Geopacific Resources (ASX:GPR) is focused on executing its plan to start drilling in May 2025 at its Woodlark Gold Development Project following completion of a $40 million entitlement offer.
Key contracts have been awarded, with earthmoving equipment and fuel supplies locked in for shipping to Woodlark during March 2025.
Geopacific says high-priority exploration prospects continue to be advanced with recent fieldwork, including Little Mackenzie, Wayai Creek, and Boscalo North / Great Northern.
Initial testing of these targets via augering and trenching is scheduled to commence in March 2025, with the areas prioritised showing considerable scope to host additional economic gold mineralisation for future resource growth, and to augment the existing project.
First results from this program are expected in May.
Drill planning is being refined as additional targeting information continues to be collated and interpreted from field work completed ahead of drilling. In total, 174 drill collars have been planned in a staged approach.
The exploration program is to be broadly split into three categories – exploration targets, targets with potential for new mineral resources, and resource development drilling.
Geopacific CEO James Fox says the sequence of drilling will prioritise those areas such as Little Mackenzie where the targets are well-defined, have good access, and a high degree of confidence in potential for mineralisation, over more regional exploration.
“Significant underlying value and upside potential exists at Woodlark. With funding for an extensive exploration and project development work program now in place, the team is working hard to deliver on a series of key objectives, including commencing a 30,000-metre drill program and the completion of a project DFS (Definitive Feasibility Study) by the end of the calendar year,” Fox adds.
“We are keen to assess the impact of the materially higher gold price and ensure the engineering design appropriately considers throughput flexibility to maximise project returns. We look forward to updating the market as the project activities progress.”
The company says a detailed schedule has been developed to ensure delivery of an updated DFS by the end of 2025.
The aim of the DFS is to finalise the various operational parameters, optimise the process plant and infrastructure design, and to provide essential validation for the technical, economic, and operational feasibility of the Project. The DFS will build on the Woodlark Scoping Study (‘Study’) completed in mid-2024, which captured significant economic and construction design improvements made since a 2020 update.
The spot gold price of $4,702 an ounce is some 62% higher than the gold price used to inform the study financial model of $2,900 an ounce. This significant increase in gold price will allow the team to re-evaluate project design and engineer throughput flexibility to maximise Project returns.
An updated Environmental Assessment Report is proceeding on schedule and expected to be submitted during the first half of 2025.
Write to Adam Orlando at Mining.com.au
Images: Geopacific
