Geopacific Resources (ASX:GPR) has identified known mineralisation and priority drill targets with potential to increase the existing 1.56 million ounce resource at the Woodlark Gold Project in Papua New Guinea.
All of the new target areas are close to the current resources and the known mineralisation in each remains open and ‘largely’ untested.
CEO James Fox says following on from the recently completed geological review, further assessment of the integrated geological database and new fieldwork has identified potential for near-surface gold mineral resources at Great Northern, Wayai Creek, and Little MacKenzie.
“We will advance these prospects and work towards delivering an updated project feasibility mid-year to reflect the project de-risking outcomes, increased resource inventory, and strong gold price environment.”
Geopacific, which has a market capitalisation of $15.61 million, will be conducting field mapping over the next three months in areas that are considered favourable host lithology, complex magnetic responses, favourable structures, and anomalous geochemistry, each with the potential to host economic gold mineralisation.
The new field mapping will aim to confirm existing data and support further testing through trenching and drilling.
Geopacific notes of the four target areas, Great Northern and Wayai Creek host potential for new mineral resources to be estimated using existing data.
At Little MacKenzie, a considerable gold mineralised footprint, more than 500m strike extent, has been delineated at surface through historic drilling, mapping, and trenching.
Meanwhile, the Kamwak target lies over an untested geophysical corridor trending northeast and there is no known drilling over the area.
Geopacific Resources is an Australian explorer primarily focused on developing its Woodlark project. As of 31 December 2023, the company had $2.145 million in cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Geopacific Resources
