Geopacific Resources Ltd (ASX: GPR) is pleased to provide an update on its ongoing exploration drilling campaign at the Woodlark Gold Project in Papua New Guinea.
Highlights
• Deeper resource extension diamond drilling at Busai has been completed. Full results of the 11 hole campaign are pending. Highlights of the results received to date include:
o BUSDDH007 with 9.0m at 1.65 g/t from 131m and 6.0m at 300 g/t from 143m; BUSDDH011 with 3.0m at 12.6 g/t from 124m; and BUSDDH004 with 3.0 at 4.23 g/t from 28m and 8.0m m at 1.5 g/t from 65m.
• The high-grade intercepts from multiple holes below the existing pit shell underscores the opportunity for resource growth at depth under Busai.
• The broader Mining Lease exploration programme has also been completed. Results from the initial phase of Mining Lease exploration highlight the prospectivity of both Watou and Talpos and demonstrate the broader regional exploration opportunities on Woodlark Island.
• Drilling activity on the island will now focus solely on lateral and down dip extension drilling at Kulumadau.
• The ongoing resource extension drilling program, and the previously completed grade control drilling campaign are focussed on growing the existing Mineral Resource.
• An updated Mineral Resource expected in Q4 2022 will be an important component of the ongoing studies aimed at re-assessing the Project design and seeking to capitalise on targeted economies of scale.
“The ongoing drilling campaign continues to highlight the potential to grow Resources at Woodlark Island,” CEO, Tim Richards, said.
“ The Mining Lease exploration campaign has captured a significant amount of new data, improving our knowledge of the broader geological trends on the island, while we are encouraged by the success of the resource extension drilling undertaken to date and remain on track to deliver a resource update by the end of 2022.
“Results received to date support the company’s view that the resource extends at depth below the existing pit shells.
“With drilling at Busai now complete, both the diamond and RC rigs will focus on lateral and down dip extension drilling at Kulumadau to provide data for the planned resource updated, scheduled by the end of 2022.”
Mining Lease Exploration
Geopacific has completed the initial phase of an exploration drilling programme across the Mining Lease with the aim of assessing high priority targets including Kulumadau East, Talpos and Watou.
The results reinforce the significant potential for growth that exists on the Mining Lease outside of the currently defined resources at Kulumadau, Busai, Woodlark King and Munasi. The company will look to further its geological understanding of these and other Mining Lease targets post the resource update in Q4 2022.
For further information please visit: https://geopacific.com.au/
