- Geopacific Resources (GPR) receives encouraging drilling results from its Woodlark Gold Project in Papua New Guinea
- Additional results have been received from ongoing grade control reverse circulation drilling at the Kulumadau pit, with a best result of 58 metres at 4.67 g/t gold from surface
- Deeper drilling has also confirmed mineralisation extends down dip, which indicates potential for GPR to increase the size of the Kulumadau and Busai pits
- GPR entered a trading halt in December due to a material increase in capital costs for the project, and has been working to define and quantify the extent of the increase
- Shares are set to resume trade once the review of the project schedule and cost estimate is complete and the results have been released, which is expected during this quarter
Geopacific Resources (GPR) is encouraged by the latest drilling results from its Woodlark gold project in Papua New Guinea.
At the end of 2021, the company suspended its shares as it noted a material increase in the capital cost for development of the Woodlark Gold Project and began a detailed work program to define and quantify the extent of the increase.
GPR expects the suspension to remain in place until the review of the project schedule and cost estimate is completed and the results are announced, which is expected to occur in this quarter of the calendar year.
Today Geopacific told investors it had received additional shallow high-grade results from ongoing grade control reverse circulation drilling at the Kulumadau pit.
Drilling in this area was undertaken at the end of September 2021, with the aim of further defining near surface ore zones at stage one of the pit.
In December, the company reported results from the initial six holes which returned 29 metres at 7.6 grams per tonne (g/t) gold, 31 metres at 6.7g/t gold and 50 metres at 4.6g/t of gold.
Now, the latest results have returned 58 metres at 4.67 g/t gold from surface, 39 metres at 5.33g/t from 21 metres downhole, and 16 metres at 3.96g/t from 35 metres.
A larger drill rig was also mobilised to site last month to facilitate deeper drilling to test down dip and extension targets associated with the current pits.
Results from this work reportedly indicates mineralisation extends down dip of the current pit shells, which Geopacific said provides positive indications of the potential to increase the size of the Kulumadau and Busai pits.
A further 50 grade control holes and nine resource extension holes have been completed with samples currently in the laboratory awaiting assay.
Once all results are received, the company plans to undertake a reconciliation of the grade control model to the Mineral Resource which it said will allow it to quantify whether resource upside exists within the existing Kulumadau pit shell.
Company shares last traded on December 15 at 21 cents.