Geopacific Resources (ASX:GPR) has flagged the potential to increase the existing resource at the Woodlark Gold Project in Papua New Guinea after identifying priority areas via its resource growth strategy.
Woodlark’s current resource measures 45.56 million tonnes at 1.07 grams per tonne gold, representing 1.56 million ounces.
CEO James Fox says the company has been focused on further assessments of the integrated geological database informed by data from several previous owners of Woodlark.
“The combination of recent and historic data has delivered a better understanding of the high-grade component of the Woodlark system and directed new fieldwork which has identified the potential for near-surface gold mineral resources at Great Northern, Wayai Creek, and Little MacKenzie along with several new targets with significant discovery potential,” he says.
“We will continue to advance these prospects and work towards delivering an updated project study mid-year to reflect the project de-risking outcomes and improved economics.”
Updated resource estimates for the Great Northern and Wayai Creek prospects are well advanced with consultants MHGEO Consulting. This work is scheduled to be finalised in June 2024.
Further, an existing geophysical survey is being remodelled and updated to include surface geochemistry, with the aim of uncovering new, blind, or buried targets.
Geopacific says this work will continue over the next few months to advance priority targets in preparation for drilling.
Meanwhile, additional channel samples have been collected within the project and are being prepared for analysis. The analysis will inform further trenching and drilling planning.
The company adds field mapping work will be continuing over the next three months. Field mapping will be undertaken over areas that have favourable host lithology, complex magnetic responses, favourable structures, and anomalous geochemistry, each with the potential to host economic gold mineralisation.
Geopacific says the new field mapping will aim to confirm existing data and support further testing through trenching and drilling.
Write to Aaliyah Rogan at Mining.com.au
Images: Geopacific Resources
