Geopacific Resources (ASX: GPR) has released an update on the geological and exploration targeting component of the Phase 1 2023 Work Program at the Woodlark Project on Woodlark Island, Papua New Guinea.
A key aspect of the Work Program has been an update of the Woodlark geological database to incorporate all drilling from the 2022 program and a substantial amount of legacy data from multiple phases of exploration activity at the Woodlark Gold Project since 1962.
Completion of this work has delivered a new, higher grade, Woodlark Project Mineral Resource Estimate. The 2023 Mineral Resource estimate is being integrated into the ongoing Work Program studies.
Key Highlights
2023 Mineral Resource Update:
- Incorporates a revised estimate for the Kulumadau Deposit delivering a 17% increase in resource grade.
- The 2023 Woodlark Global Mineral Resource is 45.56Mt at 1.07g/t Au for 1.56Moz of gold3.
- Underpinned by the inclusion of an additional 45 drillholes4 and extensive legacy geological data.
- Increased understanding of the distribution and continuity of higher-grade gold mineralisation across the Project, with an initial focus on Kulumadau.
Exploration Review:
- Exploration Targeting review completed, benefitting from the expanded geological database.
- Advanced targeting within and proximal to the current 1.56Moz Woodlark Mineral Resources.
- Further defined higher-grade targets that range from undrilled extensions of existing high-grade zones to under cover targets with compelling geological, geophysical and structural signatures.
2023 Work Program:
- This completes the geological component of the Work Program. The other workstreams in the Work Program are ongoing and will address optimal plant throughput and infrastructure locations.
The Work Program that commenced in April of this year has delivered significant advances in our understanding of the high-grade components of the Woodlark Project gold mineralisation,” Interim Chief Executive Officer, Matthew Smith, said.
“The immediate focus of this work has been on the Kulumadau Deposit, delivering a grade increase and better spatial definition of high-grades. This forms an important input into the remaining aspects of the Work Program, such as optimal process plant throughput and will be invaluable to inform future exploration work focussed on higher-grade targets within the highly prospective Woodlark Island tenement package.”
The currently defined Mineral Resources at Woodlark are hosted within four separate mineral deposits; Kulumadau, Busai, Woodlark King and Munasi. These deposits are broadly associated with outcropping volcanics and all contained within the granted Mining Lease ML508.
The 2023 Woodlark Mineral Resource includes an updated estimate for the Kulumadau Deposit. No new Resource Estimates were undertaken for the remaining Deposits (Busai, Woodlark King and Munasi).
Both the 2022 and 2023 Mineral Resource Estimates were prepared by independent consultants, MHGEO, and are reported in accordance with the JORC Code (2012). Both estimates were constrained by 2022 optimised pit shells generated on a gold price of US$2,400/oz and a cut-off of 0.4g/t.
The 2023 Mineral Resource Estimate for the Kulumadau Deposit is underpinned by an improved understanding of the geological and structural controls and supported by the expanded database. This has better defined high-grade distribution. Key changes to the Kulumadau Mineral Resource include:
- Resource grade increased by 17%;
- Tonnes reduced by 12%; and
- Contained gold increased by 3%.
