Geopacific Resources Ltd (ASX:GPR) has underlined the growth potential of the Woodlark Project in Papua New Guinea with gold assays from regional exploration targets within the tenure, positioning the company well for a resource upgrade later this year.
Drilling at the Talpos and Watou targets generated several notable results in the first 18 holes received, including:
- TARC22008: 11 metres at 3.04g/t gold from 49 metres and 11 metres at 0.74g/t gold from 63 metres; and,
- TARC22003: 3 metres at 2.66g/t gold from 32 metres.
- WTRC22006B: 10 metres at 2.80g/t gold from 68 metres, including 4 metres at 5.35g/t gold from 69 metres.
Geopacific says these results highlight the potential of Talpos and Watou, which represent the broader exploration opportunities of Woodlark Island, located as it is on the southern end of the mining lease.
A further seven holes are awaiting assay at the laboratory, while a reverse circulation (RC) drilling program is underway at Woodlark, to be accelerated by the addition of a diamond drill rig.
“On target to deliver a resource update”
“The infill, resource extension and now mining lease exploration drilling programs are essential inputs into the ongoing Woodlark Island re-evaluation and optimisation process,” Geopacific Resources CEO Tim Richards said.
“These drilling programs deliver key technical inputs that are integral for project reassessment.
“Geopacific remains on target to deliver a resource update in Q4 2022 along with further drilling to validate the exploration potential on the mining lease and potentially other targets.”
Woodlark currently holds a mineral resource of 47 million tonnes at 1.04 g/t gold for 1.5 million ounces.
GPR has improved its understanding of geological controls at the project with the results from Watou and Talpos, which the company believes reinforce the resource growth potential of Woodlark.
Geopacific will leverage this more comprehensive understanding to test more priority exploration targets across the mining lease.