Geopacific Resources (ASX: GPR) has released an increase in Mineral Resources at its 100 per-cent owned Woodlark Gold Project in Papua New Guinea.
The increase comes from two surface satellite gold deposits, Great Northern and Wayai Creek (MREs). Both are hosted within existing mineralised camps; Great Northern to the northeast of Kulumadau, and Wayai Creek southwest of Woodlark King. All the Project mineral resources are broadly associated with outcropping volcanics and contained within the boundaries of mining licence ML508.
The increase stems from compilation and interpretation of historic drilling at two satellite gold deposits, Great Northern and Wayai Creek.
The total Woodlark Mineral Resource, including the new MREs and recently updated and higher-grade mineral resource at the Kulumadau gold deposit, now totals 48.3 Mt at 1.07 g/t Au for 1.67 Moz Au.
“This latest increase in mineral resources follows the recent Scoping Study that demonstrates the Project is capable of generating strong financial returns for its stakeholders over a long-life operation,” CEO, James Fox, said.
“The addition of new gold resources at Great Northern and Wayai Creek, highlights the potential to enhance the overall project value at Woodlark.
“Various technical and environmental studies to support the Project development are well underway, and planning for a new drill campaign is being progressed to target extensions to known, high-grade, near-surface mineralisation with substantial resource growth potential. We look forward to continuing to identify and progress opportunities to derisk and advance the project.”
