Geopacific Resources (ASX:GPR) has completed an ‘extensive’ review of the exploration upside of its Woodlark Gold Project in Papua New Guinea and identified 4 new ‘high-priority’ target areas.
The company says the review has unlocked the ‘strong’ potential of the project.
Over the next 6 months, the $14.79 million market capitalisation company plans to coordinate field mapping programs over the 4 target areas to confirm existing data and support further testing through trenching and drilling.
Multi-element soils data will also be collected across the 2 ‘larger’ deposits, namely the Kulumadau and Busai deposits, to provide comparative data.
Geopacific Resources Chief Executive Officer James Fox says numerous ‘high-grade’ gold intercepts already exist across 4 priority target areas that have been uncovered through an assessment of the integrated geological database.
Some of these results include hole 92HKG062 with 18m @ 4.40 grams per tonne (g/t) gold (Au) from 22m; and hole 00MWMR001 with 5m @ 16.69g/t Au from 14m.
Fox says: “The recently completed review shows there is significant scope to grow the 1.56-million-ounce gold resource at Woodlark.
The team has been working hard on capturing new and digitising historic data to build out the exploration vectors to support the targeting process. We look forward to discovering new and extending the known near-surface gold mineralisation.”
“The recently completed review shows there is significant scope to grow the 1.56-million-ounce gold resource at Woodlark”
As of 30 September 2023, the company had $2.262 million cash and cash equivalents at hand, according to its latest quarterly report. Post-quarter-end, Geopacific received $3.5 million from a Bond Subscription agreement with a major shareholder, Deutsche Balaton AG.
Write to Aaliyah Rogan at Mining.com.au
Images: Geopacific Resources
