- Geopacific Resources (GPR) updated the market on exploration and development progress at the Woodlark Gold Project in Papua New Guinea
- Results from the initial six-grade control reverse circulation (RC) drill series at Woodlark Island have been received
- Assays from the first six holes include 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
- Once grade control drilling is completed, the RC drill rig will move into exploration drilling with an estimated 40,000 metres to be completed in 2022
- Geopacific Resources’ shares are trading grey at 21 cents a share
Geopacific Resources (GPR) has updated the market on exploration and development progress at the Woodlark Gold Project in Papua New Guinea.
GPR highlighted results from the initial six-grade control reverse circulation (RC) drill series at Woodlark Island.
Out of the whole drill series, 18 holes or 1200 samples remain in the testing phase, the average grade so far is 1.04 grams per tonne (g/t) of gold.
Assays from the first six holes include 29 metres at 7.6g/t of gold, 31 metres at 6.7g/t gold and 50 metres at 4.6g/t of gold.
Drilling at the site remains active with a 20,000-metre grade control and near pit extension drilling series underway, with a second drill rig due to start early next year.
Once grade control drilling has been completed, the RC drill rig will move into exploration drilling with an estimated 40,000 metres to be completed in 2022.
The site’s exploration drilling will focus on near pit exploration which was previously inaccessible due to community proximity.
According to the announcement, the company plans on relocating the community as part of the progress of the project.
“The initial grade control drill results are extremely pleasing and support our view that there remains significant upside potential at the project both within the existing pits and more broadly across the mining lease,” CEO Tim Richards said.
“With the impending arrival of the second drill rig, the drilling campaign will begin focusing on defining near pit potential concurrent with development activities.
“These early results highlight the possible upside that exists to add further mineral resources, and eventually ore reserves with the potential to significantly enhance the metrics of the project.
“I look forward to updating the market on our exploration and development activities in coming periods”.
Geopacific Resources’ shares were trading grey at 21 cents a share at 3:07 pm AEDT.