project with the addition of 103,000oz gold to a total of 1.67 million ounces gold.

The resource growth closely follows Geopacific’s (ASX:GPR) release of the scoping study for its 100% owned Papua New Guinea Project forecasting strong operating margins, including significant free cash flow over 12 years and rapid payback.

The increase comes thanks to compilation and interpretation of historic drilling at two satellite gold deposits, Great Northern and Wayai Creek.

Great Northern includes 0.75Mt at 1.53 grams per tonne of gold for 37,000ozand Wayai Creek holds 1.97Mt at 1.04g/t gold for 66,000oz, both in the inferred category.

The total JORC-compliant resource now comprises 48.3 Mt at 1.07g/t Au, with 87.6% in the higher-confidence measured and indicated categories.

More upside potential

Geopacific is currently planning drilling to test for more extensions at the two satellite deposits which are hosted within existing mineralised camps; Great Northern to the north-east of Kulumadau, and Wayai Creek, south-west of Woodlark King.

Exploration focus is also on Little MacKenzie, where a mineralised surface footprint of up to 1km strike is supported by existing open drill intercepts.

These near-surface priority target areas have significant potential for even more resource growth and inclusion in updated future production scenarios.

The cut-off grade used is consistent with the assumed open pit mining method, and with the Company’s recently reported Woodlark Scoping Study.

Plus, with key permits already in place and reduced execution risk identified during the 2023 work program, GPR has ever more confidence to moving ahead with its ongoing optimisation and de-risking work.

CEO James Fox said: “This latest increase in mineral resources follows the recent Scoping Study that demonstrates the Woodlark Gold Project is set to generate strong financial returns for its stakeholders over a long-life operation.

“The addition of new gold resources at Great Northern and Wayai Creek to the scoping study, highlights the potential to enhance the overall project value at Woodlark.

“Various technical and environmental studies to support the project development are well underway, and a new drill campaign is being progressed to target extensions to known, high-grade, near-surface mineralisation with substantial resource growth potential. We look forward to continuing to identify and progress opportunities to

derisk and advance the project.”

Woodlark is on 529km2 of the highly prospective Woodlark Island, where the company is the only explorer or miner.

The mineralisation at Woodlark is commonly associated with large-scale porphyry copper-gold deposits, a style of geology known to host some of the world’s largest reservoirs of the yellow metal.